Online Diamond Trade Show Kicks Off

The Antwerp World Diamond Centre and Israeli Diamond Institute, in collaboration with VDB Expo, this morning kicked off a three day Online Diamond Trade Show, featuring 50 exhibitors from Israel and Antwerp. The event, which is open 24 hours a day and has direct communication features including live videochat, already has 800 registered professional buyers, from over 50 different countries. In the pre-covid era, traders would now be gearing up to ship goods and travel to the Hong Kong September show.

Polished

Meet the New Face of Diamonds: Ana de Armas

In its first ever celebrity campaign, the Natural Diamond Council is featuring Ana de Armas, rising Hollywood star who recently was nominated for a Golden Globe for her role in Knives Out and starring in the upcoming No Time To Die Bond film. The new campaign will be released on September 20, during the virtual Emmy awards.

Retail and Consumer ConfidenceLifestyle

Petra Recovers 5 Rare Blue Diamonds

Petra Diamonds today announced that it has recovered five extremely rare blue rough diamonds at its Cullinan mine, of 25.75 ct, 21.25 ct, 17.57 ct, 11.42 ct and 9.61 ct respectively. The last discovery of a blue rough stone dates back exactly one year ago, and blue diamonds are considered as one of the most rare in fancy colored stones, making it all the more extraordinary that five diamonds are recovered in one week's production.

Mining and ExplorationRough Market

Quebec Renard Mine Said to Reopen

Osisko Gold Royalties, one of the secured creditors which acquired Stornoway's assets and properties a year ago as well as its debts and liabilities yesterday announced the Renard mine operations will resume later this month, after a four-month suspension due to liquidity issues. The restart plan includes a further cost reduction of $30 million and a commitment to boost working capital with another $30 million by shareholders. Stornoway is also expected to bring over 300k carats of unsold rough to the market later this year.

Mining and Exploration

Alrosa Sold $7.4m in Rough Specials (10.8ct+)

Alrosa announces it sold 133 special (10.8ct+) rough diamonds, with a total weight of 2,173 ct for a value of US$ 7.4 million during its most recent auctions held in Belgium and Israel, to a total of 20 companies. The auctions are the single channel currently for Alrosa's specials. According to Deputy CEO, Evgeny Agureev, the total revenue significantly exceeded expectations, demonstrating demand for high quality rough is high.

Rough Market

HB Company Takes Over AMC's Antwerp Manufacturing Branch

HB Company, the Antwerp-based diamond and manufacturing company is continuing its expansion with the acquisition of the Antwerp manufacturing branch of AMC, diamond manufacturing company and De Beers Sightholder, taking over the entire Antwerp staff, technology and equipment. HB Company, which in past months announced a partnership with Louis Vuitton, to cut and polish the Sewêlo, and Lucara Diamond, to purchase all of their 10.8ct+ rough stones, is planning on more recruiting in the coming months, focusing on innovation and the Antwerp legacy in diamond polishing.

ManufacturingPolished

Lucapa's Mothae Mine To Restart, Govt Approves New Marketing Channel

Mining Review reports that Lucapa's Lesotho Mothae mine, which had been placed on care and maintenance due to the pandemic at the end of March, will resume activities later this year. In addition, the Lesotho government has approved a proposal that will allow the Australia-based miner to market its rough diamonds through direct partnerships with diamantaires, similar to what Lucapa has implemented for its Lulo (Angola) operation. “Mothae is a unique mine and an important contributor to the Basotho nation.

Mining and Exploration

The Marriage is off: LVMH Backs Out, Tiffany Sues

Media reports say LVMH has now definitively backed out of the US$16 billion deal that would merge Tiffany with the French luxury conglomerate. In a response, Tiffany has allegedly filed a lawsuit against LVMH, denouncing LVMH's claim that Tiffany had breached its obligations as stipulated in the merger agreement.

Retail and Consumer Confidence

Grib Tender Results Reach Pre-Covid Levels

Grib Diamonds sold 100% of its wholly owned Russian production in Antwerp yesterday, Monday 7th September. 390K carats of Russian goods were on offer which sold for more than $25M. Over 300 companies were invited to participate in the viewing of which 159 were active in the auction. “Bidding was stronger than any Grib sale seen since December 2019 with nearly 5,000 bids made. Prices rose to levels not seen since the beginning of the 2020, with particular strength noted in the cheaper goods and smalls.”, the company said.

