Petra Diamonds reported increased sales for FY 2024, despite weak market conditions.
The UK based miner said it had saved $75m by deferring capital expansion programs and sustainably reducing its cost base.
Revenue for the year was $367m, an increase of 13 per cent on FY 2023, according to its Audited Full Year 2024 Results, published on Tuesday (24 September).
“Petra demonstrated its agility in responding to a weaker pricing environment by building greater business resilience,” said CEO Richard Duffy.
“We acknowledge the difficult market conditions through FY 2024 and believe that prices will stabilise through to the end of CY 2024 with some improvement expected in CY 2025.”
Petra sold 3.2m carats of rough during the year an increase of 36 per cent but achieved lower average prices per carat, down 17 per cent to $116, attributable to a 12.4 per cent decline in like for like prices, as well as product mix movements.
Last month Petra today Petra canceled its August/September tender to restrict supply amid ongoing weak demand.
Goods from its Cullinan and Finsch mines, in South Africa, will be sold instead at its next tender, which is expected to close in mid-October.
India’s exports of polished diamonds fell by 23.8 per cent year-on-year in August, according to the latest figures from the GJEPC (Gem and Jewellery Export Promotion Council).
Total foreign sales were $1.04bn, compared to $1.36bn last August. Exports in July were $908m, down 22.7 per cent.
Polished diamond exports have fallen every month this year, down 20 per cent in January, 28 per cent in February, 27 per cent in March, 17 per cent in April, 15 per cent in May and 26 per cent in June. All figures are for US dollars.
Gross exports of all gems and jewelry fell by 18.8 per cent during August – a slower rate of decline than diamonds – to $2.01bn.
Rough imports for the April to August period were down 22.6 per cent to $4.98bn.
Rio Tinto is offering early termination for employees at its Diavik diamond mine as part of the company’s efforts to save costs ahead of the mine’s closure in 2026, the Australian miner told jewelry news agency Rapaport.
Located in Canada’s Northwest Territories, about 200 km south of the Arctic Circle, Diavik has become an integral part of the NWT economy, employing over 1,000 people and producing an average of 6-7 million carats of gem-quality diamonds annually.
Sign Up for the Precious Metals Digest
Since entering production in 2003, the mine has outputted roughly 90 million carats of rough diamonds, making it one of the largest in Canada.
The offer of early termination to Diavik employees, says Rio Tinto, is a response to the challenges currently facing the diamond industry as the mine approaches the end of its life cycle.
“I can confirm that Diavik is looking at voluntary separation as part of our efforts to manage costs and rightsize our business given the relatively short runway to Diavik’s planned closure,” Matthew Breen, chief operating officer at Diavik, told Rapaport.
While the diamond mine is slated to close in the first quarter of 2026, Rio previously indicated that some workers will remain at the mine site until 2029 to support the closure and reclamation process.
Elsewhere in NWT, De Beers’ Gahcho Kué mine, about 280 km away from Yellowknife, is expected to follow Diavik and close around 2030.
A report earlier this year shared by research firm Impact Economics estimates that these NWT diamond mine closures could result in 1,500 jobs being lost and about 1,100 residents leaving the territory.
Africa focused miner Gem Diamonds has found yet another big precious stone at its prolific Letšeng mine in Lesotho, the third greater than 100 carat diamond mined in September.
The 212.91 carat Type II white diamond was recovered on September 19th, the company said on Monday. It is the thirteenth diamond over 100-carat unearthed this year at the operation, it noted.
Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.
The Letšeng mine, owned 70% by Gem Diamonds, is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.
The operation has a track record of producing large, exceptional white diamonds, which makes it the highest-dollar-per-carat kimberlite diamond mine in the world.
A flawless 16.92 carat vivid yellow diamond was unveiled last week at Jewellery & Gem World Hong Kong.
Mumbai based Venus Jewel says the radiant shaped natural diamond is one of the “most coveted diamonds” it has released in its 55 year history.
