Botswana, De Beers sign overdue diamond deal

Botswana’s government signed on Tuesday a long-delayed diamond mining and sales agreement with Anglo American unit De Beers, the world’s leading diamond producer by value.

As part of the deal, Botswana’s share of the diamonds produced by Debswana, a 50-50 joint venture between the country’s government and De Beers, will increase from 25% to 50%. Botswana will receive 10 billion pula ($712 million) in development funding, in line with a provisional 10-year arrangement reached in 2023.

The agreement, in negotiations since 2018, also extends the mining licenses for Debswana until 2054. Previously, the licenses were set to expire in 2029.

The signing of the contract had stalled under former President Mokgweetsi Masisi but was prioritized by President Duma Boko, who took office last October.

Botswana, the world’s largest producer of rough diamonds by value, depends on the sector for the bulk of its national revenue. President Boko, however, has voiced concerns that the industry is not generating enough employment opportunities.

While Debswana’s diamond production accounts for 80% of Botswana’s exports, the country has struggled to diversify beyond mining. Despite a relatively high annual per capita income of $7,820 — exceeding that of oil-rich Gabon and South Africa, the continent’s biggest economy—job creation remains limited.

The deal comes at a crucial time for De Beers, as its parent company, Anglo American, considers spinning out the diamond business through a sale or initial public offering. Analysts warn that weak global diamond prices could complicate such a move.

Botswana remains integral to De Beers’ operations, supplying 70% of its annual rough diamonds. The government also holds a 15% stake in De Beers, underscoring the long-standing strategic partnership between the two parties.

Source: Mining.com

Anglo American writes down value of diamond firm De Beers by $2.9bn

The world’s biggest diamond miner, De Beers, cost its parent company almost $3bn last year as the growth in lab-grown stones continues to take the shine off the industry.

Anglo American was forced to write down the value of the renowned gem producer for a second consecutive year as its chief executive admitted the diamond markets had proved “really, really difficult for the company”.

Duncan Wanblad, the chief executive of Anglo American, added that its plan to shrug off De Beers as part of a radical strategy to dismantle parts of the 108-year-old group – which coined the slogan “a diamond is forever” in 1947 – may be delayed.

He added that the FTSE 100 company did not expect “much traction or progress” on its plans to spin off De Beers in the first half of the year, which could be via a trade sale or a listing via an IPO or demerger, but it might “pick up” towards the end of the year.

Diamond prices have slumped over the past decade because of the rising popularity of cheaper, lab-grown versions and a slowdown in consumer spending in China.

In response, Anglo has taken impairments of $2.9bn on De Beers last year, after a $1.6bn writedown of the company in its annual results last year. This drove Anglo to a $3.1bn net loss in 2024, from a $283m profit the previous year.

The latest writedown of De Beers, which once controlled 90% of the world’s diamond market, means the company is now valued at $4bn.

Anglo laid bare the ongoing losses at De Beers after setting out a plan last year to sell the diamond business as part of a historic corporate overhaul to defend the company against a £34bn takeover plot by the Australian miner BHP.

Anglo hopes to guard the company against further unsolicited advances from BHP, which attempted to force the board to offload two Johannesburg-listed subsidiaries, the platinum miner Amplats and the iron ore miner Kumba, in order to complete a takeover.

Wanblad said the company had received unsolicited interest in the diamond business but a formal process had not started. At least part of the company is expected to be purchased by the government of Botswana, which hosts many of the company’s diamond mines.

Source: Theguardiam

Botswana Forecasts 2025 Diamond Recovery

Botswana’s government is forecasting a recovery in the diamond market later this year, and a consequent expansion of the country’s economy.

It shrank by 3.1 per cent in 2024, but according to vice president and finance minister Ndaba Gaolathe it is now expected to grow 3.3 per cent in 2025.

“This growth outlook is premised on recovery of the diamond industry, which is expected in the latter part of 2025, and continued positive sentiment in the non-diamond mining sectors,” he said yesterday (10 February) in his budget speech for 2025/26.

Diamonds account for around 80 per cent of Botswana’s export earnings and a third of total budget revenues.

De Beers and the Botswana government have finally reached agreement on the long-term mining and rough sales deals.

But their joint venture Debswana reported sales for the first three quarters of 2024 were down by 52 per cent.

In December, Gaolathe warned that Botswana’s economy could contract by 1.7 per cent during 2024 as a direct result of the diamond.
Slump.

