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Category: Diamonds

Diamonds Economy Local News

CATOCA Advocates for Fairness in Mining Resource Distribution

Benedito Manuel, the general director of CATOCA, emphasized the need for mining companies to go beyond mere social responsibility and prioritize social justice and equity in the distribution of resources, particularly in diamond-rich areas. Speaking at the panel discussion on “the social responsibility of diamond companies in mining regions” during the Mining Indaba, Manuel stressed the importance of processing the exploited resources locally to create a value chain that fosters job creation and contributes to

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Diamonds International News

De Beers Rough Prices Slip 6% in 2023

De Beers’ prices fell last year as a prolonged oversupply in the midstream and economic challenges weighed on demand. The company’s rough-price index, which reflects like-for-like values, dropped 6% for the 12-month period, parent company Anglo American reported last week. Sales volume slipped 19% to 27.4 million carats, with the average selling price sliding 25% to $147 per carat. While the company has not published its full-year revenue, rough sales decreased 36% to $3.63 billion,

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Diamonds International News

Botswana Assigns $65M for Stake in Belgian Manufacturer

Botswana has designated BWP 890 million ($65 million) from its new fiscal 2024-2025 budget for the purchase of a 24% stake in Belgian manufacturer HB Antwerp. The deal, which it first announced in March, calls for the African country to supply rough from state-owned Okavango Diamond Company (ODC) to HB Botswana for five years. The partnership would operate in a similar fashion to HB’s previous supply deal with Lucara Diamond Corp, enabling Botswana to retain

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Economy Diamonds Local Mining News

Angola’s Diamond Industry Promises High Returns for Investors

Angola’s diamond industry is emerging as an increasingly attractive investment opportunity, driven by legislative reforms, the discovery of high-quality deposits, and a forward-thinking approach by the government. With the Ministry of Mineral Resources, Oil, and Gas actively engaging with regional and global partners, Angola aims to enhance diamond production and position itself as a hub for this precious gem. Sectoral Reforms Encourage Foreign Investment As the fourth-largest diamond producer in Africa and the sixth globally,

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Diamonds Economy Local Mining News Oil

Angola and Botswana Focus on Oil and Diamond Refining

Angola and Botswana convened their respective ministerial delegations yesterday Wednesday 7th February, in Cape Town, South Africa, to discuss cooperation in the mineral resources sector. The ministers, Diamantino Pedro Azevedo from Angola and Lefoko Moagi from Botswana, explored the possibility of future bilateral meetings. During the meeting, the focus was on the foundational aspects of bilateral cooperation between Botswana and Angola, emphasizing the development of the extractive industry and the potential for strengthening relations in

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Diamonds Economy Local News

Angola’s Diamond Sector Invests $235 Million in Social Responsibility Projects

The Diamond Subsector has contributed approximately $235.8 million to social responsibility projects from 2017 to the first half of 2023, revealed Sidónio Borges, Head of the Information Technologies and Marketing Department at Fundação Brilhante, during a workshop on social responsibility actions in Luanda. Of this total, $112.8 million has been allocated to completed projects, while $123.04 million is earmarked for ongoing initiatives. Leading contributors to these efforts include Sociedade Mineira de Catoca, Sodiam, Endiama, and

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Diamonds Economy Local Mining News

Angola’s Diamond Industry Shines with a Renewed Partnership with De Beers

The diamond mining and marketing company De Beers is set to collaborate with Angola on opportunities to increase diamond production, support the alluvial mining sector, and enhance social development for the benefit of Angola’s citizens. On Tuesday 6th February, De Beers signed a memorandum of understanding (MoU) with Angola’s National Mineral Resource Agency, Angola’s state-owned Endiama diamond company, and Angola’s state-owned Sodiam diamond trading company, aiming to support the outlined objectives. De Beers CEO Al

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Diamonds Local News

Lucapa Sales Slip in Weak Market

Revenue decreased at Lucapa Diamond Company in the fourth quarter as demand for its rough slowed and prices dropped. Sales from the company’s mines slipped 1% year on year to $40.8 million for the period, it reported last week. The average selling price slid 9% to $2,458 per carat, outweighing a 9% rise in volume to 16,600 carats. At the company’s Lulo mine in Angola, revenue fell 4% to $34.9 million, with sales volume plunging

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Diamonds International

Diamond Industry Gears Up for Tighter Controls

New sanctions on Russia will fast-track the adoption of traceability programs across the supply chain. Should they wish to sell those diamonds into the Group of Seven (G7) countries, companies will have to prove their goods were sourced from non-Russian production. On December 6, the G7 — comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — announced its latest sanctions, aimed at “limiting Russia’s ability to fund its illegal war,”

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Diamonds Economy International Mining News

Robust U.S. Demand Plays Key Role in Sustaining Stability in the Diamond Industry

The diamond miner, De Beers, reported provisional rough diamond sales of $370 million in its initial sales cycle for the current year. Although this figure was lower than the $454 million recorded in the first sales cycle of 2023, it marked an improvement from the $137 million in sales documented in the tenth sales cycle of the same year. De Beers CEO Al Cook commented on the sales performance, stating, “Solid consumer demand for diamonds

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