London-listed Gem Diamonds, owner and operator of the Letšeng mine in Lesotho, has raised its production and sales guidance for the 2024 full year. The company now expects to recover between 98,000 and 101,000 carats, with sales projected between 100,000 and 103,000 carats. This is an increase from the previous guidance of 88,000 to 92,000 carats for recovery and 91,000 to 95,000 carats for sales. Despite ongoing pressure in the global diamond market, which has
Lucapa Diamond Company reported a $1.3 million loss for the first half of the year due to a market slowdown that led to declining prices for its rough diamonds. This contrasts sharply with a profit of $64,000 during the same period last year. Total revenue dropped by 24% year-on-year to $35.6 million, with the average diamond price falling 26% to $1,213 per carat. Production also declined, with a 12% decrease to 27,362 carats from January
ASX-listed Lucapa Diamond Company has announced an earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $1.4 million for the six months ending June 30, reflecting a 13% year-on-year increase. The company attributes this higher EBITDA to robust demand for its diamonds, despite a softer market. Excluding the now-sold Mothae kimberlite mine in Lesotho, Lucapa reported a net loss of $1.2 million, compared to a profit of $60,000 in the first half of 2023. During
Lucara Diamond Corp. has announced the recovery of an extraordinary 2,492-carat diamond from its Karowe Diamond Mine in Botswana. This remarkable find, one of the largest rough diamonds ever unearthed, was detected using the Company’s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology. This cutting-edge system, installed in 2017, is designed to identify and preserve large, high-value diamonds. The diamond was recovered from the processing of EM/PK(S) kimberlite, the primary ore type that Lucara will
Between 2019 and 2024, Angola significantly expanded its diamond cutting industry by opening eight new cutting factories. These include the Stone Polished Diamond factories in Luanda, with a combined processing capacity of 24,000 carats per year, KGK (60,000 carats/year), and Pedra Rubra (60,000 carats/year). At the Saurimo Diamond Development Pole (PDDS), KGK opened additional factories with a capacity of 180,000 carats per year, alongside Stardiam (72,000 carats/year), Kapau Gems (54,000 carats/year), Pollaro (60,000 carats/year), and
Sociedade Mineira de Catoca, operating in Lunda-Sul, is actively working to sell its diamond production from March and April to ensure steady cash flow, despite a decline in international diamond prices. Engrácia João, Deputy General Director for Administration, shared these details during a press briefing in Dundo, Lunda-Norte. João noted that, like other operators, Catoca is grappling with less favorable market conditions, where diamond prices have dropped to between 35% and 50% below the expected
Botswana is negotiating to increase its stake in Belgian diamond manufacturer HB Antwerp from 24% to 49.9% without additional cost, according to Minister of Minerals and Energy Lefoko Moagi. The government initially allocated BWP 890 million ($65 million) for a 24% share in March 2023 but is now aiming for a larger ownership under the same financial terms. Moagi explained that the decision to renegotiate stems from market changes since the initial announcement. The updated
Lucara Diamond (TSX: LUC) reported a strong performance in the second quarter of the year, with significant increases in both sales and earnings. This boost was largely driven by its revitalized supply agreement with Belgium’s HB Antwerp, which purchases and polishes rough diamonds from Lucara’s flagship Karowe mine in Botswana. The Karowe operation generated $41.3 million in revenue, marking a 7% increase compared to the same period last year. Net profit surged to $11.4 million,
Australia-headquartered Lucapa Diamond has successfully completed the sale of its 70% stake in the Mothae mine in Lesotho. The interest was sold to the local Lesotho company Lephema Executive Transport, after all conditions of the sale and purchase agreement, signed in June, were met. The divestment was carried out through a public sale process, following a strategic review of Lucapa’s asset portfolio by its newly restructured board of directors. The review concluded that Lucapa should
Botswana is renegotiating its planned purchase of a stake in Belgian gem dealer HB Antwerp to double its shareholding without additional cost, following a decline in the diamond market, Mines Minister Lefoko Moagi announced on Tuesday. As the world’s leading diamond producer by value, Botswana’s economy has been heavily impacted by decreased global demand for diamonds due to the economic slowdown. Moagi told Parliament that the downturn in the diamond market has lowered HB Antwerp’s