Rough Market

De Beers Next Auction Sales Sept 24

De Beers

Lucapa On Track: Record-Breaking Production at Lulo

For the second consecutive month, Lucapa had a record-breaking production at its Angolan Lulo operation, recovering 3852 ct, as mining focused on the MB06 Ieziria flood plain.

Mining and Exploration

China: 120 Arrests During Diamond Smuggling Raid

According to industry insiders, some 120 people were arrested last week, as Chinese authorities carried out a raid in several cities in a case of diamond smuggling. Idex Online reports that the arrests were made at Indian-run diamond factories in China, further straining trade relations between India and China, after a couple was caught with 150 parcels of undocumented diamonds, allegedly smuggled into mainland China via Hong Kong, in Shenzhen.

Legal

Botswana Diamonds Wants to Raise $400k in Share Offering

Ireland headquartered Botswana Diamonds is looking to raise £300,000 (US$394,403) via a share offering to fund further exploration and development of its assets in South Africa and Botswana this year. In South Africa, the company is drilling on the (M8) Marsfontein concession and other identified kimberlite targets at Thorny River, while in Botswana, efforts are focused on the recently acquired Sekaka Diamonds KX36 project.

Mining and Exploration

45ct Pink Rough Starring in Hennig Angolan 5ct+ RoM Tender

Tender company Hennig Tenders will be holding a dual tender with viewings both in Ramat Gan and Antwerp of a large volume of original run of mine Angolan goods of 5ct and up, both single stones and parcels. The tender will also include a signicant selection of fancy colour stones, with a 45ct exceptional pink rough as the standout stone at the tender.

Rough Market

US Consumers Spend More Cash on Diamonds

Bloomberg, citing the encouraging jewelry sales results of brands like Signet, Tiffany and Macy's, reports that US shoppers - at least those who can - are spending their money on diamond jewellery, rather than trips or restaurant visits. High-end products have been performing particularly well in the last quarter and those spending are spending more than normal on items, the article states.

Retail and Consumer ConfidenceJewelry

GEM Diamonds Not Pursuing Petra's Assets

In a Q&A following the announcement of interim results, GEM Diamonds CEO Clifford Elphick said the company is not pursuing any of Petra's assets. "They are lovely assets but there is a massive debt pile and everyone looks at this in the same way … We’re near the end of all this.”, Elphick said. In the first half of 2020, GEM Diamonds reported a US$1.7 million loss, compared to a US$ 4.2 million profit in the same period last year, and the Letseng mine production forecast was adjusted to 96,000ct down from 100,000ct.

Rough MarketMining and Exploration

Gokhran May Buy US$1bn of Alrosa's Rough

According to an opinion piece by Rough&Polished's Sergey Goryainov, the Russian State Repository may be in the process of buying US$ 1 billion worth of (rough) diamonds from Alrosa, the Russian mining giant, to alleviate the pressure on the company as the industry suffers from the COVID-19 pandemic. The author believes that what he describes as a "bailout" for both the industry and Alrosa by the Gokhran is inevitable and necessary move.

Market AnalysisOpinion pieceMining and ExplorationRough Market

Rarity Is Pink: Last But One Argyle Pink Tenders Commences

In a virtual preview, Rio Tinto has showcased its 2020 Argyle Pink Diamonds Tender, entitled One Lifetime, One Encounter, one of the last of a series of annual tenders held since the exceptionally rare pink, violet and blue diamonds were first discovered in the Western Australian Argyle mine in 1979. This year's tender features 2.24ct Fancy Vivid Purplish Pink diamond, named Argyle Eternity, the largest Fancy Vivid round brilliant ever offered at the tender.

Polished

Signet Becomes Digital First

Accelerated by the COVID-19 pandemic, Signet Jewelers CEO Gina Drosos is rolling out the Path to Brilliance transformation which focuses on dramatically changing the customer experience by bringing it into the digital world, with virtual appointments, Live experts and events and tying into customers' personal social media channels. The transformation process, which had been initiated before the pandemic, also aims to maximize on current trends focusing on value, values and trust consumers place in Signet's brands with an omnichannel approach.

JewelryRetail and Consumer Confidence

Boaz Lev Joins Antwerp HB Company

In a press release, Antwerp-based HB Company, announces that Boaz Lev, top man at diamond shipping and logistics firm Malca Amit for the past twelve years, is joining the company as one of its managing partners.

