IDEX Price Report for 1 May: Prices Show Signs of Stabilizing

A diamond held by dop is polished on rotating automatic cast iron lap

Prices showed signs of stabilizing during April, with an even mix of increases and decreases in many sizes, especially fancy cuts. Overall there were more clusters of price rises than we have seen of late.

It’s too early to positively identify a clear upward trend, but the “end of the lab grown boom” is arguably having an impact. Lab grown prices are now so low – in some case just 10 per cent of natural – that many jewelers are opting not to stock them in inventory and are only buying them on consignment.

In addition the G7 sanctions, in place since 1 March, are now starting to bite, and to slowly push up prices.

They have effectively restored the De Beers monopoly, although its rough production is down by almost a quarter so far this year (as is Rio Tinto’s) and rough sales remain sluggish (down 18 per cent on last year). Meanwhile polished exports from India fell by 27 per cent during March to $1.2bn

Highlighted changes

Rounds

1.00-1.24 ct. D-F / VVS2-VS1 +4-5%, F-I / IF-VVS1 -1-7%

2.00-2.99 ct. D-G / VVS2-VS2 +2.5-5%, G-N / IF-VVS1 -2-5%

4.00-4.99 ct. E-I / VS1-2 +1-4%, K-M / VS2-SI1 -1-2%

Fancy Cuts

1.25-1.49 ct. D-I / VVS1-SI1 -1-6.5%

1.50-1.99 ct. D-E / VVS1-VS2 +1-5%, I-J / IF-VS2 -4.5-5.5%

2.00-2.99 ct. D-H / VVS2-VS2 +2.5-3%, H-N / IF-VVS1 -2-5%

Source: DCLA

Solid Performance as Lucapa Sells $102m Rough in 2023

Lucapa reported a slight increase in total rough sales for FY2023 in what it described as a solid performance.

The Australian miner announced revenues of $102.2m, up by 1 per cent on the previous year.

Q4 earnings from its two mines – Lulo in Angola and Mothae in Lesotho – slipped by 1 per cent to $40.8m.

During the year Lucapa sold 11 diamonds from Lulo that fetched a total of $32.7m at two Q4 tenders in Q4. It also recovered two Type IIa diamonds from Lulo, a 208-ct and a 235-ct, the second largest recovery since commercial operations started in 2015.

“Both mines delivered a solid performance against processing and production targets in Q4 and we are pleased with the full year results which saw group guidance achieved,” said managing director Nick Selby.

Mothae performed well despite experiencing a lower dollar per carat average in Q4, which impacted its overall diamond price for the year. Lulo had a good run which saw its high-value recoveries attract firm prices at tender.”

Lulo recovered fewer carats than forecast (30,585) but achieved an average $2,700 per carat, well up on the forecast of $2,300. Mothae recovered more carats that forecast but saw average price per carat down from guidance of $1,000 to an actual $775.

Lucapa said in its ASX announcement that the overall diamond price index began to trend upwards towards the end of 2023, because of India’s two-month moratorium and EU sanctions on Russian goods.
“Tightening economic conditions imposed by central banks and a surge in inflation continues to impact discretionary spending on items such as diamond jewellery,” it said.

“However according to media reports at the end of 2023, there are signs the US market is recovering, however the Chinese market remains slow.”

Lucapa holds a 40 per cent stake in Lulo. The remainder is owned by Angola’s national diamond company Endiama (32 per cent) and by private Angolan company Rosas & Petalas (28 per cent). Lucapa holds a 70 per cent stake in Mothae. The government of Lesotho holds the remaining 30 per cent.

Source: DCLA

Angola considers dual listing for diamond mining firm Endiama

          

                        Angola diamond mining

Angola is aiming for a dual listing for state-owned diamond miner Endiama, reported Reuters citing Angola Mines Minister.

The country initially plans an initial public offering for a stake between 5% and 10% in the company on the Angolan stock exchange, following which it will seek a secondary foreign listing.

