DRC President Tshisekedi Visits Antwerp Diamond Industry

H.E. Félix Tshisekedi, President of the Democratic Republic of the Congo (DRC), today paid a visit to the Antwerp diamond industry in the context of a broader mission to improve the relationship between Belgium and the DRC, which has been on the rocks in recent years. As President of the fourth largest diamond-producing country by volume, President Tshisekedi was welcomed by the Antwerp World Diamond Centre (AWDC), representative of the world’s largest diamond trade center.

Rough MarketSustainability

Zimbabwe's Diamond Tender of 316,000 Carats Attracts 25 International Buyers

The Minerals Marketing Corporation of Zimbabwe (MMCZ) says the country’s third diamond auction for this year, which closed last week, attracted 25 companies from around the world. The tender of 316,000 carats opened on September 9. MMCZ general manager Tongai Muzenda said “We had invited 28 companies for this third diamond auction and three did not come, and this means we attracted 25 companies." The results of the tender are not yet avaiable, with Muzenda saying they are currently working on the bids made by the prospective buyers.

Rough Market

Lucara Recovers 123-Carat Stone, is Using New Tech to Mine Old Ore

Lucara Diamond Corp. has recovered a 123-carat gem quality top white Type II diamond from its 100% owned Karowe Diamond Mine located in Botswana. The miner also recently recovered a 375-carat gem quality diamond at Karowe from the processing of historic DMS recovery tailings, generated prior to the incorporation of Lucara's XRT diamond recovery circuits. 

Mining and ExplorationRough Market

Petra Diamonds' FY 2019 Profits Disappoint, Focus on Debt Reduction

Despite a comparatively modest decline in revenue in fiscal year 2019 (ended 30 June 2019), Petra Diamonds saw its profits decline by 22% this past year, falling short of industry estimates and sparking a downturn in the company's shares, which hit their lowest level ever. The stock is down about 80% this year as the miner is focusing on reducing its sizeable debt incurred by investments in its flagship Cullinan mine in South Africa. Revenue for the year fell 6% to $463.6 million from $495.3 million, with their average diamond prices achieved falling approximately 5%, which is slightly bett

Mining and ExplorationRough Market

Alrosa's Rough Sales Still Sluggish in August at $180M

Russian diamond miner Alrosa sold $180.2 million in rough diamonds during the month of August, representing one if its lowest sales months in years as continuing headwinds - macroeconomic as well as industry-specific - conspired with a traditionally slow summer month to keep the market soft.

Rough Market

Sharp Decline in Diamond Prices Impacts Antwerp’s August Trade

The global diamond industry in the first half of 2019 faced a variety of well-doucmented challenges leading to declining commerce across all segments of the trade.

Rough MarketPolished

Angola Opens Door For Direct Rough Diamond Sales

Sodiam, the Angolan state diamond marketing company, today announced the opening of its online registration process to participate in its future competitive sales of rough diamonds, following through on Angolan president Joao Lourenço's intention to fully reform the country's diamond industry. Last year, the country approved new diamond marketing laws, with Lucapa Diamond Co.

Rough Market

Lucapa Turns H1 Profit as High-Value Goods Trump Market Malaise

Lucapa Diamond Company, which operates high-value mines in Lesotho (Mothae) and Angola (Lulo), saw its first half 2019 net profit after tax jump to US$1.1 million compared with a US$4.3m loss during the same period last year as an increase in production led to higher sales, complemented by a massive jump in the average price per carat sold. Their combined rough sales rose by 85% to US$29.4 million from US$15.9 million a year ago.

Rough MarketMining and Exploration

De Beers Rough Sales in August Show Little Improvement at $280M

De Beers rough diamond sales continued to be very slow in August, as the company announced provisional revenues at the seventh sight of 2019 totalling $280 million. This is significantly lower (-44%) than the $503 million sold at Sight 7 2018, and represents a modest uptick from the $250 million sold at Sight 6, which was the lowest amount earned from a sale since December 2015. As with the previous sight, the miner gave its clients the opportunity to leave up to 50% of available goods on the table to lower the pressure on buyers without lowering their prices.

