Gem Diamonds Cuts Costs and Operations at Letšeng Mine After Share Price Plunge Gem Diamonds, listed on the London Stock Exchange, saw its share price plummet by over 22% on July 23 following the announcement of significant operational cutbacks at its flagship Letšeng mine in Lesotho. The move comes in response to continued weakness in global diamond prices, a soft US dollar, and uncertainty surrounding US tariffs. In a statement to shareholders, the company said,
Catoca Mining Society Wins Africa Social Responsibility Award at British Parliament The Catoca Mining Society, Angola’s largest diamond mining company, has been honored with the Corporate Social Responsibility and Community Development Award in Africa, presented by African Leadership Magazine at a ceremony held at the British Parliament in London on July 10. Located in Lunda Sul province, Catoca is responsible for over 60 percent of Angola’s total diamond production. The award recognizes the company’s ongoing
Angola’s Diamond Auction Exceeds Expectations, Raising $15.5M from 17 Rough Stones Angola generated $15.5 million from the auction of 17 special rough diamonds, surpassing expectations by 24.33%, according to a statement released Wednesday by the Angolan National Diamond Trading Company (Sodiam E.P.). The diamonds were sourced from four mining operations: Lulo, Kaixepa, Chitotolo, and Luele. The combined weight of the stones totaled 865.19 carats, Sodiam reported. The breakdown of the proceeds is as follows: The
Botswana May Devalue Pula Again Amid 49% Diamond Revenue Drop and Weakening Forex Reserves Citigroup Inc. has issued a warning that Botswana may be forced to devalue its currency once more as falling diamond revenues—the cornerstone of the nation’s economy—put increasing pressure on fiscal and monetary stability. Earlier this month, the Bank of Botswana revised its exchange rate policy, allowing the pula to depreciate by up to 2.76% against a weighted basket of currencies in
Botswana Challenges Anglo American’s De Beers Sale Over Lack of Consultation Botswana has expressed strong dissatisfaction with Anglo American’s handling of the potential sale of its stake in De Beers, citing a lack of proper consultation, according to sources familiar with the matter. Anglo American is offloading De Beers as part of a broader restructuring strategy announced by CEO Duncan Wanblad, following the company’s successful defense against a takeover attempt by BHP Group last year.
WFDB Urges Global Diamond Industry to Defend Natural Diamonds as Lab-Grown Sales Surge The World Federation of Diamond Bourses (WFDB) President Yoram Dvash has voiced serious concern over the rapid rise of synthetic diamonds, warning that their growing market share poses a significant threat to the value, perception, and future of natural diamonds. Dvash described the rise of lab-grown diamonds as a “meteoric” shift. What began as a marginal trend has turned into an overwhelming
ZCDC Lays Off 400 Workers as Global Diamond Prices Plunge and Lab-Grown Gems Rise Zimbabwe’s largest diamond producer, the state-owned Zimbabwe Consolidated Diamond Company (ZCDC), is laying off 400 employees as it struggles to cope with a global downturn in demand for natural diamonds, a company representative confirmed. Speaking by phone, the spokesperson explained that the job cuts were a necessary measure to keep operations running and avoid a complete shutdown. In a follow-up text
Angola Sets New Diamond Production Record with Over 14 Million Carats in 2024 as Mining Sector Expands Angola has reached a historic milestone in its diamond industry, producing over 14 million carats in 2024—the highest in the nation’s history. This achievement was announced by Diamantino Azevedo, Minister of Mineral Resources, Oil and Gas, during the launch of the International Mining Conference of Angola held last Thursday in Luanda. “This milestone fulfills one of the key
De Beers Group’s Venetia diamond mine in Limpopo, South Africa, has reached a remarkable milestone of 13 million fatality-free shifts. This achievement places Venetia among a select group of mining operations in Southern Africa known for sustained excellence in safety performance. The milestone reflects the steadfast dedication of the mine’s employees, contractors, and leadership to fostering a safe and supportive work environment. Over the years, Venetia has implemented numerous proactive safety initiatives focused on building
Angola’s National Diamond Trading Company (SODIAM) has announced it raised $15.5 million from the sale of 17 special diamond stones in its latest auction. The diamonds were sourced from four mining companies: Lulo, Kaixepa, Chitotolo, and Luele. This marked the 14th auction organized by SODIAM, with evaluation sessions taking place from Monday to Thursday last week. A total of 865.19 carats were sold, generating a return that exceeded expectations by 23.33%, according to the company.
