Lucara Diamond is under increasing financial pressure as it seeks additional funding to maintain liquidity and complete the delayed underground expansion of its Karowe mine in Botswana — the company’s sole producing asset. In its first-quarter 2025 results, CEO William Lamb confirmed that Lucara had received approval from lenders to draw $28 million from its cost overrun reserve account. The reserve is part of a $61.7 million facility provided by Nemesia, Lucara’s largest shareholder and
AIM-listed Vast Resources has announced the discovery of an additional 6,055.35 carats of gem-quality diamonds within a sealed parcel previously held in Zimbabwe, following a recent inspection by the Kimberley Process. The previously unknown diamonds were identified during the formal inspection process. The entire parcel, including the newly discovered stones, is currently in Dubai for final sorting ahead of cleaning and preparation for sale. Last month, the company confirmed the release of the historic parcel,
De Beers has announced plans to shut down its lab-grown diamond jewellery brand, Lightbox, and shift its focus back to natural diamonds as it contends with falling prices, weak demand, and tariff uncertainties. “As part of the closure process, De Beers is in discussions with potential buyers regarding the sale of certain assets, including inventory,” the company stated on Thursday. De Beers first launched Lightbox in September 2018, marking a significant shift from its long-standing
Botswana is taking steps to reduce spending in response to a prolonged downturn in the diamond market, which has led the government to raise its budget deficit forecast to post-Covid levels, according to the country’s Finance Minister and Vice President, Ndaba Gaolathe. In an interview in Washington, Gaolathe emphasized the urgency of the situation, stating, “Something drastic” needs to be done. He added, “The first thing we need to do is live within our means.
ASX-listed Lucapa Diamond Company, with operations in Angola and Australia, has posted strong operational and financial results for the quarter ended March 31, showing year-on-year increases in carat recoveries, grade, revenue, and diamond prices. Lucapa reported a 6% increase in carat recoveries to 6,027 carats, along with a rise in the number of special diamonds—those weighing over 10.8 carats—from 51 in Q1 2024 to 54 in the current quarter. While diamond sales volume dipped 4%
De Beers Group has joined forces with Stuller, the largest jewelry manufacturer in the United States, to expand the distribution of its DiamondProof verification device throughout the U.S. retail market. Announced on Monday, the partnership names Stuller as the official sales distributor for DiamondProof. This collaboration follows the device’s retail debut in February and is aimed at making diamond-verification technology more accessible to jewelers across the country. DiamondProof is designed to quickly and accurately identify
Several African economies are feeling the strain from a sharp decline in global diamond prices. According to multiple reliable sources, diamond prices have dropped by more than 25% since 2022, impacting major African producers such as Botswana, Namibia, and Angola. The main factor behind the prolonged fall in demand and prices is the growing popularity of synthetic diamonds, which are increasingly preferred for jewelry production. The Democratic Republic of Congo (DRC) has been less affected,
Aim-listed Vast Resources has announced the release of a historic diamond parcel that had been held in safekeeping at the Reserve Bank of Zimbabwe by order of the country’s Supreme Court since early 2010. The diamonds are now under the company’s custody and have been sent to its nominated tender house in Dubai for cleaning and re-sorting, ahead of the sales process, which is expected to commence within a month. Upon completion of the sale,
De Beers has reported an 11% year-on-year decline in rough diamond production for the first quarter of 2025, totaling 6.1 million carats. The drop reflects the company’s continued production adjustments in response to prolonged weak market demand, according to its quarterly production report released on April 24. In Botswana, output declined by 8% to 4.6 million carats, in line with planned production cuts. Namibia’s production remained steady, as lower output from Debmarine Namibia was offset
De Beers Group, in collaboration with business incubator Raizcorp, has launched the third intake of its Enterprise Development Project for Diamond Beneficiators, a flagship initiative aimed at empowering entrepreneurs in South Africa’s diamond industry. In a media statement, De Beers reaffirmed its commitment to fostering growth, transformation, and inclusivity within the local diamond beneficiation sector. A Strategic Investment in Local EntrepreneursFirst introduced in 2016, the three-year programme supports entrepreneurs across the diamond value chain—from rough