Rough Market

Alrosa Reassesses 2019 Sales Expectations After Dismal Q2

Impacted by the persistent slump in the global rough diamond market, which has yet to show any signs of abating, Russian diamond giant Alrosa has reported a sharp decline in Q2 and first half 2019 profits and revenues, adjusting its anticipated sales for the year 2019 downward by 13-16% to 32-33 million carats from their anticipated 38 million carats, the miner announced on Monday. 

Rough Market

Fewer Large Stone Recoveries Impact Gem Diamonds’ H1 2019 Results

Replicating the first-half results of 2018 was always going to be a challenge for Gem Diamonds, and against that high bar the miner came up short in H1 2019.

Rough MarketMining and Exploration

Lucara’s Profit Tumbles as Production of Smaller Goods Rises

Despite higher production and sales volumes, Lucara Diamond recorded a much lower profit in Q2 2019 than the same period a year earlier, as the extended slump in the diamond trade demonstrates it offers no immunity. L Lucara reported net earnings of $700,000 for the quarter on revenue of $42.5 million, figures which compare unfavorably with a profit of $19.7 million on revenue of $64.5 million in the same quarter in 2018.

Mining and ExplorationRough Market

Alrosa’s Rough Diamond Sales Continue Downward Spiral in July

The persistent slump in the global rough diamond market showed no signs of abating in July, as Alrosa's rough sales fell to a low not seen in several years. The Russian mining giant sold $164.6 million in rough diamonds in July, falling another 25% below 2019's previous low in June ($219.3), and 51% lower than the $333.8 million earned in July. 2018. For the year to date, Alrosa's sales have declined 34% compared to last year, falling to $1.95 billion from $2.97 billion a year ago.

Rough Market

Diamonds & Jewelry on U.S. List of Chinese Imports Subject to 10% Tariff, Starting Sept.1

President Donald Trump said Thursday that the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods, effective Sept. 1. This means that starting at the beginning of next month, every single good coming into the U.S. from China, except those with exemptions, will be subject to an import tax. Called the 'tranche four' tariffs, the list includes rough and polished diamonds (whether or not worked), loose 'synthetic ...

World NewsEconomyRough MarketJewelry

Dubai Diamond Exchange Holds Three Tenders in a Week

The Dubai Diamond Exchange (DDE), a subsidiary of the DMCC, completed three rough and polished diamond tenders in the week of July 16 - 23 while the DDE is under renovation. The three separate tenders were hosted by Rapaport, Stargems and Trans Atlantic Gem Sales (TAGS), with reportedly over 200 companies participating.

Rough Market

De Beers Lets Clients Defer Purchases, Sight 6 Down 50%

De Beers today announced that its sales of rough diamonds at its sixth 'sight' of the year in July earned a total of $250 million, a 53% decline from the $533 million sold in July 2018. It is the smallest amount earned from a sale since December 2015, as the miner gave its clients the opportunity to buy fewer goods without repercussion - an uncommon though not unprecedented move. De Beers CEO Bruce Cleaver says this flexibility is part of their effort to work with its clients to help them ride out the storm currently raging in the rough diamond market.

Rough Market

De Beers H1 Earnings Fall along with Consumer Demand

The De Beers Group recorded a 27% decline in first-half earnings to $518 million (2018: $712 million) due to the challenging midstream trading environment and slowing consumer demand growth, parent company Anglo American stated in their interim financial results. The difficult market has led to a decrease in rough diamond prices and has put pressure on the margins of those in the trading business, the company said.

Finance and TradeMarket AnalysisRough Market

Firestone's Solid Q4 Secures 2019 Production Goal, Ending 'Tough Financial Year'

Firestone Diamonds achieved solid fourth quarter production to hit the lower end of its FY 2019 guidance, but the miner's year was made 'tough' by a market that eschewed the smaller, lower value goods that make up the bulk of the output at the Liqhobong Diamond Mine in Lesotho. Firestone produced 208,572 carats during Q4 ended 30 June 2019, representing an 34% increase compared to 155,206 carats in the previous quarter.