ManufacturingPolishedTechnology

GemGenève Canceled, Virtual Shows Take Over

With the announcement of the cancellation of the November GemGenève Show, it seems like the last international offline trade show is now officially off the calendar. Today, Informa Markets issued a release that states "Jewellery & Gem WORLD Hong Kong (JGW) goes virtual for 2020", with the traditional trade fair resuming in September 2021.

Polished

Major Miners Price Cuts Spur Diamond Trade

After major miners De Beers and Alrosa announced price cuts, Bloomberg reports that the combined sales of their recent long-term client sales amounted to US$500 million, in stark contrast with the near-zero sales of the past six months, as the pandemic broke out and both companies decided to maintain pricing but maximize flexibility to their clients to defer contract purchases.

Rough Market

Analysts Say De Beers Sales Will Rebound

According to Morgan Stanley analysts, in the 2nd half of 2020, De Beers' sales could rebound to US$1.6 billion, a recovery they believe will be driven by the holiday season, traditionally a strong sales period. The miner, for 85% owned by Anglo American, clocked an EBITDA of only US$2 million in the first half of the year, as De Beers' sales of rough diamonds dropped to nearly zero due to the global pandemic.

Rough Market

Petra Will Charge Indian Clients More Due to Indian Online Sales Tax

In a communication to its clients, Petra Diamonds has announced it will be charging its India-based clients an additional 2.041% on purchases through its Online Bidding Platform as well as on purchases made through Petra's other branches (Petra Diamonds Ltd and Petra Diamonds Belgium).

Rough Market

Gem Diamonds Recovers 442ct Type II Rough

Gem Diamonds announced the recovery of a massive 442ct Type II rough at its Letšeng mine in Lesotho, one of the larger high quality stones recovered this year. The discovery is welcome news at a time when the global pandemic is putting a lot of strain on the global diamond industry, miners in particular. The London listed company's stock jumped 10.7% as the news came out. "A portion of the proceeds from the sale of this diamond will be used to fund a special community project, as agreed with our partners the Government of Lesotho", Clifford Elphick CEO of Gem Diamonds commented.

Mining and Exploration

COVID Halves Antwerp H1 Trade, Rough Underscores Hub’s Resilience

Figures released by the Antwerp World Diamond Centre on the first six months of the year indicate that in terms of value, trade in the world’s diamond trade hub halved as a consequence of the impact of the COVID-19 pandemic on the global diamond and jewelry business.

Finance and Trade

India Rough Imports Down 82% April - July

According to figures released by the GJEPC, India's rough imports plummeted to 82% in the period between April and July, as a consequence of the global pandemic as well as a voluntary ban on rough imports that was implemented for several months. In value, rough imports decreased sharply from US$ 4 billion to US $712 million, while polished exports fell 47% to US$ 2.7 billion (compared to US$ 5 billion year-on-year).

Manufacturing

Tiffany Blue Goes Green - Diamonds Lead the Way

Tiffany & Co announced it will be detailing the entire journey of each and every diamond in one of their jewels, complete from mine to finished jewelry piece, in a "full craftsmanship journey". In a dedicated certificate, for each stone, Tiffany will tell the story of the diamond's origin, where it was cut and polished, graded and set and in which circumstances. The company believes that by doing so, they will not only tap into consumer demands for transparency, but as an iconic brand also aims to create awareness and inspire others to bring about broader change.

Retail and Consumer Confidence

ABN AMRO Closes HK Diamond Branch, Antwerp Division Remains

ABN AMRO, the Dutch bank, is closing its Hong Kong diamond business as part of a global trimming of the bank's operations, predominantly outside of Europe. In 2018, ABN AMRO already shut down its US and Dubai diamond operations. A few months ago, the bank reported a net loss of 395 million euros, the first loss in years, and announced it would be reviewing its strategy.

Finance and Trade

Edahn Golan: Industry Needs to Talk to Consumer

In his latest blog, industry analyst Edahn Golan isn't sugarcoating the message, the diamond industry is suffering as the pandemic is exacerbating the long-term downward trend of polished wholesale prices as well as the steep decline in jewelry share of wallet.

