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.

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.

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.

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.                                                                                                                     

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.

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.

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

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.

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. 

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.

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.

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.

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.

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.

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

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

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. 

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.

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.

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. 

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.

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. 

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

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:

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 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. 

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.

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. 

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.

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.

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? 

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.

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. 

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.

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.

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.

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}

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.

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:

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.

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.

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: