UPDATE: Mining Companies Reporting on Q3 Results

Burgundy Diamond Mines reported significant developments in its third quarter of 2024, including the recovery of its 100 millionth carat at the Ekati mine after 26 years of production. The company mined 0.80 million tonnes of ore and processed 1.12 million tonnes, producing 1.24 million carats. Despite a decrease in recovery to 2023, sales reached 1.42 million carats, generating a total revenue of 118 million dollars at an average price of 83 dollars per carat.

Market AnalysisMining and Exploration

Oman’s Maaden Replaces Alrosa in Angola’s Catoca Mine

The Angolan government announced that Maaden International Investment, a subsidiary of Oman’s sovereign wealth fund, will replace Russia’s Alrosa in the Catoca diamond project. The decision, announced by Minister of Mineral Resources, Petroleum, and Gas Diamantino Azevedo, follows U.S. and European sanctions on Alrosa, which had impacted Angola’s diamond sector and its credibility in international markets.

Mining and ExplorationFinance and Trade

Antwerp and Angola Forge Stronger Diamond Trade Partnership

The Antwerp World Diamond Centre (AWDC) and Angola have solidified their trade relationship with the signing of a Memorandum of Understanding (MoU). This milestone agreement aims to boost the flow of Angolan rough diamonds to Antwerp, while also fostering knowledge exchange on establishing a G7 export verification point in Angola. 

Finance and Trade

Animal Spotting in Diamonds - a GIA Find

The Gemological Institute of America (GIA) recently discovered feather inclusions in two natural diamonds: 1.55 ct round with G-color and I1 clarity and a 0.30 ct round with F-color and VS2 clarity.

There appeared to be a swarm of butterflies in one of the diamonds or a kaleidoscope. A feather broke through the pavilion surface, which could be observed face-up through the crown. Mirror and prism created images that looked like a white butterfly. 

Fun Facts

GIA will close Israel Lab by end 2024

The Gemological Institute of America (GIA) announced that it will shut down its laboratory in Ramat Gan, Israel, due to “significant” declines in local submissions. The lab will be closed before the end of 2024.

The decline in submissions of stones is a result of challenges in the industry. Even after cutting operational costs and staff, the financial situation of the Israeli lab, which was established in 2012, has become too unstable to continue.

Laboratories

Duma Boko elected new President of Botswana

On November 1st, the people of Botswana chose a new President for their country, President Duma Boko. Duma Boko is a part of the opposition coalition Umbrella for Democratic Change (UDC) and studied Law at Harvard University.

This election marks the end of a 58-year rule of the Botswana Democratic Party, the party of his predecessor Masisi.

Politics

Current status of the market – October 2024

In light of the current market challenges, it is essential to conduct regular check-ins to stay informed about ongoing developments. Today, we share insights from Lukfook and LVMH .

The Hong Kong-based jewellery retailer Lukfook reports that in Q2, retail sales value fell by 16% year-on-year due to high gold pricing and lower consumer demand. They also see that consumers are drawn more to gold and platinum (79%) than to fixed price jewellery (21%). This means that people are not as interested in buying diamonds and fixed-price jewellery anymore. 

Market Analysis

An interview with Minister Dr. Diamantino Pedro Azevedo from Angola

Last week, Angola hosted its second edition of the Angola International Diamond Conference in Saurimo. As the fourth largest diamond producer in the world, this was a not-to-be-missed event for anyone with ties to the diamond industry. The untapped potential of Angola for high-value production promises that the 9.8 million carats produced in 2023 will grow over the next few years.

Mining and ExplorationPolitics

De Beers diamonds: with Country of Origin Information by 2025

De Beers Group has announced a new step towards more transparency in the diamond industry. Starting in 2025, the company will provide specific country of origin data for all rough diamonds over 1 carat registered on its Tracr platform.

Origin TrackingMining and ExplorationTechnology

De Beers diamonds: with Country of Origin Information by 2025

De Beers Group has announced a new step towards more transparency in the diamond industry. Starting in 2025, the company will provide specific country of origin data for all rough diamonds over 1 carat registered on its Tracr platform.

Origin TrackingMining and ExplorationTechnology

3.8% Uplift in US Jewelry Sales Over Labor Day Weekend

Over the month of September, jewellery sales in the United States increased over Labor Day weekend. 

A year-on-year rise of 3,8% is recorded for September, which means a notable growth according to Mastercard SpendingPulse. General retail sales also saw a climb in their numbers, both online and in-store, and restaurants noticed an increase as well. 

