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Diamond Review Africa

Diamond Review Africa is an international news outlet designed to provide the latest, most complete and most insightful information about the diamond industry in the world in general and in Africa in particular.

12/09/2023

Diamond processor and trader HB Antwerp said on Monday it had removed one of its three co-founders from management following differences over strategy, a development that comes amid a pending sales pact with major producer Botswana.

Oded Mansori, who co-founded HB Antwerp in 2020 with partners Shai de Toledo and Rafael Papismedov, said he was taking them to court over his removal.
“On September 1, HB terminated Mr Oded Mansori’s management role in all the HB Companies,” the Belgian company said in a statement, citing a “sharp difference in strategic vision and approaches to business”.

The government of Botswana, the world’s No. 1 diamond producer by value, said in March that it had agreed to buy a 24% stake in HB Antwerp. As part of the deal, state-owned Okavango Diamond Company would supply HB with an undisclosed quantity of rough diamonds for five years.
The deal is yet to be signed.

Mansori, a long-time diamond dealer, said in a separate statement that he was “determined to defend his vision and to fight for the wellbeing and the future of HB,” and that “a legal process is currently underway in court.”
Mansori, who declined to comment further, said he was still a shareholder in the company...

Read more: www.diamondsreviewafrica.com
Credit: HB Antwerp

12/09/2023

Diamond miner De Beers Group says its intention is to secure an agreement on a five-year wage deal with trade union the National Union of Mineworkers (NUM).

The entities have been in negotiations since March ahead of the expiry of its three-year agreement on April 30 on conditions of employment affecting about 1 500 employees in the bargaining unit at Venetia mine and De Beers Sightholder Sales South Africa.

In a statement on September 5, the NUM said the four-month-long wage negotiations with De Beers had collapsed and that a dispute had been declared at the Commission for Conciliation, Mediation and Arbitration (CCMA).

“The NUM is currently involved in a mobilisation process among its more than 1 500 members, preparing them for a protected indefinite strike. NUM members are demanding a wage increase of 9%, while De Beers is offering workers only 6%,” the union stated.

“We believe a five-year agreement will provide a measure of certainty, particularly against the backdrop of the transition from openpit mining to the underground mine at Venetia mine and the recent move of our sorting and valuation business from Kimberley to Johannesburg.

“As the diamond industry, we are also faced with challenging market conditions that are continuing to have an adverse impact on our business,” De Beers says...

Read more: https://diamondsreviewafrica.com

01/09/2023

India has asked the United States to release $26-million belonging to at least two Indian diamond firms frozen due to their alleged trade links with sanctioned Russian diamond major Alrosa, three Indian sources told Reuters.

The Office of Foreign Assets Control (OFAC), the US Treasury unit that oversees sanctions, froze the funds earlier this year, said two of the sources. Both are Indian government officials but declined to identify themselves or the companies citing the sensitivity of the matter.

The OFAC freeze is the first known punitive measure against any Indian business since Russia’s full-scale invasion of Ukraine last year and subsequent Western sanctions on Russian entities.

OFAC froze the funds when UAE-based units of the unspecified Indian companies tried to transfer them to buy rough diamonds. Reuters could not determine if the money was being transferred to Alrosa or another party.
“The government is aware of the OFAC action and has initiated dialogue over it,” one of the Indian government sources said. “The problem was suspicion of trade links with Alrosa...”

Read more: www.diamondsreviewafrica.com

01/09/2023

Diamond miner De Beers’ seventh sales cycle of this year generated $370-million much lower than the $638-million recorded for the seventh sales cycle of 2022, the lowest figure since the Covid pandemic.

Sales were also lower than the $411-million recorded in the sixth sales cycle of this year...

Read more:www.diamondsreviewafrica.com

28/08/2023

Pink and red stones have dominated auction headlines in 2023 but a blue diamond is soon set to have its moment.
Sotheby’s Hong Kong will offer the 11.28-carat “Infinite Blue” diamond in a single-lot sale on Oct. 5. It is expected to sell for between $26 million and $37 million.

