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Category: Diamonds

Diamonds International News

Africa Produces 60% of the World’s Diamonds ADPA President Highlights Industry Challenges

Africa contributes 60% of global diamond production, the president of the African Diamond Producers Association (ADPA), Wiston Chitando, announced on Thursday in Luanda. Chitando, who also serves as Zimbabwe’s Minister of Mineral Resources, made the statement during the inauguration of ADPA’s new headquarters. He reaffirmed his commitment to advancing Africa’s diamond sector. He emphasized that Africa’s diamond industry remains strong despite global market challenges, particularly the rise of synthetic diamonds. “We are determined to move

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Diamonds Local News

New Headquarters of the African Diamond Producers Association Inaugurated in Luanda

The headquarters of the African Diamond Producers Association (ADPA) was officially inaugurated in Luanda on Thursday by Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, and his Zimbabwean counterpart, Winston Chitando. According to Azevedo, the delivery of ADPA’s new headquarters fulfills the Angolan government’s commitment to providing suitable facilities for the association. “Today, we are formally handing over the ADPA headquarters, the result of joint efforts by three Angolan ministries, namely the Ministry

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Diamonds Local News

Angola’s Mining Minister Calls for Greater Attention to Global Diamond Market Challenges

Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, emphasized the need for heightened attention to the challenges currently facing the global and African diamond industry. Speaking at the inauguration of the new headquarters of the African Diamond Producers Association (ADPA) in Luanda, Azevedo pointed to falling natural diamond prices, competition from synthetic diamonds, and increased pressure for diamond traceability as key issues affecting the sector. “We must adapt to this new landscape and

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Corporate News Diamonds Local

Angola’s SODIAM to Auction 36 Special Diamonds Online

Angola’s National Diamond Trading Company (SODIAM) will auction 36 special diamonds, weighing approximately 10.80 carats, in an online bidding process from March 5 to 12, 2024. According to a press release cited by Lusa, the auction is being organized in collaboration with Trans Atlantic Gem Sales. The auction will feature diamonds from several mines, including Luele (12 stones), Catoca (11), Kaipexa (6), Lulo (3), Chitotolo (2), Tchegi (1), and Somiluana (1). Bidding will close at

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Corporate News Diamonds International

Alrosa Reports 77% Profit Drop Amid Sanctions and Market Challenges

Russia’s state-owned diamond producer, Alrosa, reported a 77.3% decline in net profit for 2024, falling to 19.3 billion roubles ($219.32 million) compared to the previous year. Revenue also dropped by 25.9%, reaching 239.1 billion roubles. The decline follows a Group of Seven (G7) ban on direct Russian diamond imports in January 2024, which was later expanded to include diamonds routed through third countries. Alrosa has also been under U.S. sanctions since 2022, further restricting its

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Corporate News Diamonds International

De Beers Faces Tight Supply of Large Rough Diamonds Amid Market Stabilization

Rough diamonds above 5 carats were in tight supply during this week’s trading session, with industry sources attributing the shortage to both production cuts and De Beers’ strategy of limiting supply. During the February sight, prices remained stable across most categories as De Beers adhered to its policy of not overflooding the market, according to insiders. However, the scarcity of large stones raised eyebrows, especially considering De Beers reportedly holds $2 billion in inventories, its

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Corporate News Diamonds International

De Beers and Botswana Sign 10-Year Diamond Partnership Extension

After extensive negotiations, De Beers and the government of Botswana have signed a historic agreement extending their diamond partnership for another decade. The new sales agreement for rough diamonds from Debswana, the joint venture between the government and De Beers, will remain in effect for the next 10 years, De Beers announced on Tuesday. Under the terms of the deal, 30% of Debswana’s production will go to the state-owned Okavango Diamond Company (ODC) for the

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Diamonds Corporate News International

SACIM Congo Faces Diamond Sales Restrictions and Financial Struggles

The Anhui Congo Investment Company (SACIM) in Kasai-Oriental continues to face significant challenges, raising concerns across the region. On February 26, 2025, a SACIM manager revealed to Actualité.cd that the company, which typically produces an average of 300,000 carats of diamonds per month, is encountering difficulties in selling its diamonds due to newly imposed price restrictions. Under the terms of Ministerial Decree No. 00049/CAB.MIN/MINES/01/2022, dated February 22, 2022, SACIM is restricted to selling its diamonds

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Diamonds International News

New U.S. Diamond Import Regulations and the Path to Market Recovery

The president of the World Federation of Diamond Bourses, Yoram Dvash, announced that starting in April, U.S. customs will require the reporting of diamonds’ country of mining origin and details of the country of origin. This mandatory information must be submitted through a signed declaration. Importers will also need to provide a self-certification statement confirming that their shipments do not contain Russian diamonds larger than 0.50 ct. These new requirements apply to all diamonds and

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Corporate News Diamonds International

Lucara’s Revenue Rebounds in 2024 on Major Diamond Sales

Lucara Diamond Corp.’s revenue surged in 2024, driven by the sale of two massive rough diamonds from its Karowe mine in Botswana, which collectively fetched $54 million. Annual revenue rose 18% to $203.9 million, with sales volume increasing 5% to 399,215 carats, the company reported Friday. The higher revenue was attributed to a greater proportion of high-value stones, including the 549-carat Sethunya and the 1,080-carat Eva Star. Lucara posted a $39.9 million profit, a sharp

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