Archive

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

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

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

  • 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.                                                                                                                     

  • 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

  • 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.

  • 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.

  • 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.

  • According to the GJEPC on April 18, a group from De Beers Group and and the Republic of Botswana’s minister of minerals and energy Lefoko Maxwell Moagi visited the Bharat Diamond Bourse in Mumbai. The delegation met with members of the Gem and Jewellery Export Promotion Council to discuss strengthening diamond trade ties with India. Desipite recent ongoing negotitations between the mining giant and the Botswana government regarding the renewal of their decades-long collaboration, this public display of solidarity was quite noteworthy, potentially indicating some headway on the matter. 

  • On 27 March, HB Antwerp officially opened the doors of HB Botswana, the company’s first branch outside Antwerp. During the inauguration ceremony, H.E. Dr. Mokgweetsi E.K. Masisi, President of Botswana, announced a strategic partnership between the Government of Botswana and HB Antwerp whereby the Government will invest in HB by acquiring a 24% equity stake in HB Antwerp.

  • Botswana's President Mokgweetsi Masisi last week Sunday warned that his country may sever ties with diamond giant De Beers if talks to renegotiate a sales deal prove unfavorable to his government.

  • Rough diamond production increased by 6% to 8.2 million carats, reflecting strong operational performance across the assets, partially offset by the planned completion of the final cut at Venetia open pit.

  • According to a statement released by the country’s financy minister in Gabarone, Botswana expects economic growth of 4% during 2023 while targeting medium-term growth of 5.7%. The government plans to use this windafall in proceeds to beef up infrastructural investments around the country.

  • Rough diamond sales by Debswana Diamond Company reached record levels in 2022 jumping up by 22% from the previous year. The jump in sales has resulted from the West’s shunning of Russian stones whereby Botswana profited from steady global demand for diamond jewellery.

  • Declaring a slight -0.09% loss on the GBX in 2022, Botswana Diamonds (BD) remains optimistic regarding their latest strategy of acquiring existing lots from former mining exploitations. This year alone the company has increased its stake to 50% in the Maibwe joint venture by acquiring a stake from the liquidator of BCL in Botswana,  and then landed an acquisition deal of the KX36 discovery from Sekaka Diamonds (a subsidiary of Petra Diamonds) which contains substantial quantities of diamonds.

  • On Tuesday, President Masisi of Botswana, the First Lady,  and a large delegation including the country's Minister of Minerals and Energy Moagi and Minister of International Affairs and Cooperation Kwape visited the Antwerp diamond community.

  • Africa Intelligence reports that Botswana’s President Masisi, speaking at a gala dinner hosted by Lucara Diamonds, is adding pressure to the negotiations with De Beers on a renewed Debswana contract, the 50/50 joint venture between the government and De Beers. In the current agreement, 75 % of Debswana’s rough is sold via De Beers, 25% is sold via the state-owned Okavango Diamond Company, the latter achieving record sales revenue via its sales in Antwerp last year.