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.
Yesterday
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.
Yesterday
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...
Yesterday
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...
Yesterday
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...
14 october 2026
Mountain Province up on diamond deal
12 june 2020
(mining-journal.com) - Mountain Province Diamonds' share price has surged more than 20% after it announced a proposed US$50 million sales deal with Dunebridge Worldwide for rough diamonds from the half-owned Gahcho Kue mine in Canada's Northwest Territories. Dunebridge is controlled by Dermot Desmond, who also owns about 32% of Mountain Province. Mountain Province has 49% of Gahcho Kue in a joint venture with De Beers Canada. Diamond producers are being forced to find alternative sales routes for stores of rough stones as the world's traditional markets remain disrupted by COVID-19 restrictions. Mountain Province expects the sale of the first tranche - $22 million worth of diamonds from Gahcho Kue inventories - to close this week, providing much-needed liquidity.
A Time to Heal
11 june 2020
(diamonds.net) - The Covid-19 crisis is presenting an opportunity for the market to restart, refresh, and build on its experience of dealing with the diamond-trade slowdown of the past few years.
Here’s How to Make Jewelry Try-Ons Safer in Stores
10 june 2020
(jckonline.com) - As states open back up for business in the midst of the COVID-19 pandemic, the Centers for Disease Control and Prevention (CDC) has published various guidelines designed to make shopping safer for consumers and retail workers. Though jewelry stores aren’t addressed specifically in these guidelines, many of the recommendations apply to the jewelry-shop setting. Jewelers can also take cues from major department stores when instituting new safety measures.
Dominion Diamond Agrees to Sell Assets Back to Owner
09 june 2020
(jckonline.com) - Meet the new owner. Same as the old owner. Dominion Diamond Mines, which filed for protection from insolvency in Calgary, Alberta, Canada, court in April, has reached an agreement that would sell its assets back to its most recent owner, Washington Companies. Under the deal, Washington would pay $126 million for substantially all of Dominion’s assets—which include 90% of the Ekati diamond mine, 40% of the Diavik diamond mine (pictured), and the Lac de Gras diamond project, all of which are located in Canada’s Northwest Territories. It would also assume Dominion’s operating liabilities and provide Dominion up to $60 million in short-term debtor-in-possession financing.
The Great Diamond Glut: Miners Stuck With Gems Worth Billions
08 june 2020
(bloomberg.com) - In one of the world’s biggest diamond vaults, hidden inside a nondescript office compound on the dusty outskirts of Botswana’s capital, the precious stones just keep piling up. Owner De Beers, which mines and auctions most of its gems in the southern African nation, has barely sold any rough diamonds since February. Neither has Russian rival Alrosa PJSC. Now, as the coronavirus restrictions that froze the global industry for months begin to lift, the unsold diamonds present a dilemma: how to reduce billions of dollars’ worth of stocks without undermining the nascent recovery. The pandemic has devastated the diamond world. Jewelry stores closed their doors, India’s cutting and polishing artisans were forced to stay home and De Beers had to cancel its March sale because buyers couldn’t travel to view the merchandise. De Beers and Alrosa have moved to defend their market. The miners refused to cut prices, instead allowing buyers unprecedented freedom to renege on contracts to buy stones. They’ve also reduced production in an effort to control stock levels. Yet the diamonds keep piling up.
