Angolan Mining Oil & Gas

Lucara Diamond Corp.’s revenue fell in the first quarter due to a decrease in the quantity of large stones sold under its offtake agreement with HB Antwerp. Sales dropped 4% year-on-year to $41.1 million, the company reported last week. Lucara sold $36.2 million worth of goods through tenders and its Clara online platform, receiving an additional $4.9 million in top-up payments from HB Antwerp. This agreement involves the purchase of all diamonds over 10.8 carats

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De Beers has significantly reduced the prices of its Lightbox lab-grown diamonds, responding to recent developments in the sector. The standard line, featuring I to J color diamonds, will now retail for $500 per carat, down from $800 per carat—a 37.5% reduction, according to a statement from the De Beers subsidiary on Friday. Diamonds with D to F color, VS clarity, and an excellent cut will be priced at $900 per carat, a 40% decrease

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The European Union plans to exclude “grandfathered” goods from its sanctions on Russian diamonds, according to Reuters. Rough diamonds imported from Russia before January 1, 2024, and polished diamonds imported before March 1 — or September 1 for stones under 0.50 carats — will be exempt from the ban, the news service reported last week. The report cited proposals for a 14th package of EU sanctions on the Kremlin over its war in Ukraine, which

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De Beers reduced prices for smaller rough diamonds at this week’s sight, though manufacturers say the adjustments aren’t enough to ease their profitability challenges.  The miner cut the price of 3-grainer (0.75-carat) and smaller goods by 4% to 6%, market insiders told Rapaport News Tuesday. In 4- to 6-grainers (1 to 1.5 carats), the price decline was around 4%, they estimated.  Prices of 5- to 10-carat rough increased slightly, though this partly reflected modifications to the assortments,

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