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
Gemfields’ bold re-invention put on hold as subsistence replaces indulgence
19 may 2020
(miningmx.com) - (miningmx.com) – It’s not often retail investors speak out at the presentations of companies in which they’re shareholders. But that’s what happened earlier this month to Gemfields, the Johannesburg- and London-listed coloured gemstone mining and marketing firm. “You look after us and we’ll look after the share price,” an investor instructed management during question time after having absorbed the disappointing news that Gemfields’ 2019 financial year would not conclude with a dividend. Gemfields is very far from paying another dividend. In fact, the watchword for the firm’s 2020 financial year is ‘survival’ going by the comments of Sean Gilbertson, its CEO.
'Revenge spending' and supply reduction could save diamond industry: analysts
18 may 2020
(cbc.ca) - The last thing the global diamond market needed as prices finally began to rebound in January after a dismal few years was a global health pandemic. Health and travel restrictions have forced a number of the world's largest diamond mines to slow production. The Ekati mine in the Northwest Territories suspended operations on March 19, becoming the world's largest producing diamond mine to close because of the pandemic. As the world braces for what some predict will be a global recession, discretionary spending could drive the demand for diamonds down even further, and bring the North's resource-dependent economy with it. But diamond analyst Paul Zimnisky says he has hope the industry will rebound by the end of the year.
Ernie Blom Wins First Round of WFDB Court Fight
15 may 2020
(idexonline.com) - Ernie Blom has won the first stage of a legal battle against the World Federation of Diamond Bourses (WFDB), from which he stepped down as president last month. A court has threatened the WFDB with a $27m fine if it complies with a request to suspend him as a bourse member. Mr Blom challenged the right of the WFDB to have him banned from one of its member bourses, the Dubai Diamond Exchange (DDE). A commercial court in Antwerp has now made an interim ruling that prohibits the WFDB from having him suspended or excluded from the DDE, pending a further hearing.
Luxury M&A activity could pick up post-crisis
15 may 2020
(voguebusiness.com) - Key takeaways: 1) The luxury sector is no longer perceived as a safe bet, as markets increasingly acknowledge its reliance on the economic cycle. 2) Acquisition opportunities for the better-capitalised groups are expected after the crisis, when the dust settles. 3) Adjacent luxury categories, like experiential luxury, should pick up steam, assuming that people can travel again.
De Beers hoovers up its best diamonds from the African seabed
14 may 2020
(iol.co.za) - Anglo American Plc will mine significantly fewer diamonds this year than it previously planned to, as the biggest supplier of the gems contends with a complete shutdown of the global supply chain. The coronavirus pandemic has crippled the diamond trade. India’s cutting industry, which handles almost all of the world’s stones, has come to a halt. At the same time, diamond purchases in the key U.S. market have tumbled as retailers closed stores. Botswana, where Anglo’s De Beers unit sells its stones, has also blocked travelers from the key diamond-buying centers. The outbreak has come at a terrible time for an industry already reeling from a disastrous 2019. Profits collapsed last year after a glut of rough and polished stones destroyed margins for the industry’s crucial middlemen who cut, polish and trade them. De Beers cut its production forecast by 7 million carats for this year, to between 25 million and 27 million carats.
