Lucara Diamond Corp. has issued a positive full-year revenue and production forecast as it plans to focus on mining the higher-value portions of the Karowe deposit in Botswana. The company projects revenue for 2025 to range between $195 million and $225 million, a significant increase compared to its revised guidance of $160 million to $180 million for 2024. The expected production for next year is between 360,000 and 400,000 carats, with sales volume estimated at
Rio Tinto successfully sold 76 polished colored diamonds from its Argyle and Diavik mines through its second Beyond Rare tender, attracting strong bids from global participants. The collection, named Colour Awakened, featured 48 lots totaling 39.44 carats. It included pink, red, and violet diamonds from the now-closed Argyle mine in Australia, along with yellow and white diamonds from the Diavik deposit in Canada. A highlight of the sale was the Old Masters collection, which showcased
Alrosa has lowered rough diamond prices at this month’s trading session, following similar price reductions by De Beers, according to industry sources. The Russian miner’s cuts averaged around 10%, with estimates ranging from 5% to 15%. However, Alrosa’s price movements are more difficult to track compared to De Beers due to many industry players ceasing purchases from the company after Western sanctions on Russia were implemented in 2022. Alrosa did not respond to requests for
De Beers, the world’s leading diamond producer, has reduced diamond prices by over 10% in a significant move to address a prolonged market downturn. This marks a shift in the company’s strategy, which previously aimed to stabilize the slumping market by maintaining higher prices. The diamond market is experiencing one of its deepest slumps in decades. Initially triggered by a post-pandemic slowdown, the downturn has been exacerbated by inflation affecting consumer spending, a collapse in
The Antwerp World Diamond Centre (AWDC) and Angola have signed a Memorandum of Understanding (MoU) aimed at strengthening collaboration in the rough diamond sector. Under the agreement, Antwerp will assist Angola in establishing a Group of Seven (G7) export verification point for rough diamonds. AWDC, which is already working with Botswana on a similar initiative, will provide Angola with technical expertise and guidance on diamond control and certification. “We can provide practical and technical tools
De Beers has unveiled its 2025 sales calendar, maintaining its standard schedule of 10 sights throughout the year. The diamond mining giant primarily sells rough diamonds to sightholders under a contractual system that ensures consistent supply in exchange for purchasing commitments. Recently, De Beers has adapted its approach by allowing sightholders to purchase fewer goods, addressing oversupply concerns and weak market demand. In December 2024, De Beers concluded its final sight of the year with
Oman’s Maaden International Investment has been announced as the new shareholder in Angola’s Catoca and Luele mining companies, replacing the Russian diamond giant Alrosa. The announcement was made by Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during a Council of Ministers meeting on Thursday. According to a statement from the Ministry of Mineral Resources, Oil and Gas accessed by VerAngola, Maaden International Investment, a subsidiary of the Sultanate of Oman’s sovereign wealth
Sociedade Mineira do Luele has achieved an impressive milestone, producing over 4.4 million carats of diamonds during its inaugural year of operations. This achievement was announced by Romulo Mucase, Chairman of the Board of Directors (PCA), during a speech on Saturday marking the mine’s first anniversary. The facility was officially inaugurated by President João Lourenço in November last year. According to a statement from Endiama, shared by VerAngola, Mucase praised the team’s efforts in overcoming
A subsidiary of Oman’s sovereign wealth fund has taken over Russian sanctions-hit Alrosa’s stake in Angola’s state-controlled diamond miner, Catoca, according to Angolan officials. Angola had faced mounting international pressure to sever ties with Alrosa, the Russian state-controlled diamond giant and world’s largest producer of rough diamonds by volume. This pressure began in 2022 following Western sanctions imposed on Alrosa due to Russia’s invasion of Ukraine. “From now on, we have a new partner who
Lucapa Diamond Company Limited (ASX: LOM) has announced the successful sale of four exceptional Type IIa diamonds from its Lulo mine in Angola, fetching a total of $2.67 million at a tender hosted by Angola’s national diamond marketing company, Sodiam E.P. High-Value Parcel Breakdown The 120-carat parcel included: The parcel achieved an impressive average price of $22,150 per carat, with the 45-carat white diamond securing the highest price per carat. Lucapa Managing Director and CEO