Mining and ExplorationRough Market

Is the Diamond Industry Really in a Crisis?

For months now, the news emerging from across the diamond industry has been colored various shades of sombre, with each analysis referring to some version of the same list of issues ailing the trade: falling polished prices combined with excessive polished inventories, a financing squeeze on Indian manufacturers and a lack of profitablity, low demand for rough, economic uncertainty generated by an unstable geopolitical climate ... take your pick. The question Paul Zimnisky examines is whether this all adds up to a 'crisis'.

Market AnalysisOpinion pieceRough MarketPolished

Petra's FY2019 Revenue Comes Up Short in Weak Market

Petra Diamonds reported full-year revenue below analysts’ estimates on Monday and said it expects next year’s production to be slightly lower, as it struggles with a diamond market hit by weak demand and lack of easy credit. The London-based miner with operations in South Africa and Tanzania said that revenue decreased 6% to US$463.6 million (FY 2018: US$495.3 million) for the year ended 30 June 2019, reflecting a weaker diamond market.

Rough MarketMining and Exploration

Alrosa's H1 Diamond Production Grows While Sales Slump

Russian diamond-mining giant Alrosa increased its rough-diamond output in Q2 and H1 2019, but the miner's sales have fallen to a low not seen since Alrosa started publishing monthly results in 2016 as rough and polished diamond market saw weak activity and very poor demand. Alrosa pointed to changing retail practices such as consolidation and increasing online sales as reasons for a reduction in polished diamond stocks across the retail sector. As businesses embrace more efficient stock management practices, cutters and polishers reduce the volumes of their rough diamond purchases. 

Mining and ExplorationRough MarketJewelry

De Beers Lowers Production in Response to Subdued Demand

De Beers decreased its rough diamond production in Q2 by 14% to 7.7 million carats and revised its full-year guidance downwards to ~31 million carats in response to a backlog of polished diamond inventories in the midstream and weaker trading conditions. The overall decline was mainly driven by reductions in Botswana (Debswana) and South Africa (DBCM). The miner's H1 production fell by 11% to 15.5 million carats from 17.5 million carats during the same period a year ago.

Mining and ExplorationRough Market

ABN Amro To Rein In Rough-Diamond Financing Citing Lack of Profitability

ABN Amro sent a letter to several of its diamond clients stating that it would be limiting finance for rough purchases "in view of the continued lack of profitability in the purchase of rough goods." The letter, which was obtained by JCK and IDEXonline, was sent last week from an Antwerp branch of the Dutch bank to a number of its clients declaring a moratorium on rough loans, pointing implicitly to the industry's reckless behavior in writing, "We recommend you to show constraint [sic] and only consider purchasing rough when there is sufficient profitability." In other words, the b

Rough MarketFinance and Trade

India Introduces New HS Codes For Synthetic Rough Diamonds

India has introduced a specific, 8-digit HS (Harmonized System) code for synthetic rough diamonds in an attempt to maintain the integrity of the diamond pipeline, an issue for which the Indian diamond industry has been subject to criticism in recent years.

Rough Market

Global Market Downturn Impacts Antwerp’s H1 2019 Diamond Trade

A combination of factors has led to widespread uncertainty and a global downturn in the diamond industry during the first half of 2019. Antwerp - the world’s leading diamond trade centre - has not escaped its impact, particularly in the rough diamond trade. Economic uncertainty generated by an unstable geopolitical climate has also fostered a heightened sense of caution among the banks that finance the trade, as well as diamond brokers and consumers of luxury goods.  

Market AnalysisRough MarketPolished

Rough Diamond Market Slump Continues as Alrosa's Sales Slide Again in June

The unrelenting slump in the global rough diamond market showed no signs of letting up in June, as Alrosa's rough sales fell to a low not seen since the miner started publishing monthly results in 2016. The Russian mining giant sold $219.3 million in rough diamonds in June, falling another 16% lower than 2019's previous low in May ($261.1 million), and 43% lower than the $383.7 million earned in June 2018.