It was cut from a 28.78 carat rough stone. Natural vivid yellow colored diamonds are extremely rare. One out of approximately 10,000 carats mined is a natural fancy color diamond. Of those only a small percentage are fancy vivid, the highest grading for color saturation and brilliance.
“We are delighted to present the Yellow Lava, a true testament to our craftsmanship, energy and dynamism,” said Rajesh Shah, a partner in the company.
“The name Yellow Lava is derived from its evenly distributed vivid yellow color and flawless clarity.”
Since ancient times, jewelled collars, saddles and bridles have ensured that animal companions were as finely jewelled as their owners. Animal bling seems to have been particularly popular from the mid-19th century. Vogue’s 1896 article “Swagger Dogs” told its readers that “Dog jewelry forms an interesting exhibit, is marvelously fine and valuable, if absurdly extravagant”. These dogs sported jewelled collars, leg bracelets and bangles galore.
Lord Berners, the model for Nancy Mitford’s Lord Merlin in The Pursuit of Love, was well known for decorating his pet dalmatians with diamond necklaces, while the poet Elizabeth Barrett Browning made a collar for her dog Flush from a mosaic bead necklace. When Frances Work (Mrs Aurel Batonyi), the great-grandmother of Diana, Princess of Wales, visited the casino with her dog, she matched her jewels with its own diamond collar. The Daily Express of 1903 even recommended “diamond studded dog-collars with receptacles for scent” for smartly dressed dogs. According to early 20th-century newspapers, some dogs even wore bracelets around their paws and gem-set earrings. One of the gifts given to Jenny and Rosie Dolly, the fabulously glamorous cabaret dancers of the 1930s, was a pair of tortoises. These came from the besotted retail magnate Harry Selfridge, their shells set by Cartier with 4-carat blue diamonds.
The Dolly Sisters in the 1920s
The modern dog with a generous budget could choose from the famously expensive Amour Amour collars, the top-of-the-range set with 52 carats of diamonds, to elegant options from Hermès, Louis Vuitton, Tiffany and Christian Louboutin (with signature red lining). Sadly cats haven’t attracted the same attention from jewellers, although they might not have the same patience for dressing up as their dog counterparts.
The size M Loubicollar dog collar from Christian Louboutin
Animal lives are shorter than human ones and bereaved owners often wanted a record of their animal companions, often through paintings and photographs but also via memorial jewellery set with their images and sometimes even hair.
The brooch with a portrait of Nero made for Jane Carlyle
Jane Carlyle’s little dog Nero was a great comfort to her through the ups and downs of her marriage to the author Thomas Carlyle. Nero, painted as “large as a sheep” to Jane’s dismay, can be seen lying comfortably on the sofa in Robert Tait’s painting of the Carlyles at home. When Nero died in February 1860, Jane turned to the painter to help her create a memorial. Writing to Tait, she asked him to send her a photograph of the detail of Nero from the painting to make into a brooch.
Queen Victoria’s collie Gipsy, painted by Friedrich Wilhelm Keyl
Jane Carlyle wasn’t the only bereaved owner to want a lasting memory of her pet. Queen Victoria extended her appetite for sentimental jewellery to her animals. As well as a photograph album recording all the dogs in the Windsor kennels, one of her favourite dogs was immortalised in a jewel. In 1863 the Prince of Wales ordered a crystal brooch with the image of the Queen’s recently deceased collie Gipsy from the royal jewellers, Garrards. Some years later, as Edward VII, he kept strands of his favourite terrier Jack’s hair in a locket on his desk.
Amour Amour is the world’s most expensive dog collar with the price tag of $3.2 million
And although in general cats have not been lucky enough to be gifted jewels during their seven lifetimes, they have also been turned into a glittery accessory.
Mary Russell, Duchess of Bedford, was well known for her passion for Siamese cats. According to Boudoir Magazine in 1904, she wore a locket holding the portrait of Goblin, her favourite cat. Goblin’s thoughts on the matter are not recorded.
Gemfields suffered a slump in sales and prices at its latest auction of rough emeralds from its Kagem mine, in Zambia.
The UK-based company blamed conflicts, elections, and economic uncertainty in China, compounded by a diary clash with an emerald competitor, reportedly selling at low prices.