This move forms part of the OPEC member country’s efforts to reform and privatise the economy, including a partial listing of national oil company Sonangol.

Russian diamond mining company Alrosa has a joint venture with Endiama in Angola.

Following Russia’s invasion of Ukraine last year, sanctions were imposed by Western nations on several companies, including Alrosa, subsequently impacting Endiama’s operations.

Angola Minister of Mineral Resources, Oil and Gas Diamantino Azevedo told the news agency on the sidelines of a mining conference in Cape Town: “Sanctions are there and there is some impact.”

Azevedo said the government is considering measures required to avoid impacts on diamond production.

The minister noted that the government, however, could go ahead with an initial public offering for Endiama following its restructuring.

Azevedo said: “Our goal is (to list) till 30% but will start maybe with five or 10%.”

According to Endiama’s document at the mining conference, the firm’s production was about 8.75 million carats for 2022.

Between 2022 and 2027, Endiama intends to more than double its diamond production to 17.5 million carats.

In September 2022, Bloomberg News reported that Angola was looking to sell its 30% stake in Sonangol within the next five years.

SOurce: mining-technology

Lucapa Unearths 170ct. Pink from Lulo

 Lucapa Unearths 170ct. Pink from Lulo

Lucapa Diamond Company has recovered one of the largest pink diamonds in history: a 170-carat stone from the Lulo mine in Angola.

The type IIa rough, named the Lulo Rose, is “believed to be the largest pink diamond recovered in the last 300 years,” Lucapa said Wednesday. It is also the fifth-largest diamond from Lulo, and the deposit’s 27th over 100 carats since commercial production began in 2015. Lucapa plans to sell the diamond through an international tender conducted by Angolan state diamond-marketing company Sodiam, it noted.

“The record-breaking Lulo diamond field has again delivered a precious and large gemstone, this time an extremely rare and beautiful pink diamond,” said José Manuel Ganga Júnior, chairman of the board of state-owned Endiama, one of Lucapa’s partners in the deposit. “It is a significant day for the Angolan diamond industry.”

In addition to the pink, Lulo is also the source of Angola’s largest diamond, a 404-carat rough named the 4th February Stone.

Lucapa has begun bulk sampling at “priority kimberlites” as it searches for the primary source of Lulo’s diamonds, managing director Stephen Wetherall added.

Source: DCLA

Two diamonds weigh over 100 carats each found in eastern Angola’s mine

 

Dundo, Angola. Two diamonds, one 131-carat and the other 133-carat, were found in Angola’s Lulo mine in eastern Lunda Norte province, national diamond company Endiama announced here Friday.

The white colored gems were found in block 46 and 21 with more than 100 carats discovered in that mine, according to a note from Endiama.

Since the beginning of its exploration in 2010, the Lulo mine is known for its rare and high quality diamonds.

The mine’s blocks 6 and 8 are responsible for the production of 13 of the 15 stones with over 100 carats from Lulo mine, including the largest diamond ever found in Angola in 2016, with 404.2 carats.

The Lulo project, with a concession area of 3,000 square km, is operated within the scope of a partnership in which Endiama holds 32 percent, Lucapa Diamond Company Limited 40 percent, and the operator Rosas & Petalas 28 percent.

Source: DCLA

Two diamonds weigh over 100 carats each found in eastern Angola’s mine

 

Dundo, Angola. Two diamonds, one 131-carat and the other 133-carat, were found in Angola’s Lulo mine in eastern Lunda Norte province, national diamond company Endiama announced here Friday.

The white colored gems were found in block 46 and 21 with more than 100 carats discovered in that mine, according to a note from Endiama.

Since the beginning of its exploration in 2010, the Lulo mine is known for its rare and high quality diamonds.

The mine’s blocks 6 and 8 are responsible for the production of 13 of the 15 stones with over 100 carats from Lulo mine, including the largest diamond ever found in Angola in 2016, with 404.2 carats.

The Lulo project, with a concession area of 3,000 square km, is operated within the scope of a partnership in which Endiama holds 32 percent, Lucapa Diamond Company Limited 40 percent, and the operator Rosas & Petalas 28 percent.

