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Category: Diamonds

Corporate News Diamonds Local

Oman Replaces Sanctioned Alrosa in Angola’s Catoca Diamond Mine

A subsidiary of Oman’s sovereign wealth fund has replaced Russia’s Alrosa as a shareholder in Catoca, Angola’s state-controlled diamond mining company, marking a significant shift in the company’s ownership structure. The update was reflected on Catoca’s official website. Endiama EP, Angola’s national diamond company, now holds 59% of Catoca, while Taadeen, the new shareholder linked to Oman’s sovereign fund, holds the remaining 41% stake—previously owned by Alrosa. The move comes after mounting international pressure on

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Diamonds International News

Botswana Cuts Diamond Production by 16% as Global Demand Slows

Botswana has announced a 16% reduction in diamond production for 2025, a strategic move in response to ongoing turbulence in the global diamond market. As Africa’s leading diamond producer and a country heavily reliant on diamond revenues, the decision reflects growing economic pressures and the need for long-term adaptation. The global market for natural diamonds has weakened, driven by slowing demand and the rapid rise of affordable lab-grown alternatives. For Botswana—where diamonds account for approximately

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Corporate News Diamonds International

SACIM Dominates DRC’s Industrial Diamond Output in Q1 2025 with 97% Share

Anhui Congo Mining Investment Company (SACIM) has emerged as the dominant producer of industrial diamonds in the Democratic Republic of Congo during the first quarter of 2025, accounting for 97% of the country’s total output. According to statistics released by the Technical Unit for Coordination and Mining Programming (CTCPM), a department under the Ministry of Mines, SACIM produced 334,505.81 carats out of a national total of 344,049.44 carats between January and March 2025. The remaining

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Corporate News Diamonds International

Debswana Layoffs Spark Outcry as Botswana President Bypasses Union

Botswana President Duma Boko has announced the planned termination of over 1,000 workers at Debswana, the country’s joint venture with diamond giant De Beers, citing the ongoing global downturn in the diamond market. Speaking recently to civil servants, Boko attributed the decision to declining demand and sustained economic pressure across the diamond industry. However, the Botswana Mine Workers Union (BMWU) strongly condemned the announcement, criticizing the government for bypassing proper consultation processes. In a formal

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Corporate News Diamonds Local

Lucapa Diamond Enters Voluntary Administration Amid Financial Struggles and Sale Plans

Lucapa Diamond Company has entered voluntary administration as it seeks to restructure its capital and explore a potential sale of the business. The company announced on Friday that administrators from advisory firm KordaMentha will conduct an urgent assessment of Lucapa’s operations and assets, which include Brooking Diamonds, Heartland Diamonds, and Australian Natural Diamonds. Lucapa’s portfolio spans both Africa and Australia, with key assets such as the Lulo mine in Angola, the Merlin project in Australia—previously

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Corporate News Diamonds International Renewable Energy

Debswana and BPC Partner to Advance Renewable Energy Goals Through REC Agreement

Botswana Power Corporation (BPC) and Debswana Diamond Company have signed a Memorandum of Agreement (MoA) to collaborate on the use of Renewable Energy Certificates (RECs)—a move that supports Botswana’s push toward a more sustainable energy future. Debswana, jointly owned by the Government of Botswana and De Beers Group, operates four diamond mines across the country: Orapa, Letlhakane, Damtshaa, and Jwaneng. This partnership will enable Debswana to access and demonstrate its use of renewable electricity, sourced

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Corporate News Diamonds Local

Oman’s Taadeen Joins Catoca Mining Company Following Share Restructuring

Taadeen, a subsidiary of the Omani Sovereign Wealth Fund, has officially become a shareholder in the Catoca Mining Company following the signing of a public deed on Monday, May 26. The formal entry was confirmed in a statement issued by Angola’s Ministry of Mineral Resources, Oil and Gas. The agreement, signed by representatives of the involved companies, marks Taadeen’s acquisition of shares previously held by Angola’s state-owned diamond company, Endiama EP. According to the Ministry,

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Corporate News Diamonds International

Koidu Limited Halts Operations and Lays Off Over 1,000 Workers Amid Labour Dispute in Sierra Leone

Koidu Limited, Sierra Leone’s largest diamond mining company, has suspended operations and laid off the majority of its local workforce—more than 1,000 employees—due to a protracted dispute over wages and working conditions. The conflict began with a strike in December 2024, which workers temporarily paused in hopes of reaching an agreement through negotiations. However, after talks stalled, employees resumed industrial action in early March, according to Reuters. Charles Kainessie, president of the Koidu Limited Workers’

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Corporate News Diamonds International

De Beers’ Secret Discounts Fuel Discontent Amid Diamond Market Turmoil

De Beers has quietly begun selling rough diamonds at steep discounts to a select group of buyers — a rare and contentious move that is stirring tensions within an industry already grappling with sluggish demand and mounting uncertainty. In a departure from its traditional pricing model, the diamond giant has been offering discounts of 10% to 20% through confidential side deals, aimed at offloading growing inventories without making public price cuts. These covert sales, reported

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Corporate News Diamonds Economy Local

Luele Mining Aims for 6.7 Million Carats in 2025 Amid Strong Production Performance

The Director General of Luele Mining Company (SML), Rômulo Mucasse, announced in Saurimo that stable performance indicators in diamond extraction, processing, and recovery could enable the company to produce 6.7 million carats during the current fiscal year. He recalled that the Luele project, inaugurated by the President of the Republic roughly a year and a half ago, has become one of the key assets in Angola’s diamond sector. Alongside Catoca Mining Company, Luele now contributes

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