Gemfields sold only 61 per cent of the almost 4m carats on offer in a series of auctions ending 13 September in Jaipur, India, and online. At the last four sales it sold well over 90 per cent.
Total sales were $10.8m, down 67 per cent on its September 2023 sales. The average price per carat was $4.47, down by a half on the same event last year.
Gemfields says the mix and quality of lots varies, so the results of each auction are not always directly comparable.
Today’s overall result is weaker than expected,” said Adrian Banks, Gemfields’ managing director of product and sales, “exacerbated in part by a competing emerald producer scheduling their own auction to finish in early September 2024, in the middle of ours, and selling through their emeralds at what customers reported as low prices.”
He said the company was committed to acting responsibly – as it did at this auction – by withholding auction lots when fair market prices were not achieved.
Canada’s Lucara Diamond has dug up a 1,094 carat diamond from its Karowe mine in Botswana.
This is the sixth diamond weighing more than 1,000 carats to be recovered at the mine, and it comes only weeks after the recovery of a 2,492 carat diamond the second-largest diamond ever recovered.
“This remarkable stone bears striking similarities to the 692 carat diamond announced in August 2023, which was polished by HB Antwerp and yielded polished diamonds that sold for in excess of $13 million,” the company said in a press release.
“This newly recovered 1,094 carat stone will also be polished by HB Antwerp, as part of the ongoing partnership between the two companies,” Lucara said.
The Karowe mine has produced several large diamonds in recent years, including the 1,758-carat Sewelô in 2019, the 1,109 carat Lesedi La Rona in 2015, and the 813 carat Constellation, also in 2015. The mine is also credited for having yielded Botswana’s largest fancy pink diamond to date, the Boitumelo.
Botswana is the world’s largest producer of diamonds, and the trade has transformed it into a middle-income nation.
Karowe remains one of the highest margin diamond mines in the world, producing an average of 300,000 high value carats each year.
Shares of Lucara rose 8% by 11:40 a.m EDT in Toronto. The miner has a market capitalization of C$221 million ($162 million).
The American Gem Society (AGS) will present panel discussions on lab grown diamond pricing and supply, advances in lab grown identification and the art of natural diamond storytelling.
The three-hour Confluence is an online-only event, featuring three pre-recorded sessions, designed to allow the speakers to take part in a live chat Q&A.
The event is scheduled for 25 September and will be accessible to non-AGS members for a $150 fee. The sessions will remain available, on demand, until 31 December.
The Importance of Diamond Screening: Challenges, Techniques, and Resources covers the latest screening technologies and their limitations, providing guidance on using gemological instruments for verification.
Laboratory-Grown Diamonds: Pricing, Supply, and Disclosure explores the complexities of the lab grown diamond market, including pricing dynamics and the importance of transparency.
And The Incredible Story of Natural Diamonds delves into the geological history and mining processes of natural diamonds, featuring insights from experts at GIA , which is sponsoring the event.
AGS is a nonprofit trade association representing a select group of jewelers, independent appraisers, and suppliers in the jewelry industry.
Congratulations are in order for Gordon Ramsay’s daughter, Holly, and her partner Adam Peaty.
The couple announced the news of their engagement on Thursday, Sept. 12, with an Instagram post filled with romantic couple’s photos and close-ups of Holly’s unique ring.
Peaty, a 29 year old swimmer and Olympic gold medalist, worked with Pragnell on the rock, which boasts a large yellow diamond on a gold band. On his Instagram Stories, the athlete revealed the ring took 10 months to come together.
“I trusted you with my vision and you delivered,” he wrote over a picture of Holly wearing the sparkler. “It’s perfect.”
In the carousel of snapshots, Holly wore a white bikini top and baby pink manicure, which complemented the colorful gemstone.
Proud dad Gordon, 57, shared well wishes to his 24 year old on Instagram.
“Congratulations to this gorgeous girl hollyramsayy. So happy for you and adam_peaty ! Hols, watching you become the woman you are today with your kindness and your love is absolutely infectious. Adam is a very lucky man! Welcome to the family,” he wrote.