But he predicted better times ahead, with an expected rebound in the diamond market driving overall growth in 2025.

Video grab shows finance minister Ndaba Gaolathe delivering his 2025/26 budget.

Source: DCLA

Anglo American to review De Beers value amid weak diamond demand

Anglo American expects its De Beers diamond business to record an impairment amid declining diamond sales.

The London-listed miner announced Thursday that it will review De Beers’ value as it looks to exit the business, citing persistently weak diamond demand. Last year, Anglo reduced De Beers’ book value by $1.6 billion to $7.6 billion.

De Beers rough diamond production decreased by 26% to 5.8 million carats in 2024, compared to the previous year. The 2025 production guidance has been revised to 20–23 million carats, down from the previous estimate of 30–33 million carats. Anglo anticipates a marginal loss for the diamond business in 2024.

The mining giant put the world’s largest diamond producer up for sale last year as part of its portfolio simplification following a tentative takeover bid from BHP (ASX: BHP).

Anglo chief executive officer Duncan Wanblad stated earlier this week that the company plans to exit De Beers by the end of the year.

In November, Anglo announced agreements to sell its steelmaking coal business for up to $4.9 billion, with the Peabody transaction expected to close by the third quarter of 2025.

Additionally, the company completed a second bookbuild offering of Anglo American Platinum shares.

2024 production
On Thursday, the company reported that all of its businesses met their full-year production guidance.

It produced 773 kt of copper in 2024, aligning with its 730-790 kt guidance range, with the Quellaveco mine in Peru achieving its strongest quarter of the year in Q4.

“Our forward production guidance is unchanged in copper with growth in 2026 driven by higher grades in Chile, with this production level then maintained in 2027,” said Wanblad.

“We continue to set up the copper business for growth in subsequent years with the resumption of the smaller plant at Los Bronces and through debottlenecking at Collahuasi,” he said.

Anglo’s Minas-Rio iron ore operation in Brazil set a record, producing 25 million tonnes for the year, contributing to the company’s total iron ore production of 60.8 million tonnes in 2024.

“The key focus for the market has been on copper and production came ahead of expectations, with a strong result from Los Bronces, and guidance for FY25 remains unchanged,” RBC Capital Markets analysts commented in a note.

“However, not much good news beyond that with weak realised pricing in both iron ore and copper.”

Anglo American shares rose more than 5% in London trading following the results. The company has a market cap of £32.9 billion ($40.9 billion).

Source: DCLA

De Beers seals sales and mining contract with Botswana

De Beers, the world’s leading diamond producer by value, has concluded negotiations with the Botswana government on a new sales agreement and the extension of mining licenses for their joint venture, Debswana, until 2054.

The finalized agreement, the Anglo American unit said on Monday, follows discussions aimed at setting a new framework for the sale of rough diamond production from Debswana, a 50:50 partnership between De Beers and Botswana. The deal also secures the renewal of Debswana’s mining licenses, which were previously set to expire in 2029.

“Until the execution of these new agreements, the terms of the existing agreements will continue to remain in effect,” the diamond producer said.

Currently, 75% of Debswana’s diamond output is sold to De Beers. In 2023, the two parties reached a provisional 10-year agreement under which Botswana’s share of production was set to gradually increase to 50%.

The accord also established that Botswana’s state-owned diamond trading company was expected to receive 30% of Debswana’s production.

The government would also secure 10 billion pula ($712 million) in development funding as part of the deal. However, the deal stalled under the leadership of former President Mokgweetsi Masisi.

In January, newly elected President Duma Boko announced that his administration had reached an agreement with De Beers. Botswana, the world’s largest producer of rough diamonds by value, depends on the industry for the majority of its national revenue.

This new agreement comes at a pivotal time for De Beers as parent company Anglo American plans to spin off the diamond business through either a sale or an initial public offering. Analysts have noted that current depressed diamond prices may complicate efforts to finalize such a transaction.

Botswana remains a cornerstone of De Beers’ operations, accounting for 70% of its annual rough diamond supply. The government also holds a 15% stake in De Beers, underscoring the importance of the long-standing partnership between the two parties.

Source: DCLA

Botswana’s leader says diamond deal reached with De Beers

Botswana’s president Duma Boko, who swept to power in October elections, said his government has reached a diamond extraction and sales agreement with De Beers that will bring certainty to the gem-dependent economy.