The stone was purposely cut to include the number 8 in the carat weight, which is considered an auspicious number in Asia. The number, which turned on its side is the infinity symbol, is responsible for the diamond’s name too.
The GIA graded the Infinite Blue stone fancy vivid blue. The highest possible color grade for blue diamonds, only about 1 percent of blue diamonds submitted to the lab are deemed to be fancy vivid.

The Infinite Blue is a Type IIb diamond, meaning it has little to no nitrogen like Type IIa diamonds but contains boron, which is responsible for its color.
Per the GIA’s monograph on the stone, the diamond’s cut-cornered rectangular mixed-cut represents a modern cutting style with the classic proportions and crown faceting of an emerald cut but with the triangular and kite-shaped facets signature to brilliant cuts on the pavilion...

Read more: www.diamondsreviewafrica.com

Pic show: The 11.28-carat mixed-cut “Infinite Blue” diamond will be offered at Sotheby’s Hong Kong this fall.

28/08/2023

Petra sold $79.3m of rough this month, after cancelling its last tender because of weak demand.
The UK-based miner today said it sold a total of 696,000 carats, including 75,900 carats that were unsold at its May tender, and the 380,000 carats that would have been sold at the cancelled tender in June.
Sales in August (Tender 1 FY 2024) were almost double those in May ($42.1m).

“The expected seasonal improvement in demand was evident for higher quality +10.8ct stones with solid prices realised,” Petra said.
“This was offset by slower demand for 2-10 carat size ranges with like-for-like prices down by c. 14% compared to Tender 5. Demand in smaller categories remains resilient, with like-for-like prices increasing between 1-2%.”
Petra said there were indications that the high rates of interest and inflation that have been impacting the midstream have now peaked and will start to decline...

Read more: https:www.diamondsreviewafrica.com
Pic Cullinan mine(Petra Diamonds)

23/08/2023

India’s Tata Group-owned Titan Co (TITN.NS) will raise its stake in its subsidiary CaratLane Trading by 27.2% for 46.21 billion rupees ($555.8 million), the parent company said in an exchange filing on Saturday.

Titan has entered into a share purchase agreement to acquire all the 91,90,327 equity shares held by the founder of CaratLane Trading and his family members, representing 27.18% of the total paid-up equity share capital of CaratLane on a fully diluted basis, the release said.

Unlisted CaratLane makes and sells jewellery. Titan, a joint venture between the Tata Group and Tamilnadu Industrial Development Corp, started as a watch company but has diversified into jewellery and eye care...

Read more: www.diamondsreviewafrica.com

Reuters. Image: A salesperson arranges wristwatches inside a Titan World showroom in Ahmedabad, India, (Courtesy REUTERS).

23/08/2023

Gem Diamonds saw sales of rough from its Letšeng mine in Lesotho slip in the first half amid a decline in the average price and a slowdown in demand.

Rough sales for the six months that ended June 30 dropped 28% year on year to $71.6 million, while sales volume fell 9% to 52,163 carats. The average price plunged 21% to $1,373 per carat, the miner reported Tuesday.

The company sold a total of 12 diamonds for more than $1 million each, generating revenue of $21 million, it said. The highest price achieved was $282,889 per carat for a pink diamond weighing 6.63 carats, the third-highest per-carat price for a rough diamond from Letšeng. Meanwhile, the highest price for a white diamond was $34,441 per carat for a 58.07-carat, type IIa rough...

Read more: www.diamondsreviewafrica.com

22/08/2023

Trans Atlantic Gem Sales Ltd recently announced the opening of their State-of-the -art tender/auction facility on the 16th Floor of the Almas Tower, Dubai.

‘’Our facility’s cutting-edge design occupies 400 square metres, and offers 22 spacious and fully equipped showing rooms, combining ultra-modern design with functional practicality.

With new integrated technologies, we have improved not only our internal systems, but also our distribution efficiencies, enabling us to deliver a world class buying experience that redefines industry standards’’ said Mike Aggett, Chief Executive Officer of Trans Atlantic Gem Sales Ltd. during the official inauguration of the new facilities in Dubai...

Read More: www.diamondsreviewafrica.com

Main image: The new tender facility in Dubai (Courtesy Trans Atlantic Gem Sales )

22/08/2023

Lucara Diamond Corp. has recovered a 692.3-carat diamond from its Karowe mine in Botswana, the second massive rough from the deposit this month.