Marketing

Stefano Cantino takes the Helm at Gucci

Kering, the global luxury group, has announced the appointment of a new CEO for one of its couture brands Gucci.  Stefano Cantino. is replacing Jean-François Palus and will report to Francesca Bellettini, the Deputy CEO of Kering in charge of Brand Development. Cantino is a familiar face at Gucci; he has been the Deputy CEO since last May. With the CEO position, he will also get a seat on Kering’s Executive Committee.

Marketing

Pandora Switches to 100% Recycled Silver and Gold

Pandora has been transforming its entire precious metal supply and has since shifted to making jewellery only with 100% recycled silver and gold. This would avoid 58.000 tons of CO2 per year, equivalent to the annual carbon footprint of New York City. This turn-around is possible because both silver and gold can be recycled forever without losing quality. 

Alexander Lacik, President and CEO at Pandora, states that by doing this, the company can reduce its “climate impact significantly without compromising on quality or craftsmanship.”

JewelryRecycled Diamonds and Jewelry

Koffiefontein Mine Sold to Stargems

Petra Diamonds is looking to close the sale of its Koffiefontein mine to Stargems Group before the end of October. The company got approval from South Africa’s Department of Mineral and Petroleum Resources to sell its share in Blue Diamond Mines to Koffiefontein Holdings, an associate of Stargems Group. 

Mining and Exploration

Sanctions Shatter Surat’s Diamond Industry

The diamond industry in Surat, Gujarat, is facing a severe crisis due to the Russia-Ukraine war and G7 sanctions on Russian diamonds, leading to factory closures and widespread job losses. Congress leader Shaktisinh Gohil criticized the Indian government’s inaction, urging immediate intervention as diamond exports dropped from USD 23 billion in 2022 to USD 16 billion in 2023. With approximately 2.5.000.000 families affected, the region is grappling with despair, and some workers have reportedly taken their own lives. Gohil calls for diplomatic efforts to address the industry's downturn.

Finance and Trade

First US Store for Boucheron

Boucheron, the French luxury jeweler founded in 1858, has opened a new 3,900 sq ft Art Deco boutique on Madison Avenue, New York, blending American and French culture. It's the brand's first store on American ground. With a long history of prominent US clients, this marks a significant milestone for the brand's expansion in the US market.

Jewelry

De Beers' Lightbox is Alive

Despite the fact that De Beers announced in June that it would stop the production of lab-grown diamonds for jewelry, the company today is launching a new fall campaign, titled "Modern Family", for its lab-grown brand Lightbox. These developments clearly affirm the brand’s commitment to the lab-grown diamond market. De Beers is to stop producing diamonds for jewelry when it comes to Oregon, but the company will continue to focus on innovating and growing the brand.

Finance and TradeMarketing

Hesitating Chinese Buyers Cause Slow Sales at Hong Kong Show

The September Hong Kong Jewellery & Gem World Fair experienced slow sales and light attendance, particularly from mainland Chinese buyers, due to factors like a real-estate crisis, a typhoon, national holidays, and stricter customs regulations. Many Chinese buyers hesitated to make purchases, particularly pearls, due to import concerns. While high-end colored gems and cultured pearls saw limited sales due to high prices, the Lab-Grown Diamond section reported positive activity, with buyers showing interest in larger sizes and innovative designs.

Finance and Trade

Rio Tinto Offers Early Exits to its Workers

Rio Tinto is offering voluntary early termination to workers at its Diavik diamond mine as part of cost-saving measures and with the mine's planned closure in 2026 ahead. The initiative aims to address challenges in the diamond industry while downsizing its workforce, though some employees will stay until 2029 to assist with the closure process. Despite industry difficulties, Rio Tinto remains optimistic about strong demand for Canadian diamonds and is committed to safe production, workforce obligations, and responsible closure of the mine. Diavik currently employs over 1,200 workers.

Mining and ExplorationFinance and Trade

Lucara Diamond recovers exceptional 1,094-carat stone, strengthening Karowe Mine’s legacy

Not even a month after they made the news with the second largest diamond in the world, Lucara Diamond announced the recovery of an extraordinary 1,094 carat rough diamond from its Karowe Mine in Botswana. Lucara can confirm that this stone will be polished by HB Antwerp, much like a similar one recovered by them in August 2023.

This marks the sixth +1000 carat stone recovered by the company. The size and quality of this diamond highlight the unique characteristics of the Karowe ore body and reinforce Lucara’s position as a leading producer of large, high-quality diamonds.

