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.


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

Tiffany Stevens (former JVC) Takes Helm of IGI North America

Tiffany Stevens, previously serving as CEO of the Jewelers Vigilance Committee (JVC) this week assumed the role of Chief Business Officer and Head of Sustainability of the International Gemological Institute (IGI) for North America. Building on years of experience in sustainability matters, including leading JVC in guiding jewelers on sanctions and transparent supply chains, Stevens says to be excited to advance gemology education, promote transparency and responsibility in her new role at IGI. 


Isidore Mörsel re-elected President, Ravi Bhansali elected Vice-President AWDC Board

In the wake of Antwerp World Diamond Centre's Board elections held two weeks ago, the organization today announces the confirmation of Isidore Mörsel as President of the Board. Mörsel succeeds himself while Ravi Bhansali, who is joining AWDC's Board for the first time, was appointed Vice-President.

World News

Rio Tinto Completes Solar Power Plant at Diavik Diamond Mine

Rio Tinto has completed a 3.5 megawatt (MW) solar power plant at its Diavik Diamond Mine in Canada’s Northwest Territories, the largest off-grid solar facility in Canada’s territories. Featuring 6,620 panels, the plant generates 4.2 million kilowatt-hours annually, cutting diesel use by one million liters per year and cutting greenhouse gas (GHG) emissions by 2,900 tonnes of CO2 equivalent—comparable to removing 630 cars from the road.


Richemont appoints Louis Ferla as Chief Executive Officer of Cartier

As of September 1 of this year, Frenchman Louis Ferla, who has already been CEO of Vacheron Constanin since 2017, will assume the role as CEO of Cartier. He thus succeeds Cyrille Vigneron who, after eight successful years at the head of this Maison, has decided to retire. Mr. Vigneron does not disappear from the scene, as he will continue to assume the role of Chairman of Cartier Culture & Philanthropy. 

World News

Lucapa Mothae (Lesotho) Mine Sale Takes Shape

Lucapa announces a conditional Sale and Purchase agreement has been reached with Lephema Executive Transport Ltd, having provided long-term mining services to the mine, for its 70% stake in the Mothae mine in Lesotho. Mid May, Lucapa announced its plans to divest the Lesotho operation in favor of focusing on the miner's assets in Australia and Angola.

Rough MarketMining and Exploration

GIA Pilots Jewelry Reports

the Gemological Institute of America (GIA) has announced a pilot program for jewelry reports, which will include metal verification, links to existing loose diamond GIA grading reports and clarity, color and carat of other diamonds. Customers will be able to choose to add services such as new engravings or a 360° video. Interested parties can register on a waiting list


'Grandfathering' part of 14th package of sanctions against Russia, adopted by EU today

Today, the EU has adopted the 14th package of sanctions against Russia, including ‘grandfathering’.

Finance and Trade

Board Elections At Antwerp World Diamond Centre: New Members Are Known

Election fever has been peaking the past few days in Antwerp. On June 17 and 18, voters from across the Antwerp diamond industry were able to cast their votes for their favorite candidates for the new Board of Directors of the Antwerp World Diamond Centre (AWDC). During these elections, it is the 6 directors representing the trade who are elected. Over 1309 votes where submitted, a record turnout according to the AWDC. In the meantime, the votes are counted and the winners of these important elections are known.

The six candidates with the highest number of votes are:

World News

Signet Adds LGD Value Warning to Receipts

According to the New York Post, jewellery retail giant Signet, started printing a buyer's warning on all of its Labgrown Diamond sales. The statement reads "Lab-created diamonds have the same optical, chemical and physical properties as natural diamonds. However, because lab-created diamonds can be produced in abundance, they are less expensive and make larger diamonds more affordable.


WJI2030 Unveils Nature Roadmap at JCK to Combat Nature Crisis

At the JCK Las Vegas Sustainability Summit, the Watch and Jewellery Initiative 2030 (WJI 2030) launched the Nature Roadmap, a framework designed to guide the global watch and jewellery industry in addressing the biodiversity crisis. The roadmap outlines essential steps: Assess, Commit, Transform, and Disclose.


Gem Diamonds Recovers 172.06ct Type II Diamond

Gem Diamonds has announced the recovery of an exceptional 172.06ct Type II white rough diamond, the seventh 100+ct diamond recovered at its Letšeng mine this year alone. 

Mining and ExplorationRough Market

De Beers' Quest: Positioning Natural Diamonds as the Epitome of Authenticity

In a bold move to revive its heritage, De Beers announced it will cease producing lab-grown diamonds for jewelry, focusing instead on natural stones. This decision follows a tough year of declining sales and strategic uncertainties, as parent company Anglo American considers divestiture options.

