De Beers has quietly begun selling rough diamonds at steep discounts to a select group of buyers — a rare and contentious move that is stirring tensions within an industry already grappling with sluggish demand and mounting uncertainty. In a departure from its traditional pricing model, the diamond giant has been offering discounts of 10% to 20% through confidential side deals, aimed at offloading growing inventories without making public price cuts. These covert sales, reported
The Director General of Luele Mining Company (SML), Rômulo Mucasse, announced in Saurimo that stable performance indicators in diamond extraction, processing, and recovery could enable the company to produce 6.7 million carats during the current fiscal year. He recalled that the Luele project, inaugurated by the President of the Republic roughly a year and a half ago, has become one of the key assets in Angola’s diamond sector. Alongside Catoca Mining Company, Luele now contributes
Alrosa has discovered a 468.30-carat fancy amber-colored diamond, the largest gem-quality rough stone ever found in Russia, surpassing the miner’s previous record of 401 carats set in 2013. The historic stone was recovered from one of Alrosa’s mines in the Yakutia region, the company announced last week. CEO Pavel Marinychev highlighted the timing of the discovery, which follows the unveiling of the “New Sun,” a fancy vivid yellow diamond over 100 carats—the largest ever manufactured
De Beers has held its first diamond auction in Botswana following the relocation of its sales operations from Singapore, marking a significant step in consolidating its global trading activities in Gaborone and boosting operational efficiency. The company announced the move on Friday, stating that the transfer reinforces Botswana’s status as a key player in the global diamond value chain. A small-scale pilot auction during De Beers’ third sales cycle attracted “substantial interest,” with strong customer
Debswana Diamond Company has confirmed that the Orapa No. 2 processing plant is currently undergoing its annual scheduled maintenance during the month of May and has not been shut down, contrary to recent media reports. The company clarified that the temporary plant stoppage is part of routine operational procedures aimed at ensuring continued efficiency and reliability. This clarification follows misleading claims suggesting a full halt in operations. Debswana emphasized that the maintenance shutdown is a
Lucara Diamond is under increasing financial pressure as it seeks additional funding to maintain liquidity and complete the delayed underground expansion of its Karowe mine in Botswana — the company’s sole producing asset. In its first-quarter 2025 results, CEO William Lamb confirmed that Lucara had received approval from lenders to draw $28 million from its cost overrun reserve account. The reserve is part of a $61.7 million facility provided by Nemesia, Lucara’s largest shareholder and
AIM-listed Vast Resources has announced the discovery of an additional 6,055.35 carats of gem-quality diamonds within a sealed parcel previously held in Zimbabwe, following a recent inspection by the Kimberley Process. The previously unknown diamonds were identified during the formal inspection process. The entire parcel, including the newly discovered stones, is currently in Dubai for final sorting ahead of cleaning and preparation for sale. Last month, the company confirmed the release of the historic parcel,
De Beers has announced plans to shut down its lab-grown diamond jewellery brand, Lightbox, and shift its focus back to natural diamonds as it contends with falling prices, weak demand, and tariff uncertainties. “As part of the closure process, De Beers is in discussions with potential buyers regarding the sale of certain assets, including inventory,” the company stated on Thursday. De Beers first launched Lightbox in September 2018, marking a significant shift from its long-standing
Botswana is taking steps to reduce spending in response to a prolonged downturn in the diamond market, which has led the government to raise its budget deficit forecast to post-Covid levels, according to the country’s Finance Minister and Vice President, Ndaba Gaolathe. In an interview in Washington, Gaolathe emphasized the urgency of the situation, stating, “Something drastic” needs to be done. He added, “The first thing we need to do is live within our means.
ASX-listed Lucapa Diamond Company, with operations in Angola and Australia, has posted strong operational and financial results for the quarter ended March 31, showing year-on-year increases in carat recoveries, grade, revenue, and diamond prices. Lucapa reported a 6% increase in carat recoveries to 6,027 carats, along with a rise in the number of special diamonds—those weighing over 10.8 carats—from 51 in Q1 2024 to 54 in the current quarter. While diamond sales volume dipped 4%