Mining and ExplorationWorld News

Chaumet Unveils Traceable Diamond Necklace, Reinforcing Ethical Commitment

For the first time, the French luxury brand Chaumet has launched a  diamond necklace that you can trace all the way back to its rough version in light of its aim to provide clients with more transparency.

They made this possible by combining their savoir-faire with the technology developed by an expert in diamond tracing, Sarine. Because of this, it is possible to follow and visualise multiple stages in the life of each stone.

JewelryOrigin Tracking

Two birds with one stone or two stones in one week for Gem Diamonds

Just a week after announcing their last +100-cts diamond find, Gem Diamonds has announced its eleventh and twelfth +100-cts stone of this year. Usually, the Letseng mine in Lesotho is responsible for eight such diamonds a year, 2023 being an off-year with ‘only’ five finds. The newest one is a 126.21-ct Type II white diamond. 

Mining and Exploration

Meya mine strikes again: Discovery of 391.45-carat diamond signals high potential for future finds

In the Meya mine in Sierra Leone, a high-quality, 391.45-carat diamond has been discovered, making it the second diamond over 100 carats found at the site. The Type IIa diamond, recovered on August 20, was originally part of a 514.99-carat stone that broke into three pieces during extraction. 

Mining and Exploration

Zimbabwe’s ambitious plans for diamond production

Zimbabwe’s state-owned diamond company, the Zimbabwe Consolidated Diamond Company (ZCDC), expects a 16% increase in diamond production this year. The company plans to boost output to 5.7 million carats in 2024, with a target of reaching 10 million carats the following year. 

PoliticsEconomy

Catoca mine: setting for Angolan-Russian collaboration?

Angola and Russia are reportedly negotiating a deal that may allow Alrosa to retain its 41 percent stake in the Catoca diamond mine, despite initial pressure from the Angolan government for Alrosa to exit due to G7 sanctions. 

The Angolan ambassador to Russia indicated that both countries are developing mechanisms to overcome the operational challenges caused by the sanctions. Although Alrosa was previously reported to be considering selling its stake, it remains unclear whether the negotiations will result in Alrosa maintaining its share in the mine. 

Mining and ExplorationPolitics

July brings continued growing watch and jewellery sales in US

Good news from the US markets: watch and jewellery sales increased in July and exceeded forecast amid easing inflation and lower unemployment. The sales increase has reached 5.9 per cent and marking the highest figures yet in 2024. 

This is a 2024 record since the US Department of Commerce corrected and lowered the figure for June from 6.2 per cent to 4.2 per cent. This marks the ninth consecutive month of increase after a year of declining sales. 

Furthermore, July's increase continues a trend of rising year-over-year sales for the third straight month.

 

EconomyWorld NewsJewelry

New International General Manager appointed for Chow Tai Fook

With the vision to expand the company in Southeast Asia and other markets outside of China and Hong Kong, Chinese jeweller Chow Tai Fook has hired Gabriela Ferreira as its new International General Manager. Ferreira, who previously held a senior role at Loewe, will focus on enhancing the Chow Tai Fook brand’s desirability and expanding its retail network in popular travel retail markets and areas with a strong interest in Chinese culture and art.

Jewelry

GJEPC India notices signs of recovery for diamond industry

On the 5th of September, India’s Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse published a Trade Letter for the diamond industry. In the letter, they highlight a possible turnaround and the positive outlook for recovery and price stability in the industry. A few key indicators were listed that suggest this could be the case:

Market AnalysisFinance and Trade

Lucara Finds Massive 2,492ct Rough

Lucara, the Canadian mining company operating the Karowe mine in Botswana has announced the recovery of an exceptionally large 2,492ct diamond. The mine is renowned for exceptional and large diamonds of high quality, including the the 1,758 carat Sewelô and the 1,109 carat Lesedi La Rona.

Mining and ExplorationRough Market

Israeli LGD Producer Lusix' Woes Continue

According to news reports, Israeli lab-grown producer Lusix is seeking a protection from creditors through a debt settlement, with debts to three Israeli banks amounting to US$15m, following unsuccesful attempts to raise additional funding from existing investors. Led by entrepreneur Benny Landa, Lusix is said to initially have raised US$150m, including US$60m from the Landa Group and US$90m from other investors, led by luxury giant LVMH, but the company got in trouble as LGD prices collapsed by more than 90% in recent months. 

Photo Credit: Lusix

Finance and TradeTechnology

Botswana Diamonds Sees Future for AI Exploration

Junior miner Botswana Diamonds (BOD) intends to start using AI, technology developed in collaboration with International Geoscience Services Limited to enhance its exploration activities in Botswana to identify mineral deposits, diamonds and other minerals, the company said recently. The technology will combine existing geological data and knowledge with the ability of AI to generate models fast and efficiently. “It is early stages for both our work and the use of the technique in mineral exploration, but the future potential is huge.", BOD Chairman John Teeling commented to miningmx.  

Mining and Exploration

India's Diamond Trade: Continued Double Digit Decline April-July

According to data from the GJEPC, trade in India was down across the board comparing April to July figures in 2024 to the same period in the previous year:

  • Overall exports of gems & jewellery declined 11% to US$9.7bn
  • Overal imports of gems & jewellery declined 1.5% to nearly US$7bn
  • Imports of rough diamonds declined 16% to US$4.3bn
  • Exports of polished diamonds declined 19% to US$5.7bn
  • Exports of polished lab-grown diamonds declined nearly 7% to US$414.6m

Notably in July, comparing to July 2023:

Finance and Trade

Botswana Eyes Bigger Stake in HB Antwerp

According to JCK News, Botswana's mining minister Moagi told local parliament that the government is looking into increasing a planned buy-in of HB Antwerp, originally stated to be 24% for US$65m, implying HB Antwerp's valuation stood at US$278m at that time. According to Moagi, that same amount of investment would now warrant a 49.9% stake, citing the current depressed market as a reason for HB Antwerp's value to have decreased. 

Rough MarketFinance and Trade

De Beers Reschedules Sights, Kiran Extends Holiday to Ease Oversupply

In an announcement to its clients, De Beers has announced it is rescheduling sights to alleviate market pressure caused by decreased demand and a supply glut. Sights 7 and 8 will be combined at the end of September and Sight 9 and 10 dates are amended to accommodate timing issues in Botswana, to November 4-8 and December 2-6.

Finance and TradeManufacturingRough Market

Fancy Colors Remain in Top 10 Alternative Investments

In times of economic uncertainty, with rising interest rates and inflation, alternative investments outside of traditional assets such as stocks or cash, are increasingly popular with the world's rich and wealthy. Research by the Wealth Enhancement Group highlights US investors highlights a particular growing interest in classic cars and exceptional - mostly fancy colored - diamonds among high-net-worth individuals, with the latter taking up 8th position in the top 10 of alternative investment.

Finance and TradeEconomy

Gem Diamonds Uncovers 145.55ct White

Petra Postpones South Africa Tender

In a letter to its clients, Petra Diamonds has announced it is postponing its August viewing and sale of South African production in Johannesburg until further notice, to avoid unnecessary supply of rough to the market, which has been suffering from weak demand for several months now.

Finance and TradeRough Market

Debswana H1 Sales Drop 49,2%

Reuters reports that the 50/50 Government of Botswana and De Beers owned mining entity Debswana has seen sales nearly halved in the first half of this year, selling US$1.29bn compared to US$2.54bn last year. Currently, the company sells 75% of its production via De Beers, the remainder is allocated to Okavango Diamond Company (ODC). Under the new contract, ODC's share is set to be increased to 50% of Debswana's production by the end of the 10-year agreement.

Finance and TradeRough Market

Lab-grown prices drop 26% over two years

The price of lab-grown diamonds has fallen significantly in recent years. In July 2022, the price was $300 per carat, but by mid-2024 it had dropped to just $78 per carat. This significant decline is primarily due to an oversupply of the product and the rapid advancement in production technologies, which has made these diamonds more accessible to the consumer but also less valuable in terms of resale. Initially welcomed for their affordability and ethical credentials, lab-grown diamonds are now flooding the market.

EconomyLaboratories

Lucapa Unveils Stunning 176-Carat Diamond Discovery

Lucapa Diamond Company has announced the discovery of an extraordinary 176-carat Type IIa diamond at the Lulo Mine in Angola. This remarkable find marks the fifth diamond over 100 carats this year, highlighting Lulo's potential as a leading source of high-value gems. Since starting operations in 2015, the mine has produced 45 diamonds exceeding 100 carats.

