Petra Diamonds’ rough prices decreased at its first tender of the fiscal year as the anticipated pickup in demand proved disappointing. The August trading session brought in $79.3 million from the sale of 696,194 carats, with like-for-like prices — those for similar categories of diamonds — falling 4.3% compared with May, the miner reported Friday. The slowdown was primarily due to flagging prices for rough between 2 and 10.8 carats, which dropped 14% on a like-for-like basis.
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 National 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
Vancouver-headquartered Lucara Diamond has secured a short-term extension of the maturity of its $50-million senior secured working capital facility (WCF). The company says it will defer the placement of $52.9-million in a cost overrun reserve account (CORA) by September 2. The CORA balance is currently $18.3-million. Lucara’s debt package consists of two facilities: a project finance facility of $170-million to fund the development of an underground expansion at the Karowe mine, in Botswana, and the WCF that is used to support ongoing operations.
De Beers will allow sightholders to defer up to half of rough purchases to early next year amid sluggish consumer demand and high midstream stockpiles, market insiders told Rapaport News. The miner wrote to customers last week, informing them that they could avoid buying parts of their allocations of 1-carat goods and larger for the rest of 2023, the sources said on condition of anonymity. The allowance is 25% by value for some boxes and 50% for others,
The Ministry of Mineral Resources, Petroleum, and Gas (MIREMPET) is holding a meeting on Thursday to present the achievements in diamond production, marketing, and exportation. The meeting will take place at the MIREMPET Building and will have the participation of companies such as Endiama, Catoca Mining Company, Somiluana Mining Company, among others.
Lucara Diamond Corp. has recovered a 692.3-carat diamond from its Karowe mine in Botswana, the second massive rough from the deposit this month. The white, type IIa stone came from the EM/PK(S) unit in the south lobe, known for its large, high-quality rough, Lucara said on Monday 21st of August. The miner found the diamond via its XRT unit, which uses X-ray technology to identify huge stones in large pieces of ore before they get broken up.
Diamonds, the coveted gems that have captivated human imagination for centuries, have been central to Angola’s economic and social fabric. Nestled on the southwestern coast of Africa, Angola has emerged as one of the world’s leading diamond producers. This article delves into the intricate world of diamond mining in Angola, highlighting its historical significance, economic impact, environmental concerns, and efforts towards sustainable practices. Historical Significance Angola’s diamond mining history dates back to the late 19th
Diamonds, the dazzling gemstones that have captured human fascination for centuries, are born from the depths of the Earth in a process that spans millions of years. These precious gems hold within them the secrets of immense pressure, heat, and time, resulting in their unparalleled brilliance and enduring allure. The Geological Crucible: Diamonds begin their journey deep within the Earth’s mantle, approximately 90 to 120 miles below the surface. Here, extreme temperatures reach thousands of
Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, has assured that the Luaxe mining project could soon start its diamond production. Diamantino Azevedo was speaking to the press at the end of another visit to the Luele Mining Company, located in the province of Lunda-Sul. The minister said that the work is taking place within the established schedule, having highlighted the commitment of those responsible for the Luaxe project, whose execution is in the
Anglo American unit De Beers Group said on last week that it was assisting some employees at its Gahcho Kué diamond mine in Canada’s Northwest Territories whose families were residing in the Yellowknife region and were asked to evacuate due to wildfires. Canadian officials ordered the evacuation of the Northwest Territories’ capital of Yellowknife and several smaller communities on Wednesday as a massive wildfire threatened the town of Hay River overnight. “The Gahcho Kué team