A Strategic Shift

Market Analysis

Mission Masisi at JCK Las Vegas: Safeguarding the Future of Botswana

In a surprising move, Botswana President Masisi yesterday left the country to join industry stakeholders at the 2024 JCK Las Vegas show. Botswana finds itself in the middle of a perfect storm of challenges: De Beers' parent company Anglo American recently became the target of potential take-over bids, which led to Anglo announcing plans to spin off its diamond business.

Mining and ExplorationRough Market

Letšeng mine in Lesotho delivers 212.49ct Type II White Diamond

Gem Diamonds Limited, the company that owns 70% of the Letseng mine in Lesoto, announced today the discovery of a 212.49ct Type II White Diamond. This remarkable stone was brought to the surface on May 28 and it is the sixth diamond weighing more than 100 carats to be unearthed this year from that mine. 


Rough MarketMining and Exploration

Rare 195 Carat Type IIa Diamond Discovered At Lulo Alluvial Mine In Angola

Lucapa Diamond Company announced yesterday the recovery of a 195 carat diamond, discovered in the Lulo Alluvial Mine in Angola. It involves a type IIa diamond, which occurs only very rarely in nature. Special about this type of diamonds is the fact that they have no measurable nitrogen or boron impurities, making them the most chemically pure diamonds with the highest thermal conductivity that exists. Mostly these diamonds are colorless, but they can also be gray, light brown, light yellow or light pink.

Rough MarketMining and Exploration

Petra Diamonds Goes Green

Petra Diamonds, the diamond mining company with mines in South Africa and Tanzania, has signed a long-term power purchasing agreement with Etana Energy, South African energy supplier, to provide its South African operations at Cullinan and Finsch with renewable energy from Etana's existing and future wind and solar projects. Etana will supply between 36% and 72% of the estimated energy requirements starting from financial year 2026 onward, aimed at reducing Petra's GHG emissions well ahead of the 2030 target.

ComplianceMining and Exploration

4th De Beers Sales Cycle Drops 21% y-o-y

De Beers 4th sight cycle revenues totaled US$380m, a 21% drop from US$479m achieved in the 4th cycle of 2023 and -15% from sight n°3 this year, translating in a 17% decrease in revenues from sales (US$ 1.63bn this year vs US$1.97bn in 2023) year-to-date. The lower sales figures correspond with current market sentiment and add to the turbulence surrounding a potential sale of the diamond entity of Anglo American. 

Photo credit: Anglo American Plc

Rough MarketFinance and TradeMining and Exploration

AWDC Calls for Multiple G7 Verification Points

In a statement issued by the Antwerp World Diamond Centre (AWDC), the umbrella organization calls for the inclusion of one or more G7 verification points for rough diamonds, outside of the G7 and EU. Antwerp's representative body says it is fully aligned with the G7 and EU's ban on Russian diamonds through a solid but workable verification system, including the use of traceability solutions, which at the same time ensures the trade of non-sanctioned goods is not affected.

PoliticsOrigin Tracking

Antwerp mourns industry veteran Willy Rotti

Antwerp mourns the loss of industry veteran Willy Rotti, former President of the Diamantclub of Antwerp and honorary President of the Belgian Federation of Diamond Bourses who passed away on May 22. The Rotti family, one of the founding families of the Diamantclub of Antwerp, is a well-known name in the industry and has been active in the diamond industry for over 120 years.

Finance and Trade

De Beers & Signet Announce Marketing Collab

In a statement, Signet, one of the largest diamond retailers in the world and diamond miner De Beers announced they will be collaborating on a marketing project to boost demand for natural diamonds.


Lab-grown diamonds or natural diamonds. Who's the best in class when it comes to sustainability?

Are lab-grown diamonds, to the naked eye identical to and sharing identical chemical and physical properties with natural diamonds, but 40-50% less expensive, that sustainable as often claimed by its producers? 


High Stakes in Hong Kong and Geneva Jewelry Auctions

The world of high-end jewelry auctions recently witnessed a dazzling display of opulence and prestige, with events in both Hong Kong and Geneva showcasing exceptional diamonds, gemstones, and exquisite craftsmanship.


Lucapa To Sell Lesotho Mothae Mine

Lucapa, the Australian listed miner with operations in Angola (Lulo) and Lesotho (Mothae) is looking to divest its 70% stake in the Mothae mine after a review of its asset portfolio by the recently restructured Lucapa board of directors.

Finance and TradeMining and ExplorationRough Market

Anglo American to Ditch Diamonds and Platinum, Considers De Beers IPO

Anglo American Plc is implementing strategic changes to unlock shareholder value and enhance returns. This includes exiting diamond, platinum, and coal mining operations, marking one of the most significant shake-ups in the company's 107-year history.

Key to this plan is the demerger or sale of its De Beers diamond business, alongside separating its Anglo American Platinum unit and divesting coking coal mines in Australia. Additionally, spending on a fertilizer mine project in England will be scaled back.

