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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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Karowe Mine Yields 1,758ct. Diamond
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A 1,758-carat diamond that Lucara Diamond Corp. discovered in Botswana has overtaken the famed Lesedi La Rona as the largest rough stone ever found in the country. The stone was unearthed at the Karowe mine and...
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Mining
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Apr 28, 2019
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Rapaport News
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Botswana Unveils 20ct. Okavango Blue Diamond
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Okavango Diamond Company (ODC) has revealed a 20-caratpolished stone, the largest blue diamond to come out of Botswana. The Gemological Institute of America (GIA) has graded the oval brilliant-cut, type IIb diamond as fancy deep...
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Polished Markets
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Apr 17, 2019
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Rapaport News
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De Beers Reduces Sightholder Supply
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De Beers sightholders are bracing for lower rough supplyfor the rest of 2019 as the miner reduces its production and fulfills itscommitments to support local manufacturing in Africa.The company expects production to drop as its Victor minein...
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Rough Markets
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Apr 08, 2019
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Joshua Freedman
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Botswana Denies Zimbabwe Loan Report
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The president of Botswana has repudiated claims that thecountry planned to loan Zimbabwe $600 million to support its diamond industry and private sector. Last week, Zimbabwe’s media quoted its secretary of foreign affairs and...
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Rough Markets
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Mar 03, 2019
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Rapaport News
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Higher Costs Hit De Beers Profit
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De Beers’ earnings fell in 2018 due to the costs of new initiatives such asits Lightbox synthetics business.Underlying earnings slid 34% to $349 million, as capital expenditure rose 53% to $417 million for the year, the company...
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Mining
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Feb 21, 2019
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Rapaport News
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De Beers Green-Lights Disclosure-Rule Changes
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De Beers has approved plans to allow sightholders to referto its goods as “DTC diamonds,” a company spokesperson confirmed with RapaportNews on Tuesday. The miner consulted with clients during the December sightin Botswana, proposing to relax its...
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Mining
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Jan 08, 2019
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Joshua Freedman
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Lucara Completes First Sale on Clara Platform
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Lucara Diamond Corp. recorded an 8% premium in theinaugural sale of rough on its new digital platform, which it completed lastmonth, the miner reported Tuesday. Five out of seven participating manufacturers andjewelers came away with goods, with...
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Rough Markets
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Jan 08, 2019
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Rapaport News
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Lesedi La Rona May Once Have Been 2,774ct.
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The second-largest diamond in history was probably twice as big before it broke into pieces, researchers at the Gemological Institute of America (GIA) have claimed.Similarities between the 1,109-carat Lesedi La Rona, the 812-carat Constellation and three...
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Mining
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Dec 20, 2018
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Joshua Freedman
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De Beers Ready to Relax Its Provenance Rules
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De Beers is planning to loosen its source-disclosure restrictions for sightholders following requests for increased transparency, Rapaport News has learned.The company consulted with clients during this week’s sightin Botswana, proposing to let them refer...
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Rough Markets
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Dec 13, 2018
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Joshua Freedman
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De Beers Sales Slip to $440M
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De Beers recorded its lowest-value sales cycle this year asweak Indian demand prompted it to drop prices of cheaper goods. Proceeds fell to $440 million in November as the miner reducedprices by high-single-digit percentages for rough diamonds costing...
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Rough Markets
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Nov 20, 2018
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Rapaport News
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Alrosa Exits Botswana Exploration Project
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Alrosa has sold its 50% stake in the Sunland Mineralsexploration project in Botswana, according to its former joint-venture partner. Botswana Diamonds bought the Russian miner out for a“nominal sum” and now owns the...
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Mining
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Nov 18, 2018
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Rapaport News
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DEF Offers Botswana Trip to Contest Winners
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The Diamond Empowerment Fund (DEF) has launched a proposalcontest aimed at millennials, promising a free trip toBotswana for the winning couple. The competition — named “Real Stories. Real Diamonds. RealImpact”. — aims to educate the public...
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Polished Markets
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Nov 04, 2018
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Rapaport News
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