De Beers Group has announced the successful sale of the Buffels Marine Mining Right, and associated assets, to Kleinzee Holdings Proprietary as of 7 August 2023. The Buffels Marine Mining Right was De Beers’ last remaining mining right at Namaqualand Mines. De Beers has been conducting rehabilitation activities since it ceased operations on the Buffels Marine Mining Right in 2010, while looking for a responsible operator for the mining right. Kleinzee Holdings is a consortium led by
Gem Diamonds reported a loss in the first half of 2023 as a slowdown in the market and a drop in production of large stones negatively impacted the average price. The miner posted a loss attributable to shareholders of $1 million for the six months ending June 30, compared to a profit of $3.8 million a year ago, it said last week. Profit after tax slid to $1.5 million from $8.3 million a year before. Revenue fell
The government of Wallonia, Belgium, has provided iTraceiT with a grant worth EUR 250,000 (around $273,000) that will enable it to expand its diamond traceability solution to the Indian and US markets. The Antwerp-based technology and service provider is also set to receive additional money later in the year from the government’s investment fund, W.IN.G (Wallonia Innovation and Growth), it said last week. With the initial cash, iTraceiT will beef up its advertising and sales programs to
Sociedade Mineira do Lulo plans to bid, at auction, for three heavy diamonds, weighing 12, 50 and 180 carats, benefiting from the fact that the stones from that concession continue to be attractive and attract buyers on the international market, despite the price crisis. The president of the Management Board of that Minas Gerais company, Alfredo Machado, stated that, besides these three rare stones, the company does not have any other production in stock, given
One of the world’s most popular types of rough diamonds has plunged into a pricing free fall, as a growing number of Americans choose engagement rings made from lab-grown stones instead. Diamond demand across the board has weakened after the pandemic, as consumers splash out again on travel and experiences, while economic headwinds eat into luxury spending. However, the kinds of stones that go into the cheaper one- or two-carat solitaire bridal rings popular in
London-listed Gem Diamonds has posted a loss a share of $0.07 and lower underlying earnings before interest, taxes, depreciation and amortisation of $8.4-million for the six months ended June 30, on the back of a downturn in the rough diamond market. This compares with the earnings a share of $0.027 and underlying Ebitda of $20.9-million posted for the prior comparable six months of 2022. The company’s attributable loss came to $1-million for the six months under review,
Sociedade Mineira do Lulo, located in Xamiquelengue, Capenda-Camulemba municipality, Lunda-Norte province, currently has three diamonds of 180, 50 and around 12 carats waiting to be sold at auction. The information was provided, on Yesterday 31st August, at Dundo to the press, by the president of the operator’s management council (PCG), Domingos Alfredo Machado, on the sidelines of the production balance meeting for the first half of the current year, and which brings together, since Wednesday,
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