Rough Market

Global Diamond Production Falls 2% to 148.2M Carats in 2018, Value Rises

Global rough-diamond production fell to 148.2 million carats in 2018, a decline of less than 2% from the 150.9 million carats recovered in 2017; however, a 4% rise in the average price per carat led to a 2.4% increase in the value of the world's rough diamond production, according to Kimberley Process (KP) data. Global diamond production was worth $14.47 billion in 2018 compared to $14.12 billion in 2017, as the average price per carat rose to $97.5 from $93.6. 

Rough Market

Blue Nile Blacklists Zimbabwe Diamonds

Seattle-based online jewelry retailer Blue Nile, which cleared about $500 million in revenue last year, has place an embargo on Zimbabwean diamonds over reports of human rights abuses in the Marange district, several Zimbabwe news outlets are reporting.

Rough MarketRetail and Consumer Confidence

De Beers Rough Diamond Sales Plummet Again in June

De Beers' rough diamond sales at Cycle 5 in June were (provisionally) $390 million, making sight number five of 2019 the lowest-earning sight of the year to date, the smallest since the October 2017 sight ($370 million, Cycle 8) and the lowest for a June sale since the miner started releasing monthly sales data in 2016. June is not typically a slow month for rough diamond sales. Cycle 5 sales from 2016-2018 averaged $555 million, or 30% more than in 2019. 

Rough Market

India's Diamond Trade Continues Downturn in May

India's rough diamond trade continued its 2019 downturn in May, as less manufacturing is taking place amid a tightening of available financing and weak demand for small goods, according to data gleaned from the Gems & Jewellery Export Promotion Council (GJEPC). Exports of polished diamonds also recorded their fifth consecutive month of decline in 2019, despite a solid increase (11%%) in the average price per carat.

Rough MarketPolished

Russian Miner AGD Sells $27 Million Rough At Grib Diamonds Auction in Antwerp

Independent Russian diamond miner AGD Diamonds, parent company to Antwerp-based Grib Diamonds N. V., held a public auction last week on Grib Diamonds' electronic trading platform, with revenue from the auction achieving more than $27 million.

Rough Market

WDC President Urges Countries To Embrace Reform at KP Intersessional in India

The 2019 Kimberly Process (KP) Intersessional, with India as its Chair, will take place in Mumbai starting next week Monday. Ahead of the meeting, Stéphane Fischler, President of the World Diamond Council (WDC), urged mining and manufacturing countries in particular to heed the concerns of those in the diamond-consuming countries and to address issues regarding the integrity of the diamond value chain. Those in the industry who are more directly involved with consumers appreciate the urgency of KP reform, as time is running out.

SustainabilityRough Market

Alrosa's Diamond Sales Weak Again in May

Russian diamond miner Alrosa's rough diamond sales in May continued the downward trajectory they have been on all year, though the decline was less steep than in prior months. Rough diamond sales fell by 6% year over year to $261 million, and declined 17% compared to last month as the market enters its seasonal slowdown. For the year to date (Jan.-May), the mining giant's rough diamond sales have plummeted by 30% to $1.565 billion from $2.256 billion a year ago.

Rough Market

Alrosa Rakes in $19M From Two Large-Diamond Auctions

Alrosa recently held two international auctions for special size rough diamonds (larger than 10.8 carats), earning a combined $19 million from 221 stones weighing a total of 3,490 carats. At the first, which took place in Ramat Gan, Israel, the company sold 120 stones with total weight of 1,940 carats, earning revenue of $10.2 million, or$5,258 per carat. The auction included two large diamonds weighing more than 50 carats each.

Rough Market

The 2018 Diamond Pipeline: Faking the Diamond Dream

An annual tradition, industry veterans Chaim Even-Zohar and Pranay Narvekar present the 2018 iteration of The Tacy Diamond Pipeline, with an in-depth look at the impact that the rise and acceptance of laboratory-grown diamonds has had on the industry this past year.

