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27/09/2024 10:04Despite the fact that De Beers announced in June that it would stop the production of lab-grown diamonds for jewelry, the company today is launching a new fall campaign, titled "Modern Family", for its lab-grown brand Lightbox. These developments clearly affirm the brand’s commitment to the lab-grown diamond market. De Beers is to stop producing diamonds for jewelry when it comes to Oregon, but the company will continue to focus on innovating and growing the brand.
08/08/2024 14:17In an announcement to its clients, De Beers has announced it is rescheduling sights to alleviate market pressure caused by decreased demand and a supply glut. Sights 7 and 8 will be combined at the end of September and Sight 9 and 10 dates are amended to accommodate timing issues in Botswana, to November 4-8 and December 2-6.
03/08/2024 07:29Reuters 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.
26/07/2024 17:00Mining 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.
26/07/2024 16:28De 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.
23/07/2024 22:17Anglo 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.
19/07/2024 22:53De 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.
13/06/2024 07:29According 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.
31/05/2024 22:16In 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
31/05/2024 09:54In 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.
25/05/2024 08:39De 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
23/05/2024 12:36In 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.
14/05/2024 09:34Anglo 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.
29/04/2024 10:55De 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.
25/04/2024 10:31According 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.
21/04/2023 07:31According 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.
09/03/2023 09:56De Beers Group yesterday announced the value of rough diamond sales for the second sales cycle of 2023. The mining giant sold $495 million in rough stones. There was a noticeable year-over-year drop in sales when compared with 2022- Cycle 2, where the company sold over $652 million, a 24% fall. Sales were 9% higher than $454 million registered for the preceding first Sight of 2023.
08/03/2023 11:29De Beers’ Snap Lake diamond mine, Canada's first fully underground mine located in the Northwest Territory, is “entering the final stages of active closure” ahead of a switch to long-term monitoring. This will represent the final stages of shut down since it was decided by the company to cease operations in 2015.
20/02/2023 11:14Botswana'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.
13/02/2023 16:01Rough 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.
03/02/2023 17:33De Beers have announced the provisional value of their first sales cycle of 2023 for rough diamond sales at $450 million. The company also confirmed actual sales for between the 5 December and the 20 December at $417 million.
The $450 million compares unfavourably to $660 million in sales revenue for the same period last year.
11/01/2023 10:04De Beers Group today announced that Stephen Lussier, De Beers Group Executive Vice President for Brands & Consumer Markets, will step down from his executive responsibilities on 1 April 2022 after 37 years with the company. Lussier will continue to contribute to De Beers as a strategic advisor and will continue to serve in his role as Chairman of the Natural Diamond Council.
02/01/2023 15:13Global diamond group DeBeers has reported an over 20% bump in auction sales towards the closing of the 2022 sales year during its 10th and final yearly sales cycle. The mining and trading firm sold £340million of the gems at its auction in December – up from £279million in December 2021.
Before the pandemic, diamond prices were falling as the market struggled with oversupply, economic slowdown in China, and a global squeeze on luxury goods spending. The estimated sales at the December auction were down 10 per cent on the November auction, where the firm made £377million.
22/12/2022 10:17Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell in 2022's 10th sales cycle compared with the previous cycle.
The FTSE 100 mining company said De Beers sold $410 million worth of diamonds in the 10th sales cycle of the year compared with $454 million in the ninth cycle. In the 10th cycle of 2021, it sold $336 million worth of diamonds.
12/12/2022 12:42De Beers had two more strikeouts with its Exceptional Blue Collection recovered in Petra’s South African Cullinan mine, this last Dec. 7 - perhaps a harbinger of waning demand in the colored diamond auction market.
06/12/2022 12:56Molefi Letsiki is the chairman of the South African Diamond Dealers Club, executive committee member of The World Federation of Diamond Bourses and one of the founding members of Young Diamantaires. He is also the co-founder and former president of the South African Young Diamond Beneficiators Guild which aims to achieve increased diamond beneficiation of African produced rough diamonds, and ambassador of World Diamond Council systems of warranties.
