Category: Diamonds

The National Union of Mineworkers (NUM) has condemned Petra Diamonds for its decision to lay off over 200 workers as part of a cost-cutting strategy. This decision comes in the wake of an extended downturn in the diamond industry, which has forced several companies, including Petra, to make difficult decisions regarding staffing, production, and pricing forecasts. The layoffs specifically target employees at Petra’s Cullinan and Finsch mines in South Africa. Petra initially announced the layoffs

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Anglo American is focused on maximizing its value as it prepares for a possible new acquisition bid and expects substantial progress on the long-awaited spin-off of its De Beers diamond business, CEO Duncan Wanblad said on Monday. The company rejected a $49 billion hostile takeover attempt from BHP in May 2024, which targeted its copper assets. Since then, Anglo—one of the best-performing major miners last year—has streamlined its portfolio by divesting coal assets and announcing

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The Government of the Republic of Botswana (GRB) and De Beers Group have successfully concluded negotiations for a new sales agreement governing Debswana’s rough diamond production. This agreement also includes an extension of Debswana’s mining licenses beyond 2029, marking a significant milestone in their longstanding partnership. The development follows the Heads of Terms agreed upon on September 30, 2023. Debswana, a 50:50 joint venture between GRB and De Beers, operates some of Botswana’s most prominent

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Botswana’s President, Duma Boko, who secured a victory in October’s elections, announced that his government has reached a diamond extraction and sales agreement with De Beers, providing much-needed certainty to the nation’s gem-dependent economy. The terms of the deal were finalized by midnight on January 24, and an official announcement is expected soon. Botswana is the world’s leading producer of rough diamonds by value, with the industry accounting for the majority of its income. Most

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De Beers has announced Botswana-born Olympic gold medalist Letsile Tebogo as its new global ambassador, further strengthening the company’s ties to the nation where it has played a pivotal role in economic development. Tebogo made history at the 2024 Olympics by clinching gold in the 200-meter race and was later named World Athletics Male Athlete of the Year. This partnership between De Beers and Tebogo underscores Botswana’s remarkable transformation into a leading diamond-producing country, a

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South Africa-focused miner Petra Diamonds has agreed to sell its 75% stake in Tanzania’s Williamson Diamonds Limited (WDL) to Pink Diamonds Investments for up to $16 million (£13 million). The remaining 25% of WDL is owned by the Government of Tanzania. WDL operates the Williamson open-pit diamond mine, with Petra acquiring its majority stake in 2009. The buyer, Pink Diamonds Investments, is affiliated with Taifa, a fully Tanzanian-owned company and the long-term technical services contractor

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