The ongoing global financial crisis has led to the withholding of approximately one million carats of diamonds produced in Angola over recent months. José Manuel Ganga Júnior, President of the Board of Directors (PCA) of Endiama, reported this development on August 30th in Dundo, Lunda-Norte province. When speaking at the opening of the semi-annual balance of diamond production in the country, the manager clarified that, at the moment, the sector is faced with price proposals
Fuel has become Angola’s most exported product, reaching the mark of 94.9% of exports in 2022. In percentage terms, ores and minerals represented the second most exported product, making up 4.3% in the year in question.The data was released this Wednesday 30th August by the Ministry of Mineral Resources, Oil and Gas, on Facebook, which cites the National Bank of Angola as the source of the 2022 export balance.Equipment and machinery, food, wood and cork,
The Angolan Association of Oil and Gas Services Companies (AECIPA) and the Namibian Association of Offshore Oil and Gas Service Providers (NAOGSP) signed, on Monday August 28th, in Windhoek, an agreement to cooperate in strengthening the oil and gas industries. gas from the two countries. Under the terms of the agreement, AECIPA and NAOGSP will cooperate in several areas, including enhancing economic and commercial benefits for members, sharing industry information, research and development of new
A US advertising watchdog has called on e-tailer Agape Diamonds to make the origins of its synthetic and simulated stones clearer. The recommendation came from the National Advertising Division (NAD) of BBB National Programs — a nonprofit that helps businesses self-regulate — after the Natural Diamond Council (NDC) challenged Agape’s claims, the NAD reported last week. Agape’s promotional material, including how it was presenting products for sale on its website, did not clearly and conspicuously disclose the
Year-on-year rough sales slid for the seventh consecutive cycle at De Beers, hitting a low for 2023 amid a slowdown in the market. The August sight totaled $370 million, the company reported Wednesday — down 42% from the same period in 2022, and 10% from July, when sales came to $411 million. “With the prevailing economic environment leading to softer end-client demand for diamond jewelry in key consumer markets, and the traditionally lower levels of midstream trading
DIAMOND contracts are not, it seems, forever — unfortunately for De Beers. By the time the Anglo American firm brings a new marketing deal for shareholder approval, probably at Anglo’s AGM next year, it will be almost four years since the last deal expired, and six since negotiations began. For its pains the diamond giant is getting 70% of diamonds produced by Debswana, the 50/50 joint venture with Botswana’s Okavango Diamond Company. That’s 5% less than
The diamond industry has faced multiple challenges leading to a notable shifting of the industry landscape over the last few years, says personal liability company BDO South Africa. Natural resources partner at the firm, Jacques Barradas, says the industry is in the midst of transformation that demands careful analysis and strategic foresight, following a 15% to 18% fall in diamond prices over the last year and lower volumes at market tenders. BDO natural resources head Servaas Kranhold adds that the diamond market has experienced a
Diamond miner Lucapa Diamond’s rough diamond revenue for the half-year ended June 30 was $46.8-million on a 100% basis at an average price of $1 633/ct. Lucapa recovers large and high-quality diamonds from its Lulo alluvial mine, in Angola, and the Mothae kimberlite mine, in Lesotho. The company’s 100%-owned subsidiary, Australian Natural Diamonds acquired the Merlin diamond project in Australia’s Northern Territory in 2021. The company is also advancing exploring and evaluation activities on several projects in Africa and Australia. Owing to continued solid demand for
Gold miner Gold Road Resources has closed a strong first half to June, with gold sales and revenue up. Gold sales during the six months under review reached 80 115 oz, up from 79 606 oz in the previous corresponding period, with production benefitting from record throughput rates at the Gruyere joint venture, in Western Australia. Revenue for the half-year increased from A$196.5-million to A$229-million. Consolidated net profits after tax for the interim period increased from A$39.9-million to A$55.7-million, while earnings before interest, taxes, depreciation and
Lulo Mining Company and Workers’ Labor Union Commission have recently signed a collective job agreement for two years, which reflect the parties’ willingness to continue working to improve the conditions of the workers assigned to the mine, located in the municipality of Lucapa, Lunda-Norte province. During the negotiations, the vice-chairman of the Lulo Mining Company’s Management Board, Henrique Campos, called on the workers to suspend the strike, warning of the damage resulting from the stoppage