Terms were finalized by midnight on Jan. 24 and will be announced soon, Boko said in an interview on Tuesday. The southern African nation is the world’s biggest producer of rough diamonds by value and the industry generates the bulk of its income. Most of Botswana’s gems are mined by Debswana, a venture between Anglo American Plc’s De Beers unit and the government.

“The issue with De Beers has been settled,” Boko said in Dar es Salaam, Tanzania, where he is attending an energy conference. He indicated last week at the World Economic Forum in Davos, Switzerland, that an agreement was imminent, and said he had followed through on his commitment to conclude it.

During his election campaign, Boko was critical of his predecessor Mokgweetsi Masisi’s handling of talks with De Beers to renew the more than half century alliance between Botswana and the world’s largest diamond firm. Masisi had caused De Beers to consider walking away from the deal, Boko said, and he sought to reopen talks.

Boko’s Umbrella for Democratic Change coalition unseated Masisi’s Botswana Democratic Party, which had led the country since independence from the UK in 1966.

The new agreement had not resulted in “any major changes, just a little tweaking of things here and there,” he said.

Under the provisional terms of a 10-year accord announced by Botswana’s previous administration in July, the state-owned diamond trader was to get 30% of Debswana’s output, while the government would secure 10 billion pula ($720 million) in development funding.

De Beers didn’t immediately respond to a request for comment.

An arid, underdeveloped nation at independence, Botswana has leveraged the discovery of diamonds in 1967 to build itself into the richest country per capita on Africa’s mainland, according to the World Bank.

Lab threat
Still, a prolonged slump in the global diamond market and a challenge from lab-grown gems has hurt its economy. Boko said the agreement will restore certainty and economic growth will follow.

The country will focus on promoting its gems as natural and charging a premium for their provenance, marking them to show they have been mined in the country and their sale promotes development, he said. Diamond revenues in some other parts of Africa have been used to finance conflict.

“We appreciate the threat posed by lab-grown diamonds. I don’t want to give them the privilege of calling them diamonds. Diamonds are natural,” he said. “We will then market our diamonds in terms of their provenance and of the story behind the diamond.”

Source: mining.com

Botswana and De Beers “on Brink of Deal”

Botswana and De Beers are reportedly on the brink of signing a critical and long-awaited sales agreement that was due for renewal back in June 2023.

Botswana’s new President Duma Boko told reporters last Thursday (23 January) he was hoping it would happen as early as Friday, although as of Sunday (26 January) there was still no confirmation.

Boko, speaking at the World Economic Forum’s annual meeting in Davos, Switzerland, said there was just some “tidying up” left, according to a Reuters report.

The deal, which would see Botswana’s share of diamonds from the Debswana joint venture increase from 25 per cent to 50 per cent over the next decade, was agreed in principle by Boko’s predecessor Mokgweetsi Masisi after he repeatedly threatened to walk away from it.

But the actual deal, with all the small print, was never signed. The deal also extends mining licenses until 2054 and commits De Beers to invest up to $825m over 10 years to help develop Botswana’s economy.

Source: Idex

De Beers sitting on largest diamond inventory since 2008, FT reports

De Beers has reportedly built up its largest stockpile of diamonds since the 2008 financial crisis, with an inventory valued now at roughly $2 billion, according the Financial Times.

“It’s been a bad year for rough diamond sales,” De Beers chief executive Al Cook told the FT, though he did not provide additional details on its inventory.

The diamond giant has faced multiple headwinds in recent years. A slumping Chinese economy, in particular, has been a major drag on demand. Cheaper lab-grown diamonds are also adding pressure.

In a briefing to Bloomberg last year, Cook said his company has been building its stock on the assumption that diamond prices will recover, and that it will be able to sell that supply.

At the end of 2024, that hasn’t materialized. For the first half of this year, De Beers’ sales were down about 20% compared to the same time a year ago.

Still, Cook remains upbeat about a turnaround. “As we go independent, we have the freedom to focus on marketing as hard as we focused on mining,” he told the FT.

“This feels to me like the right time to be driving marketing and getting behind our brands and retail, even as we cut the capital and the spend on the mining side.”

However, a new report from McKinsey gave a less optimistic outlook for diamond miners, suggesting that lab-grown alternatives could one day take over the market.

Earlier this year, De Beers’ parent company Anglo American announced plans to spin off the diamond business either through a sale or an initial public offering.