Holly and Peaty became Instagram official on July 10, 2023, and in her engagement post on Instagram, she expressed how excited she is to wed her “best friend.”
“I truly cannot put into words how I am feeling right now. I still remember how big my smile was the morning I got home from my first date with you,” she wrote.
“Thank you for letting the little girl inside of me feel loved, seen and happier than ever. I love you & I cannot wait to be your wife.”
Africa focused miner Gem Diamonds has unearthed yet another large white diamond at its prolific Letšeng mine in Lesotho.
The 126.21 carat Type II white diamond is the twelfth greater than 100 carat precious stone mined this year at the operation, the company said.
Sign Up for the Precious Metals Digest
Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.
The Letšeng mine, owned 70% by Gem Diamonds, is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.
The operation has a track record of producing large, exceptional white diamonds, which makes it the highest dollar per carat kimberlite diamond mine in the world.
Shanghai,China-Oct.7th 2022: large Tiffany Co. flagship store at Huaihai Road with many walking people
Tiffany & Co. is reportedly vacating half of its 12,000 sq ft flagship store in Shanghai as luxury sales plummet in China.
The two-floor store (pictured), at the city’s Hong Kong Plaza, opened in 2019, with a bold design featuring almost 7,000 handcrafted glass diamonds.
But LVMH, the luxury conglomerate that owns Tiffany, has been hit by the economic slowdown globally and by government restrictions in China on ostentatious consumption.
In Q2 of this year LVMH posted a 14 per cent drop in sales for Asia (excluding Japan), which includes China. Profits globally for its watch and jewelry operations fell by 19 per cent during the quarter.
Tiffany will give up half the space at its Shanghai store later this month, according to a Bloomberg news report, and the landlord is in talks with potential new tenants.
It said Tiffany had asked property development and investment Lai Fung to reduce its rent.
Russian exports of rough diamonds to India increased by well over a fifth, to 4.1m carats, during the first six months of the G7 sanctions.
Total sales were up by 22.23 per cent for January to June 2024, according to the Indian Ministry of Commerce and Industry. But revenue fell by 15.22 per cent, as prices keep declining, from $614m to $520m.
Russian exports for June alone were 347,620 carats, an increase of almost 32 per cent on the same month last year.
The G7 and EU nations imposed sanctions on all Russian diamonds of 1.0-cts and above, regardless of where they were cut and polished, from 1 January. The threshold was lowered to 0.50-cts and above from 1 September.
Rough diamonds imported from Russia to India can only be sold to markets beyond the G7 and EU.
India’s diamond industry has been calling on the government to allow direct payments to Russia so it can more easily buy sanctioned goods.
Diamond giant De Beers is fully prepared for the expanded G7 restrictions on diamond imports from Russia, which took effect on September 1st. These restrictions now include diamonds weighing 0.5 carats and above, according to Rough&Polished.
De Beers stated that its customers will continue to provide proof of the origin of the diamonds they sell, even as the sanctions now cover rough diamonds weighing 0.5 carats and above, instead of 1 carat and above, as previously stipulated.
The company added that it welcomes the G7’s measures, which stand alongside the diamond industry and diamond-producing nations, aiming to trace the origin of diamonds. “De Beers fully supports the work being carried out by the G7 to prohibit the trade in Russian diamonds, and we are committed to working with the G7, the diamond industry, and our partner governments to ensure there is an effective system put in place,” said De Beers CEO Al Cook.
Africa-focused miner Gem Diamonds has unearthed yet another massive white diamond at its prolific Letšeng mine in Lesotho, just days after another major find.
The 122.2 carat Type II white diamond was recovered over the weekend and is the eleventh greater than 100-carat precious stone mined this year at the operation, the company said.
Sign Up for the Precious Metals Digest
Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.
The Letšeng mine, owned 70% by Gem Diamonds, is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.
The operation has a track record of producing large, exceptional white diamonds, which makes it the highest-dollar-per-carat kimberlite diamond mine in the world.
