FOREVERMARK DIAMOND JEWELLERY CELEBRATES THE GRAND OPENING OF DE BEERS GROUP’S LARGEST FLAGSHIP STORE IN MUMBAI

 

Mumbai, 8th January 2026: Forevermark Diamond Jewellery marked a defining milestone in its India journey with the grand opening of the world’s largest flagship store by De Beers Group in Mumbai. Located at Crest Link, Khar West, at the heart of Linking Road, the nearly 5,000 sq. ft. store reflects the brand’s long-term commitment to Indian consumers seeking meaningful, design-led luxury.

The marquee launch was celebrated with an exclusive evening that brought together Mumbai’s most influential tastemakers, jewellery connoisseurs, creative voices, socialites, celebrities, and leading creators. Hosted within the flagship itself, the event offered guests a first glimpse into the brand’s stunning universe, featuring a fashion showcase and immersive experiences that seamlessly blended craftsmanship with contemporary style.

The evening unfolded with enthralling performances including live music and a spectacular fashion showcase, complemented by interactive installations and AI integrations around the Mine to Finger journey, branded photo moments, innovative tarot readings and displays of the new collection, creating an atmosphere of modern luxury and timeless elegance. Guests explored the store’s full portfolio, from refined everyday diamond jewellery to statement and high jewellery pieces, all designed to celebrate life’s most meaningful moments.

Every Forevermark Diamond Jewellery piece is crafted from some of the world’s most beautiful, rare, and responsibly sourced diamonds, each bearing a unique inscription, a promise of authenticity, integrity, and exceptional quality. This philosophy comes to life with the launch of the all-new Forevermark Icon Collection, inspired by the North Star as a symbol of clarity, direction, and confidence. It features versatile everyday diamond jewellery styles, striking statement pieces, and iconic designs across rings, earrings, necklaces, and bracelets.

This collection launch is also accompanied by the brand’s new campaign titled ‘My Guiding Light’ that celebrates four iconic women who represent modern Indian excellence across diverse fields. Manu Bhaker, professional shooter and double Olympic medallist; Diana Penty, actor; Masaba Gupta, designer, actor, and entrepreneur; and Princess Gauravi Kumari of Jaipur, social entrepreneur, each embody individuality, strength, and purpose, sharing their personal stories and perspectives through mini digital videos on Instagram. Together, they reflect the belief that confidence and direction come from within, perfectly aligning with the spirit of the Icon Collection.

All four of them were also in attendance at the event, bringing glamour and gravitas to the evening and reinforcing the store’s position as a landmark destination in Mumbai’s luxury retail landscape. The evening was further elevated by the presence of Mumbai Indian Cricketers Amelia Kerr, Milly Illingworth and Sajeevan Sajana, whose stories of resilience, precision and perseverance echo the enduring strength of natural diamonds.

Commenting on the launch, Sandrine Conseiller, CEO, Brands & Diamond Desirability, De Beers Group, said: “India is central to the future of the natural diamond category. The opening of our largest Forevermark store in Mumbai reflects both the strength of consumer response we are seeing and our long-term confidence in the market. As luxury consumption in India becomes more considered and value-driven, Forevermark is well positioned to build relevance through trust, craftsmanship, and enduring desirability.”

Shweta Harit, Senior Vice President, De Beers Group and CEO, Forevermark, added: “Mumbai marks an important next chapter in Forevermark’s India story. Following the encouraging response to our New Delhi store, this flagship reflects the scale of opportunity ahead. As our largest store globally, it brings together our brand vision, retail ambition, and commitment to the Indian consumer. This opening is also a key step toward our longer-term plan of building a network of 100 Forevermark stores in India by 2030.”

The new Mumbai flagship blends Forevermark’s contemporary international design with local sensibilities. The spacious store offers an immersive experience, showcasing everyday diamond jewellery, statement and high jewellery pieces, and iconic designs in a setting that reflects the brand’s commitment to thoughtful, experience-led luxury.

