London-listed Petra Diamonds has postponed its August/September tender to align with actions by major producers aimed at restricting supply in response to weaker market demand. The rough diamond parcels from Petra’s South African operations, initially slated for sale in the first tender of the 2025 financial year, will now be included in the second tender, scheduled to close in mid-October. This decision does not affect the tender schedule for diamonds from Petra’s Williamson mine in
Diamond sales in Angola have recently dropped to less than 55% of the expected average price, according to Laureano Paulo, the Executive Administrator for Mining Operations at the National Diamond Company of Angola (ENDIAMA). Speaking at a semi-annual review workshop in Dundo, Lunda-Norte province, Paulo highlighted the challenges facing the diamond sub-sector, noting that current market conditions are far from satisfactory. “Sales today are falling between 30% and 55% below the planned price. For example,
Gem Diamonds has unearthed a 145.55-carat rough diamond from its Letšeng mine in Lesotho, marking the ninth stone over 100 carats found this year. The high-quality, type II diamond was discovered on August 3, the company announced on Wednesday. This follows the recovery of a 123.20-carat and a 172.06-carat diamond in June, and a 212.49-carat stone in May. Additionally, in April, Gem Diamonds extracted two type IIa diamonds weighing 169.15 and 118.74 carats, and in
Angola is currently undertaking 38 gold prospecting projects worth $120 million and is developing a refinery expected to be operational by 2025, according to the Minister of Mineral Resources, Oil, and Gas. The announcement was made during the 1st edition of “Conversations without Makas,” an event promoted by economist Carlos Rosado de Carvalho. “We are building a gold refinery in Luanda. Production is still very small, but the potential is great in several provinces,” the
London-listed Petra Diamonds has postponed its August/September tender to support measures taken by major producers to limit supply amid weaker demand. Rough diamond parcels from its South African operations, originally intended for sale in August/September as part of the first tender for the 2025 financial year, will now be included in the second tender, expected to close in mid-October. The schedule for tenders from the Williamson mine in Tanzania remains unchanged. Petra’s South African operations
Sales of rough diamonds at Debswana Diamond Company fell by 49.2% to $1.29 billion in the first half of the year, compared to $2.54 billion in the same period last year, according to Botswana’s central bank data. In local currency, sales dropped by 47.3% to 17.555 billion pula. This decline is a significant setback for Botswana, which relies on rough diamond sales for 30-40% of its revenue, 75% of its foreign exchange earnings, and one-third
Rio Tinto’s diamond revenue fell in the first half of 2024, pushing the division into the red amid a global market slowdown and lower production. Sales from the Diavik mine in Canada dropped 40% year on year to $149 million for the six months ending June 30, the mining group reported Wednesday. The diamond unit registered an underlying loss of $65 million, compared with a profit of $44 million a year earlier. While Rio Tinto
Trans Atlantic Gem Sales (TAGS) and Angola’s Sodiam garnered $21.6 million at their second joint tender of special rough diamonds from five of the African country’s mines. The tender saw a 100% sell-through rate, despite current market weakness, TAGS said last week. The companies offered 33 lots comprising 45 diamonds. “The results once again exceeded expectations, with mines expressing enthusiasm to increase rough-diamond volumes to be sold through tenders in the future,” TAGS director Anthony
ASX-listed Lucapa Diamond Company has recovered its fifth diamond weighing more than 100 carats this year at its joint venture Lulo mine in Angola. The 176-carat Type IIa diamond is the forty-fifth diamond over 100 carats found at the mine since alluvial operations began in 2015, making it the eighth largest discovered there. Lucapa notes that the consistent recovery of these large, high-value diamonds has been a significant revenue source for Lulo and has informed
Actress Lupita Nyong’o recently visited De Beers’ Venetia diamond mine in Limpopo as part of her role as a global ambassador for the company. During her visit, she was shown how each facet of the production value chain supports sustainable development. Her tour included the 32,000-hectare Venetia Limpopo Nature Reserve, which De Beers uses for nature conservation. The Venetia mine, which began production in 1993, has grown to become South Africa’s leading diamond mine, accounting
