Category: Diamonds

Canada-based Lucara Diamond Corp has released the findings of an updated feasibility study on the Karowe Underground Expansion Project (UGP), outlining an estimated preproduction capital cost of $683 million. Situated in north-central Botswana, the Karowe UGP is anticipated to yield $1.1 billion in cash flow, prolong the Karowe mine’s lifespan by 15 years, and recover 6.8 million carats over its operational duration. Karowe, known for producing four diamonds weighing over 1,000 carats each from its

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De Beers Group reported that rough diamond sales increased from US$374 million in the last cycle to US$430 million in the second 2024 sales cycle. The Group released the provisional rough diamond sales figure quoted for Cycle 2 on Wednesday.According to De Beers, the figures represent the expected sales value for the period and remain subject to adjustment based on final completed sales. De Beers Group CEO Al Cook said it was pleasing to see

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Petra Diamonds has started with a recruitment process to appoint a successor to CFO Jacques Breytenbach, who has resigned owing to personal reasons. Breytenbach will remain in his role until the delivery of the company’s full-year results at the end of September and to ensure a smooth transition of his responsibilities. Should a new CFO be appointed before this, Breytenbach will step down earlier. Petra CEO Richard Duffy says Breytenbach has been a highly valued

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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

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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

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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.

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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,

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