Lucara Unearths 2,036-Carat Diamond at Karowe Mine, Faces Going Concern Risks Lucara Diamond Corp, headquartered in Canada, has recovered its second diamond weighing more than 2,000 carats from the Karowe mine in Botswana—cementing the mine’s reputation for producing some of the world’s largest and most valuable stones, even as the company grapples with financial covenant breaches and uncertainty over its ability to continue as a going concern. “The Karowe diamond mine continues to validate its
De Beers Group, together with Angola’s national diamond company, Endiama, yesterday announced a significant step forward in their joint exploration efforts with the discovery of kimberlite, the host rock for diamonds, in Angola. In July 2025, the De Beers-Endiama joint venture successfully intersected kimberlite in its first drill hole into a high-priority cluster of targets, identified from the airborne surveys completed in March 2025. This breakthrough represents the discovery of the first new kimberlite field
Catoca Celebrates 30 Years with Expo in Luanda Showcasing Innovation and Sustainability in Angola’s Diamond Sector From August 26 to 28, Luanda will host Expo Catoca, an event dedicated to celebrating the 30th anniversary of Catoca, Angola’s leading diamond mining company and operator of the world’s fourth-largest open-pit diamond mine. Held under the slogan “Here, where diamonds meet the community”, the expo will serve as a platform for reflection, knowledge-sharing, and showcasing the company’s most
Diamond Price Crash Puts Botswana’s De Beers Takeover Ambitions in Jeopardy The old saying “be careful what you wish for” may prove true for Botswana, the small southern African nation eager to take full control of the De Beers diamond empire — just as the global diamond market faces one of its worst slumps in decades. Botswana already owns 15% of De Beers, but it has signalled interest in acquiring the entire business. The opportunity
Angola Strengthens Diamond Industry Ties with India Through ENDIAMA-Led Trade Mission On the second day of its official trade mission to India, the Angolan delegation, led by Elton Escrivão, Director of Marketing at ENDIAMA-EP, continued an intensive agenda focused on expanding strategic partnerships in the diamond industry. A key highlight of the day was the delegation’s participation in technical presentations hosted by the International Gemological Institute (IGI) — one of the world’s most respected authorities
Alrosa Revenue Drops to $1.45 Billion in H1 2025 as Sanctions and Market Weakness Persist Russian diamond giant Alrosa reported a 24% year-on-year drop in revenue for the first half of 2025, as the global diamond market continues to struggle and international sanctions on Russian goods remain in effect. For the six months ending June 30, Alrosa’s revenue declined to RUB 116.04 billion (US$1.45 billion), according to the company’s financial results released last week. While
Tanishq Partners with De Beers to Offer In-Store Diamond Authentication at Select Locations in India Titan-owned jeweler Tanishq has partnered with De Beers to launch diamond verification centers at select retail stores across India, aiming to provide customers with transparent, real-time insights into the authenticity and quality of their diamonds. The initiative, announced last week, will give shoppers in-store access to advanced diamond testing tools designed to distinguish between natural and lab-grown diamonds. This move
De Beers Namibia Reports Profit Decline Amid Lower Diamond Prices and Global Market Challenges De Beers Namibia has reported a decline in earnings for the first half of 2025, with underlying operating profit falling to N$1.09 billion (US$58 million)—a 12% drop from N$1.24 billion (US$66 million) recorded during the same period last year. According to the company’s latest financial report, underlying EBITDA (earnings before interest, taxes, depreciation, and amortisation) fell to N$1.47 billion (US$78 million),
De Beers Scales Back Namibian Marine Diamond Mining, Q2 Output Falls 5% Amid Fleet Changes De Beers has reported a 5% year-on-year decline in Namibian rough diamond production for the second quarter of 2025, citing planned reductions in offshore mining by Debmarine Namibia. The production drop follows the retirement of the Coral Sea vessel and the suspension of operations on the Grand Banks—both key assets in Namibia’s marine diamond fleet. While the Coral Sea has
De Beers Posts $245 Million H1 Loss, Plans to Boost Diamond Output as Market Recovery Looms De Beers has reported a $245 million loss for the first half of 2025, reflecting ongoing challenges in the global diamond market. The downturn contrasts with a $73 million profit during the same period last year. The loss stems in part from the company selling rough diamonds at lower margins to select sightholders in an effort to reduce inventory
