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
Lessons from our past
03 july 2020
(theindependent.co.zw) - One thing that we all have to bear in mind is that if you do not remember the mistakes of our past, you condemn us to making the same mistakes. This is true in life, true in business and in the life of nations. History is littered with examples of this truth. In the early months after the turn of the century, a De Beers geological team found evidence of diamonds in the alluvial sands of Marange in Zimbabwe. Previously, we had found diamonds on the banks of the Limpopo and lower down the Sabi River Valley. This discovery was nothing like those. It was alluvial in character and, in 2006, when the company decided to abandon its discovery; a small group of investors in London took over the claims and within weeks found gem quality diamonds. In days they fell afoul of the Ministry of Mines, the very agency that is supposed to protect our national interests. They were driven off their legally acquired claims and their discovery handed over to the people of the district. Well and good until those who were in power at that time discovered how rich the area really was. In 2008, the army moved in and forcibly removed thousands of small-scale miners who were making a living by excavating the sands by hand and sorting out the diamonds for sale. By 2012, half a dozen companies were on site and satellite images of the area showed over 60 000 hectares of alluvial deposits under exploitation. The same images showed an air strip with a control tower and heavy equipment on site. It was clear this was no small operation.
India Extends Import Curbs as Surat Shuts Again
02 july 2020
(diamonds.net) - Indian trade bodies have recommended continued limits on rough-diamond imports in July, with a fresh weeklong shutdown of the Surat cutting sector adding to concerns about the market. The Gem & Jewellery Export Promotion Council (GJEPC) and four other organizations have called for the industry to avoid shipping rough into the country between July 10 and 31. They are giving companies a window of July 1 to 9 in which to import goods to keep factories operational, and will review the policy in the final week of the month, the groups said in a letter to members Tuesday.
Huge diamond, gold deposits in Masvingo
01 july 2020
(herald.co.zw) - Huge diamond and gold deposits have been discovered in Mwenezi and Chiredzi in a massive boost for Zimbabwe’s economy as the resources are expected to help the Government meet its target of transforming the mining sector into a US$12 billion industry by 2023. The discovery of the minerals around the Chingwizi area at Nuanetsi Ranch and northern parts of Chikombedzi, followed an aero-magnetic survey commissioned by Government through the Ministry of Mines and Mining Development last year.
Are Diamonds Still A Girl’s Best Friend? Industry Sees Major Downturn Amid Coronavirus Pandemic
30 june 2020
(en.brinkwire.com) - With few jewelry stores open, consumers sitting on the sidelines and diamond exchanges closed as a result of the coronavirus pandemic, the mined diamond industry has ground to a virtual halt amid efforts to grapple with the growing popularity of synthetic stones. Earnest Data estimates retail spending on jewelry in the U.S. was off 75% through April 1 while Dinesh Navadiya, GJEPC, estimated Indian diamond exports were off $846 million. “We’ve never had an environment where commercial activity right across the whole pipeline, let alone the whole luxury goods industry, has simply come to a halt,” David Prager, executive vice-president corporate affairs at De Beers, told Jeweller magazine. DeBeers, the world’s second largest diamond producer, estimated 2020 production will be down 20%.
Star Diamond and Rio Tinto tussle over project ownership
29 june 2020
(northernminer.com) - In spite of a legal dispute between partners Star Diamond (TSX: DIAM) and Rio Tinto (NYSE: RIO; LSE: RIO) at the Star-Orion South diamond project in north-central Saskatchewan, the project should begin to see results this year from the first significant work conducted there in years. In April, Rio Tinto began processing a bulk sample totalling 8,271 wet tonnes that was extracted from the Star kimberlite via 10 holes drilled last year. The major has built an onsite bulk sample processing plant, with mineral concentrates being shipped offsite for final diamond recovery. Star expects all or most of the sample will be processed and reported during 2020. At issue is the ownership of the project. Rio Tinto signed an agreement to earn a majority stake in Star-Orion, located 60 km east of Prince Albert, in 2017. Under the 7.5-year option agreement, Rio can earn up to 60% of the project in four phases by spending a total of $75 million. But in November, the major gave Star notice that it was exercising all four options at once and well ahead of schedule.