About Forevermark Diamond Jewellery

Forevermark Diamond Jewellery is the signature diamond jewellery brand from De Beers Group, the world’s leading diamond company, a name synonymous with more than 135 years of expertise and heritage in the world of diamonds. Every Forevermark Diamond Jewellery creation celebrates life’s most meaningful moments, featuring natural diamonds that are beautiful, rare and responsibly sourced. Every Forevermark diamond bears a unique inscription, ensuring authenticity and making each piece deeply personal.

Formed over billions of years deep within the Earth, Forevermark diamonds are hand-selected for their exceptional quality, graded beyond the 4Cs in the pursuit of absolute beauty. Responsibly sourced and carefully cared for along their journey, they reflect the brand’s commitment to creating a positive impact on the people and places its diamonds come from. Expertly crafted by master designers, Forevermark Diamond Jewellery combines modern artistry with timeless elegance. Each piece elevates the brilliance of its diamond while embodying the brand’s enduring values of beauty, rarity, and responsibility.

Namibia’s Diamond Output Hit by Price Drops and Lab Growns

Namibia’s rough diamond production fell by 3.5 per cent year-on-year during Q3 2025, as prices fell, demand for lab growns increased and inventories grew.

The Bank of Namibia said in its quarterly bulletin that the country’s output was 442,000 carats, down by 15.3 per cent on the previous quarter, valued at N$ 2.41bn (USD 147.3m).

“The decrease stemmed from planned actions to lower production at Debmarine Namibia on the back of a combination of downside pressures, including the falling price due to rising demand for lab-grown diamonds and high inventory levels.”

It said rough diamond revenue for Q3 fell by 19 per cent year-on-year and 17.4 per cent compared with the previous quarter.

The bank noted “persistently soft consumer demand in key markets such as China and the United States” as well as oversupply of diamonds by some major producers.

Namibia’s diamond sector is a cornerstone of its economy, historically accounting for 7 to 10 per cent of its GDP and 30 per cent of export earnings. Around three quarters of diamonds are recovered from the seabed by Debmarine’s fleet of ships.

Source: DCLA

BHP Walks Away from Last-Ditch Bid for Anglo American

Mining giant BHP has walked away from a last-ditch attempt takeover bid for Anglo American, parent company of De Beers.

It announced on Sunday (23 November) that it was “no longer considering a combination of the two companies”.

Melbourne-based BHP made hostile bids for Anglo in April and May 2024, both of which failed.

The move prompted loss-making Anglo to start streamlining its operations, to divest some unprofitable activities, including its diamond division, De Beers and to focus on copper and other money-making assets.

Anglo had hoped to complete the sale of De Beers by the end of this year, but despite intense interest, from the Botswana government among others, that has yet to happen.

BHP renewed its bid primarily to disrupt Anglo American’s planned $53 billion merger with Canadian miner Teck Resources, which is expected to go ahead on 9 December

Source: dcla

Angola Makes a Bid for De Beers, Reshaping the Global Diamond Landscape

De Beers Global Sightholder Sorting a parcel of rough diamonds over a light box using a hand loupe.

Angola has signalled its intention to buy back the 85% stake in De Beers currently held by Anglo American, in a move that has immediately captured global industry attention. The proposal, made through Angola’s state-owned diamond company Endiama, comes at a time when the diamond sector has struggled to regain momentum after the downturn that began in 2022.

The announcement positions Angola decisively on the world stage. The country produced 10.7 million carats in the first nine months of the year and is targeting a record 14.8 million carats by 2025. According to the Kimberley Process, Angola’s expected 14 million carats in 2024 place it above Botswana in rough-diamond output for the first time in two decades. This surge, driven by the vast Catoca open-pit mine and other major deposits, underscores Angola’s long-term strategy of advancing local beneficiation and resource industrialisation.

Against this backdrop, Endiama has formally expressed interest in acquiring Anglo American’s controlling stake as the parent company restructures and divests assets following its 2024 strategic review. Should the transaction proceed, it would mark one of the most consequential ownership shifts in the diamond industry’s modern history.