In-depthOpinion piece

De Beers Consumer Sentiment Survey Optimistic

A recent survey, conducted by De Beers, gauging consumer sentiment among 2,800 men and women aged 20 to 65 with household incomes of at least US$75k or similar parameters in the US, India and China, concludes that while the COVID-19 pandemic continues to weigh heavy on sentiment, respondents feel they are returning to (a new) normal and regaining confidence, with the most positive feedback coming from Chinese respondents.

Retail and Consumer Confidence

Alrosa Unearths Russia's Largest (236ct) Colored Rough Ever

Alrosa today announced that the company has mined the largest Russian, natural colored rough diamond to date, a 236ct stone of intense yellow-brown color, from its Ebelyakh mine in Yakutia, Russia. The stone is sent Alrosa's research center where it will be studied to decide whether the company will sell it as a rough or cut it in-house. It is not the first time natural colored diamonds are discovered at the alluvial diamond deposit, located on the Anabar River of the Sakha Republic (Yakutia).

Mining and Exploration

Antwerp and Israel Reunite for Second Edition of Online Diamond Trade Show

Following the success of the Online Diamond Trade Show, held earlier this year, the Antwerp World Diamond Centre (AWDC) and Israeli Diamond Institute (IDI), have re-joined forces to host a second edition of the show from the 14th till the 17th of September. The 'virus-free trade show' will take place on VDB Expo, a platform for conferences and trade shows created by and powered by Virtual Diamond Boutique.

Polished

Strong Jagersfontein & Rooipoort Sales at Antwerp Tender

First Element Diamonds Services recently held the Jagersfontein Developments and Rooipoort Developments tender which concluded on Friday the 7th of August at the Antwerp Tender Facility. According to the company, the tender was exceptionally well attended and delivered strong results. Both of the mines offered their full Run of Mine productions which consisted of everything from Special +10.8Ct stones down to Melee goods.

Rough Market

Artisanal Diamond Divers in Sierra Leone

The Diamond Loupe

Russian State Repository to Buy Alrosa Rough

Alrosa, the Russian mining giant says it is close to finalizing a deal in which the Gokhran, the Russian State Repository will buy a significant volume, ranging between US$500 million and US$1 billion, worth of diamonds. “It’s a question of state-government support to our company,” Evgeny Augurev, Alrosa's Vice CEO commented, “And not only to our company, but to the whole industry.”

Rough Market

Diamonds Boost US Independents July Sales

According to data from Edge Pulse, The Edge Retail Academy's aggregated jewelry sales data platform, US independent jewelers' uptick in sales in June is continued and even amplified in July, with a 10% increase in gross sales. Remarkably, diamonds are driving the improved sales trend, with a 16% increase in gross sales and 19% in the amount of units sold in July.

Market AnalysisRetail and Consumer Confidence

Rapnet Index: Polished Prices Up In July

Rapaport reports that their price index shows polished prices have improved in July, as a reduction in diamond supply, on both rough and polished side, are causing supply shortages for certain goods. The RAPI index for 1ct diamonds was up 1.9%, which Rapaport claims is boosted by increased demand from investors for high-end, D - IF stones. Year to date, the index fell 4.8%. Rapaport believes that in the long run, the need for more efficiency in supply and demand, enabled by technological innovations will result in a more profitable trade.

Market AnalysisPolished

GEM Diamonds Halves Net Debt, Despite COVID-19 Turmoil

According to MiningMX, GEM Diamonds, operating the high-quality diamond yielding Letšeng mine in Lesotho, halved its net debt to $5.5 million (compared to $10.1 million at the end of 2019) as a result of improving efficiency and successfully reducing costs, such as management salary cuts that remain in place, as well as higher than expected sales results, with an average of $1,707 per carat in the first half of the year.

Mining and Exploration

Alrosa & Brilliant Earth Support COVID-19 Relief with "Diamonds That Care" Jewelry

Alrosa, the world's largest diamond producer and Brilliant Earth, the retailing company that focuses on responsibly sourced fine jewelry including natural and lab-grown diamonds, have partnered for an exclusive jewelry collection under Alrosa's "Diamonds That Care" campaign. The pieces, ranging in price from $790 to $2,190, are made of recycled gold and include natural brownish diamonds mined in the Russian Yakutia region.

SustainabilityMining and ExplorationRetail and Consumer Confidence

India Drops Rough Import Ban, Calls on Self-Restraint

After months of a virtual standstill in most of India's polishing industry, the Indian diamond industry trade bodies say polishing activity in Surat is now at 20-30% capacity, and they are no longer calling on the local manufacturing sector to voluntarily ban imports of rough diamonds.