Mining and Exploration

Mining Companies Reporting On Q2 Results

Mining company Burgundy Diamond Mines reports a recovery of 1.22 million carats during quarter 2 of 2024. This is a decrease by 10% in comparison with the same quarter previous year, which is in line with the decrease in the total volume of tonnes the company has processed (Q2-2023: 1.36 million). Burgundy sold 1.03 million carats and the sales happened over three sales events, including one fancy sale. The mining company achieved significant progress in several key areas this quarter.

Mining and Exploration

De Beers Facing Sharp Drop Of Revenues

De Beers reported a significant revenue decline for the first half of 2024. According to the company's latest financial statement, revenue fell by 21% to $2.2 billion compared to the same period last year.

The sharp drop is due to several converging factors affecting the diamond industry. De Beers, known for its vast mining operations and luxury retail presence, has faced headwinds from reduced consumer demand, fluctuating diamond prices, and increased competition from lab-grown diamonds.

Finance and TradeRough Market

Diam Concept Enters Receivership

Diam Concept, a French company celebrated for its innovative approach to lab-grown diamonds and partly financed by Chanel, has recently faced a significant financial setback and went into receivership in May. Founded in 2016, Diam Concept gained attention for its cutting-edge use of chemical vapor deposition (CVD) technology to produce high-quality diamonds.

EconomyLaboratories

Batswana Soon To Be Co-Owners Of Mines?

Botswana is taking steps to strengthen local ownership in its mining sector by introducing new legislative measures. The draft law requires that citizens acquire a 24% stake in mining operations, reflecting the government's commitment to ensuring that the benefits of the country's rich mineral resources are shared more equitably among its population.                                                                                                                     

EconomyMining and Exploration

China's Slowdown Causes Luxury Industry Struggles in H1

Big luxury conglomerates are reporting disappointing results for the first half of the year. LVMH's turnover dropped 1% y-o-y to US$45.3bn, with net profits dropping 14% to US$7.9bn. Similarly Kering said its turnover decreased to US$9.8bn, down 11% y-o-y, while net profit nearly halved to US$953m. Earlier, preliminary earnings reported by Cartier indicated a 27% drop in sales in China and Swatch Group reported an 11% decrease overall.

Retail and Consumer Confidence

Budget 2024: Game Changer For Indian Diamond Industry

In India, there is a very positive reaction to the Budget 2024 announcement by Finance Minister Nirmala Sitharaman.

This announcement is very important for the Indian diamond industry. It includes the abolition of the 2% equalization levy on rough diamond imports and the establishment of Special Economic and Notified Zones, which allows foreign diamond-producing companies to sell their diamonds directly to the diamond-cutting and manufacturing entities in India.

Finance and TradeEconomyRough MarketPolitics

De Beers Sells Iron Ore Royalty For $150 Million

Anglo American said on Monday it has agreed to sell two royalty assets to Taurus Funds Management for up to $195 million. One of these royalty assets is De Beers' royalty interest in the Onslow Iron Project in Australia. Taurus will buy this unit for $150 million.

De Beers' CEO Al Cook refers to the announcement of their Origin Strategy on 31 May and says that with this sale, they are taking another step in delivering their promise to streamline De Beers. "This means that we can focus our people, our resources and our capital on what we do best: diamonds", according to Al Cook.

Mining and Exploration

Petra Diamonds Sees Sales Volume Rise

Petra Diamonds’ sales rose 13% for the full fiscal year,  Sales volume grew 36% to 3.2 million carats.

The company attributes a portion of the rise to the completion of a ramp-up to steady processing at its Williamson mine. Petra also had extra rough during the period it had held back from sales at the end of the previous year when prices were low due to lackluster rough demand.

Picture Credit: Petra Diamonds

Mining and Exploration

De Beers Considering Production Reduction

De Beers is considering reducing its diamond production. The main reason is deteriorating market conditions resulting from weak consumer demand in China. 

“With higher-than-normal levels of inventory remaining in the midstream and an expectation for a protracted recovery, we are actively assessing options with our partners to further reduce production to manage our working capital and preserve cash,” the company said Thursday.

Mining and Exploration

Karen Rentmeesters Appointed New CEO of Antwerp World Diamond Centre

The Board of Directors of the Antwerp World Diamond Centre appointed Karen Rentmeesters as the new, permanent CEO. In this new role, she is tasked with guiding Antwerp back to growth, among other things, by focusing on optimizing AWDC’s operations. 

