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Junior miner Botswana Diamonds (BOD) intends to start using AI, technology developed in collaboration with International Geoscience Services Limited to enhance its exploration activities in Botswana to identify mineral deposits, diamonds and other minerals, the company said recently. The technology will combine existing geological data and knowledge with the ability of AI to generate models fast and efficiently. “It is early stages for both our work and the use of the technique in mineral exploration, but the future potential is huge.", BOD Chairman John Teeling commented to miningmx.  

The price of lab-grown diamonds has fallen significantly in recent years. In July 2022, the price was $300 per carat, but by mid-2024 it had dropped to just $78 per carat. This significant decline is primarily due to an oversupply of the product and the rapid advancement in production technologies, which has made these diamonds more accessible to the consumer but also less valuable in terms of resale. Initially welcomed for their affordability and ethical credentials, lab-grown diamonds are now flooding the market.

Mining 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.

Diam Concept, a French company celebrated for its innovative approach to lab-grown diamonds and partly financed by Chanel, has recently faced a significant financial setback and went into receivership in May. Founded in 2016, Diam Concept gained attention for its cutting-edge use of chemical vapor deposition (CVD) technology to produce high-quality diamonds.

Anglo 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.

De 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.

The diamond production in South Africa is at a 10-year low. Where the country used to produce an average of 8.5 million carats a year (before 2023), the production has now dropped to 6.1 million carats in 2023. 
The drop has been caused by the temporary halt of production at De Beers' Venetia diamond mine, which accounted for 40% of the country's diamond production. 
De Beers is developing Venetia as an underground mine to extend its operational life until the 2040s. The company expects to extract 88 million carats from this new phase.

Current market conditions (large inventories and falling polished diamond prices, especially in India) are forcing De Beers to be more flexible with its sightholders. Even though the De Beers spokesperson did not want to comment on this news, according to Rapaport, a note sent to De Beers sightholders reveals that for the "July sight," they will be allowed to refuse up to half of lots in three boxes of medium- and higher-quality rough under 3 grainers (0.75 carats). The flexibilization comes without De Beers customers experiencing an impact on future allocations from the mining company.

The wet season in Angola - which was very severe this year and caused heavy flooding - has ended. Now that the water has receded and most areas are accessible again, Lucapa Diamond Company is resuming its exploration activities. The focus is on the Kimberlite L014 area, the area beneath the Cacuilo-rivier, as this area is more likely to be the major source of the diamonds being found in the river’s alluvial deposits. The road to access the L014 area has begun, along with auger drilling to better define the location of the best material for sampling.

Russian diamond mining company Alrosa, through its Almazy Anabara subsidiairy has purchased the Degdekan gold mine from Polyus for US$276m. Commencing production in 2028, at full capacity, the mine is expected to produce around 3.3 tonnes of gold annually, with an estimated life span that runs through to 2046, estimated at 100 tonnes. Both Alrosa and Polyus are subject to Western sanctions. 

Photo credit: Envato Elements

Tiffany Stevens, previously serving as CEO of the Jewelers Vigilance Committee (JVC) this week assumed the role of Chief Business Officer and Head of Sustainability of the International Gemological Institute (IGI) for North America. Building on years of experience in sustainability matters, including leading JVC in guiding jewelers on sanctions and transparent supply chains, Stevens says to be excited to advance gemology education, promote transparency and responsibility in her new role at IGI. 

Rio Tinto has completed a 3.5 megawatt (MW) solar power plant at its Diavik Diamond Mine in Canada’s Northwest Territories, the largest off-grid solar facility in Canada’s territories. Featuring 6,620 panels, the plant generates 4.2 million kilowatt-hours annually, cutting diesel use by one million liters per year and cutting greenhouse gas (GHG) emissions by 2,900 tonnes of CO2 equivalent—comparable to removing 630 cars from the road.

Lucapa announces a conditional Sale and Purchase agreement has been reached with Lephema Executive Transport Ltd, having provided long-term mining services to the mine, for its 70% stake in the Mothae mine in Lesotho. Mid May, Lucapa announced its plans to divest the Lesotho operation in favor of focusing on the miner's assets in Australia and Angola.