Manufacturing

Lucapa Measures COVID Impact, But Optimistic

At its Annual General Meeting presentation, Lucapa, the Australian company operating two of the world's highest $ per carat diamond mines, Lulo in Angola (alluvial) and Mothae in Lesotho (kimberlite), sized up the effects of the COVID pandemic on the company's operations and performance.

Mining and Exploration

Rio Tinto Weathering The Storm: Successful Antwerp Tender & Continued Production

Despite the global pandemic and the challenges it poses on the diamond industry at large, Rio Tinto, owner of the Argyle mine in Australia and partial (60%) owner of the Diavik mine in Canada, has continued to produce and market its rough diamonds. By implementing health and safety measures at the mines, as well as support programs for local communities, Rio Tinto managed to keep the mines operational. Via its Antwerp office, the only diamond hub that remained open for business throughout the crisis, the miner also recently held a Rio Tinto Specials Tender.

Rough Market

GIA & IBM Partner in AI-Based Diamond Grading Tech

The Gemological Institute of America and IBM Research today announced they are partnering to develop an advanced artificial intelligence system, based on data from tens of millions of stones graded by GIA, to grade one of the diamond "4C's", clarity. The partnership is another step in GIA's move into digital transformation of its grading operations. The system, currently deployed in the NY and Carlsbad GIA labs initially focuses on the most popular sizes and cuts, but will gradually be scaled up to more sizes, shapes and qualities, the statement reads.

Laboratories

High End Diamonds & Exclusive Art Recession-proof

The COVID pandemic, so much is clear, is far from over, and continues to put pressure on the global economy. Sales of personal, aspirational luxury items are taking a hit, but for the super rich, the Financial Times reports, that doesn't necessarily mean they are spending less. The so-called "ultra high net worth individuals" have shifted consumption patterns, from spending on high-end travel and restaurants, to buying real estate closer to home and exclusive items, from paintings over autographed sneakers to exlusive diamonds and jewellery pieces online.

Market AnalysisJewelry

Luk Fook's Strong HK Presence Weighs on Dropping Sales

Chinese retailer Luk Fook has announced a 71% drop in sales in the first fiscal quarter, with largest same-store sales declines in Hong Kong and Macau (76%). Of the company's self-operated stores, a large proportion is located in Hong Kong and Macau (60) compared to the amount of shops in Mainland China and other locations (118). Hong Kong, a popular destination for luxury shopping tourists, has been under continued restrictions, such as a compulsory 14-day quarantine, as wel as renewed outbursts of civil unrest.

JewelryMarket Analysis

Even Mining Giants Are Hurting: De Beers Plans Restructuring

Bloomberg reports that in a letter to De Beers' staff, seen by Bloomberg News, the company's CEO, Bruce Cleaver, has communicated the company is looking into ways to reduce costs and increase revenue across all operations. Sales have dropped dramatically since the outbreak of the pandemic and the company fears demand for diamonds is not likely to improve in the short term. According to Bloomberg, insiders believe the restructuring could also involve job cuts and changes to the traditional selling system of sights and sightholders.

Mining and ExplorationRough Market

Hong Kong Extends 14-Day Quarantine for Foreigners to Dec 31st

In a recent update on the website of the Government of the Hong Kong Special Administrative Region, published Wednesday July 22, COVID-19 restrictions for foreigners traveling to Hong Kong have been prolonged to the end of the year, Dec 31st and are likely to remain in place until that date, considering across the globe, including in Hong Kong, the number of cases has been rising in the past weeks.

World News

De Beers Continues Antwerp Sights, Miners Remain Flexible

For the sixth sight of the year, De Beers will continue to offer their clients the possibility to view goods in Antwerp and also Dubai, starting on Monday. Alrosa announced earlier this week it will drop mandatory buyout minimum requirements for the July sale, also starting on Monday, and as of August, the volumes will be reduced to 50% leaving clients the option to purchase additional goods via auctions and tenders.

Finance and TradeRough Market

Alrosa Antwerp Specials Auction Brings In 4.1m$

During its latest specials tenders, held in Alrosa's Antwerp and Israel local offices, Russian miner Alrosa sold 156 special size (10.8ct+) rough diamonds, combined weight of 2,416 carats for a total amount of $6.8 million, $4.1 million of which was achieved in Antwerp, $2.7 million in Israel.

