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Category: Diamonds

Diamonds Economy Local News

Sociedade Mineira do Luele Produces Over 4 Million Carats in First Year

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

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Local Corporate News Diamonds

Omani Sovereign Wealth Fund Replaces Alrosa in Angola’s Catoca Diamond Venture

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

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Diamonds Corporate News Local

Lucapa Sells Lulo Diamonds for $2.67 Million in Angola Tender

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

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Diamonds International

Botswana Joins Antwerp as Origin Certifier for G7 Diamond Exports

Botswana, a major African diamond producer, will join Antwerp as an origin certifier of rough diamonds exported to the Group of Seven (G7), which banned imports of Russian diamonds earlier this year. This move aims to address concerns raised by African diamond-producing nations and ensure fair participation in the new certification system. The initial plan required all diamonds to pass through Antwerp, Europe’s diamond hub, for verification under a new tracing system. However, producers such

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Diamonds Corporate News International

Lucapa Diamond to Restart Production at Australia’s Merlin Mine with Phased Plan

Lucapa Diamond (ASX: LOM) has announced a phased plan to restart production at the Merlin diamond mine in Australia’s Northern Territory, which has been on hold for years. The first phase, spanning 18 months, involves excavating and dredging five existing pits. This phase will require an investment of A$15 million (US$10 million) and is projected to recover approximately 67,000 carats, generating an estimated revenue of A$42 million (US$27 million). The second phase, lasting 27 months,

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Diamonds International

Botswana Diamonds Secures Environmental Approval for Kalahari Drilling Campaign

Aim-listed Botswana Diamonds has obtained environmental authorisation from Botswana’s Department of Environmental Affairs and the Ministry of Environment and Tourism to begin drilling at two targets in the Kalahari. The drilling programme will explore two gravity anomalies spanning 12 hectares and 6 hectares, located near the company’s KX36 kimberlite discovery. These targets hold potential to enhance existing resources in the region, including the Ghaghoo mine, situated about 60 km from KX36 and currently under care

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Diamonds International News

Namibia’s Diamond Sector Challenges Threaten Economic Growth

The Bank of Namibia (BoN) has expressed concerns that ongoing challenges in the mining sector, particularly in the diamond industry, may extend beyond 2024, posing a significant threat to the country’s economic growth. Kazembire Zemburuka, BoN’s Director of Strategic Communications and International Relations, highlighted declining production volumes and falling international diamond prices as critical issues affecting GDP growth throughout 2024, with projections indicating continued struggles in the coming years. “The challenges facing the diamond mining

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Corporate News Diamonds International

Alrosa Faces Production Cuts and Staff Reductions Amid Diamond Market Crisis

Russia’s Alrosa, the world’s largest producer of rough diamonds by volume, is considering suspending some production in 2025 and reducing its workforce as it confronts plummeting global diamond prices. The company’s CEO, Pavel Marinychev, highlighted these challenges during an interview on Thursday, citing ongoing Western sanctions and a downturn in the diamond industry. Marinychev described the global diamond market as being in a “deep crisis,” with prices declining for the second consecutive year. For Alrosa,

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Corporate News Diamonds International

Lucara Lowers 2024 Revenue Forecast Amid Diamond Market Challenges

Lucara Diamond Corp. has announced that its 2024 revenue projections have been revised downward due to reduced sales of high-value diamonds, which typically account for up to 70% of its annual revenue, and ongoing softness in the global diamond market. In its third-quarter update, the company adjusted its full-year revenue guidance to $160 million–$180 million, down from the previous range of $220 million–$250 million. While other operational guidance remains unchanged, Lucara lowered its 2023 capital

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Corporate News Diamonds International

De Beers and Botswana Join Forces to Boost Natural Diamond Market

Al Cook, CEO of De Beers Group, has announced a robust marketing initiative aimed at reviving the demand for natural diamonds. This campaign will be launched in collaboration with Botswana, De Beers’ long-standing partner. Following his inaugural meeting with Botswana’s President Duma Gideon Boko in Gaborone, Cook expressed optimism about the renewed energy in their partnership and a shared commitment to bolstering the diamond industry. “With the diamond market facing challenges, it’s essential for us

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