Market AnalysisIn-depthRough MarketPolishedJewelry

Lucapa Diamond's Latest Sale of Angola Stones Earns $10M at $1,800 Per Carat

Lucapa Diamond Co.'s latest sale of diamonds from the Lulo alluvial mine in Angola achieved gross revenues of US$10.0 million (A$14.5 million) from run of mine parcels totalling 5,573 carats, representing an average price of US$1,800 per carat. This took total sales of Lulo diamonds to date in H1 2019 to US$22.1 million achieving an average price per carat of US$3,668, "further underling Lulo’s status as the world’s highest average price alluvial diamond production," the miner writes.

Rough Market

Lucapa Diamond Tenders $3.5 Million of Mothae Rough in Antwerp

ASX-listed Lucapa Diamond Company held the second tender in 2019 of diamonds from the new Mothae kimberlite mine in Lesotho, selling a parcel of 7,008 carats of rough diamonds sold at Bonas tender house in Antwerp for a total of US$3.5 million (A$5 million). The tender included prices of up to US$26,000 per carat paid for individual Mothae gems. 

Rough Market

India’s Rough Diamond Trade Facing Unworkable Demands from Customs

India's rough diamond trade is facing significant difficulties importing diamonds following a customs directive requiring them to submit a detailed description of the imported diamonds, including country of origin, size, type, color and clarity - an 'impossible' demand, representatives say. The fear among traders is that even a minute discrepancy in the norms may lead to seizure of the shipment as well as a large penalty, which could affect manufacturing activity in Surat, the country’s diamond cutting and polishing hub.

Rough Market

Angola Diamond Delegation Visits Antwerp for KP Consultation

A delegation from Angola paid a visit to Antwerp this week as part of the country’s ongoing efforts to restructure and reform the functioning and reputation of its diamond industry, traveling to the diamond capital for consultations regarding implementation of the Kimberley Process (KP) regulations. The visit follows that of President João Lourenço to Antwerp last June, and the Belgian mission to Angola last November, spearheaded by Belgium’s Deputy Prime Minister and Minister of Foreign Affairs and European Affairs, Didier Reynders.

ComplianceRough Market

De Beers Reports Weak Rough Diamond Sales in May

De Beers' rough diamond sales in May were (provisionally) $415 million, making sight number four of 2019 the lowest-earning sight of the year to date, the smallest since the October 2017 sight ($370 million, Cycle 8) and the lowest for a May sale since the miner first released sales data in 2016. The $415 million in reported sales represents a 25% decline from sales in Cycle 4 2018 ($554 million). The company cited macroeconomic challenges and a seasonal decline in demand for rough diamonds to manufacture as weighing down sales at the sight.

Rough Market

Alrosa's Profitability Improves in Q1, but Falls Far Short of Q1 2018

Russian diamond mining giant Alrosa reported significant improvements in revenue and profitability in Q1 2019 as compared to the previous quarter, with the caveat being that their 2019 financial results are lagging far behind the same period a year earlier (Q1 2018).

Finance and TradeRough Market

Stornoway Diamond's Losses Widen in Q1 2019

Stornoway Diamond Corporation saw its losses widen in Q1 2019 as the miner faced "continued downward pressure on the market price for rough diamonds." The Canadian miner reported a net loss of C$48.4 million (US$36 million) in the first quarter of 2019, in comparison to a net loss of C$11.0 million (US$8.2 million) in the first quarter of 2018. The latest results follow a year in which Stornoway encountered a host of difficulties on its way to a US$246.8 million (CA$329.4 million) loss, substantially widening the loss of US$85.6 million (CA$114.2 million) recorded the year prior.

Mining and ExplorationRough Market

Alrosa's Rough Diamond Sales Slow Again in April

Russian diamond miner Alrosa was unable last month to follow up on their modestly encouraging rough-diamond sales from March, as the $316 million earned in April represents a 14% decline from March 2019 and a 20% decline from April 2018. Polished-diamond sales during the month did not fare any better, as Alrosa earned $2.9 million, a 64% decline from March ($8 million) and a 68% decline from April 2018 ($9.1 million).