Complicating the landscape is Botswana’s position. The country currently holds the remaining 15% stake in De Beers and announced in September its intention to increase its shareholding to more than 50%. Botswana relies heavily on diamonds, which account for roughly one-third of government revenue and 80% of exports, while Angola is seeking to reduce dependence on oil through expansion of its mining sector.

The implications of an Angolan takeover are far-reaching. De Beers remains one of the world’s most influential suppliers of rough diamonds, with 2024 revenues of US$2.7 billion and a valuation near US$4.9 billion. Its sales cycles, production planning, and market guidance shape between one-quarter and one-third of global rough supply, giving the company significant influence over pricing, availability, and the high-end jewellery pipeline.

A shift in control could potentially redirect more value-added processes to Africa, including sorting, cutting, and polishing — areas historically dominated by centres outside the continent. Increased localisation could boost employment, strengthen regional economies, and reshape supply-chain dynamics at a time when Botswana has reduced output and seen fiscal pressure rise, while Angola’s production profile continues to accelerate.

However, questions remain. Angola has stated that the acquisition would not be funded through its national budget, leaving the structure and financing mechanism yet to be clarified. Diplomatic tension with Botswana is another risk factor, particularly if competing bids emerge or national interests collide.

On a global scale, the outcome could introduce both opportunity and volatility. Greater African control over rough supply may support local markets, but the broader diamond industry continues to face challenges, including subdued demand, geopolitical instability, and mounting competition from lab-grown diamonds, which have disrupted consumer expectations and pricing patterns.

If Angola’s bid succeeds, it would mark a historic realignment of influence within the natural-diamond sector — one with the potential to reshape trade flows, pricing dynamics, and the strategic balance of power for years to come.

Source: DCLA

De Beers Rough Sales Triple in Q3

De Beers sold $700m worth of rough diamonds across its two sights in the three months to 30 September – more than tripling the $213m recorded during the same period last year.

In the third quarter of 2024, the company held only one sight, having cancelled the August session due to weak demand.

During the Q3 2025 sights, specific assortments were offered at discounted prices. De Beers no longer provides sight by sight updates.

It noted that trading conditions “continued to be challenging,” although consumer demand for natural diamond jewelry remained broadly stable, particularly in the US.

The company said progress seen in the first half of 2025 was hindered by newly imposed US tariffs on diamond imports from India, according to its production report published on 28 October.

However, it welcomed the recent exemption granted for natural diamond imports from countries participating in “aligned partner” trade agreements, announced last month.

Meanwhile, quarterly production increased year-on-year by 38 per cent, to 7.7m carats, although it is down 5 per cent for the year to date (17.9m carats).

Production guidance for 2025 is unchanged at 20 to 23m carats.

Source: IDEX

Major opportunity for the diamond business to return to old strengths, says luminary

Botswana is seeking a greater interest in De Beers, and Angola is seeking an interest too. To the mind of diamond luminary Martyn Charles Marriott, this could be an opportunity to return to old strengths and disciplines.

In an article on the website of the International Diamond Manufacturers, Marriott cautions Botswana about going it alone and falling into the trap of yet again putting all its eggs into one basket.

Marriott notes that the current deal Botswana has with De Beers is fantastic in that 80% of mine profits go to Botswana – a level that far surpasses anything in the mining industry anywhere in the world.

Marriott expresses the view that the debate now under way about the future of De Beers presents an opportunity for a return to the discipline and control of the natural diamond market.

Many recall that the best economic viability of the diamond industry took place in the days when it had a stockpile and a quota approach, which kept supply and demand in crucial balance.

In addition, large sums were spent on unforgettable advertising campaigns and the entrenchment of the global diamond engagement ring tradition.

Collaboration is what gave diamonds their old strength; fragmentation is what is causing their current weakness.

Marriott recalls how collaboration led to flow of alluvial diamonds from West Africa being absorbed by the diamond buying offices that were created at source. In addition, Russia recognised the way in which the collaborative approach was good for everyone, from diamond miners through to diamond cutters, diamond traders, and diamond consumers.

It was Marriott, as the then manager of De Beers Dicor, who persuaded the government of Sierra Leone about the benefits of collaboration. This was ahead if his departure from De Beers, which coincided with the discovery of diamonds in Botswana, where he played a key consultancy role from 1970 to 1983.