The white, type IIa stone came from the EM/PK(S) unit in the south lobe, known for its large, high-quality rough, Lucara said Monday. The miner found the diamond via its XRT unit, which uses X-ray technology to identify huge stones in large pieces of ore before they get broken up.

The new discovery is the fourth diamond over 300 carats that Lucara has unearthed so far this year, including one earlier this month: a high-quality white, type IIa rough weighing 1,080.1 carats, which the miner announced on August...

Read more: www.diamondsreviewafrica.com

Pic show: The 692.3-carat rough diamond. (Lucara Diamond Corp.)

22/08/2023

Gem Diamonds recently announced that it will maintain its full-year guidance on carat recoveries and sales, despite reducing its guidance for treated tons to between 4.9 million and 5.1 million tons.

In a trading statement for the six months ended June 30, the company notes that increasing electricity interruptions resulted in lower volumes of ore processed, while higher-than-expected internal basalt dilution in certain domains of ore that was treated had impacted on throughput.

To mitigate the impact of internal basalt dilution, and improve plant stability and large diamond recoveries, an operational decision was taken during the second quarter to open crusher gaps and to slow throughput in the processing plant.
Gem says the initial results of these actions have been positive on plant stability and recoveries.
Ore tonnes treated during the first six months of this year decreased by 1% year-on-year to 2.47-million tonnes, while carats recovered decreased by 2% year-on-year to 50 601 ct...

Read More: www.diamondsreviewafrica.com

Image: rough diamond. (courtesy Gem Diamonds-Letšeng mine)

14/08/2023

Sanctions-hit Alrosa kept diamond sales in the first half of 2023 at the year-ago levels, the Russian company said on Monday as it reported financial results for the first time since Moscow’s 2022 invasion of Ukraine.
Efforts to reduce Russia’s revenue from diamond exports and to build on Washington’s existing sanctions on Alrosa, the world’s largest producer, have been subject to discussions among leaders of the Group of Seven (G7) nations.

Alrosa’s revenue totalled 188.2 billion roubles ($1.9 billion) in the first six months of the year, up 0.2% from January-June 2022, and up 3.5% from the same period of 2021. Its net profit fell 35% year-on-year to 55.6 billion roubles.

“As of mid-2023, opportunistic diamond midstream participants have developed trade mechanisms to circumvent the impact of the restrictions, especially as it pertains to the trading of Russian diamonds in US dollars,” diamond analyst Paul Zimnisky said...

Read more: www.diamondsreviewafrica.com

14/08/2023

The Reserve Bank of Zimbabwe has stockpiled 300,000 carats of diamonds under new regulations which compel miners to pay half of their royalties using commodities, the state-run Sunday Mail reported.

Central bank governor John Mangudya also told the Harare-based newspaper that gold reserves stood at around 350 kilograms, or around $20 million in US dollars. The value of the diamond stockpile is hard to quantify, he added...

Read more: www.diamondsreviewafrica.com

11/08/2023

Rio Tinto will build Canada’s largest solar power plant to supply electricity to its Diavik Diamond Mine in Northwest Territories, the miner said on Thursday.

The plant with over 6,600 solar panels will generate approximately 4,200 megawatt-hours of carbon-free electricity annually for the mine. It is expected to provide up to 25% of Diavik’s electricity during closure work that will run until 2029, with commercial production from the operation expected to end in early 2026.

The facility will be equipped with bi-facial panels which will not only generate energy from direct sunlight, but also from the light that reflects off the snow that covers Diavik for most of the year.

Read more: https://diamondsreviewafrica.com

10/08/2023

The emerald producer Grizzly Mining says the company’s latest emerald auction, which was held in Dubai earlier in August, generated record sales of $48.63-million.

The auction saw the company offer its latest mid- to high-grade rough emeralds from its flagship Grizzly emerald mine, in Zambia.

The auction lots were made available in Dubai for in-person viewings by customers from August 1 to 7. Following the viewings, the auctions took place through an online auction platform specifically adapted for Grizzly, allowing customers to participate in a sealed-bid process.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand.

The auction underpinned strong demand for high-quality rough emeralds from Zambia, states the company.