25/11/2022 13:58De Beers’ innovation arm, Ignite, is launching a new diamond verification instrument which it promises can automatically screen large volumes of melee at speed, and identify rogue lab grown diamonds. According to De Beers, the device can be “easily operated in-house with no specialist expertise required,” further adding to the novelty of the device.
20/10/2022 12:44After the recent record setting price breaker auction of the Williamson Pink Star, Sotheby’s now announces that they will soon auction eight blue diamonds sourced from the De Beers Group, with the De Beers Exceptional Blue collection expected to fetch more than $US85 million.
17/10/2022 12:05Mid September Bruce Cleaver still attended FACETS 2022, the conference on Diamonds in The Age Of The Consumer in Antwerp, organized by the Antwerp World Dmaiamond Center (AWDC). Today he announced that he will be stepping down from his role of CEO of De Beers after 8 years of holding the post, opting for the role of co-chairman of the diamond behemoth. He joined De Beers group in 2005 and became CEO in 2016.
30/06/2022 06:18On 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.
27/04/2022 17:45Today the step-cut fancy-vivid blue diamond weighing 15.10 carats sold for (450.9 million HKD) US$57.47 million, or over US$3.8 million per carat, at Sotheby's Hong Kong auction.
22/04/2022 17:32Iconic diamond miner De Beers this week now officially returns to Angola, as the Anglo American diamond mining division signed two mineral investment deals with the State's mining entity Endiama, giving the miner exploration rights for 35 years in the Northeast of the country. Each exploration concession will have a separate joint venture, with the majority of shares held by De Beers, with an option for Endiama to increase it's share.
21/03/2022 10:35Mining company De Beers and the government of Namibia officially unveiled a new diamond recovery vessel: ‘Benguela Gem’. The vessel will commence operations from next week.
25/02/2022 11:22De Beers, part of Anglo American, says industry recovery from the COVID impact is reflected on the company’s 2021 results. Total revenue of the company increased significantly with 66% to $5.6 billion in 2021, with rough diamond sales rising to $4.9 billion compared to $2.8 billion in 2020. Rough diamond sales were driven by positive sentiment and strong demand for diamond jewelry in key consumer markets like the US and Mainland China. Both diamond jewelry markets posted positive growth, not only compared to 2020 but also to the pre-pandemic year 2019.
17/02/2022 16:06Auction house Sotheby’s announced they will auction ‘The De Beers Cullinan Blue’ - one of the most valuable blue diamonds ever - in April.
03/02/2022 11:59De Beers announced their first sight of the year raised $660 million, a strong increase compared to its revenue at the last December sight, which raised $336 million.
According to Bruce Cleaver, CEO De Beers, buyers are restocking: “As anticipated, there was strong growth in consumer demand for diamond jewelry over the end of year holiday season. As a result, we saw the continuation of robust rough diamond demand in the first sales Cycle of the year as buyers focus on restocking depleted inventories.”
Cycle 2 takes place from 14 – 16 February 2022.
20/01/2022 15:55De Beers Group announced that Stephen Lussier, executive vice president for brands and consumer markets, will step down from his executive responsibilities on April 1. After a distinguished 37 year career with the company, he will continue to contribute to De Beers as a strategic advisor. He will remain in his role as a Chairman of the Natural Diamond Council.
- 14/01/2022 09:02
"And let it be said, the lab-grown companies aren’t exactly charities – they’re like any other technology company out there to make money."
04/02/2020 17:03In a wide-ranging keynote address at the African Mining Indaba taking place this week in Cape Town, Anglo American CEO Mark Cutifani laid out his vision for the mining industry and the steps it must take to "connect the future of mining with emerging and next-generation societal values. These are the values of increased transparency, responsible technological innovation, sustainability and shared prosperity, all of which are emergent in our world and are shaping a very different future society."
