Anglo American will slash De Beers’ budgets in response to the diamond-market downturn, the parent company said last week. “At De Beers, we are taking a different approach as the business has performed very well operationally. What’s gone against us is the market,” Anglo CEO Duncan Wanblad said at the group’s annual investor update. “Demand and prices for diamonds have fallen as global GDP [gross domestic product] growth has fallen.” The current downturn is likely
The Government recently concluded an auction, gathering $18.2 million from the sale of eight diamonds. Attended by 25 companies from key diamond markets worldwide, the event saw special productions from various mining companies like Lulo, Somiluana, Chitotolo, and Uari. Originally set to tender 20 stones, the auction featured only 12, with Sociedade Mineira do Uari withdrawing eight stones from the bid. These diamonds, totaling 646.52 carats, were evaluated during sessions at Sodiam’s Luanda facilities. Eventually,
India, home to 90% of the world’s diamond cutting and polishing industry, and De Beers, the top global rough diamonds producer by value, are seeking clarity and flexibility from G7 countries in implementing a ban on imports of Russian gems. The Group of Seven countries on Wednesday announced a direct ban on Russian diamonds starting January 1 followed by phased-in restrictions on indirect imports of Russian gems from around March 1. Russia is the world’s
Group of Seven nations have agreed to ban Russian diamond imports from the start of next year in the latest move to curb Russia’s ability to fund its invasion of Ukraine. While the G-7 and its European allies have been trying to find additional ways to squeeze Russia’s economy to constrain its ability to fund its war in Ukraine, diamonds have remained a stumbling block. Earlier attempts to sanction Russian gems in Europe had met resistance from
Rio Tinto sold 87 polished colored diamonds from its Argyle and Diavik mines through its first Beyond Rare tender, noting strong bidding from global participants. The collection, called Born of this World, comprised 48 lots weighing a total of 29.96 carats, Rio Tinto said Monday. It included pink and red diamonds from the company’s Argyle mine in Australia, which closed in November 2020, as well as yellow diamonds from the Diavik deposit in Canada. Within
De Beers will offer sightholders up to 20% less supply by value for 2024 due to declines in rough prices, market insiders told Rapaport News. The miner informed customers of their allocations on Friday ahead of the December sight, which takes place this week in Botswana, the sources said Monday December 4th on condition of anonymity. De Beers reviews the allotments every year, basing its decisions on clients’ past buying records as well as expected availability
Rio Tinto will transfer its 75% share in the Saskatchewan Fort à la Corne project to Star Diamond Corporation as it moves its exploration primarily to metals and minerals. In exchange, Rio Tinto will up its stake in Star Diamond to 19.9% from its previous 2.3% share, Star Diamond said Wednesday. The Australian miner will also pay Star Diamond CAD 4 million ($2.9 million) to remove itself from the project and will transfer ownership of
Lucara Diamond Corp, under the new leadership of CFO Glenn Kondo effective January 1, anticipates a diamond output ranging between 345,000 and 375,000 carats in 2024, extracted from 3.6 to 4.6 million tonnes of ore. These figures align with the mine’s past operational performance. The company, operating the Karowe mine in Botswana, recently revised down its 2023 production guidance to a range of 395,000 to 405,000 carats, marking a slight adjustment from the initial estimate
Aim-listed Botswana Diamonds recently initiated a share placement and subscription, targeting both existing and new investors. The objective is to raise £380,000 through the issuance of 76 million new ordinary shares priced at £0.0025 each, with a placing price of 0.5p per share. Each of the newly placed shares comes with a warrant, granting the holder the right to subscribe for an additional new ordinary share at 0.5p per share within a two-year period from
The launch of three mining ventures, including a six-billion-dollar investment in copper prospecting, a scientific collaboration with the United States Geological Survey (USGS), and the imminent opening of the Luaxe diamond mine, marked the commencement of Angola’s 2nd International Conference and Exhibition on the Mining Sector in Luanda. During the event, the executive president of Canada’s Ivanhoe Group, Marna Cloete, announced a substantial investment of six billion dollars in copper prospecting across Angolan provinces Moxico
