Angolan Mining Oil & Gas

Gem Diamonds reported a significant decline in profit for the full fiscal year of 2023, with earnings from its Letšeng deposit in Lesotho dropping to $1.6 million compared to $20.2 million in 2022. CEO Clifford Elphick attributed the decline to various global challenges, including economic uncertainties, conflicts, and a subdued diamond market. The company’s revenue fell by 26% to $140.3 million, primarily due to lower rough diamond prices resulting from the market downturn. Sales volume

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De Beers reported a total of $430 million in proceeds from its second rough-sales cycle of the year, showing a 13% decline compared to the same period in 2023. However, this figure marks a 15% increase from its first sight of the year and a significant improvement from the final sight of 2023. Although below average for this time of year, the recent sales indicate a recovery, especially driven by increased demand in the diamond-jewelry

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Firestone Diamonds announced the recovery of a 215-carat rough diamond from its Liqhobong mine in Lesotho, marking the largest high-quality stone found at the deposit to date. The company intends to offer the diamond through a competitive bidding tender, following viewings in Antwerp and Dubai. Firestone holds a 75% stake in Liqhobong, with the remaining 25% owned by the Lesotho government. After experiencing challenges due to the COVID-19 pandemic, Firestone resumed operations in October 2022.

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Botswana Diamonds’ Chairperson, John Teeling, has highlighted several positive developments achieved by the company in 2023. These include the discovery of a high-grade anomaly similar in size to the KX36 kimberlite pipe, progress on Thorny River mining permits in South Africa, and renewed interest in the Ghaghoo diamond mine in Botswana. Despite a depressed diamond market in 2023, Teeling remains optimistic about the long-term outlook for mined diamonds. He acknowledges the growing market for lab-grown

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