It was then that Botswana was persuaded that the Central Selling Organisation system could uplift its economy – but with the caveat that the diamonds had to be properly sorted and valued, and production at Botswana’s Orapa was increased to a level that helped Botswana secure a favourable quota. It was also Marriott who initially proposed that the future development of the mines in Botswana should be by an equally shared 50/50 company.

For more than a dozen years, Marriott was a member of Botswana’s negotiating team with De Beers, which secured the very high level of profits that would accrue to the Botswana government from the development of its diamond mines. During the joint development of Jwaneng, he coordinated Botswana’s inputs into the project.

Interestingly, in 1980, even the Australians were persuaded about the merits of the Central Selling Organisation for the Argyle mine.

From 1985 through to the end of the century, Marriott was heavily involved in the restoration of the Angolan diamond industry, as consultant and valuer to Endiama, the article in on the website of International Diamond Manufacturers recalls.

In this instance, as production in Angola was then small, Marriott initially advocated sales by tender amid the build up a successful sales procedure that was eventually undermined by corruption.

The establishment of the Kimberley Process also came about with Marriott help, but unfortunately, in 1986, the diamond world began to disrupt. Argyle and De Beers ceased their cooperation. The Russians became increasingly independent, and Canadian mines opted to market their production separately.

Now synthetic diamonds are adding to the competition.

Meanwhile, Martyn’s two sons, Luke and Benjamin Marriott, are continuing worldwide valuing and have developed eValuer, a system of pricing and valuing diamonds.

“I relate all the above to demonstrate the experience that leads me to write this article concerning a possible future for the natural diamond industry based on cooperation between the African producers,” Marriott writes.

“I must admit that I found no enthusiasm for my ideas for African cooperation during my time working for the Government of Botswana. Moreover, at the end of my work there, I was at odds with its policy. I did not believe in the move towards local processing. I felt it unlikely that local establishments could compete with the industry as it stood, particularly the Indians. I preferred a sovereign wealth fund, further development of the cattle industry, tourism, and concentration on developing other industries. I felt that the pressure on De Beers for local processing could equally well be used on them and Anglo American to develop other industries.

“However, times change. Botswana is seeking a greater interest in De Beers, and Angola is seeking an interest too. To my mind, this could be an opportunity to return to old strengths and disciplines. Some sort of OPEC for diamonds that could provide a basis for the future,” Marriott proposes.

Source: Miningweekly

De Beers Expected to Post First-Half Loss

De Beers is expected to report a loss for the first half 2025 despite an uptick in sales during the second quarter.

Sales for H1 were down 13 per cent year-on-year, according to a production report published last Thursday (24 July) by parent company Anglo American. But Q2 showed a 14 per cent increase on the same period in 2024.

De Beers said the last three sights raised $1.185bn, buoyed by the sale of specific assortments at lower margins due to “stock rebalancing initiatives” or discounts on inventory.

So although revenue was higher compared with Q2 2024 ($1.039bn) Anglo said it expects to report negative underlying EBITDA for De Beers in the first half of 2025.

It also noted that “a formal process for the sale of De Beers is advancing, despite the current challenging market conditions”.

Rough diamond trading conditions remained challenged, it said, though improved industry sentiment at the end of the first quarter led to stabilization of polished diamond prices.

“But uncertainty surrounding U.S. tariffs announced in April subsequently slowed polished trading,” it said.

“In contrast to the ongoing challenging trading conditions, consumer demand for diamond jewellery remained broadly stable in the first half of the year.”

Meanwhile production decreased by 36 per cent to 4.1m carats in Q2, reflecting a planned production response to the prolonged period of lower demand. The biggest quarterly drops were in Botswana (-44 per cent) and Canada (-46 per cent). South Africa production actually rose 17 per cent.

Production guidance for 2025 is unchanged at 20 to 23m carats (actual production for 2024 was 24.7m carats) and average per carat price at $94 (actual average for 2024 was $152).

