News
Botswana, De Beers suitor near deal on ownership stakes – report
Botswana and a consortium leading the race to acquire De Beers are close to agreeing on their future ownership stakes, potentially clearing the way for Anglo American to exit the diamond miner, according to Bloomberg.
Today
Petra Diamonds subsidiary ordered to wind up over unpaid tax
Petra Diamonds has confirmed that a winding-up order has been made against its wholly owned indirect subsidiary, Petra Diamonds UK Treasury Limited (PDUK Treasury), following a petition by HM Revenue & Customs.
Today
LVMH’s watches & jewellery division revenue rose 8% in the first nine months of 2026
The Watches & Jewellery division of the French conglomerate LVMH, home to over 75 world-renowned luxury brands, recorded an 8% organic revenue growth during the first nine months of 2026 thanks to strong jewellery demand, despite a challenging economic...
Today
Russian companies to increase investment in PGM exploration by 17% in 2026
In 2026, Russian companies will increase their investment in the exploration of platinum group metals (PGM) by 17%, with the total reaching nearly 2 billion rubles ($23 million), the Russian Ministry of Natural Resources and Environment...
Today
Diamond jewellery sales in India set to increase 15% - 20% on sharp rise in gold prices
Indian diamond jewellery retailers anticipate a 15% - 20% increase in sales during the 2026 festive season, driven primarily by the sharp rise in gold prices which prompts consumers to consider diamond jewellery in more affordable price range...
Yesterday
Deep Sea Diamonds
31 july 2020
(idexonline.com) - "There's diamonds in them thar oceans." The original quote, "There's gold in them thar hills", heralded the 1848 Gold Rush and appears in Mark Twain's 1892 novel The American Claimant. I've taken the liberty of updating it to reflect the prospect of a new mineral dash. This time for underwater gems. We've been digging diamonds out of the ground for centuries now, but known reserves won't last forever. And there's good evidence that many millions of carats are lying under the seabed, just waiting to be sucked up and sold. Digging for marine diamonds has become a reality in the last couple of decades, thanks to enormous advances in technology.
Jilted by lockdown: Why marriage after global isolation is just what the diamond sector needs
30 july 2020
(miningmx.com) - The wedding economy is estimated to be worth $300bn annually with a host of industries, from travel and hospitality to the garment sector, hanging on to its finely-tailored coattails. Perhaps no industry is more desirous, therefore, of sweet nuptials than the jewellery sector – diamonds in particular.
The last three years have been torrid for the global diamond sector. De Beers exemplified the rut: its 2019 profit of $558m was the lowest in a decade. A sales upturn in January suggested the beginning of the long-anticipated recovery, until COVID-19 sent consumers from high street into lockdown. Unpolished or rough diamond sales to the secondary sector, the cutters and polishers who like to inspect goods in person, was stopped in its tracks. Botswana, where De Beers convenes ten sales meetings a year with selected buyers, closed its borders. Other miners ran into similar travel bans as the pandemic tore through the world. Yet the forces that brought the diamond sector to a halt in March might yet provide the seeds of its recovery.
Upgraded Everledger Platform ready to boost diamond industry recovery
29 july 2020
(everledger.io) - Tom Murphy, Everledger’s head of product, discusses the latest features of the Everledger Platform, which will support demand generation, sustainability and compliance for diamond retailers and manufacturers. The diamond industry took three body blows from the COVID-19 pandemic. Firstly, the lockdown shuttered many retailers on the high street. Diamonds are traditionally a bricks-and-mortar marketplace, so those without an established e-commerce offer were caught cold. Next, the economic downturn had an inevitable impact on sales, not least as the global $250 billion wedding industry was all but frozen due to social distancing. Finally, the cessation of airline travel has complicated supply chains and cancelled all international diamond shows – a crucial networking and sales window in the calendar. They may face additional disruption in the second half of the year, a sign that a V-shaped recovery is wishful thinking. The impact on the industry has shown some startling figures. Gemdax predicts that excess inventories at the largest diamond producers will reach $4.5 billion — or between 40 million and 50 million carats — by the end of the year. The COVID-related restrictions on the supply chain, and faltering consumer demand, will result in a drop in rough-diamond sales of 30% to 40% this year ($7 billion to $8 billion) according to Moody’s. Hope on the horizon?
Lucara agrees rough diamond supply deal with HB Group in bid to beat tender pricing
28 july 2020
(miningmx.com) - Lucara Diamond Corporation has agreed to sell about 70% of its rough diamonds from its Karowe mine in Botswana to Antwerp-based manufacturer, HB Group, in an effort to cushion the impact of poor rough diamond prices. The deal is for exclusive supply of Karowe’s high value goods in excess of 10.8 carats which comprise the majority of recoveries from the mine. HB Group, co-founded by diamantaire, Oded Mansori, was Lucara’s partner, along with Louis Vuitton, in a co-ownership of the Sewelo diamond, a significant discovery from Karowe akin in size to the mine’s totemic Lesedi la Rona diamond – one of the largest rough diamonds to have been recovered in the last 100 years.
Petra's Tough Sales Pitch
27 july 2020
(diamonds.net) - The current plight of Petra Diamonds is a frustrating example of the impact Covid-19 has had on the diamond industry, highlighting the lack of readiness for such a downturn. As an important mid-tier diamond miner, the company has annual production of around 3.5 million to 3.8 million carats, but is burdened by high debt from its efforts to extend the life of its operations and maintain a promise of long-term growth.
The pandemic has caused rough sales to plummet and some mining operations to shut down temporarily. With zero revenue coming in, Petra’s $650 million bond has left it vulnerable. It missed an interest payment that was due in May, but managed to negotiate an extension to that payment and is now deliberating its strategy moving forward. Restructuring its debt would give the company leeway to continue as previously planned, and should lenders back the move, it would probably be with more stringent credit terms in place. But the miner is also exploring the possibility of a buyout, considering offers for parts or the whole of its business.
