Category: Diamonds

Lucara Diamond Corp. has announced that its 2024 revenue projections have been revised downward due to reduced sales of high-value diamonds, which typically account for up to 70% of its annual revenue, and ongoing softness in the global diamond market. In its third-quarter update, the company adjusted its full-year revenue guidance to $160 million–$180 million, down from the previous range of $220 million–$250 million. While other operational guidance remains unchanged, Lucara lowered its 2023 capital

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Al Cook, CEO of De Beers Group, has announced a robust marketing initiative aimed at reviving the demand for natural diamonds. This campaign will be launched in collaboration with Botswana, De Beers’ long-standing partner. Following his inaugural meeting with Botswana’s President Duma Gideon Boko in Gaborone, Cook expressed optimism about the renewed energy in their partnership and a shared commitment to bolstering the diamond industry. “With the diamond market facing challenges, it’s essential for us

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London-listed Petra Diamonds has announced that Varda Shine will not stand for re-election at the upcoming annual general meeting (AGM) on November 13, and will retire from the board at the conclusion of the meeting. Nonexecutive director José Manuel Vargas has been appointed to succeed Shine as chairperson, effective immediately after the AGM. Vargas will also take on the role of chairperson of the investment committee. Additionally, Bernard Pryor, the senior independent director and current

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TSX-V-listed Aton Resources has announced the first results from its diamond drilling program at the Abu Marawat deposit in Egypt, highlighting high-grade mineral findings, including 8.98 g/t gold, 185 g/t silver, 0.43% copper, and 6.12% zinc over a 3.9-meter interval. To date, the company has drilled 35 diamond drill holes at Abu Marawat, totaling 3,381 meters. All holes have been drilled horizontally or at shallow angles to target previously untested, near-surface mineralization in a challenging

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Gem Diamonds reported a revenue increase for Q3, driven by the sale of more large diamonds, which boosted the average price per carat. Revenue from the company’s Letšeng mine in Lesotho surged 36% year-over-year to $42.7 million for the three months ending September 30. Sales volume rose 11% to 26,617 carats, while the average price per carat climbed 22% to $1,603. Revenue also improved by 9% from the previous quarter, with the average price up

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