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Nosiphiwo Mzamo: South Africa’s State Diamond Trader to buy diamonds from other African countries

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10 february 2025

Edahn Golan: Halo effect from lab-grown diamonds driving high demand for large, 2-carat natural stones in the U.S.

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27 january 2025

Paul Zimnisky: We will see a modest recovery in natural diamond demand and prices in 2025

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13 january 2025

African Diamond Council makes traceability its top priority, wants KP to embrace Authentia.io

The African Diamond Council (ADC) has made traceability its foremost priority and has been contributing to a traceability solution called Authentia.io for the last three and a half years, which is now ready to globally satisfy the traceability...

16 december 2024

Lucapa incurs loss after tax of $17.2 million

01 march 2024

Lucapa Diamond recorded a loss after tax of $17.2 million for the year 2023, compared to $15.1 million in 2022, after recognising a non-cash impairment charge of $13.4 million in respect of Mothae’s Property Plant and Equipment.

It also attributed the loss to a $3.5 million unrealised foreign exchange loss on the intergroup loan due to the weakening of the South African rand against the United States dollar.

The loss after tax for the year attributable to members of the company amounted to $9.1 million, up from the previous year’s $10.3 million.

It said rough diamond revenue per carat sold for the full year at Mothae was $775, down from the $940 achieved for the first half of 2023.

Earnings before interest, taxes, depreciation, and amortisation EBITDA per carat sold was $90, compared with a loss of $35 in 2022.

The group’s equity-accounted share of Lulo's after-tax profit was $4.2 million, up from $7.7 million in 2022.

Lucapa recorded an attributable EBITDA of $8.3 million in 2023, compared with $10.8 million in 2022. Attributable rough diamond revenue increased from $1,335 in 2022 to $1,425 for the current period, and EBITDA was reduced from $304 to $245 per carat sold.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished