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Market Slump Prompts Botswana Downgrade
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S&P Global Ratings has lowered Botswana’s credit rating, citing weaker diamond revenues because of the current global recession.The credit agency downgraded the country’s long-term sovereign credit rating to “BBB+” from “A-,” indicating...
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Mining
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Mar 30, 2020
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Rapaport News
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De Beers Cancels Upcoming Sight
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De Beers has called off this week’s sight in Botswana, citing restrictions resulting from measures to contain the coronavirus.Lockdowns in Botswana, South Africa and India are prohibiting sightholders from traveling and preventing the shipment...
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Rough Markets
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Mar 30, 2020
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Rapaport News
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De Beers Enables 100% Deferrals at March Sight
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De Beers is allowing sightholders unlimited deferrals at its upcoming rough-diamond sale as manufacturing closures have obliterated demand, market sources told Rapaport News.The rare step follows the shutdown of the Surat polishing industry this week...
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Rough Markets
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Mar 26, 2020
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Joshua Freedman
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De Beers Sight Still On Despite Travel Ban
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De Beers’ upcoming sight in Botswana will still take place despite the country’s ban on arrivals from the US, China, India and Belgium, the miner has confirmed.“While this is an extraordinary situation and COVID-19 has...
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Rough Markets
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Mar 18, 2020
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Joshua Freedman
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Botswana Mining Decline Hits GDP Growth
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Botswana’s economic growth slowed last year due to lower rough production, further aggravated by weakness in its diamond-manufacturing sector, the nation’s central bank said last week.Gross domestic product (GDP) increased 3.7% in the 12 months...
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Mining
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Mar 04, 2020
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Rapaport News
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De Beers Sales Rise to Nine-Month High
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De Beers’ January rough-diamond sales reached their highest level since last April as post-holiday stock replenishment boosted demand.Proceeds of $545 million at the first sales cycle of 2020 were 9% higher than a year ago, the miner...
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Rough Markets
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Jan 29, 2020
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Rapaport News
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De Beers Plans Overhaul of Supply Policy
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De Beers plans to abandon its practice of using sightholders’ purchase history as the main factor in determining how it allocates rough supply, sources have told Rapaport News.The move, which would go into effect from 2021, would...
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Rough Markets
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Jan 23, 2020
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Joshua Freedman
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Louis Vuitton Buys 1,758ct. Diamond from Lucara
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Lucara Diamond Corp. has sold Botswana’s largest diamond to Louis Vuitton in a rare move that will see the fashion house partner with an Antwerp manufacturer to polish the stone.The mining company will receive an up-front...
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Rough Markets
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Jan 16, 2020
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Rapaport News
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Lucara Tender Beats Expectations
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Lucara Diamond Corp. achieved higher sales than itexpected at its final tender of the year as market stabilization drove anincrease in rough prices.The owner of the Karowe mine in Botswana brought in $52.9million, 16% above its prediction,...
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Mining
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Dec 19, 2019
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Rapaport News
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De Beers Ends Special Supply Measures
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Rough-diamond buyers are anticipating an improvement insales at next week’s De Beers sight, as the miner is withdrawing concessions that allowed clients to reject goods. De Beers will revert to its standard rules limiting sightholders’ abilityto refuse or defer...
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Rough Markets
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Dec 05, 2019
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Joshua Freedman
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Rough Market Picks Up at De Beers Sight
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De Beers’ November sales totalled $390 million, the highest for five months, as the roughmarket stabilized and the miner reduced prices to trigger demand.Proceeds from the ninth sales cycle fell 12% compared with...
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Rough Markets
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Nov 13, 2019
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Joshua Freedman
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De Beers Reduces Prices at November Sight
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Sightholders welcomed De Beers’ decision to lower pricesat this week’s rough-diamond sale, but noted that further discounts werenecessary to improve profits in the manufacturing sector. The company reduced prices of higher-end goods by 5% to7% at this week’s...
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Rough Markets
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Nov 06, 2019
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Joshua Freedman
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De Beers Slashes Output Amid Diamond Glut
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DeBeers’ production dropped in the third quarter as the miner responded to a declinein rough demand that has left it with an inflated stockpile of diamonds. Outputfell 14% to 7.4 million carats for the period amid planned mine...
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Mining
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Oct 22, 2019
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Rapaport News
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De Beers Sales Sink to Lowest Level Since 2015
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De Beers’ rough-diamond sales plummeted 53% this month ascustomers accepted the miner’s offer to defer purchases until the marketimproves.Weak polished demand and excess supply in the manufacturingand trading sectors have hurt sightholders’ appetite...
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Mining
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Jul 30, 2019
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Joshua Freedman
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Diamond Glut Prompts De Beers to Slash Production
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De Beers has lowered its production forecast for this year,noting that weakness in the diamond trade negatively affected itsperformance in the second quarter.Sales volume slumped 10% to 9 million carats in the threemonths ending June 30 due...
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Mining
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Jul 18, 2019
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Rapaport News
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Global Diamond Production Value Rises
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Global rough-diamond output grew 2% to $14.47 billion lastyear, reflecting higher production in Botswana, according to data the KimberleyProcess (KP) released last week.The average price increased 4% to $97 per carat, outweighinga 2% decline in production volume to 148.4...
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Mining
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Jul 07, 2019
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Rapaport News
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Was Vegas Worth the Gamble?
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As rain fell for about five minutes on the typically sunbaked Las Vegas strip on the opening day of the JCK show, one couldn’t help but sense things might be a bit different this year. Was...
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Polished Markets
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Jun 13, 2019
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Avi Krawitz
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Venus Jewel Exec to Join DFL Group
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Mahiar Borhanjoo is set to leave Venus Jewel Internationalto become CEO of the DFL Group, the company behind a new onlinepolished-diamond hub. Borhanjoo has been managing director of India-based Venus Jewel, aleading polished manufacturer and...
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Polished Markets
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Jun 02, 2019
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Rapaport News
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De Beers Sales Slump 25% in May
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De Beers’ sales fell to their lowest level in more than ayear and a half, as a slowdown in the Indian manufacturing sector hit roughdemand. Revenue dropped 25% to $415 million for the fourth salescycle of the year, which...
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Rough Markets
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May 21, 2019
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Joshua Freedman
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New Tender Schedule Boosts Lucara Results
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Lucara Diamond Corp.’s revenue nearly doubled in the firstquarter, as it introduced a new tender process which enables it to sell its higher-value stones faster. Revenue rose 92% to $48.7 million, as sales volume increased50% to 95,057 carats. The...
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Mining
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May 12, 2019
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Rapaport News
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