In a significant development this morning, Anglo American and De Beers announced their intention to separate, marking the next evolution in the ownership of De Beers, the world’s leading diamond company. Al Cook, CEO of De Beers Group, expressed his optimism about the future: “De Beers has led the diamond industry for more than a century. We have unparalleled expertise, outstanding assets across more than 20 countries, a unique sales model, and an iconic brand,
Lucara Diamond Corp.’s revenue fell in the first quarter due to a decrease in the quantity of large stones sold under its offtake agreement with HB Antwerp. Sales dropped 4% year-on-year to $41.1 million, the company reported last week. Lucara sold $36.2 million worth of goods through tenders and its Clara online platform, receiving an additional $4.9 million in top-up payments from HB Antwerp. This agreement involves the purchase of all diamonds over 10.8 carats
De Beers has significantly reduced the prices of its Lightbox lab-grown diamonds, responding to recent developments in the sector. The standard line, featuring I to J color diamonds, will now retail for $500 per carat, down from $800 per carat—a 37.5% reduction, according to a statement from the De Beers subsidiary on Friday. Diamonds with D to F color, VS clarity, and an excellent cut will be priced at $900 per carat, a 40% decrease
The European Union plans to exclude “grandfathered” goods from its sanctions on Russian diamonds, according to Reuters. Rough diamonds imported from Russia before January 1, 2024, and polished diamonds imported before March 1 — or September 1 for stones under 0.50 carats — will be exempt from the ban, the news service reported last week. The report cited proposals for a 14th package of EU sanctions on the Kremlin over its war in Ukraine, which
De Beers reduced prices for smaller rough diamonds at this week’s sight, though manufacturers say the adjustments aren’t enough to ease their profitability challenges. The miner cut the price of 3-grainer (0.75-carat) and smaller goods by 4% to 6%, market insiders told Rapaport News Tuesday. In 4- to 6-grainers (1 to 1.5 carats), the price decline was around 4%, they estimated. Prices of 5- to 10-carat rough increased slightly, though this partly reflected modifications to the assortments,
Sociedade Mineira Yetwene (SMY), situated in Lucapa municipality, Lunda-Norte province, aims to quadruple its monthly diamond production from three thousand to 13 thousand carats this year by introducing new treatment facilities. Vánia Ferreira, SMY’s advisor for Mining Development, disclosed this information recently, stating that the installation of four pre-treatment units with capacities ranging from 100 to 250 tons per hour is currently underway. This expansion will elevate the ore treatment capacity from 100 to 450
Australian mining company Lucapa has successfully sold three diamonds from the Lulo alluvial mine in Lunda Norte, Angola, fetching a total of $10.5 million. Facilitated by Angola’s state-owned diamond trading company Sodiam, the sale comprised a trio of diamonds totaling 361 carats, with an impressive average price of $29,000 per carat. Among the diamonds were one weighing 203 carats, another weighing 116 carats, and a third weighing 42 carats. Notably, the largest of the three
De Beers Group, the world’s leading producer of rough diamonds by value, strategically scaled down production in the first quarter of 2024 to manage its inventory levels amidst the gradual recovery of the market. Despite experiencing a significant drop in demand for rough diamonds globally in 2023, De Beers maintained its production guidance for that year, resulting in substantial stockpiling. The global diamond industry faced a major decline in 2023 following strong demand in the
Gem Diamonds’ revenue rose in the first quarter as demand for rough from its Letšeng mine in Lesotho began to return. Sales grew 17% year on year to $43 million for the three months ending March 31, the company said last week. Sales volume climbed 27% to 32,571 carats, outweighing an 8% drop in the average price to $1,321 per carat. The result reflected a favorable comparison with the same period in 2023 when rough
Sales of rough from Mountain Province’s Gahcho Kué mine in Canada dropped in the first quarter amid slow demand and weak prices. Diamond sales fell 31% year on year to $66.1 million for the three months ending March 31, Mountain Province said last week. Sales volume slipped 2% to 938,310 carats, while the average price plunged 29% to $70 per carat. The decrease is the result of a prolonged slowdown in the diamond market caused
