The ongoing global financial crisis has led to the withholding of approximately one million carats of diamonds produced in Angola over recent months. José Manuel Ganga Júnior, President of the Board of Directors (PCA) of Endiama, reported this development on August 30th in Dundo, Lunda-Norte province. When speaking at the opening of the semi-annual balance of diamond production in the country, the manager clarified that, at the moment, the sector is faced with price proposals
A US advertising watchdog has called on e-tailer Agape Diamonds to make the origins of its synthetic and simulated stones clearer. The recommendation came from the National Advertising Division (NAD) of BBB National Programs — a nonprofit that helps businesses self-regulate — after the Natural Diamond Council (NDC) challenged Agape’s claims, the NAD reported last week. Agape’s promotional material, including how it was presenting products for sale on its website, did not clearly and conspicuously disclose the
Year-on-year rough sales slid for the seventh consecutive cycle at De Beers, hitting a low for 2023 amid a slowdown in the market. The August sight totaled $370 million, the company reported Wednesday — down 42% from the same period in 2022, and 10% from July, when sales came to $411 million. “With the prevailing economic environment leading to softer end-client demand for diamond jewelry in key consumer markets, and the traditionally lower levels of midstream trading
DIAMOND contracts are not, it seems, forever — unfortunately for De Beers. By the time the Anglo American firm brings a new marketing deal for shareholder approval, probably at Anglo’s AGM next year, it will be almost four years since the last deal expired, and six since negotiations began. For its pains the diamond giant is getting 70% of diamonds produced by Debswana, the 50/50 joint venture with Botswana’s Okavango Diamond Company. That’s 5% less than
The diamond industry has faced multiple challenges leading to a notable shifting of the industry landscape over the last few years, says personal liability company BDO South Africa. Natural resources partner at the firm, Jacques Barradas, says the industry is in the midst of transformation that demands careful analysis and strategic foresight, following a 15% to 18% fall in diamond prices over the last year and lower volumes at market tenders. BDO natural resources head Servaas Kranhold adds that the diamond market has experienced a
Diamond miner Lucapa Diamond’s rough diamond revenue for the half-year ended June 30 was $46.8-million on a 100% basis at an average price of $1 633/ct. Lucapa recovers large and high-quality diamonds from its Lulo alluvial mine, in Angola, and the Mothae kimberlite mine, in Lesotho. The company’s 100%-owned subsidiary, Australian Natural Diamonds acquired the Merlin diamond project in Australia’s Northern Territory in 2021. The company is also advancing exploring and evaluation activities on several projects in Africa and Australia. Owing to continued solid demand for
Lulo Mining Company and Workers’ Labor Union Commission have recently signed a collective job agreement for two years, which reflect the parties’ willingness to continue working to improve the conditions of the workers assigned to the mine, located in the municipality of Lucapa, Lunda-Norte province. During the negotiations, the vice-chairman of the Lulo Mining Company’s Management Board, Henrique Campos, called on the workers to suspend the strike, warning of the damage resulting from the stoppage
Newfield Resources’ Tongo diamond project in Sierra Leone produced 7 800 carats in 2022 and this figure will virtually double in 2023. While these figures are modest, they are just the prelude to an expected sharp ramp up in production – starting in 2024 – which will see the mine producing at a rate of almost 200 000 carats a year by 2026 and over 300 000 carats a year by 2028, Newfield’s CEO KARL
Angolan diamond sales in July reached 295,532.16 carats, bringing the total volume traded to 4,591,284 carats, according to data from the General Tax Administration (AGT) published on the Ministry of Finance’s website. The proceeds from sales, according to the Monthly Diamond Revenue Map, amounted to US$73,519,912, at a price, last month, of US$261.81 per carat, with a cumulative figure of US$847,895,450 in the calculation of first seven months of the year, indicate the data in
Revenues from Angolan diamond exports for the first six months of this year fell by 2.8 percent compared to the same period last year. From January to June, 4.66 million carats were sold, resulting in a gross value of approximately US$711.7 million. These data were released yesterday, in Luanda, by the National Director of Mineral Resources. Paulo Tanganha stressed that the main destinations for Angolan diamond exports were the United Arab Emirates, with 65.6 percent, and
