De Beers, the world’s leading diamond producer, has reduced diamond prices by over 10% in a significant move to address a prolonged market downturn. This marks a shift in the company’s strategy, which previously aimed to stabilize the slumping market by maintaining higher prices. The diamond market is experiencing one of its deepest slumps in decades. Initially triggered by a post-pandemic slowdown, the downturn has been exacerbated by inflation affecting consumer spending, a collapse in
The Antwerp World Diamond Centre (AWDC) and Angola have signed a Memorandum of Understanding (MoU) aimed at strengthening collaboration in the rough diamond sector. Under the agreement, Antwerp will assist Angola in establishing a Group of Seven (G7) export verification point for rough diamonds. AWDC, which is already working with Botswana on a similar initiative, will provide Angola with technical expertise and guidance on diamond control and certification. “We can provide practical and technical tools
De Beers has unveiled its 2025 sales calendar, maintaining its standard schedule of 10 sights throughout the year. The diamond mining giant primarily sells rough diamonds to sightholders under a contractual system that ensures consistent supply in exchange for purchasing commitments. Recently, De Beers has adapted its approach by allowing sightholders to purchase fewer goods, addressing oversupply concerns and weak market demand. In December 2024, De Beers concluded its final sight of the year with
Oman’s Maaden International Investment has been announced as the new shareholder in Angola’s Catoca and Luele mining companies, replacing the Russian diamond giant Alrosa. The announcement was made by Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during a Council of Ministers meeting on Thursday. According to a statement from the Ministry of Mineral Resources, Oil and Gas accessed by VerAngola, Maaden International Investment, a subsidiary of the Sultanate of Oman’s sovereign wealth
Sociedade Mineira do Luele has achieved an impressive milestone, producing over 4.4 million carats of diamonds during its inaugural year of operations. This achievement was announced by Romulo Mucase, Chairman of the Board of Directors (PCA), during a speech on Saturday marking the mine’s first anniversary. The facility was officially inaugurated by President João Lourenço in November last year. According to a statement from Endiama, shared by VerAngola, Mucase praised the team’s efforts in overcoming
A subsidiary of Oman’s sovereign wealth fund has taken over Russian sanctions-hit Alrosa’s stake in Angola’s state-controlled diamond miner, Catoca, according to Angolan officials. Angola had faced mounting international pressure to sever ties with Alrosa, the Russian state-controlled diamond giant and world’s largest producer of rough diamonds by volume. This pressure began in 2022 following Western sanctions imposed on Alrosa due to Russia’s invasion of Ukraine. “From now on, we have a new partner who
Lucapa Diamond Company Limited (ASX: LOM) has announced the successful sale of four exceptional Type IIa diamonds from its Lulo mine in Angola, fetching a total of $2.67 million at a tender hosted by Angola’s national diamond marketing company, Sodiam E.P. High-Value Parcel Breakdown The 120-carat parcel included: The parcel achieved an impressive average price of $22,150 per carat, with the 45-carat white diamond securing the highest price per carat. Lucapa Managing Director and CEO
Botswana, a major African diamond producer, will join Antwerp as an origin certifier of rough diamonds exported to the Group of Seven (G7), which banned imports of Russian diamonds earlier this year. This move aims to address concerns raised by African diamond-producing nations and ensure fair participation in the new certification system. The initial plan required all diamonds to pass through Antwerp, Europe’s diamond hub, for verification under a new tracing system. However, producers such
Lucapa Diamond (ASX: LOM) has announced a phased plan to restart production at the Merlin diamond mine in Australia’s Northern Territory, which has been on hold for years. The first phase, spanning 18 months, involves excavating and dredging five existing pits. This phase will require an investment of A$15 million (US$10 million) and is projected to recover approximately 67,000 carats, generating an estimated revenue of A$42 million (US$27 million). The second phase, lasting 27 months,
Aim-listed Botswana Diamonds has obtained environmental authorisation from Botswana’s Department of Environmental Affairs and the Ministry of Environment and Tourism to begin drilling at two targets in the Kalahari. The drilling programme will explore two gravity anomalies spanning 12 hectares and 6 hectares, located near the company’s KX36 kimberlite discovery. These targets hold potential to enhance existing resources in the region, including the Ghaghoo mine, situated about 60 km from KX36 and currently under care
