On Monday, in Luanda, a meeting was held between Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and De Beers Group’s Operations Director, Moses Madondo, to discuss the implementation of the Strategic Memorandum of Understanding (MoU) in the diamond sector. According to Jornal de Angola, citing the Ministry of Mineral Resources, Oil and Gas, the meeting focused on assessing the progress of the MoU, which was signed in Cape Town, South Africa, in
President Mokgweetsi Masisi disclosed to JCK News the possibility of the Botswana government raising its shareholding in the global diamond miner De Beers. This comes in the wake of parent company Anglo American’s announcement of plans to spin off or divest the business. Currently, the government holds a 15% stake in De Beers, with Botswana contributing 70% of the company’s annual rough diamond supply. Anglo’s strategic review, which includes a potential sale or divestment of
De Beers, the world’s largest diamond producer by value and currently up for sale by parent company Anglo American, has launched an ambitious five-year strategy to reposition itself as the leading jewelry group in the market. While De Beers already sells diamond jewelry through its global retail boutiques, Chief Executive Al Cook aims to expand the number of outlets to compete with profitable luxury brands such as Tiffany and Cartier. “If I look at the
It is no secret that Africa is rich in valuable minerals crucial for economic development, ranging from extensive oil reserves to lush agricultural lands. The continent possesses about 30% of the world’s total mineral reserves, including gold, copper, platinum, cobalt, uranium, lithium, and more, all of which play pivotal roles in diverse industries, from electronics and infrastructure to energy production. What is fascinating is that these mineral riches are not concentrated in one specific region
De Beers announced a strategic overhaul, ceasing the production of synthetic diamonds for its Lightbox consumer brand to concentrate on manufacturing and selling natural polished diamonds. This pivot aligns with the company’s new “Origins” strategy, emphasizing the value of natural diamonds and technology over synthetic jewelry. Transition to Technology Hub At the JCK Las Vegas breakfast event, De Beers CEO Al Cook explained that the company will streamline its Element Six business, merging its three
Gem Diamonds has recovered a 212.49 carat Type II white diamond from its 70%-owned Letšeng mine in Lesotho. This marks the sixth diamond weighing over 100 carats to be recovered from the mine this year. Located in the Maluti Mountains of Lesotho, the Letšeng mine is renowned for producing large, high-quality Type II diamonds. These exceptional diamonds, each weighing over 100 carats, contribute 70% to 80% of Gem Diamonds’ annual revenue.
Botswana’s President Mokgweetsi Masisi on Wednesday labeled synthetic gems a significant threat to the country’s economic foundation, as the government prepares to launch a $6-billion project to extend the life of its flagship Jwaneng diamond mine. The natural diamond market has faced challenges over the past two years due to rising consumer demand for cheaper lab-grown diamonds and global macroeconomic volatility. Masisi will attend the JCK Show in Las Vegas this week, the world’s largest
Lucapa, an Australia-based diamond miner, under the helm of its newly appointed chairperson, Stuart Brown, sees Angola as the primary target for diamond exploration globally. Brown, a former De Beers CFO and interim CEO, emphasized Angola’s potential in Lucapa’s strategic direction, citing its largely unexplored diamond-rich provinces as key exploration targets. The company’s 15-year presence in Angola, particularly through its Lulo operation, has been marked by significant success in alluvial diamond production. Brown highlighted Lulo’s
Lucapa Diamond Company has recovered a 195-carat, type IIa rough diamond from its Lulo alluvial mine in Angola, marking a significant addition to its collection of large diamonds. This find, announced on Tuesday, is the sixth-largest diamond discovered at Lulo since operations began in 2015 and the fourth diamond over 100 carats recovered this year. This discovery follows the unearthing of a 203-carat, type IIa rough diamond in March, processed from stockpiled ore at the
The United States is reconsidering the strictest aspects of a G7-imposed ban on Russian diamonds, following resistance from African countries, Indian gem polishers, and New York jewelers, according to seven sources cited by Reuters. The sanctions package, agreed upon in December and including an EU-wide ban, represents a major shift in the diamond industry. Two sources familiar with the negotiations stated that the U.S. has largely disengaged from G7 working groups on stringent controls, with