The auction attracted 128 customers from Europe, Asia and Africa, with 106 emerald lots put on offer, all of which were sold.

The company also confirms that proceeds from the auction will be reinvested into its Zambian operations as part of ongoing production expansion...

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09/08/2023

Lucara Diamond Corp. announced the recovery of a 1,080.1-carat rough diamond from its Karowe mine in Botswana, the fourth to surpass the 1,000-carat mark in eight years.

The high quality Type IIa white diamond measures 82.2m x 42.8m x 34.2mm and was recovered from direct grinding of ore from the Lobo Sul mine.
Since 2015, Karowe’s AK6 kimberlite south lobe has produced three other diamonds in this size class: the 1,109-carat Lesedi La Rona that year, purchased by Graff Diamonds for $53 million; the 1,758-carat Sewelô in 2019, the world’s third-largest rough diamond of all time, purchased by Louis Vuitton for an undisclosed sum, and a 1,174.76-carat cleavage diamond in 2021.

Eira Thomas, CEO of the Canadian miner, said the company was “extremely pleased” to report the recovery of another high-quality major gem and expected its underground expansion plan (costing $683 million) to yield even more...
Read more
Pic show courtesy Lucara

28/07/2023

New research into the forces that bring diamonds to the surface from deep in the Earth’s mantle could help locate undiscovered diamond deposits, say Macqurie University geologists.

In a new study published in Nature, Macquarie University geologists Emeritus Professors Suzanne O’Reilly and Bill Griffin worked with a team led by Dr. Tom Gernon at the University of Southampton to track the past billion years of patterns of continent formation and tectonic plate movement.

Linking these patterns with known deposits of diamond-rich kimberlite rocks, they found the breakup of tectonic plates is the main driving force behind the generation and eruption of diamond-rich magmas from deep inside the Earth.

“Australia’s mineral exploration has already found most of the world-class and large mineral deposits visible at the surface, in the one-third of our continent not buried under hundreds of meters of dirt and young sediments,” says Professor O’Reilly.

The two-thirds of Australia with deep sediment cover should contain the same proportion of world-class mineral deposits as the visible regions, she says—but traditional discovery methods won’t work to find these minerals vital for a sustainable future.

“For example, it is estimated that by 2030, the global demand for cobalt used in renewable energy batteries will be around 50 times what it was in 2016. Unless we can become self-sufficient in this strategic metal, Australia may be held to ransom with huge price increases and chronic shortages,” says Professor O’Reilly...

Read more: www.diamondsreviewafrica.com
by Fran Molloy, Macquarie University

27/07/2023

A gold, ruby and diamond ring that belonged to US rapper Tupac Shakur sold for $1.02m – more than three times its high estimate – at Sotheby’s New York.

It is now reported to be the most valuable hip-hop artifact ever sold at auction.

Shakur wore the ring at the MTV Video Music Awards in September 1996.

Three days later he was murdered in a drive-by shooting in Las Vegas in 1996, aged 25. During his brief career he had sold more than 75m records worldwide.

He designed the ring as a medieval-style crown, set with round diamonds and cabochon rubies and inscribed “Pac & Dada, 1996”, marking his engagement to actress Kidada Jones.

The ring was offered for sale by Yaasmyn Fula, his godmother, mentor and manager, with an estimate of $200,000 to $300,000.

Image: Tupac Shakur’s crown ring. (Sotheby’s)
Read More: www.diamondsreviewafrica.com

07/07/2023

A bright orange sapphire has been recovered from a ruby mine in Greenland, in what’s been described a one-in-a-million discovery.

Sapphire is most commonly found as a blue gemstone, although trace elements can result in a wide variety of colors.

The Aappaluttoq ruby deposit, operated by Greenland Ruby, has previously unearthed pink to orangy pink sapphires, but to find a bright orange transparent stone is extremely unusual.

The original sapphire rough, weighing 1.07g, has been heated to enhance color and clarity, and cut into a 0.89-ct oval...

Read more: https://diamondsreviewafrica.com/2023/07/07/greenland-bright-orange-sapphire-found-in-ruby-mine/

07/07/2023

Pioneer Tender House -Johanesbourg based- says the 29.52 ct Protea Pink diamond was sold on tender for a record $271 307/ct.

