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De Beers Orapa mine
Market Slump Prompts Botswana Downgrade
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...
Mining Mar 30, 2020 Rapaport News
Venetia mine
De Beers Cuts Venetia Workforce During Lockdown
De Beers will reduce its worker head count at its sole diamond mine in South Africa by around 75% in response to the country’s measures to curb the spread of the coronavirus, parent company Anglo American said Friday.The...
Mining Mar 29, 2020 Rapaport News
Petra Finsch mine
South Africa, Lesotho Mines Set for Shutdown
Petra Diamonds, Gem Diamonds, Firestone Diamonds and Lucapa Diamond Company are suspending operations at their mines in South Africa and Lesotho due to government measures to curb the spread of the coronavirus.South Africa has introduced...
Mining Mar 25, 2020 Rapaport News
De Beers Botswana
De Beers Sight Still On Despite Travel Ban
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...
Rough Markets Mar 18, 2020 Joshua Freedman
Mountain Province
Mountain Province Weighs Virus Effects
Mountain Province has delayed its year-end results by a week due to the effects of the coronavirus, the Canadian diamond miner said Monday.The company and its auditors have been unable to complete the relevant work...
Mining Mar 16, 2020 Rapaport News
Alrosa rough 150
Alrosa Relaxes Sales Terms Amid Market Crisis
Alrosa is allowing clients to defer up to 60% of their rough-diamond allocations at this month’s contract sale, claiming the concession will help buyers handle the current market difficulties.“Amid such market uncertainty, it wouldn’t be right to keep our...
Rough Markets Mar 15, 2020 Rapaport News
Alrosa diamond sorting
Alrosa to Maintain Supply Flexibility
Alrosa has pledged to remain flexible with its supply policy during the current industry downturn, as the coronavirus has left clients unsure how much rough to buy.“The virus has triggered uncertainty, and our...
Rough Markets Mar 08, 2020 Rapaport News
Jwaneng
Botswana Mining Decline Hits GDP Growth
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...
Mining Mar 04, 2020 Rapaport News
DTC Botswana
De Beers Reveals Overhaul of Sight System
De Beers plans to split sightholders into three categories and offer each group a more bespoke selection of rough diamonds as part of changes to its sales system.Manufacturers, dealers and retailers will sign specific supply contracts designed...
Rough Markets Mar 01, 2020 Joshua Freedman
De Beers rough and polished
De Beers Optimistic After 2019 Earnings Slump
De Beers gave a positive outlook for 2020 due to an improvement in the industry’s inventory situation, despite growing concerns about Chinese demand.Early data from the holiday season indicate midstream stock levels are more balanced...
Mining Feb 20, 2020 Rapaport News
Arosa IDWI
Alrosa Puts Lower-Value Mines on Hold
Alrosa has paused production at certain lower-value deposits as the diamond industry continues to face an inventory imbalance and external challenges, its CEO said.The Russian miner placed on care and maintenance select alluvial mines that...
Mining Feb 12, 2020 Joshua Freedman
AGD
Grib Diamonds Taps New Rough Source
Grib Diamonds has started buying rough in Angola, as a new company structure has enabled it to diversify beyond its one mine in Russia.The Antwerp-based company, which markets most of the Grib deposit’s diamonds, is looking to source goods...
Rough Markets Feb 09, 2020 Joshua Freedman
Alrosa Udichniy Mine
Alrosa Reveals Client List for 2020
Alrosa has named 58 companies that qualify for its long-term rough supply in 2020.The annual reshuffle saw the mining company remove Belgium-based Blue Gems and Russia’s EPL Diamond from the roster, while...
Rough Markets Feb 06, 2020 Joshua Freedman
De Beers
De Beers Sales Rise to Nine-Month High
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...
Rough Markets Jan 29, 2020 Rapaport News
De Beers rough
De Beers Plans Overhaul of Supply Policy
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...
Rough Markets Jan 23, 2020 Joshua Freedman
Sewelo diamond
Louis Vuitton Buys 1,758ct. Diamond from Lucara
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...
Rough Markets Jan 16, 2020 Rapaport News
Lucara
Lucara Tender Beats Expectations
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,...
Mining Dec 19, 2019 Rapaport News
De Beers diamonds on glass table
De Beers Rough Prices Decline 5% in 2019
A drop in rough-diamond prices and a sales shift tolower-value items weighed on De Beers’ profitability in the second half,according to executives at parent company Anglo American. The miner’s rough-price index fell around 5% year onyear for the first...
Mining Dec 16, 2019 Rapaport News
Rough and polished diamonds
Pressure on Diamond Midstream Likely to Increase
Diamond manufacturers will consolidate in the coming years to avoid being further squeezed by miners and retailers, Bain & Company predicted in its annual report on the industry.The forecast stems from the midstream becoming anincreasingly...
Polished Markets Dec 12, 2019 Joshua Freedman
Jwaneng
De Beers Lowers 2020 Production Forecast
De Beers has reduced its production outlook for next year and beyond amid uncertainty about the health of the diamondmarket.The miner now expects to recover between 32 million and 34million carats in 2020, compared to its...
Mining Dec 11, 2019 Rapaport News
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