Category: Diamonds

In 2023, Russia’s rough-diamond production value surpassed Botswana’s for the first time, despite facing significant sanctions and a weak market. The increase occurred even with intensified sanctions, including the European Union’s ban on Russian diamonds and stricter U.S. regulations on goods significantly altered in third-party countries like India. According to Kimberley Process (KP) statistics released this week, Russia produced 37.3 million carats of rough diamonds last year, valued at $3.61 billion, with an average price

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Gem Diamonds, listed on the London Stock Exchange, has recovered a 123.20 ct Type II white diamond from its Letšeng mine in Lesotho. This notable find marks the eighth diamond over 100 carats that the company has unearthed this year. Gem Diamonds holds a 70% stake in the Letšeng mine, renowned for its production of large, exceptional white diamonds. It is recognized as the highest dollar-per-carat kimberlite diamond mine globally.

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Lucara Diamond Corp, owner of the Karowe mine in Botswana, has appointed Dr. Lauren Freeman as Vice President of Mineral Resources, effective from July 1. In her new role, Freeman will oversee all aspects of mineral resource management at Lucara’s flagship Karowe mine and will play a key role in shaping the company’s development strategy. Freeman brings over 25 years of experience in the mining industry, specializing in large Type II diamonds. Her expertise spans

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Petra Diamonds revealed expansion plans for its Finsch and Cullinan mines in South Africa, targeting production of between 3.4 to 3.7 million carats by 2028, representing a 15% to 17% increase over three years. CEO Richard Duffy stated that the expansion, requiring about $100 million in annual sustaining and expansion capital, will be self-funded. The UK-listed diamond producer also announced the appointment of Johan Snyman as CFO, effective October, succeeding Jacques Breytenbach who announced his

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The proposed sale of Anglo American’s 85% stake in De Beers would enhance market visibility and focus, according to Richard Duffy, CEO of Petra Diamonds. Duffy suggested that De Beers, as an independent entity, would invest more in marketing efforts. Anglo American announced on May 14 its intention to sell De Beers as part of a group-wide restructuring, which includes unbundling its shares in Anglo American Platinum. During an investor day, Duffy outlined new life-of-mine

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Petra Diamonds has projected a significant increase in production, aiming for at least a 22% rise by fiscal year 2029, driven by expansions at its Cullinan and Finsch mines. The company announced last week that it expects total output for fiscal 2024, ending June 30, to range between 2.7 million and 2.8 million carats. Looking ahead, Petra anticipates production to reach between 2.8 million and 3.1 million carats next year, with further growth to between

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De Beers, the world’s largest diamond producer by value, has reported a decline in rough diamond sales for the second time this year. The Anglo American unit recorded provisional sales of $315 million, down from $383 million in the previous cycle and $456 million during the same period last year. The company attributed the drop to the quieter summer period, but analysts suggest that the diamond market continues to struggle. BMO analyst Colin Hamilton noted,

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The European Union has extended the “sunrise period” for sanctions on Russian diamonds by six months and introduced a significant concession regarding goods predating the new rules. According to a statement released Monday, the EU has postponed the mandatory implementation of the traceability program for imports of rough and polished natural diamonds from September 1, 2024, to March 1, 2025. This extension aims to facilitate the establishment of the G7 traceability scheme, as outlined in

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