Category: Diamonds

London-listed Petra Diamonds has lowered its diamond price forecasts for 2025 and initiated a Section 189 retrenchment process affecting the group and its South African operations support functions. These measures are aimed at cutting costs and generating additional cash amid ongoing challenges in the global diamond market. To lead the restructuring efforts, the company has appointed Vivek Gadodia as Chief Restructuring Officer. “Refinancing discussions have been deferred to 2025 to allow these cash-generation initiatives to

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Canada-headquartered Lucara Diamond Corp has named two extraordinary diamonds recovered at its Karowe mine in Botswana. The 2,488-carat diamond, found in August, has been named Motswedi, which means “a water spring” or “the flow of underground water that emerges to the surface, offering life and vitality” in the local Setswana language. The 1,094-carat diamond, discovered in September, has been named Seriti, meaning “aura” or “presence” in Setswana. “We are incredibly proud to announce the naming

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ASX-listed Burgundy Diamond Mines, the operator of the Ekati Mine in Canada, achieved $93 million in revenue from two successful diamond sales cycles in the fourth quarter of 2024. Q4 Sales Highlights Burgundy CEO Kim Truter highlighted the strong performance of Ekati’s ethically sourced diamonds: “Ekati’s ethically produced G7 product sold well this quarter, achieving $106 per carat in the latest sale. While this number reflects a higher-quality parcel of goods, we also observed gains

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Canadian mining company Lucara Diamond has announced its 2025 operational plan for the Karowe Mine in Botswana, with a focus on increasing production, advancing an underground expansion, and boosting revenue. The company aims to mine up to 2.2 million tons of ore in 2025 while implementing a $115 million underground mine expansion project. This initiative, slated for completion by 2028, is expected to extend the mine’s lifespan beyond 2040. Lucara also projects $225 million in

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Lucara Diamond Corp forecasts diamond sales of 400,000 to 420,000 carats in 2025, generating revenues between $195 million and $225 million. This outlook reflects steady progress at the company’s Karowe mine in Botswana, a world-class operation achieving significant milestones in 2023. CEO William Lamb highlighted these achievements in a December 4 operational guidance update, noting that production targets were surpassed. “Our strategic focus on the underground mining project has shown remarkable progress, with shaft depths

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