Gem Diamonds Revenue Rises 32% to $59.7 Million as Letšeng Diamond Prices Strengthen London-listed Gem Diamonds significantly improved its financial performance in the first half of 2026, supported by stronger diamond prices and improved product quality at its Letšeng mine in Lesotho. Revenue for the six months ended June 30 increased 32% to $59.7 million, compared with $45.4 million in the first half of 2025. The average diamond price rose to $1,395 per carat, from
South Africa’s Small-Scale and Junior Diamond Miners Face Rising Costs and Regulatory Challenges South Africa’s small-scale and junior diamond mining sector is facing mounting pressure from rising operating costs, regulatory challenges and limited access to funding, threatening the viability of smaller producers. Industry stakeholders say junior and small-scale miners are particularly vulnerable because they generally operate with limited financial resources and lack the economies of scale available to larger mining companies. Access to capital remains
Alrosa Swings to $110 Million H1 Loss as Weak Diamond Market and Strong Rouble Hit Earnings Russian diamond producer Alrosa has reported a net loss of 9.5-billion roubles ($110.1-million) for the first half of 2026, compared with a profit of 40.6-billion roubles in the same period last year. The world’s largest diamond producer said its performance was affected by weak market conditions, a stronger rouble, relatively high interest rates and inflation in Russia. Revenue, including
Botswana’s 2,488-Carat Motswedi Diamond Sold After 20 Years Without a Buyer Botswana’s 2,488-carat Motswedi diamond, one of the largest gem-quality diamonds ever discovered, has finally found a buyer nearly two decades after it was recovered. The exceptional stone was discovered in 2005 at the Jwaneng diamond mine, one of the world’s most significant diamond operations. Despite its extraordinary size, the diamond remained unsold for almost 20 years as potential buyers were reportedly unable to agree
Angola’s Diamond Industry Assesses Market Conditions as Global Demand and Prices Evolve Representatives from Angola’s mining companies, the Geological Institute of Angola, the Angolan Diamond Laboratory and other industry institutions have met in Dundo, Lunda Norte, to assess developments in the country’s diamond market. The discussions focused on current market conditions and the factors affecting the performance of Angola’s diamond industry. Industry stakeholders reviewed developments across the diamond value chain as producers and other market
Angola Opens Sixth Diamond-Cutting Factory as Saurimo Strengthens Its Position as a Diamond Processing Hub Angola has strengthened its domestic diamond-processing industry with the inauguration of a new diamond-cutting factory in Saurimo, Lunda Sul Province, bringing the number of operational cutting facilities at the Saurimo Diamond Development Hub to six. The new facility, operated by Diarough Angola, was officially opened by Minister of Mineral Resources, Oil and Gas Diamantino Azevedo on Saturday, marking another step
Sandvik to Supply 15-Unit Underground Mining Fleet for Lucara’s $779 Million Karowe Project in Botswana Sandvik has secured an order from Lucara Botswana to supply a 15-unit underground mining fleet for the Karowe diamond mine in Botswana, supporting the operation’s transition from open-pit to underground mining. The equipment package includes development drills, loaders, a cable bolter and a longhole drill, along with spare parts, rock tools and aftermarket services. Deliveries are already under way and
Lucara Revenue Falls 6% to $41 Million as Karowe Underground Project Advances Toward 2028 Production Botswana-focused diamond producer Lucara Diamond Corp. reported a 6% year-on-year decline in second-quarter revenue to $41 million, mainly due to lower carat sales and a weaker average price for diamonds weighing less than 10.8 carats. The company recovered 90,082 carats during the quarter, including 176 special diamonds weighing more than 10.8 carats. The period also included the sale of the
Angola Diamond Industry Targets Global Top Two by 2030 With New Mining Projects Angola is stepping up efforts to strengthen its diamond industry, targeting a rise to the world’s second-largest diamond producer by 2030 through increased investment, structural reforms and stronger transparency standards. The government says the ambition will be supported by strategic partnerships with international mining companies and the expansion of major projects that can significantly increase national output. The Luele mine in Lunda
Botswana Diamond Exports Return to 0% U.S. Tariff as Section 122 Duties Expire Botswana’s exports to the United States, including its globally renowned natural diamonds, have regained duty-free access following the expiry of temporary U.S. tariffs on 24 July 2026. The expiration of the Section 122 tariffs under the U.S. Trade Act of 1974 means Botswana-origin products now face a 0% tariff while continuing to benefit from preferential market access under the African Growth and