Source: DCLA

Lucara names two largest diamonds found in 2024

2,492 CARAT DIAMOND

Lucara Diamond has unveiled the names chosen of the two largest diamonds recovered this year at its prolific Karowe mine in Botswana.

The 2,488 carat diamond found in August has been named Motswedi, meaning “water spring” or “the flow of underground water that surfaces to bring life and vitality” in the local Setswana language.

The 1,094 carat diamond recovered in September is now known as Seriti, which translates to “aura” or “presence” in Setswana. The name carries deep cultural significance, reflecting identity and legacy.

Lucara said the two diamonds were not just geological phenomena, but a testament to the “incredible potential” of Karowe and the company’s innovative approach to diamond recovery.

“Each stone tells a story millions of years in the making, and we are humbled to be the custodians of these remarkable gems as they prepare to enter the global market,” president and chief executive officer, William Lamb, said in the statement.

To honor the community’s involvement, Lucara awarded the winner of the Motswedi naming competition 100,000 Pula (about $7,325), while the winner for Seriti received 50,000 Pula ($3,660). Both winners will also be invited to tour the Karowe mine.

Lucara said it was considering sale options for both diamonds.

Motswedi and Seriti are two of six diamonds weighing more than 1,000 carat that Lucara has recovered at its Karowe mine since operations began. These include the 1,758-carat Sewelô in 2019, the 1,109-carat Lesedi La Rona in 2015, and the 813-carat Constellation, also in 2015.

Karowe is also credited for having yielded Botswana’s largest fancy pink diamond to date, the Boitumelo.

The mine remains one of the world’s highest-margin diamond mines, producing an average of 300,000 high-value carats each year.

Source: Mining.com

Botswana Diamonds uncovers new kimberlite targets using AI

Botswana Diamonds has analysed and evaluated nearly 400 000 km of airborne geophysical and other exploration data using AI techniques and powerful computing, which would otherwise have been too big for timely analysis by humans.

In particular, the company has identified seven significant kimberlite targets on existing licences that have not been reported before.

The AI programme has also revealed compelling polymetallic targets in areas that are currently unlicensed.

Work is ongoing on these new areas of interest which now focuses on four main deposit types and 11 subtypes. These deposit types include elements such as gold, copper, silver, nickel, zinc and platinum group metals.

Botswana Diamonds used UK-headquartered Planetary AI’s ‘Xplore’ mineral prospectivity platform to perform the detailed analysis.

Xplore Platform is software that enables targeting of any element based on a plethora of geological and topographic information.

Botswana Diamonds chairperson John Teeling comments that these discoveries, in a few short months, are a major step forward in mineral exploration. One anomaly is especially intriguing to the company and the AI programme has reinforced the company’s belief that more diamond mines will be discovered in Botswana.

The company currently operates three diamond mines in Botswana and it also holds assets in South Africa.

Source: DCLA

Botswana holds main interest rate as diamond slump saps economy

Botswana’s central bank left its main lending rate unchanged on Thursday, saying the economy was expected to operate below capacity and not generate demand-driven inflationary pressures because of a slump in the global diamond market.

The Bank of Botswana held its Monetary Policy Rate at 1.90% for the second policy meeting in a row. The rate is based on a seven-day instrument.

“The economy will contract this year primarily due to the downturn in the global diamond market and moderately recover next year,” central bank Governor Cornelius Dekop told a news conference.

The southern African country’s economy is largely dependent on the export of diamonds, and declining earnings from the precious stone have limited government spending.

The central bank also lowered its primary reserve requirement to 0% from 2.5% due to significantly reduced liquidity in the banking system.

Dekop said inflation was expected to average 2.9% in 2024 and 3.3% in 2025, compared with forecasts of 2.8% and 3.1% given at the bank’s previous monetary policy meeting in November.

The Bank of Botswana prefers inflation between 3% and 6% over the medium term. Annual inflation stood at 1.6% in October.

Source: Mining.com

De Beers Cuts Rough Prices

De Beers has reportedly lowered rough prices at its current sight in Gaborone, by as much as 15 per cent in some cases.

It generally uses price cuts only as a last resort, and prefers to offer sight holders the right to refuse or sell back part of their allocation.

Insiders have expressed surprise, and in some cases disappointment at the move, with the holiday buying season now here, and polished prices finally showing signs of recovery.