Source: DCLA

De Beers Boss Says Trump’s Diamond Tariffs Do Nothing for U.S. Jobs

The diamond world is facing fresh turbulence following the U.S. government’s decision to impose tariffs on imported diamonds — a move that De Beers CEO Al Cook says does nothing to support American jobs or the economy.

In an exclusive interview with the Financial Times, Cook made it clear: “There are no U.S. diamond mining jobs to protect.” He stressed that these tariffs don’t create employment or benefit the domestic industry — instead, they act as a consumption tax that ultimately punishes the American public.

A Tax on Love, Not a Boost to Industry
The U.S. remains the largest market for diamond jewellery, accounting for about half of global demand, yet it has no significant commercial diamond mining of its own. Every diamond on American soil has been imported — meaning the 10% blanket tariff on all imports, introduced by President Donald Trump, hits the diamond trade especially hard.

Unlike many raw materials that were exempt from the tariffs, diamonds were left out, intensifying the impact on a sector already grappling with declining demand and competition from synthetic alternatives.

According to Cook, the result has been immediate: the trade in natural diamonds briefly ground to a halt. The World Diamond Council echoed his warning, stating that $117 billion in annual revenue and over 200,000 U.S. jewellery jobs could be at risk if diamonds aren’t removed from the tariff list.

“Tariffs on diamonds are not protecting American industry,” Cook emphasised. “They’re just increasing the cost of engagement rings, anniversary gifts, and other sentimental purchases.”

Global Trade Routes Disrupted
What makes diamonds unique is their complex, high-value supply chain. They’re small, easy to transport, and often pass through multiple countries — from mines in Botswana and Angola, to polishing hubs in India, and finally into U.S. jewellery stores. Tariffs disrupt that finely tuned system.

This comes at a particularly sensitive moment for De Beers, as parent company Anglo American prepares for a sale or initial public offering (IPO) of the diamond giant. Despite industry challenges, De Beers is pushing ahead with IPO plans that could launch by early next year.

But the company is feeling the pain too: first-quarter revenue dropped 44% year-on-year to $520 million, reflecting both lower prices and reduced demand. Anglo American has also written down De Beers’ value by $4.5 billion over the past two years.

Hope on the Horizon?
Still, Cook remains optimistic. He believes that over time, U.S. tariffs on diamonds will be lifted. The American government has already granted tariff exemptions for items like smartphones and car components, and Cook is confident natural resources like diamonds will follow suit.

Adding to that optimism are positive developments in U.S.–India trade talks. India polishes over 90% of the world’s diamonds, making it a key link in the supply chain. A favourable trade agreement between Washington and New Delhi could ease the pressure and offer the diamond sector a much-needed reprieve.

In the end, the message from De Beers is clear: Tariffs on diamonds don’t help American workers or industry — they just make life more expensive for consumers. As negotiations progress and the global market adjusts, the diamond world will be watching closely to see whether policymakers come to the same conclusion.

De Beers Sale on Right Track, says Botswana Vice President

Botswana’s vice president says he’s confident that a new buyer will be found for De Beers by the end of the year – and he hinted that the government could substantially increase its own stake, currently 15 per cent.

Ndaba Gaolathe (pictured) said there were countries, funds and companies that all had a “deep interest” in acquiring the 85 per cent share being offered by Anglo American, and he said he was confident they were “on the right track”.

The UK-based miner is selling off De Beers, its diamond division, together with other assets, to focus on copper, its most profitable activity.

Anglo has written down the value of De Beers twice in just over a year, as sales slump and the company descends from profit to loss. It is now valued at $4.1bn, a fraction of the value when Anglo acquired overall control of the company in 2012.

Gaolathe, quoted by Bloomberg News yesterday (30 April) after an interview in Washington, USA, said the Botswana government could increase it take in De Beers (currently 15 per cent) to as much as 50 per cent.

Anglo is seeking to a sale or IPO of De Beers by the end of this year.

Source: IDEX

Bank of Namibia’s Warning on US Diamond Tariffs

Namibia’s diamond industry may be pushed into deeper crisis if United States (US) president Donald Trump pushes ahead with implementing an export tariff of 21% on Namibia.