World News

South Africa's Diamond Production at 10 year-low

The diamond production in South Africa is at a 10-year low. Where the country used to produce an average of 8.5 million carats a year (before 2023), the production has now dropped to 6.1 million carats in 2023. 
The drop has been caused by the temporary halt of production at De Beers' Venetia diamond mine, which accounted for 40% of the country's diamond production. 
De Beers is developing Venetia as an underground mine to extend its operational life until the 2040s. The company expects to extract 88 million carats from this new phase.

 

Mining and Exploration

Temporary inactivation drops Rio Tinto's production

In January of this year, a plane crashed in Canada, with several workers from Rio Tinto's Diavik mine on board. The mining company subsequently decided to temporarily pause operations at the mine to give its workers sufficient time and space to process this tragic accident. This temporary halt in operations caused diamond production to drop 28% in the second quarter compared to the same period last year.

Mining and Exploration

De Beers Eases Sightholder Rules In Response To Market Situation

Current market conditions (large inventories and falling polished diamond prices, especially in India) are forcing De Beers to be more flexible with its sightholders. Even though the De Beers spokesperson did not want to comment on this news, according to Rapaport, a note sent to De Beers sightholders reveals that for the "July sight," they will be allowed to refuse up to half of lots in three boxes of medium- and higher-quality rough under 3 grainers (0.75 carats). The flexibilization comes without De Beers customers experiencing an impact on future allocations from the mining company.

Finance and Trade

Reduced Diamond Production in Botswana Slows Economic Growth

According to the IMF (International Monetary Fund), the economic growth of Botswana - which is largely financially dependent on diamond production (accounting for 40% of government revenues) - will increase by only 1% in 2024, compared to 2.7% in 2023.

The IMF sees the crisis in the international diamond industry (due to falling demand and prices) and the corresponding decline in diamond production in Botswana as one of the reasons for this slowed economic growth of the country.

Economy

Lucapa Resumes Exploration in Angola

The wet season in Angola - which was very severe this year and caused heavy flooding - has ended. Now that the water has receded and most areas are accessible again, Lucapa Diamond Company is resuming its exploration activities. The focus is on the Kimberlite L014 area, the area beneath the Cacuilo-rivier, as this area is more likely to be the major source of the diamonds being found in the river’s alluvial deposits. The road to access the L014 area has begun, along with auger drilling to better define the location of the best material for sampling.

Mining and Exploration

Burgundy Eyes Misery Mine Life Extension

Australian miner Burgundy Diamond Mines, operating the Ekati mine in Canada's Northwest Territories is looking at the potential to extend the Misery underground mine's life beyond the anticipated 2025 end of life date. Extension drilling is ongoing to assess whether the main ore body is deeper and wider than originally assumed. Updated resource estimates are expected to be announced later this year, with an updated mine plan. 

Photo credit: Burgundy Diamond Mines

Mining and ExplorationRough Market

Rapaport Analysis: Indian Manufacturers Feel the Pinch

In an extensive analysis, Rapaport's Joshua Freedman takes stock of market sentiment in India and the US. While Indian manufacturers are feeling the pinch of bloated inventories, weak demand and sharp declines in polished prices, struggling to sell even at reduced prices, US traders have more flexibility in aligning supply to actual demand, Rapaport states.

Finance and TradeManufacturing

Russia Jumped Over Botswana as Largest Producer in Value in 2023

According to recently released Kimberley Process statistics, in 2023, Russia became the largest producer of rough diamonds in terms of value, jumping over Botswana, despite sanctions on Russian diamonds by the G7. Total value of Russian rough production amounted to US$3.61bn, for a volume of 37.3m ct, compared to Botswana's total production value of US$3.28bn, for a total of 25.1m ct. 

Photo credit: Envato Elements

Finance and TradeRough MarketMining and Exploration

Alrosa Buys Gold Mine

Russian diamond mining company Alrosa, through its Almazy Anabara subsidiairy has purchased the Degdekan gold mine from Polyus for US$276m. Commencing production in 2028, at full capacity, the mine is expected to produce around 3.3 tonnes of gold annually, with an estimated life span that runs through to 2046, estimated at 100 tonnes. Both Alrosa and Polyus are subject to Western sanctions. 

Photo credit: Envato Elements

Finance and TradeMining and Exploration

India's Diamond Industry Asks Govt for Payment System with Russia

Times of India reports representatives of India's diamond industry have asked government to come up with a payment system that would facilitate transactions between India and Russia. According to the report Indian traders now conduct payments in ruble or yuan through Dubai and China, as US$ payments are heavily restricted due to Western sanctions and currency conversions from rupee to ruble are much more difficult. 

Photo credit: Envato Elements

Finance and Trade