Rough Market

DDI & RESOLVE Join Forces

The Diamond Development Initiative (DDI) and RESOLVE, both pioneers in the field of artisanal and small-scale mining and the responsible sourcing of conflict minerals (diamonds, gold, cobalt and 3T), have announced they will be joining forces, merging the experience of both organizations to bolster conflict-free sourcing, KP Compliance, climate and biodiversity commitments and economic development of local communities under the name DDI@ RESOLVE. DDI's current Executive Director, Ian Rowe, will take the seat of DDI@ RESOLVE director, guiding the transition of the partnership.

Sustainability

Western Australia's Royalty Cut Welcome Relief for Gibb River

Gibb River Diamonds, the company holding the lease on the Ellendale mine in West Kimberley since December 2019, welcomes a recent drop in royalty rate - from 7.5% to 5% - by Western Australia authorities. The Ellendale mine, which in the past produced 50% of the world's typical fancy yellows for Tiffany & C° hasn't produced diamonds since 2015, when former owner Kimberley Diamonds decided to only focus on their Botswana project.

Mining and ExplorationRough Market

Ivory Coast To Restart Diamond Mining After 45 Years?

According to Africa Intelligence, for the first time in 45 years, Ivory Coast could be at the brink of restarting diamond mining at four concessions, around the town of Séguéla, owned by company Transactysglasol, with trading office Glasol in Antwerp, headed by new CEO and French national Nicolas de Lesguern. According to Africa Intelligence, production is scheduled to start in November, when the semi-industrial mining sites are operational. In recent years, the country barely produced any rough diamonds, representing 0.02% of global rough diamond production.

Mining and ExplorationRough Market

Firestone Liqhobong Shutdown Extended

Firestone Diamonds is extending the temporary closure of the Liqhobong mine in Lesotho, until April 2021 or until the market improves. Firestone slashed salaries and has let go most of the workers operating at the mine, which is Firestone's main asset. The company's BK11 operation in Orapa region Botswana, has been under care and maintenance for several years.

Mining and Exploration

Forbes: LGD and Natural Diamond Industry Ceasefire

In an in-depth piece, Forbes' Pamela N. Danziger concludes that while official statistics on (diamond) jewelry consumption in the COVID era are scarse, the likely negative effect of the pandemic in the short and medium turn has caused two rivalling segments, the natural and LGD diamond industries, to have ceased hostilities.

Finance and Trade

WHAT SHE/ELLE SAID

A conversation with Elle Hill on digital transformation

In-depthRetail and Consumer ConfidenceMarket Analysis

Botswana Diamonds Acquires Petra's KX36 Discovery

Botswana Diamonds PLC today announced it has acquired 100% of the Sekaka (Sekaka Diamonds (Pty) Limited (Sekaka) is Petra’s wholly owned operating subsidiary in Botswana) shares of the KX36 diamond discovery in Botswana, alongside two prospecting licenses and a diamond processing plant. The consideration comprises a cash payment of US$300,000 and a 5% royalty on future revenues.

Mining and ExplorationRough Market

Everledger Leverages Transparency in Updated Blockchain Platform

Everledger has announced an updated version of their Blockchain Platform, a meeting space for diamond suppliers and retailers underpinned by blockchain technology, that allows industry players to leverage transparency and sustainability in their business models. According to Everledger’s release, the diamond industry, accelerated by the COVID pandemic, can no longer afford to ignore a new reality of consumer awareness on provenance and ethical considerations, and their updated platform aims to help them to get on board.

TechnologySustainability

US Independents Jewelry Sales Up in June

National Jeweler reports that independent retailers, according to data rom The Edge Retail Academy performed better than expected with a revenue increase of 2 percent compared to June 2019.

Market AnalysisRetail and Consumer Confidence

Antwerp-based HB Will Buy All +10.8ct Lucara Diamonds

Lucara Diamond Corp has announced a unique partnership with the Antwerp-based company HB in which HB will buy all of the diamonds in excess of 10.8ct produced at the Karowe mine in Botswana, since March, and for the remainder of the year. About 70% of the rough mined by Lucara consists of larger, high value stones, and none of those have been up for sale since the pandemic broke out. In this unique supply agreement, HB will pay a price based on the estimated polished outcome, based on scanning and planning results.

Rough Market