According to the Bloomberg news website, De Beers “cut prices by 10 per cent to 15 per cent for most of the goods it sells”. It cited anonymous insiders.

De Beers has until now maintained its prices in spite of weak demand, and despite the fact that they are often significantly higher than other sellers.

De Beers no longer publishes Sight revenues, but it is reckoned to have sold no more than $130m at its November Sight (average per 2023 Sight was over $360m).

Last week the company confirmed it would be cutting the number of Sightholders – there are currently 69 – as of 2026 in a move designed to build partnerships that “create value”.

The future of De Beers remains uncertain, with parent company Anglo American planning to sell it off, and Anglo itself again the focus of intense speculation.

Rival miner BHP, which bid unsuccessfully for Anglo six months ago, is now allowed to make a renewed approach.

Source: DCLA

Botswana to become certifier in G7 Russian diamond ban

Major African diamond producer Botswana will join Antwerp as an origin certifier of rough diamonds for export to the G7 which banned imports of Russian stones from the start of this year, a joint statement said on Wednesday.

The addition of Botswana looks set to salvage implementation of the ban. The initial system would have seen all diamonds go through Europe’s diamond hub in Antwerp for verification, backed by a new tracing system.

African diamond producers Angola, Botswana and Namibia, as well as diamond miner De Beers, had said the mechanism was unfair and would hurt their economies.

“Botswana and the G7 diamond technical team are now crafting a roadmap to address any identified gaps, aiming to have the export certification node fully operational in Botswana as soon as possible next year,” the statement said.

The Group of Seven (G7) nations ban on direct Russian diamond imports took effect on Jan. 1, followed by a ban on Russia-origin diamonds via third countries from early March.

The tracing system was meant to be up and running by Sept. 1, but the EU delayed the implementation to March 2025.

Source: Mining.com

Diamond miners face turning point amid weak prices

The diamond industry, once a symbol of timeless stability, finds itself in a state of flux as prices for natural diamonds hit multiyear lows, driven by a mix of evolving consumer preferences, geopolitical upheaval, and the meteoric rise of lab-grown diamonds (LGDs), a new study shows. 

The reversal of fortunes that followed a surge during the covid-19 pandemic has left industry stakeholders grappling with how to adapt to ensure long-term sustainability, consultancy McKinsey & Company says in its latest report.

During the pandemic, diamond prices rose unexpectedly. Supply chain disruptions and the delay of weddings initially dampened sales, but many consumers stuck at home turned to diamonds as a form of self-care. This led to an unanticipated spike in demand and a sharp rise in prices. 

The post-pandemic market has painted a very different picture. As traditional engagement and marriage cycles return and supply chains normalize, prices have tumbled amid changing market dynamics, McKinsey & Co. says.

Ten years ago, young customers were an important segment of the overall demand for precious stones. Today, they seek more affordable and ethical alternatives.

With prices up to 80% lower than mined diamonds, LGDs have swiftly carved out a substantial share of the market, challenging traditional producers, the report shows.

Shifting customer values

Increased awareness of environmental, social, and governance (ESG) issues has also driven consumers to demand greater transparency and sustainability in diamond sourcing. Many buyers now insist on proof that their diamonds were mined under fair conditions with minimal environmental impact. This shift is particularly pronounced among younger generations, who are reshaping the jewelry market with their purchasing power and values.

Generation Z is leading a wave of change, favouring ethical and customizable products over traditional offerings. Younger buyers are more likely to seek out jewelry that aligns with their values, including fair labor practices and sustainability.

Many are turning to digital platforms for their purchases, with online fine jewelry sales growing significantly. In 2021, the average online purchase of diamond jewellery in the US was $2,204, compared to $2,994 in physical stores, signalling a growing comfort with digital transactions for high-value items.

The trend of self-purchasing is another key shift. Rather than waiting for significant life events like engagements or weddings, many consumers are now buying fine jewelry for themselves.

Industry actors Beers Group and Signet Jewelers launched in October their “Worth the Wait” campaign, aimed at reigniting demand for mined diamonds from youngsters, particularly amid “zillennials”, the microgeneration born between 1993 and 1998.

Geopolitical and gov’t factors

Adding to the industry’s challenges are geopolitical tensions. Sanctions targeting Russian diamonds have disrupted the global supply chain, particularly for larger stones. Russia’s Alrosa, once the world’s top diamond producer by output, has been heavily sanctioned by the US and the European Union, creating regional dislocations. 