Rough MarketPolished

Belgian Diamond Industry & Jewelry Organisations Join Forces

The Antwerp World Diamond Centre (AWDC), the coordinating federation for the Antwerp diamond industry, is joining forces with Ars Nobilis, the umbrella organization for the Belgian jewelry sector, in an effort to streamline the Antwerp diamond trade with jewelry manufacturers and retailers in Belgium. The two representative bodies yesterday signed a memorandum of understanding stating that the members of Ars Nobilis will be able to call upon the services of the AWDC regarding legal advice, training, public relations and communication, advocacy and security.

JewelryRough MarketPolished

Rising Polished Prices Drive Antwerp Diamond Trade Gains in April

Antwerp’s polished-diamond trade continues to see rising prices in 2019 following a year which the industry recorded its highest ever average price per carat for polished exports. According to figures from the Antwerp World Diamond Centre (AWDC), year-over-year, the average price of polished-diamond exports rose by 42% in April to $2,663 per carat from $1,871 per carat in April of 2018. This led to a 14% increase in the value of polished exports in April despite a nearly 19% decline in the volume of goods exported.

Market AnalysisRough MarketPolished

DMCC To Hold "First-Ever" Rough Synthetic Diamond Tender

This weekend, May 11 -13, the Dubai Multi Commodities Centre (DMCC) will be hosting what it is calling the "first-ever rough laboratory-grown diamonds tender" on its Dubai Diamond Exchange (DDE). According to a press release, 50,000 carats of Chemical Vapour Deposition (CVD) lab-grown diamonds will be on offer. "The tender is in line with DMCC’s strategy to attract, facilitate and drive new trade flows through Dubai," the organization says. 

Rough Market

India's Rough Diamond Imports Remain Depressed in March

India's rough diamond imports continued its first quarter recession in March, signalling a slowdown in manufacturing amid a tightening of available financing; polished exports also declined for the third consecutive month. Rough diamond imports fell by 16% in value during the month to $1.4 billion on a more than 9% decline in the volume of rough imports, and their value has declined by 24% during Q1.

Rough MarketPolished

Alrosa Rakes in Over $18 Million at Two Rough Diamond Auctions

Russian diamond miner Alrosa recently held two auctions of special-sized rough diamonds (+10.8 carats) in Vladivostok and Dubai, earning a total of $18.6 million from the two sales. The miner's haul from the Vladisvostok auction exceeded $9.65 million, with 29 companies from Belgium, India, Israel, the UAE, the USA, Hong Kong and Russia participating. A total of 150 diamonds with a total weight of 2,482 carats were up for sale, with 121 stones (2,030 carats) sold. Two especially large diamonds were sold, weighing 58.92 and 41.48 carats.

Rough Market

Firestone Diamonds' Q3 Production Slows, Revenue & Prices Rebound

A mechanical breakdown and the mining of a lower grade area of the Liqhobong Diamond Mine in Lesotho led to a signficant production decline for Firestone Diamonds during the quarter ended 31 March 2019 (Q3 of tFY 2019), but revenue rose on a rebound in the average price per carat and the sale of high value stones.

Mining and ExplorationRough Market

Alrosa's Q1 Production and Sales Decline from 2018, Launches New Mine

Alrosa's rough diamond production in Q1 2019 declined significantly from the same period in 2018, as did its sales, impacted by a sharp decline in prices and a larger share of small-size diamonds in the sales mix and lower prices mostly for medium-size diamonds.

Rough MarketMining and Exploration

Lucapa's Mothae Mine Beating Early Expectations, Lulo Output Down

Lucapa Diamond Co. has reported an "excpetional performance" from the Mothae kimberlite mine in Lesotho in its first full quarter of production, while output from the Lulo alluvial mine in Angola fell as the miner focused predominantly on lower grade mining areas. The miner held two milestone tenders during Q1 2019: its first ever sale of Lulo diamonds via international tender under the new diamond marketing reforms enacted by the Angolan President, Joao Lourenco, and its first commercial run of mine tender from Mothae via Bonas tender house in Antwerp. 