Finance and Trade

De Beers Lightbox Cuts Prices

De Beers has announced its LGD line Lightbox is lowering prices of its offering from the initial US$800/ct and US$1500/ct for high colors, and adds "batch grading" reports from GIA based on sample grading. New Lightbox pricing (up to -40% from previous pricing) is lower than most lab-grown retail prices, JCK reports.


• I-J color, VS, very good cut: US$500/ct
• G-H color, VS, very good cut: US$600/ct
• D-E-F color, VS, excellent cut: US$900/ct

Photo credit: Lightbox



Lucara Reports Robust Q1 Results

Lucara Diamond in its Q1 2024 release reports total revenues of US$41.1m, slightly down y-o-y from US$42.8m. A total of 93,560ct were sold through its different sales channels, including through the renewed 10-year sales agreement with HB for specials (10.8ct+ rough diamonds) produced, with so-called "top-up payments" resulting in US$4.9m of the total revenues. In total 160 "specials" (5.1% of total cts) were recoverd in Q1, 3 of which larger than 100ct and one larger than 300ct.

Finance and TradeMining and ExplorationRough Market

Watches of Switzerland Buys Roberto Coin US for $130m

Watches of Switzerland (UK based) has acquired Roberto Coin Inc. the US division of the Italian jeweller and 6th largest brand in the US by sales through 400 points of sale, for US$130m. The acquisition will allow the group to increase the volume of Roberto Coin jewelry in its own retail network as well as the exclusive right to expand the wholesale reach of Roberto Coin Inc., which will operate as a standalone company within the group. The acquisition demonstrates the increasing importance of branded jewelry in the global retail landscape, National Jeweler notes. 

Finance and TradeRetail and Consumer Confidence

IGI launches accessible and science-based Light Performance Grading Report and empowers diamond producers

The International Gemological Institute (IGI), introduces Light Performance Grading Reports showcasing round brilliant cut diamonds with exceptional optical qualities. Whit this easy accessible and science based report along with cutting guidelines, the company wants to empower diamond producers to get the best possible cutting results. This tool, developed by IGI researchers and based on ray-tracing software and slope proportions logic, is a response to an increasing interest in expanded performance analysis.


EU's 14th Sanctions Proposal: Pre-Sanction Inventory Out of Scope Russian Diamond Ban

Reuters reports that in the EU's 14th Sanction Package proposal texts, currently being debated by EU members, clarification is given on so-called "grandfathered goods"; existing inventory of rough and polished diamonds that predate sanctions on Russian diamonds. The proposed text indicates that rough diamonds imported from Russia before January 1st 2024 and polished diamonds imported before March 1st (size 1ct up) and September 1st (0.50ct up) are not covered by the ban, addressing a concern that was raised by diamond industry stakeholders in the EU.

Finance and Trade

Met Gala Red Carpet Dripping in Diamonds

This year's MET Gala red carpet in Manhattan, the most prestigious and glamorous fashion event of the year, themed "The Garden of Time" was dripping in diamonds. The Natural Diamond Council (NDC)'s Only Natural Diamonds site lists an impressive overview of the world's rich and famous and what they wore on the annual fundraising gala, with some of the most lavish and exquisite diamond jewelry pieces taking center stage.


India's LGD Industry Takes Break As Price Drop Continues

About 100 units in India's LGD growing and manufacturing industry have voted to observe a 15-day summer holiday starting May 15, hoping to control the rough and polished LGD supply and stopping the massive price drops seen in the LGD market. Traditionally, the (natural) diamond industry closes shop for a holiday period during Diwali.


Alrosa Stake Catoca (Angola) For Sale

According to Interfax, quoting Russia's Ministry of Finance Moiseyev, Alrosa will have to sell its stake in Angola's Catoca operation, as pressure from the West on the Angolans mounts to cut ties with Russian, sanctioned entities. According to Moiseyev negotiations to take over Alrosa's share, which originally stood at 41% of the mining operation, are ongoing with "friendly investors".

Mining and ExplorationRough Market

Burgundy Starts Strong in Q1

Burgundy Diamond Mines, reports strong results for Q1 2024 despite a subdued rough and polished market, with record revenues of US$117m for 1.32m cts sold (+65% in volume y-o-y). CEO Kim Truter cites Burgundy's consistent diamond quality and provenance assurances as key drivers for strong buyer interest. In Q1, Burgundy recovered 1.15m carats, including a 23.15ct fancy intense yellow. 

Photo credit Burgundy Diamond Mines

Rough MarketMining and Exploration

Anglo American: Game of Bids Begins

The Financial Times reports on the developing story of the unsolicited bid of Australia-listed BHP on London-listed mining conglomerate Anglo American, which includes the diamond mining branch De Beers, naming potential suitors. BHP's bid was rejected earlier this week by Anglo's board but says it is safe to assume BHP might counter with an improved proposal, while other candidates may well offer a competing bid.