Source: DCLA

Lucapa Diamond Company sells Angola diamonds for $9M

 

Lucapa Diamond Company has pocketed a neat $9 million from the latest diamond sales from its Lulo alluvial mine in Angola.

The diamonds were sold through Lucapa’s partners, Empresa Nacional de Diamantes and Rosas & Petalas, for an average US$1550 per carat.

With 4269 carats sold, this brings the total proceeds from the sale to US$6.6 million.

Importantly, this sale price is higher than the year-to-date average of US$1371 per carat.

So far, Lucapa has sold just under 20,400 diamond carats over the 2020 calendar year for US$28 million.

Angola and Lesotho diamond exploration
Lucapa produces diamonds from both the Lulo mine in Angola and the Mothae kimberlite mine in Lesotho a small kingdom completely landlocked by South Africa.

The company faced some turmoil earlier this year when COVID-19 restrictions in Angola and South Africa dealt a blow to Lucapa’s operations.

Nevertheless, operations were back up and running at both mines soon after the end of the September quarter.

So far, Lucapa’s Lulo mine has produced 15 100 carat plus diamonds making it one of the highest dollar-per-carat alluvial diamond producers in the world.

At Mothae, Lucapa has produced over 30,000 carats of diamonds in just one year of production, with three diamonds at over 100 carats each.

Source: DCLA

Lucapa Diamond Company sells Angola diamonds for $9M

 

Lucapa Diamond Company has pocketed a neat $9 million from the latest diamond sales from its Lulo alluvial mine in Angola.

The diamonds were sold through Lucapa’s partners, Empresa Nacional de Diamantes and Rosas & Petalas, for an average US$1550 per carat.

With 4269 carats sold, this brings the total proceeds from the sale to US$6.6 million.

Importantly, this sale price is higher than the year-to-date average of US$1371 per carat.

So far, Lucapa has sold just under 20,400 diamond carats over the 2020 calendar year for US$28 million.

Angola and Lesotho diamond exploration
Lucapa produces diamonds from both the Lulo mine in Angola and the Mothae kimberlite mine in Lesotho a small kingdom completely landlocked by South Africa.

The company faced some turmoil earlier this year when COVID-19 restrictions in Angola and South Africa dealt a blow to Lucapa’s operations.

Nevertheless, operations were back up and running at both mines soon after the end of the September quarter.

So far, Lucapa’s Lulo mine has produced 15 100 carat plus diamonds making it one of the highest dollar-per-carat alluvial diamond producers in the world.

At Mothae, Lucapa has produced over 30,000 carats of diamonds in just one year of production, with three diamonds at over 100 carats each.

Source: DCLA

Population denounces illegal extraction of diamonds in Angola

Luanda, Mar 4 (Prensa Latina) Popular claims in southern Angola warned of the illegal extraction of diamonds and other natural resources in localities of Cuando Cubango, local press reported on Wednesday.
According to the Jornal de Angola daily, the warnings came from the municipality of Mavinga, where the population observed a group of foreigners in clandestine mining activities.

Cited by the newspaper, the province’s governor Julio Bessa said he knew the claims of the population and promised that personnel from the Ministries of Mineral and Petroleum Resources, and Interior will carry out the relevant investigations to adopt measures.

From the Caiundo commune, 135 kilometers from the city of Menongue, reports also arrived on the extraction of various mineral resources, including mercury, confirmed the governor, who assured he was not in doubts about the complaints’ veracity.

As he acknowledged, another similar concern is the uncontrolled exploitation of forest resources in the province, rich in biodiversity, wood, diamonds, copper, gold, bronze, quartz and iron.

The aforementioned irregularities are a concern of the national authorities, which launched Operation Transparency in September 2018, focused primarily on preventing and punishing crimes related to diamond trafficking and immigration.

As a result of the plan, in September 2019 the executive reported on the seizure of about 35,000 carats in one year.