McKinsey & Company warns that, by March 2025, these restrictions will tighten further, targeting stones of 0.5 carats and above, exacerbating supply chain issues.

The upheaval comes at a time when natural-diamond production is already constrained. Growth in supply is expected to remain sluggish, with an annual increase of just 1–2% through 2027, far below historical trends. Major mining companies are grappling with depleting resources, forcing them to shift from open-pit mining to more expensive underground operations. Companies like De Beers have invested billions to extend the life of their mines, but these efforts are costly and time-consuming.

Government intervention is also reshaping the industry. In diamond-rich regions, including Botswana, public authorities are taking larger stakes in mining operations, emphasizing the need for transparent and sustainable practices. 

Despite the challenges, there are opportunities for companies willing to adapt, the consultancy says. Producers can diversify their offerings by incorporating LGDs or recycled diamonds into their portfolios. They can also emphasize the unique, intrinsic value of natural diamonds, appealing to consumers who value rarity and tradition. Investments in sustainability and digital commerce are likely to pay dividends, as consumers increasingly demand ethical and seamless shopping experiences.

The consultants conclude that by embracing innovation and aligning with shifting consumer values, the industry may find a way to shine brightly once more.

Source: Mining.com

Lucara releases Q3 results, diamond mine shaft-sinking progress

Lucara Diamond Corp. said the long-term natural diamond price outlook remains resilient due to favourable supply and demand dynamics as a result of decreasing production volumes from major operating mines.

“However, the smaller size stones market remains soft as demand is impacted by a weak Asian market and the increasing uptake of laboratory grown diamonds,’’ Lucara said in a press release containing its results for the third quarter of 2024.

“Demand for stones larger than 10.8 carats remains robust, as reflected in the company’s sales in the plus 10.8 category,’’ the company said. It said the G7 sanctions on Russian diamonds over one carat, effective March, 2024, caused some trade delays with import times returning to normal during the quarter.

Lucara shares eased 8.7% or $0.04 to 42 cents. The shares trade in a 52-week range of 63 cents and 25 cents.

Lucara is a member of the Lundin Group of companies. Its currently operating open pit mine at Karowe in Botswana is a conventional load and haul operation. The mine is a producer of large, high-value type 2a diamonds. It is the only mine to have produced four diamonds in excess of 1,000 carats in size.

The open pit mine operations are expected to terminate mid-2025. However, the mine currently has over three years of surface stockpiled reserves, which will be consumed as required while the underground mine operations ramp up to commercial production.

During the third quarter, Lucara said significant progress was made in shaft sinking and lateral development connecting the production and ventilation shafts, with the critical path ventilation shaft being ahead of the July 2023 rebase schedule. At the end of the third quarter, the production shaft had reached a depth of 686 metres and the ventilation shaft a depth of 582 metres below surface. During Q3, the company invested $24.1 million into the Karowe Underground Project (UGP). The UGP is designed to access the highest value portion of the Karowe orebody and is expected to extend the life of the mine beyond 2040.

Highlights from the third quarter included the recovery of two exceptional diamonds larger than 1,000 carats, including the epic 2,488-carat diamond and the 1,094-carat diamond. The company said a total of 116,221 carats of diamonds were sold, generating revenue of $44.3 million in the third quarter.

A total of 104,390 carats were recovered in Q3, 2024, including 96,597 carats from direct ore feed from the pit and stockpiles, at a recovered grade of 13.4 carats per hundred tonnes and an additional 7,793 carats recovered from processing of historic recovery tailings.

On October 4, 2024, the company sold its interest in Clara Diamond Solutions Ltd. Partnership, Clara Diamond Solutions B.V., and Clara Diamond Solutions GP. Clara is a secure web-based digital marketplace designed to transact single diamonds between 1.0 and 10 carats, in higher colours and quality.

Source: DCLA

De Beers Finds High-Potential Kimberlite Sites in Angola

De Beers says it has identified eight new high-potential kimberlite sites in Angola, according to the Portuguese news agency Lusa.

It resumed explorations in the country in 2022, after a 10-year gap, and signed a memorandum of understanding (MoU) in February with Angola’s National Mineral Resource Agency, and its state-owned mining and trading companies, Endiama and Sodiam.

Aerial surveys by De Beers have so far identified eight sites in Lunda Sul, the northeastern province that is home to the huge Catoca mine. De Beers is now exploring six more areas, together with Endiama.

