Category: Diamonds

De Beers has released its sales schedule for this year, with plans to hold the usual 10 sights across the 12-month period. The miner sells most of its rough to sightholders through a contract system under which clients make certain purchasing commitments in return for consistent supply. Over the last few cycles, the company has allowed sight holders to buy fewer goods amid oversupply issues and weak demand, aiming to rebalance the market. De Beers

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Diamond producer Petra Diamonds has announced the final sales results for its third tender cycle following further sales of 56 600 ct for $9.3-million. This brings total sales for the cycle to $67.9-million from 519 400 ct sold. The final sales results delivered a 19.3% increase in like-for-like prices compared with the second tender cycle. This has reaffirmed the company’s belief that diamond prices have likely bottomed. A further 25 200 ct of goods from

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India’s Surat diamond bourse will create 150 000 new jobs and become a “one-stop shop” for artisans and businessmen, Prime Minister Narendra Modi said as he inaugurated the new bourse in Gujarat. Surat, in Gujarat state, where Modi originally hails from, cuts and polishes 90% of world’s rough diamonds and the bourse will support its ambition to become the world’s diamond capital. Constructed over 6.6-million square feet, the bourse is touted as the world’s largest

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London-listed Petra Diamonds has entered into a nonbinding term sheet on an exclusive basis with an undisclosed interested party for the potential sale of the Koffiefontein diamond mine, in South Africa. The diamond miner has been exploring a responsible exit from Koffiefontein since April 2022, with the operation having been placed on care and maintenance in November 2022. The company continues to transition Koffiefontein towards closure, with a closure application expected to be submitted to

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Petra Diamonds’ rough prices have started to rebound, initial results from its latest tender indicated. The first part of the trading session brought in $58.7 million from the sale of 462,794 carats, at an average price of $127 per carat, Petra said last week. Prices were 20% higher on a like-for-like basis — comparing similar categories of diamonds — than at the fiscal year’s second tender, which ended in October. Prices of rough under 2

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