Category: Diamonds

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

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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

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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.

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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

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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,

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