Angola has yet to explore 60 per cent of its diamond-rich territories. It opened its new Luele diamond mine last November, in a move that is forecast to increase annual production from 9.7m carats in 2023 to 14.6m carats this year.

Under the terms of the MoU there will be a review of kimberlite deposits to be explored and the transparency and traceability of diamond production will be promoted.

Source: IDEX

WFDB Call for Five-Year Marketing Campaign

The natural diamond industry needs coordinated and consistent marketing campaigns to counter declining demand, says Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB).

In an open letter he calls on every member of the industry to help create a five-year plan, rather than relying on “short-term initiatives when the situation is particularly dire”.

He acknowledges that De Beers and the Natural Diamond Council are both spending millions of dollars on campaigns with leading retailers, but says it’s not enough.

“I am concerned that this is too little and too late,” he says. “To be successful, campaigns need to be coordinated and to be consistent throughout the year.”

He says there hasn’t been a major generic marketing campaign for natural diamonds for almost 20 years, when De Beers halted its “A Diamond is Forever” promotion.

“An entire generation of consumers has come of age without having been exposed to promotional campaigns with positive messages about natural diamonds,” he says in a letter to all the WFDB’s 29 member bourses.

Source: DCLA

De Beers Diamond Production Down by a Quarter

De Beers’ diamond production fell by 25 per cent during the quarter ending 30 September, and could fall even further.

Parent company Anglo American said output for Q3 was 5.6m carats, compared to 7.3m for the same period last year. It reduced production because of challenging market conditions and warned that it would “continue to assess the options to reduce production going forward”.

Anglo also provided an update on plans to sell or demerge its platinum and steelmaking coal assets as part of its “accelerated portfolio simplification” to focus on copper and other more profitable parts of its business, but make no mention of De Beers.

The UK-based company announced in May that it would be seeking a new owner for De Beers, following a bid by mining rival BHP to buy out Anglo.

Duncan Wanblad, chief executive of Anglo American, said: “As previously announced, we reduced rough diamond production from De Beers in response to market conditions.

“The diamond market remains challenging as the midstream continues to hold higher than normal levels of inventory and the expectation remains for a protracted recovery.”

So far this year De Beers has produced 18.9m carats, a 21 per cent drop on YTD 2023.

Source: IDEX

De Beers to Disclose Diamonds' Country of Origin

 De Beers to Disclose Diamonds’ Country of Origin

De Beers says it will, for the first time, disclose the country of its diamonds’ origins – Botswana, Namibia, South Africa, or Canada.

The move is designed to meet growing consumer demand for ethical sourcing and transparency, together with a desire to understand the journey of their particular diamond.

De Beers currently sells its rough output to sightholders in aggregated boxes marked only as DTC (Diamond Trading Company) without indicating the country in which they were mined.

It says it will initially provide data on the country of origin for all diamonds over 1.25 carats that are newly registered on its Tracr traceability platform, and over 1.0 carats from January 2025.

De Beers says advanced algorithmic matching enabled by artificial intelligence now allows it to digitally “disaggregate” diamonds to confirm their specific country of origin.

“For the first time in history, we have the technology to provide our customers with the provenance of their diamonds at scale,” said Al Cook, CEO of De Beers Group.

“We know that our clients care deeply about sustainability and want to understand the good their diamonds have done. Our ambition is to offer them the story of every De Beers-sourced diamond, tracing its journey and positive impact from its origin to its crafting.”

Source: DCLA

De Beers Group Managed Operations

The global supply of natural diamonds has already peaked, according to Moses Madondo, CEO of De Beers Group Managed Operations. Speaking at the Joburg Indaba, a major mining and resources conference in South Africa, he explained that production is on the decline, with several mine closures on the horizon and no significant new discoveries in sight.

Madondo highlighted that this limited supply could push diamond prices higher. “Since the turn of the century, we’ve only seen one major commercial discovery, the Luele mine in Angola, where we aim to start production by the 2030s. But on a broader scale, global diamond production is set to decline,” he said. This trend, while concerning from a supply perspective, offers the potential for price growth.

In the short term, Madondo expects production to dip, but he anticipates a recovery after 2025, driven by the Luele mine ramping up and South Africa’s Venetia mine shifting to underground operations. However, the looming closure of Canada’s Diavik mine in 2026 and the shutdown of several mines in Russia will further tighten supply.