The Perth Mint continues its Jewelled series of coins with a 10 ounce gold Jewelled Turtle coin with a mintage of eight coins.
And it comes with a price tag of $269,000 Australian ($182,229 U.S.).
This is the seventh release in the Jewelled series. It features a handset rare trademarked Argyle Pink Diamond and lustrous white diamonds that form the head and limbs of the three dimensional 18 karat gold turtle.
Each Jewelled Turtle coin is a Proof 10 ounce .9999 fine gold $2,500 denominated coin, with the centerpiece the 18-karat gold sea turtle surrounded by depictions of coral and dory fish.
The turtle’s head and limbs are embellished with 52 white diamonds, and two emeralds for its eyes. Additional white diamonds are set in a ribbon shaped line symbolizing the sea surface, with an Argyle Pink Diamond set at the heart of a stylized sun.
The Jewelled Series is developed each year in association with John Glajz, a Singapore based Argyle Pink Diamonds Icon Partner.
Each Jewelled Turtle coin is presented in a luxury display case adorned with 18 karat gold furnishings and inset with two Argyle Pink Diamond.
For the first time in the series, the coin bears the Dan Thorne effigy of King Charles III, as well as the P125 privy mark for the Perth Mint’s 125th anniversary.
Zimbabwe’s state-owned diamond company is forecasting a 16 per cent increase this year.
The Zimbabwe Consolidated Diamond Company (ZCDC) said it was ramping up production to 5.7m carats in 2024 and would aim to increase that figure to 10m carats next year.
Munashe Shava, ZCDC board chairman, said: “Commodity prices are depressed on the global market and we have come up with various initiatives to offset this worrisome development.
The Chronicle newspaper reported him as saying: “We have ramped up production and this year we have set a target of 5.7m carats and we see this target nearly doubling to 20m carats in the coming year.”
Zimbabwe, the world’s seventh biggest diamond producing nation, recorded an output of 4.9m carats, according to Kimberley Process data, valued at $303m. It exported 5.6m carats valued at $297m.
Earlier this year the US sanctioned Zimbabwe’s President Emmerson Mnangagwa for human rights abuses, corruption and smuggling gold and diamonds.
Mnangagwa, 81, who has held office since 2017, insists the claims against him are “defamatory” and “malicious”.
Australia-based jewelry retailer Michael Hill International reported a slight loss for FY 2024, amid “challenging” trading conditions.
Net profit after tax (NPAT) was minus AUD 479,000 (minus USD 322,000), compared to a positive AUD 35.2m (USD 22.5m) in FY 2023 and AUD 46.7m (USD 29.9m) in FY 20222.
The company has 300 stores in Australia, New Zealand and Canada, including low-price retailer Bevilles, Medley, and its new luxury business TenSevenSeven.
It reported increased revenues, up 4.2 per cent to AUD 644.9m (USD 437.4m), with Australia up 10.3 per cent, New Zealand down 11.8 per cent and Canada flat.
“While FY24 earnings were disappointing, with challenging economic conditions and inflationary pressures impacting consumers across all markets, the business continued to execute on its clearly articulated strategy, focus on retail fundamentals and drive topline sales,” said CEO Daniel Bracken, CEO and managing director.
He said it had been “a challenging and busy year”. The company noted in its FY 2024 Full Year Results that third-party data indicated it had continued to outperform the broader jewelry market.
Botswana’s state-owned diamond marketing company will increase its borrowing to fund additional rough purchases.
Finance Minister Peggy Serame said last Thursday (29 August) that the government had arranged a $300m credit facility, with the Standard Chartered Bank for the Okavango Diamond Company (ODC).
It hopes to capitalize on a long-awaited recovery the global diamond market.
At the moment ODC’s limited cash reserves mean it can only buy $70m of its allocation of diamonds produced by Debswana, the 50/50 joint venture between De Beers and the Botswana government.
ODC holds 10 auctions a year to sell its 25% allocation from Debswana. That share is set to double to 50 per cent over the next decade, as part of a deal agreed last year between Botswana and De Beers.
Last October ODC halted its rough sales amid weak demand.
