Debswana Diamond Company’s sales of rough diamonds fell 25.1% in 2023, data released by Botswana’s central bank late last week showed, as an economic slowdown hit demand for luxury items in the US and China and competition from lab-grown gems increased. Debswana, equally owned by Botswana and Anglo American’s De Beers, sells 75% of its output to De Beers with the balance taken up by State-owned Okavango Diamond Company (ODC). The central bank said Debswana
Ahead of new diamond import requirements from Group of 7 (G7) nations, starting on March 1, diamond producer De Beers Group says it anticipates no disruption to its diamond supply. The group reiterates that it fully supports the G7’s intentions to prohibit the import of Russian diamonds and emphasises the efforts it has taken to provide assurance on the provenance of the diamonds it produces. “Over more than a decade, De Beers has developed proprietary
Diamond Standard has added former De Beers chairman and Anglo American CEO Mark Cutifani to its advisory board. Cutifani, currently chairman of Vale Base Metals, has joined Diamond Standard as the company gets ready to launch listed financial products for diamonds, it said last week. The new offering will enable investors to diversify into an under-allocated asset with significant upside potential, the New York-based company, which developed an exchange-traded diamond commodity with regulatory approval, explained.
Lewcor Holdings has leveled accusations against its Zimbabwean equity investor, RZ Murowa Holdings, alleging the unauthorized stripping of assets from the Elizabeth Bay Mine in Namibia. The Elizabeth Bay Mine, owned by Sperrgebiet Diamond Mining, commenced operations in 1911. In 2019, Namdeb Holdings sold the mine to the Lewcor Group, with plans to restart operations after it had been under care and maintenance. In 2020, RZ Murowa, a member of the Global Emerging Markets Group,
With the potential to reach a diamond production level of approximately 14.6 million carats this year, Angola’s mining industry is well-positioned for significant growth under the country’s newly approved National Development Plan 2023-2027. Boasting political stability and strategic access to international markets, a strict adherence to regulations governing the establishment of mining companies in Angola will be crucial for the country to secure funds for investment in the sector. In February 2023, Angola strengthened its
Petra Diamonds’ rough prices are showing increasing signs of a market rebound, according to results from its latest tender. The fourth trading session of fiscal 2024, which took place in February, brought in $47.8 million from the sale of 428,860 carats, at an average price of $112 per carat, Petra said last week. Although total sales were down 30% from December, prices were 4% higher on a like-for-like basis compared with similar categories of diamonds
Lucara Diamond Corp. has renewed its rough-supply agreement with Belgian manufacturer HB Antwerp after terminating the deal in September. The new contract, which spans a 10-year period, is similar to the last agreement, with HB committing to buy all rough over 10.8 carats from Lucara’s Karowe mine in Botswana, the miner said Yesterday February 19th. The purchase price of the diamonds will be based on the estimated polished outcome of each stone, which the pair
Gem Diamonds has unearthed a 113-carat rough from its Letšeng mine in Lesotho, the third over 100 carats this year. The miner discovered the high-quality, type IIa diamond on February 17, it said Monday. On January 17, the company retrieved a low-quality, 139-carat diamond from the site, and on January 8, it found a high-value, 295-carat, white, type IIa rough. The recovery of three 100-plus-carat diamonds so early in the year is a boon for
Namibia recorded a 9% increase in diamond production in 2023. The country produced 2,327 million carats of rough diamonds last year, up from 2,137 carats in 2022. Namibia’s land-based production, overseen by the diamond corporation Namdeb, recorded a 14% increase in 2023 compared to the previous year. The company produced 468,000 carats, up from 412,000 carats in the period under review. Meanwhile, the country’s offshore production in 2023, overseen by the marine diamond mining company
Benedito Manuel, the general director of CATOCA, emphasized the need for mining companies to go beyond mere social responsibility and prioritize social justice and equity in the distribution of resources, particularly in diamond-rich areas. Speaking at the panel discussion on “the social responsibility of diamond companies in mining regions” during the Mining Indaba, Manuel stressed the importance of processing the exploited resources locally to create a value chain that fosters job creation and contributes to