The governor of the Bank of Namibia has warned that US tariffs on diamonds – which account for 29 per cent of the country’s exports – could push the country into a deeper crisis. 

It is already suffering the worst drought in over a century, compounded by the slump in diamond demand and other economic hardships, spiralling unemployment and a malaria outbreak.

“The diamond is already going through a difficult time because of low demand, and competition from lab-grown diamonds, and now you have all these tariffs,” said governor Johannes !Gawaxab*.

Namibia currently enjoys duty-free exports to the US on diamonds and most other products, but President Donald Trump announced a 21 per cent export tariff for the country in his 2 April “Liberation Day” speech.

He subsequently said there would be a 90-day pause before reciprocal tariffs on a whole list of countries were implemented.

Namibia is world’s eighth biggest diamond producer by carat, and the sixth by value, primarily from marine diamonds. Last year 12.4 per cent of its polished diamonds were sold to the US.

*The exclamation mark represents a click sound in Khoekhoegowab, an official language of Namibia.

Source: IDEX

Ousted Masisi Claims De Beer Funded Botswana's Opposition

Botswana’s former president Mokgweetsi Masisi has accused De Beers of funding the party that ousted him from power last November – because he was taking too tough a stance on the critical 10-year diamond deal.

He claims the mining company actively supported the Umbrella for Democratic Change (UDC) which ended 58 years of uninterrupted rule by the Botswana Democratic Party (BDP).

Masisi (pictured) also claims De Beers tried to influence internal politics within the BDP to appoint a more favourable leader and that it deliberately stalled on the signing of a full diamond sales agreement because of tax disputes.

De Beers and the Botswana government agreed the principles of a sales agreement, mining licenses and a package of measures to boost the country’s economy under Masisi, but the deal remained unsigned during his tenure.

It was finally inked three months after he was replaced as president by Duma Boko.

De Beers and the UDC have categorically rejected Masisi’s claims. De Beers said: “We do not provide financial or other support for political purposes to any politician, political party or related organisation, or to any official of a political party or candidate for political office, in any circumstances, either directly or through third parties.”

A UDC spokesperson dismissed Masisi’s claims as outlandish, and challenged him to provide evidence.

Source: IDEX

Duffy resigns as Petra CEO, interim revenue knocked by market weakness

Independent mining group Petra Diamonds, which owns and operates diamond mines in South Africa, has appointed two interim CEOs Vivek Gadodia and Juan Kemp to succeed Richard Duffy, who has resigned by mutual agreement and with immediate effect.

Gadodia will oversee all corporate matters of the group, while Kemp will oversee all operational matters.

At this point, they will not be appointed as directors.

Vivek joined Petra in 2021 with his roles having included planning and corporate planning executive and chief restructuring officer. He previously worked for Sasol in various engineering, project management and corporate positions over a 15-year period.

Kemp, meanwhile, joined Petra in 2009 when the company bought its flagship Cullinan mine from fellow miner De Beers.

Kemp was GM of the mine since 2011 before having been appointed as a chief technical officer in 2019 and operations executive for the Cullinan mine in 2024.

His earlier career included positions at De Beers and AngloGold Ashanti.

The appointments of the interim CEOs come as Petra struggles with lower earnings generation and high debt.

The company’s results for the six months ended December 31, 2024, reflect Petra’s progress in implementing cost reduction plans and smoothed capital profiles, despite weakness in the diamond market.

Petra managed to reduce its mining and processing costs from continuing operations by 19% year-on-year to $98-million.

However, the group’s revenue was also lower by 30% year-on-year, or $49-million, at $115-million owing to additional revenue of $50-million having been carried over from tenders into the prior comparable period.

Adjusted earnings before interest, taxes, depreciation and amortisation amounted to $15-million, which was lower than the $38-million adjusted Ebitda reported in the first half of the prior financial year.

The company’s basic loss a share from continuing operations was $0.30, or $0.13 on an adjusted basis.

Operational free cash inflow of $16-million in the six months under review compares with a $21-million outflow in the first half of the prior year, which Petra says largely reflects the impact of its cost reduction measures, capital smoothing and working capital management.

