De Beers, the world’s largest diamond producer by value, has reported a decline in rough diamond sales for the second time this year. The Anglo American unit recorded provisional sales of $315 million, down from $383 million in the previous cycle and $456 million during the same period last year. The company attributed the drop to the quieter summer period, but analysts suggest that the diamond market continues to struggle. BMO analyst Colin Hamilton noted,
Angola’s diamond production reached 4.18 million carats between January and May this year, as reported by the Ministry of Mineral Resources, Oil and Gas via Jornal de Angola. During the 14th thematic session “Communicate for Angola,” which centered on the Program for Development and Modernization of Geological-Mining Activities (2023/2027), Secretary of State for Mineral Resources, Jânio Correa Victor, emphasized the need to attract national and foreign investment. This initiative aims to boost diamond production and
The European Union has extended the “sunrise period” for sanctions on Russian diamonds by six months and introduced a significant concession regarding goods predating the new rules. According to a statement released Monday, the EU has postponed the mandatory implementation of the traceability program for imports of rough and polished natural diamonds from September 1, 2024, to March 1, 2025. This extension aims to facilitate the establishment of the G7 traceability scheme, as outlined in
The 1st National Diamond Conference, organized by CATOCA Chair and the Center for Studies and Scientific Research of the Higher Metropolitan Polytechnic Institute of Angola, convened in Luanda under the theme “Economic Potential and the Impact of Its Industry on National Development.” During the opening address, Paulo Tanganha, the national director for Mineral Resources at the Ministry of Mineral Resources, Petroleum and Gas, underscored the pivotal role of the diamond sub-sector in driving Angola’s economy.
Diamond mining company Diamcor Mining is seeking to extend the closing date for the second tranche of its non-brokered revised private placement, following the successful closure of the first tranche on June 4. Initially announced on May 1, the original offering was expected to be oversubscribed. Consequently, Diamcor is seeking additional time to finalize documentation and other required items for several additional interested investors. The second and final tranche of the offering is now expected
Debswana has reported a tragic accident at their Jwaneng Mine operations on the morning of June 17, 2024. The incident involved a crane and a drill rig, leading to the fatal injury of an employee from one of their business partners, according to Matshidiso Kamona, Senior Corporate Affairs Manager responsible for brand and stakeholder relations. An investigation is currently underway to determine the circumstances surrounding the accident. Debswana has assured that all relevant stakeholders will
Sociedade Mineira do Cuango, located in the Lunda-Norte province, anticipates increasing its diamond production from the current 23,000 to 28,000 carats per month starting in the second half of the year. This announcement was made by Hamilton Carvalho, the interim director for Mining Operations. Carvalho shared this update during a press event held as part of the company’s Social Responsibility initiatives. He revealed that after two years of prospecting, new profitable deposits have been identified
On Monday, in Luanda, a meeting was held between Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and De Beers Group’s Operations Director, Moses Madondo, to discuss the implementation of the Strategic Memorandum of Understanding (MoU) in the diamond sector. According to Jornal de Angola, citing the Ministry of Mineral Resources, Oil and Gas, the meeting focused on assessing the progress of the MoU, which was signed in Cape Town, South Africa, in
President Mokgweetsi Masisi disclosed to JCK News the possibility of the Botswana government raising its shareholding in the global diamond miner De Beers. This comes in the wake of parent company Anglo American’s announcement of plans to spin off or divest the business. Currently, the government holds a 15% stake in De Beers, with Botswana contributing 70% of the company’s annual rough diamond supply. Anglo’s strategic review, which includes a potential sale or divestment of
De Beers, the world’s largest diamond producer by value and currently up for sale by parent company Anglo American, has launched an ambitious five-year strategy to reposition itself as the leading jewelry group in the market. While De Beers already sells diamond jewelry through its global retail boutiques, Chief Executive Al Cook aims to expand the number of outlets to compete with profitable luxury brands such as Tiffany and Cartier. “If I look at the
