Rio Tinto Launches ‘Into the Light’ Tender Featuring Last Pink, Red, Violet, Yellow and White Diamonds Rio Tinto has announced the launch of its final Beyond Rare tender, offering an exclusive selection of pink, red, violet, yellow, and white diamonds sourced from its Canadian and Australian operations. The tender, titled “Into the Light,” features 52 lots weighing a total of 45.44 carats. This edition marks the conclusion of the company’s celebrated Art Series, following the
IMF Botswana Report Highlights Diamond Sector Challenges and Urgent Need for Economic Diversification The International Monetary Fund (IMF) has concluded its annual Article IV consultation for Botswana, revealing that the country’s diamond sector is significantly slowing economic growth. After expanding by 3.2% in 2023, Botswana’s economy contracted by 3% in 2024, largely due to challenges in the diamond industry, including competition from lab-grown diamonds and reduced demand from China. The IMF forecasts Botswana’s GDP will
Botswana Holds Rare Diamond Auction as Global Gem Demand Weakens Botswana is staging an unprecedented diamond auction in a bid to shore up government revenues battered by a prolonged slump in the global gems market. The state-owned Okavango Diamond Company (ODC) is offering about 1 million carats of rough diamonds in a one-off “closed” tender, ODC spokesperson Dennis Tlaang confirmed on Thursday. Unlike the company’s regular auctions—planned well in advance for registered buyers—this ad-hoc sale
Petra Diamonds Extends Refinancing Deadline Again as Talks Continue with Senior Lender London-listed Petra Diamonds has announced that it requires a further extension to finalise the terms of a commitment agreement with a senior secured bank lender as part of its ongoing refinancing plans. The original deadline for entering into a commitment letter under the terms of a lock-up agreement was extended from September 10 to September 24. However, full agreement on terms has not
Angola’s ENDIAMA Seeks Minority Stake in De Beers to Promote Pan-African Ownership, Countering Botswana’s Push for Control Angola’s state-owned diamond company, ENDIAMA E.P., has submitted a fully funded offer to acquire a strategic minority stake in De Beers, signaling a major shift in African diamond industry dynamics. The Angolan government clarified that the bid is not aimed at majority control. Instead, it seeks to foster a pan-African ownership model that would support De Beers’ long-term
Botswana Targets Majority Control of De Beers as Diamond Market Faces Crisis Botswana’s President Duma Boko says his government aims to finalize a deal to acquire majority control of De Beers by the end of October, even as negotiations continue with Anglo American Plc and other interested parties. Anglo American, which currently owns 85% of the diamond giant, began seeking to divest its stake 16 months ago as part of a broad restructuring plan. The
HB Antwerp Urges Diamond Industry to Scrap Auctions for Profit-Sharing Model Amid Price Crisis The global diamond market is facing one of its deepest crises in history, with producers struggling against falling prices, weak demand, and growing competition from lab-grown alternatives. According to Oded Mansori, co-founder and managing partner of Belgian gem trader HB Antwerp, the traditional system of selling rough diamonds through tenders and auctions is outdated, opaque, and leaves producers vulnerable. Speaking on
De Beers Boosts Marine Diamond Recovery with Advanced Subsea Crawler on Benguela Gem De Beers’ Upstream Technology division in South Africa has developed a new generation of advanced subsea diamond recovery crawlers, marking a major step forward in marine mining technology. The first unit has been installed on Debmarine Namibia’s flagship vessel, the Benguela Gem, following nearly four years of development. According to project manager Rudi Agostinho, the crawler represents a carefully engineered blend of
Finestar Opens R300m Diamond Polishing Facility in South Africa to Boost SADC Beneficiation and Global Trade Indian rough diamond cutting and polishing company Finestar has expanded its footprint in the Southern African Development Community (SADC) with the launch of a new state-of-the-art facility in the Gauteng Industrial Development Zone, near OR Tambo International Airport, on September 5. The R300-million investment adds to Finestar’s network of cutting and polishing operations in the United Arab Emirates, Belgium,
Lesotho Unveils Dual Mining Strategy: Stabilizing Diamonds While Exploring Rare Earth Potential The global diamond market may be under strain, but the Kingdom of Lesotho is charting a bold path forward. Speaking at the Africa Down Under conference in Perth, Prime Minister Sam Matekane unveiled a dual-track mining strategy aimed at stabilizing the country’s diamond sector while opening a new frontier in rare earth elements (REEs). Matekane acknowledged that the diamond industry is going through