Finance and TradeMining and Exploration

Lucapa Q1 Results Down, Q2 Starts Promising

Lucapa, operating the Lulo mine in Angola and Mothae in Lesotho, reports Q1 results were down with revenues clocking at US$13.1m, down 28% y-o-y, and rough prices down 41%, from avg 1,350US$/ct to 798US$/ct. Lulo production focused on lower grade areas due to flooding, resulting in low grades in carats recovered, while Mothae production improved in terms of carats recovered but with a significantly lower frequency of exceptional, high value diamonds.

Rough MarketMining and Exploration

De Beers Relocates Auction HQ to Botswana

De Beers Group has moved its Auction business headquarters from Singapore to Botswana, aiming to boost operational efficiency. CEO Al Cook expressed confidence in the move's potential to drive cost efficiencies and elevate customer satisfaction.

Rough Market

Jewelers Report Sales Increases in March

In the the latest Monthly Sales Survey, conducted by Instore Magazine,  146 jewelers were asked to compare their March sales with those of the same month last year. While some businesses experienced significant gains, others faced challenges. Here's a breakdown of the key findings:


Sales Performance Overview:


Researchers Create LGD In 150 Minutes

The words of Botswana's President Masisi during his opening address of AWDC's Facets conference in Gaborone last year, when he described Lab-Grown Diamonds (LGD) as "microwave diamonds" come to mind as news came that South Korean scientist claim to have produced a synthetic diamond in little over two hours, using a new method that omits the need to mimic the immense pressure needed to form a diamond artificially. LGD production processes to date still require a significant amount of time to produce a diamond.

TechnologyFun Facts

Petra Diamonds Soars with $8.2m Blue Diamond Sale

Petra Diamonds recently made headlines with the sale of an exceptional US$8.2 million blue diamond, propelling its fifth tender of FY 2024 to new heights. Despite selling fewer carats, Petra achieved higher prices, with an average of US$136 per carat on sales of 362,000 carats, totaling US$49 million.

Rough Market

Gem Diamonds Q1 Reports and Recoveries

Gem Diamonds, who owns 70% of the Letšeng mine in Lesotho, has released its Q1 2024 Trading Update, which showcases robust operational and sales performances from January 1st to March 31st, 2024.


Key Highlights from Q1: 

Rough Market

De Beers' Fate Uncertain as BHP Considers Anglo American Takeover

According to Reuters, Australian mining giant BHP is contemplating a potential takeover of London-listed Anglo American, parent company of De Beers, news that is confirmed by Anglo American in a statement saying the bid is being reviewed.

Finance and TradeRough Market

3 Diamonds Fetch $10.5 Million at Lucapa Tender

ASX-listed Lucapa Diamond Company announced that three exceptional diamonds achieved US$10.5 million at the first tender of Lulo diamonds for 2024.

Rough Market

GJEPC Reports -25% Polished Export Drop

India's Gem and Jewellery Export Promotion Council (GJEPC) reports the overal exports of polished diamonds in FY2024 dropped 25.23% to nearly US$16bn from US$22bn in the previous financial year. GJEPC cites a slowdown in the US market due to high interest rates and slower than anticipated post-covid market conditions in China. LGD exports decreased 13.79% to US$1.4bn compared to US$1.6bn a year earlier. 

(photo Envato Elements)

Finance and TradePolished

Namdia to Invest 3.4bnUS$ in Local Diamond Industry

Namibian Mining News reports that at Mining Indaba, Namdia has unveiled plans to invest a massive 3.4bn US$ over the next ten years, expanding its operations, including through social responsiblity actions in its "Equitable Economic Empowerment Framework" and renewing its focus on exploration, aligned with more accessible and up to date exploration licenses and mining rights information via an e-platform. Namibia, ramping up its activities in green energy rapidly, is a mineral-rich country with huge potential in critical minerals such as lithium and rare earths.

Mining and ExplorationRough Market

Petra Sells 50 Percent of Williamson Mine Stake for $15M

Petra Diamonds announced last week that Taifa Mining and Civils Limited, will be buying 50 per cent less one share of the Petra’s shareholding in Williamson Diamonds Limited (WDL). Tiafa Mining has been serving as the long-term technical services contractor at the Williamson Mine for over 20 years in coordination with Petra but have now stepped up their role as an equity stakeholder in the project.

Mining and Exploration

NDC Brokers Partnership with 8 Key Leaders in Diamond Manufacturing

The Natural Diamond Council announced a major partnership with eight of the world’s most influential diamantaires. For the first time since the inception of the NDC (formerly the Diamond Producers Association), a collective agreement has been reached with a significant number of major businesses in the natural diamond value chain.

World News