Source: DCLA

Population denounces illegal extraction of diamonds in Angola

Luanda, Mar 4 (Prensa Latina) Popular claims in southern Angola warned of the illegal extraction of diamonds and other natural resources in localities of Cuando Cubango, local press reported on Wednesday.
According to the Jornal de Angola daily, the warnings came from the municipality of Mavinga, where the population observed a group of foreigners in clandestine mining activities.

Cited by the newspaper, the province’s governor Julio Bessa said he knew the claims of the population and promised that personnel from the Ministries of Mineral and Petroleum Resources, and Interior will carry out the relevant investigations to adopt measures.

From the Caiundo commune, 135 kilometers from the city of Menongue, reports also arrived on the extraction of various mineral resources, including mercury, confirmed the governor, who assured he was not in doubts about the complaints’ veracity.

As he acknowledged, another similar concern is the uncontrolled exploitation of forest resources in the province, rich in biodiversity, wood, diamonds, copper, gold, bronze, quartz and iron.

The aforementioned irregularities are a concern of the national authorities, which launched Operation Transparency in September 2018, focused primarily on preventing and punishing crimes related to diamond trafficking and immigration.

As a result of the plan, in September 2019 the executive reported on the seizure of about 35,000 carats in one year.

Source: DCLA

Angola’s Rough-Diamond Revenue Rises in 2019

Revenue from Angola’s national diamond-trading company, Sodiam, rose 6% in 2019 as the company sold a higher volume of rough goods.

Proceeds for the year came to $1.3 billion from the sale of 9 million carats of rough diamonds, compared with 8.4 million carats in 2018, the government said in a Facebook post last week.  That offset a 10% drop in the average price to $137 per carat for the year. 

The increase came despite weakness in the rough-diamond market in 2019, with many miners, including De Beers and Alrosa, reporting a decrease in sales.

Angola implemented a new, more competitive diamond-trading policy that allows miners to offer 60% of their production to clients of their choice rather than selling through the state trading company.

In the fourth quarter, Sodiam sold 3 million carats of rough for $409 million, at an average price of $136 per carat.

Source: DCLA

Angola’s Rough-Diamond Revenue Rises in 2019

Revenue from Angola’s national diamond-trading company, Sodiam, rose 6% in 2019 as the company sold a higher volume of rough goods.

Proceeds for the year came to $1.3 billion from the sale of 9 million carats of rough diamonds, compared with 8.4 million carats in 2018, the government said in a Facebook post last week.  That offset a 10% drop in the average price to $137 per carat for the year. 

The increase came despite weakness in the rough-diamond market in 2019, with many miners, including De Beers and Alrosa, reporting a decrease in sales.

Angola implemented a new, more competitive diamond-trading policy that allows miners to offer 60% of their production to clients of their choice rather than selling through the state trading company.

In the fourth quarter, Sodiam sold 3 million carats of rough for $409 million, at an average price of $136 per carat.

Source: DCLA

Lucapa to Sell Large Stones

Lucapa Diamond Company will sell six large stones weighing a total of 449 carats from its Lulo mine in Angola after an overhaul of the nation’s mining laws prompted it to delay the sale, it said.

The Angolan government introduced reforms to its diamond sector in the first half of the year to help boost foreign investment. Those measures included a new marketing policy for Angolan diamonds, and the option of offering goods for sale in locations such as Antwerp.

Anticipating the changes, Lucapa has been holding back a selection of large stones from previous sales, and will now sell them under the new policy, it explained Friday. These include six type IIa white diamonds weighing 114 carats, 85 carats, 75 carats, 70 carats, 62 carats and 43 carats, as well as a 46-carat pink diamond.

“The discussions with our Angolan partners regarding the policy changes taking place in the Angolan diamond sector have reached a stage where we are now able to plan for the sale of these large, premium-value Lulo diamonds held over from previous sales,” Lucapa managing director Stephen Wetherall said. “We look forward to marketing these exceptional diamonds as soon as the necessary arrangements are put in place to continue showcasing Angolan diamonds to the world.”