Mining and ExplorationRough Market

Antwerp Diamond Trade Picks Up in March, Polished Prices Rising

The Antwerp rough diamond trade had its best month of the year thus far, particularly in terms of value, though like much of the rough trade globally it is operating at much lower levels than in 2018. Exports of polished goods slowed in March while prices continue their steady climb above the record average prices achieved in 2018.

Market AnalysisRough MarketPolished

Alrosa's Rough Sales Continue to Climb in March, Well Off 2018 Pace

Russian diamond mining giant Alrosa saw its March rough diamond sales gain 8% over its February results, as the market is gradually stabilizing, although it is still lagging far behind its rough sales a year ago. Alrosa sold $369.2 million in rough goods compared with $340.6 million last month and $278.2 million in January, saying demand for smaller-sized stones picked up during the quarter.

Mining and ExplorationRough Market

Stornoway Bounces Back in Q1 2019 Despite Challenging Market

Canadian miner Stornoway Diamond Co. rebounded from a difficult final quarter of 2018 to post significant increases in total carats sold, leading to a big rise in gross proceeds. Stornoway in Q1 2019 sold 429,506 total carats at two tender sales a Bonas tender house in Antwerp, earning about US$35 million (C$47 million) at an average price of US$83 per carat (C$110 per carat).

Mining and ExplorationRough Market

De Beers April Rough Sales Strongest in 10 Months at $575M

De Beers' third sight of 2018 (Cycle 3) was easily its largest of the year thus far, provisionally realizing $575 million in rough diamond sales, a figure the miner has not reached since their Cycle 5 sale in June 2018. "As we move into the second quarter of the year, we saw a continuation of stable demand for our rough diamonds during the third cycle of 2019," commented Bruce Cleaver, CEO, De Beers Group. De Beers' sales in Cycle 3 was 16% higher than the $496 million earned in Cycle 2, and 10% more than the $524 million in Cycle 3 2018.

Rough Market

Namdia Selects Buyers for Nambian Diamonds (and Names Them)

Namibia’s state-owned diamond trading company, Namib Desert Diamonds (Namdia) has selected 16 companies to buy its stones from 2019 to 2021, and notably, has identified them publically. Namdia expects to sell diamonds worth over $140 million (N$2 billion) a year to 16 companies from six different countries. Belgium and Namibia top the list with four firms each, with two more companies (Pluczenik Diamond Company and Samir Gems) headquartered in Antwerp but listed under other countries.

Rough Market

Alrosa and Endiama To Step Up Cooperation in Angola

Russian diamond mining giant Alrosa and Angola's state-owned diamond firm Endiama have signed an agreement to develop joint projects including diamond production, exploration, training, research and technology exchange. It identifies areas of mutual interest to develop diamond production in Angola as well as cooperation on mechanisms in diamond sales. The companies also intend to work together on the development of industry self-regulation mechanisms and responsible diamond supply chains in support of the Kimberley Process.

Mining and ExplorationRough Market

Paul Zimnisky: Diamond Mining Stocks, a Contrarian Play

Diamond mining stocks have taken a beating in recent years, with most believing there is no end in sight. Post-financial crisis oversupply and rising concerns about the assumed influence of laboratory-grown diamonds have tested the patience and tainted the sentiment of investors in the diamond arena. But the imminent shrinkage of supply and continuing demand for the product is not imaginary. Those who doubt the resilience of the diamond industry and have given up on its ming sector may regret selling low.

Opinion pieceRough MarketMarket AnalysisMining and Exploration

Clara Diamond Platform Not Lacking Ambition, Holding 4th Test Sale

Lucara Diamond Corp. continues to test and refine Clara Diamond Solutions (Clara), its digital sales platform for selling rough diamonds individually, launching its fourth test run this week. Lucara CEO Eira Thomas and Steve Lincoln, Sales and Marketing Operations Manager at Lucara and Director Sales and Marketing of Clara sat down with The Diamond Loupe to clarify a few aspects of the system and discuss their progress as they gradually expand their trial phase, which commenced in late November 2018.

Rough MarketTechnology