Gem Diamonds’ revenue rose in the first quarter as demand for rough from its Letšeng mine in Lesotho began to return. Sales grew 17% year on year to $43 million for the three months ending March 31, the company said last week. Sales volume climbed 27% to 32,571 carats, outweighing an 8% drop in the average price to $1,321 per carat. The result reflected a favorable comparison with the same period in 2023 when rough
Sales of rough from Mountain Province’s Gahcho Kué mine in Canada dropped in the first quarter amid slow demand and weak prices. Diamond sales fell 31% year on year to $66.1 million for the three months ending March 31, Mountain Province said last week. Sales volume slipped 2% to 938,310 carats, while the average price plunged 29% to $70 per carat. The decrease is the result of a prolonged slowdown in the diamond market caused
Furi Mining Company is setting its sights on a diamond production goal of approximately 24,000 carats by 2025, announced Eduardo Dico, the Deputy Director of Mining Operations, during the celebration of Mining Workers’ Day on April 27. Established in 2021, the mine operates within the concession areas of Cambulo and Chitato in the Lunda Norte province. Currently, it yields around 14,000 carats of diamonds monthly and employs a workforce of 772 national workers alongside four
Anglo American is considering a sale of De Beers according to an article in the Wall Street Journal (WSJ) quoting “people familiar with the matter.” The diamond group has under-performed recently as the global diamond market has not recovered in terms of sales volumes and prices as expected. De Beers announced on Tuesday that it would cut its production forecast for 2024 by 10% to between 26m carats and 29m carats with Anglo CEO Duncan
Yesterday in Luanda, Mankenda Ambroise, a consultant to the Minister of Mineral Resources, Oil and Gas (MIREMPET), delivered key insights at the 3rd Mining Business Forum in Angola, themed “Innovation and Sustainability: Towards Industry Transformation Minas Gerais.” The forum, scheduled to conclude today, serves as a platform to address challenges and opportunities in Angola’s mining sector. Ambroise, speaking on behalf of Minister Diamantino Azevedo, highlighted the ongoing efforts to diversify mineral production in Angola and
BHP with a market valuation of $149B made a $38.8B bid for Anglo American. Anglo’s shares jumped 12% early yesterday to a market valuation of $41B following the bid. In a statement Anglo American confirmed that “it is has received an unsolicited, non-binding and highly conditional combination proposal from BHP Group Limited (“BHP”).” And that “there can be no certainty that any offer will be made nor as to the terms on which any such
De Beers announced its decision to move its auction headquarters from Singapore to Gaborone, Botswana, as part of the diamond miner’s cost-cutting initiatives. The relocation aims to streamline operations and improve efficiency while supporting the development of Botswana’s diamond sector. De Beers Group Auctions, responsible for around 10% of the company’s rough-diamond sales, will temporarily pause operations and sales events during the transition period, which is expected to take place over the coming months. Consolidating
The Sociedade Mineira de Somiluana inaugurated a cutting-edge sorting center in Lunda-Norte yesterday, signaling a significant boost in the monthly diamond production volume to 15 thousand carats. Reinaldo Trindade, President of the Board of Directors of the diamond operator, revealed that the acquisition and installation of the new sorting plant, equipped with three lines and a processing capacity of six tons of concentrate per hour, pave the way for an upsurge in both the quantity
The World Diamond Council’s (WDC) updated System of Warranties (SoW) is approaching a pivotal milestone, with September 21 marking the mandatory implementation for all rough diamond sales. Elodie Daguzan, Executive Director of the WDC, emphasized the importance of transitioning to the revised SoW before the deadline, particularly for rough diamond traders, to ensure compliance with the new regulations. The revised SoW serves as a global mechanism to provide assurance that traded goods adhere to the
The Government of Botswana and the Kimberley Process Secretariat today signed Host Country Agreement, an important instrument formalising the terms on which the Kimberley Process Secretariat will be based in Botswana. The signing follows Botswana successfully competing against other bidders, being Austria, China, the Russian Federation and the United States of America. The Kimberley Process is an international and multi-stakeholder arrangement comprising governments, the diamond industry and civil society. It’s aim is to increase ethical