The decision to delay the tender for those stones had a negative impact on Lucapa’s first-half results, the company added. Its losses grew to $4.6 million for the period, versus a loss of $1.2 million a year earlier.
Even so, Lucapa’s sales rose 3% year on year to $15.9 million in the first half, while production for the same period climbed 15% to 9,566 carats. The average price of rough diamonds from Lulo rose 1% to $1,642 per carat. Rough-diamond inventory from the asset grew 61% year on year to 2,755 carats as of June 30, the miner reported.

Lucapa’s most recent sale of 2,531 carats of rough from Lulo fetched $2.5 million, achieving an average price of $985 per carat, the company noted.

Image: 46-carat pink Lulo diamond. Credit: Lucapa.

Source: DCLA

Lucapa to Sell Large Stones

Lucapa Diamond Company will sell six large stones weighing a total of 449 carats from its Lulo mine in Angola after an overhaul of the nation’s mining laws prompted it to delay the sale, it said.

The Angolan government introduced reforms to its diamond sector in the first half of the year to help boost foreign investment. Those measures included a new marketing policy for Angolan diamonds, and the option of offering goods for sale in locations such as Antwerp.

Anticipating the changes, Lucapa has been holding back a selection of large stones from previous sales, and will now sell them under the new policy, it explained Friday. These include six type IIa white diamonds weighing 114 carats, 85 carats, 75 carats, 70 carats, 62 carats and 43 carats, as well as a 46-carat pink diamond.

“The discussions with our Angolan partners regarding the policy changes taking place in the Angolan diamond sector have reached a stage where we are now able to plan for the sale of these large, premium-value Lulo diamonds held over from previous sales,” Lucapa managing director Stephen Wetherall said. “We look forward to marketing these exceptional diamonds as soon as the necessary arrangements are put in place to continue showcasing Angolan diamonds to the world.”

The decision to delay the tender for those stones had a negative impact on Lucapa’s first-half results, the company added. Its losses grew to $4.6 million for the period, versus a loss of $1.2 million a year earlier.
Even so, Lucapa’s sales rose 3% year on year to $15.9 million in the first half, while production for the same period climbed 15% to 9,566 carats. The average price of rough diamonds from Lulo rose 1% to $1,642 per carat. Rough-diamond inventory from the asset grew 61% year on year to 2,755 carats as of June 30, the miner reported.

Lucapa’s most recent sale of 2,531 carats of rough from Lulo fetched $2.5 million, achieving an average price of $985 per carat, the company noted.

Image: 46-carat pink Lulo diamond. Credit: Lucapa.

Source: DCLA

Lucapa gets another $2 million from Lulo diamonds sale

Lucapa Diamonds said it had made USD $2 million after selling rough diamonds recovered at its prolific Lulo mine in Angola.

Sale has taken gross sales proceeds from the Angola based mine so far this year to $15.9 million.

Empresa Nacional de Diamantes and Rosas & Petalas, Lucapa all partners in th emine have sold 1,782 carats at an average price of $1,150 per carat.

The mine is  located 150km from Alrosa’s Catoca mine the world’s fourth largest diamond mine, hosts type 2a diamonds which account for less than 1% of global supply.

Angola is now the world’s forth largest diamond producer by value and sixth by volume.

Source:DCLA

Lucapa gets another $2 million from Lulo diamonds sale

Lucapa Diamonds said it had made USD $2 million after selling rough diamonds recovered at its prolific Lulo mine in Angola.

Sale has taken gross sales proceeds from the Angola based mine so far this year to $15.9 million.

Empresa Nacional de Diamantes and Rosas & Petalas, Lucapa all partners in th emine have sold 1,782 carats at an average price of $1,150 per carat.

The mine is  located 150km from Alrosa’s Catoca mine the world’s fourth largest diamond mine, hosts type 2a diamonds which account for less than 1% of global supply.

Angola is now the world’s forth largest diamond producer by value and sixth by volume.

Source:DCLA