Archive

  • William Lamb, chief executive officer of Lucara Diamond Corp., told Bloomberg Business that he wants "more than $60 million" for the 1,111-ct diamond, the largest discovered this century and second largest ever. How much more is anyone's guess. “A lot of people will use use $60,000 a carat as the basis,” Lamb said. “On top of that, you have to look at the size of the final polished diamond as well as the historical context.

  • Gem Diamonds reported that diamonds from its Letseng mine in Lesotho achieved an average price of $2,578 per carat in the third quarter compared with $2,264 in the first half of 2015. The average price per carat in the first nine months of this year is $2,374.

  • Diamond industry analyst Paul Zimnisky has published a thorough "State of the Diamond Mining Industry" report as we near the end of 2015 - essential reading, in our opinion. "So far in 2015", writes Zimnisky, "the state of the global has been closely aligned with the posture of the global economy, as it so often is, and should be. The developed nations of the world are growing, but at uninspiring rates... Emerging market growth has slowed... The result in the diamond industry has been an overhang of low-to-medium-quality polished diamonds in the market for about a year now. U.S.

  • The Diamond Producers Association (DPA) has announced the immediate appointments of Jean-Marc Lieberherr as chairman and Stephen Lussier as vice-chair, while Sally Morrison has been named managing director of marketing. Seven major diamond mining companies agreed to form the organization earlier this year to support development in the diamond sector, including engaging in category marketing. Lieberherr is managing director of Rio Tinto’s diamond business, while Lussier is chief executive officer of the De Beers Group’s Forevermark brand.

  • Gem Diamonds sold an exceptional 357 ct white diamond that was recovered in July at its Letšeng mine (Lesotho) for $19.3-million in Antwerp last week. The buyer has yet to be announced. CEO Clifford Elphick said that, “The Letšeng mine has produced two remarkable over 300 ct diamonds during the year to date. The 314 ct diamond, which was recovered in May and sold into a partnership arrangement in June, and this 357 ct diamond.

  • The biggest diamonds are holding their value as smaller gems slump, according to the miner that unearthed this century’s largest stone. Prices for Gem Diamonds Ltd.’s stones that are larger than 10 carats have fallen about 3 percent in the first half of this year, Chief Executive Officer Clifford Elphick told Bloomberg's Thomas Biesheuvel by phone on Wednesday. That compares with declines of about 30 percent for smaller gems. “The big stones seem to be holding up their value,” Elphick said.

  • Gem Diamonds, operator of the Letšeng (Lesotho) & Ghaghoo (Botswana) mines, has reported its 1H results (6 months ending 30 June 2015) showing a nearly 25% decrease in YoY revenues and profits. Revenues declined to $118 million from $148.9 million in 1H 2014, while profits sank equivalently to $15.4 million from $19.7 million. While the carats recovered (50,019) and the price per carat (2,264) at Letšeng both declined, the price/carat remained solid. Chief Executive Officer Clifford Elphick said "Letšeng continues to consistently produce the large, exceptional quality diamonds.

  • Gem Diamonds Ltd has released a Trading Update detailing the Company’s operational and sales performance for the period 1 January 2015 to 30 June 2015 (H1 2015). Notably, prices achieved for high value diamonds from the Letšeng mine (Lesotho) remain firm despite difficult market conditions. Its average price for H1 2015 was US$ 2,264 per carat (US$ 2,338 per carat in H2 2014), with 13 rough diamonds achieving a value of greater than $1.0 million each.

  • Diamond miners are finally showing their potential as four companies in the highly concentrated industry have all announced first-time dividend programs within the last 12 months.   

    Despite a weaker diamond price in recent months due to tightened industry credit availability, a strong dollar, and a slowing of growth in Chinese luxury consumption, diamond miners have remained profitable.

  • The recently announced Diamond Producers Association will target its three-year $18 million budget at advertising at younger consumers, according to Stephen Lussier, head of marketing at De Beers, who expects the funds to “significantly” increase as more industry players contribute. “Millennials are no less interested in love than the generation before, but we need to make sure they continue to see diamonds as the expression of that,” said Lussier. Demand for diamonds in the U.S., the biggest market, is under pressure as consumers appetite for other products is growing faster.

  • The average price per carat for rough goods from Letšeng in the first three tenders of this year was $2,146 per carat compared with $2,140 in the fourth quarter of 2014. “It is pleasing to see that the prices achieved for the first three Letšeng tenders of 2015 are on a par with those of Q4 2014, despite a noticeably weaker overall market for Q1 2015 as reported by other diamond producers,” said Gem Diamonds CEO Clifford Elphick.

  • Gem Diamonds reported that two of its non-executive directors will retire from the board at the close of the company's 2015 annual general meeting on June 2. Dave Elzas, whose nine-year term has ended, has been with the company since its initial public offering. Richard Williams joined the board in February 2008 and has held the post of chairman of the remuneration committee since June 2009.