The lower revenue and earnings over the financial year of 2024, caused Petra to not meet its required leverage and interest cover covenant ratios in its revolving credit facility measured at December 31, 2024.

Petra has since obtained a waiver from the lender, Absa Bank, related to these covenant breaches, and is restarting engagements with lenders regarding the refinancing of its debt.

The group’s consolidated net debt was $215-million as at December 31, compared with $193-million at the end of June, owing to diamond market weakness and the timing of Petra’s tender sales.

Three tender sales took place during the first half of the 2025 financial year (the six months ended December 31), while four have been scheduled for the remainder of the financial year.

Petra realised an average price of $103/ct in the reporting period, which reflects the positive impact of product mix over the period offsetting the overall weaker diamond pricing environment.

OPERATIONS

The group has achieved cost reductions through sustainably lowering overheads and on-mine cost optimisation with limited impact to its operations.

Petra completed the sale of its interest in the Koffiefontein mine to the Stargems Group in the six months under review, which allowed the group to avoid closure-related costs of $23-million.

Petra also entered into an agreement in January to sell its interest in the Williamson mine, in Tanzania, to Pink Diamonds Investments for a headline consideration of $16-million.

The group expects the sale of its interest in the Williamson mine to be completed by the end of the calendar year.

The Finsch mine has transitioned into new production areas called 78-Level Phase 2, with steady operations having been reported over the past few months.

In turn, production from the CC1E zone at the Cullinan mine has also started in the interim period, while Petra continues to advance more extension projects at both of these mines, as well as life-of-mine plan reviews.

Petra intends to re-engage its lenders with a revised business plan and updated cost-savings initiatives, as part of its overall restructuring plan.

The group is targeting net free cashflow generation for the remainder of the financial year, as well as more efforts to make the company resilient to pricing weakness.

Source: DCLA

De Beers Adapts to India’s Growing Demand for Lab-Grown Diamonds

De Beers, long associated with the glamour of natural diamonds, is now grappling with a fading shine. The rise of lab-grown diamonds, which have gained popularity among millennial and Gen Z consumers in India and worldwide from the US to China poses a significant challenge.

Lab-grown diamonds offer several advantages: they are 60-75% more affordable than natural diamonds, and as mass production increases, prices continue to drop. Moreover, they share the same chemical composition as natural diamonds and are visually indistinguishable to the naked eye.

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 sees India as a bright spot, notes early recovery signs in US

India has been emerging as a bright spot for the cut and polished diamonds amidst a slowdown in key markets such as the US and China, Amit Pratihari, managing director, De Beers India told Reuters on Wednesday.

India is the world’s largest centre for cutting and polishing diamonds, accounting for nine out of 10 diamonds polished globally, according to Indian government data.

However, the country’s cut and polished diamond exports fell this year because of weak demand from China and the US, forcing the industry to focus on the growing domestic market that surpassed China last year to become the world’s second-largest.

“China has completely slowed down in the luxury segment … We see India growing very strongly,” Pratihari said in an interview.

De Beers, a unit of Anglo American, is the world’s top diamond producer by value and India’s number one supplier of rough diamonds.

However, there were some early signs of recovery in the US and “big growth” in the Middle East, Pratihari said.

“In next couple of months, we expect recovery,” he said.

Weak exports demand for polished diamonds forced Indian processors to trim imports of rough diamonds by 22% to $7.9 billion during April to December, according to India’s Gem and Jewellery Export Promotion Council (GJEPC).

De Beers is adjusting prices of rough diamonds to support the midstream industry – companies that buy rough diamonds from miners and sell them after cutting and polishing to retailers – in the face of polished diamond prices falling more than those of rough diamonds, he said.

“Miners are controlling the supply so more rough does not come into the market that would put additional pressure on the polished prices. But the pressure on polished prices is in midstream as in retail there is no change,” he said.

India’s cut and polished diamond exports fell by 8.3% to $9.76 billion in April-December compared with the 2023 period, according to GJEPC.

Source: DCLA

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

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