This is the highest sale price for any diamond sold by Pioneer to date.

The diamond, recovered from an ancient river terrace along the Middle Orange River, showcases why the alluvial diamond deposits of South Africa represent the highest and most consistent value per carat diamond supply in the world, Pioneer states...

Read more: https://diamondsreviewafrica.com/2023/07/06/south-africa-protea-pink-diamond-sells-for-271-307-ct/

07/07/2023

Lucapa Diamond Company has unearthed a 180.87-carat diamond from its Lulo mine in Angola, the third largest it has ever recovered from the deposit.

It’s the second +100 carat diamond of the year so far. In February it found a 150-carat Type IIa D-color white diamond.

And it’s the 37th +100 carat since since the Australian miner began commercial production at Lulo in 2015...

Read more: https://diamondsreviewafrica.com/2023/07/06/angola-lulo-mine-shine-again-with-181ct-rough-diamond/

07/07/2023

As part of the recently agreed deal between Botswana Government and De Beers Group, the diamond mining giant will continue to support Botswana’s diamond beneficiation efforts.

The company will partner with one of its sightholders to set up a state of the art jewellery manufacturing facility in Botswana...

Read More: https://diamondsreviewafrica.com/2023/07/07/botswana-de-beers-to-set-up-world-class-jewellery-manufacturing-facility/

27/06/2023

In a move aimed at protecting consumer confidence in the jewellery sector, the World Jewellery Confederation (CIBJO) and the International Grown Diamond Association (IGDA) have signed a Memorandum of Understanding (MOU) to work together in developing transparent standards, operating principles, and terminology for the industry.
The MOU was signed on 25th June, 2023, during the National Association of Jewellers’ (NAJ) Summit in Birmingham. Gaetano Cavalieri, President of CIBJO, and Joanna Park-Tonks, President of IGDA, formalised the agreement, marking a crucial step in fostering consumer trust in jewellery.

Under the agreement, IGDA will become a member of CIBJO’s Laboratory Grown Diamond Committee, with representation from Park-Tonks. The committee, led by Wesley Hunt of De Beers, has already developed a Laboratory Grown Diamond Guidance document. This document aims to establish universal trading and handling practices for laboratory-grown diamonds, ensuring their authenticity and enabling informed purchasing decisions by consumers...

27/06/2023

The diamond, named Protea Pink, is a fancy pink, 29.52 ct type II diamond, with unusual depth of colour and exceptional clarity. Its colour is reminiscent of the pink hues found in South Africa’s national flower, the protea.

This diamond was most likely derived from the 90-million-year-old Lesotho kimberlites and made a remarkable journey down the Orange river to be trapped in an ancient river terrace, approximately 500 km from its source, South African Diamond Producers Organisation (Sadpo) vice-chairperson and geologist Lyndon de Meillon stated in a release to Mining Weekly...

Read more: www.diamondsreviewafrica.com

09/04/2023

Sotheby’s – one of the biggest auction houses in the world – has announced that the biggest ruby of all time, found in Mozambique, will go up for auction next June in New York for over US$30.3 million.

The A55.22 carat ruby is about to become the most valuable jewel of its kind to be auctioned.

Announcing the sale on Wednesday, Sotheby's described the gem as "extremely rare" and "the most valuable and important ruby" ever to hit the market, possessing an "extraordinary clarity" and a deep red color known as "blood “pigeon ruby” – a hue more traditionally associated with highly sought after Burmese rubies.

Read more: www.diamondsreviewafrica.com

20/03/2023

A ruby and diamond bracelet made by Van Cleef and Arpels for screen icon Marlene Dietrich is to sold by Christie’s New York with an estimate of $2.5m to $4.5m.
She bought the high glamor piece in 1937 and wore it in Alfred Hitchcock’s 1950 movie Stage Fright and to the Academy Awards ceremony a year later.
It will be auctioned as part of collection owned by philanthropist and interior designer Anne Eisenhower, granddaughter of former US president Dwight D. Eisenhower. She died last year, aged 73.

The bracelet, known as a JarretiÃ¨re (from the French word for garter) includes cushion-shaped Burmese rubies, rectangular and baguette-cut diamonds, all set in platinum.
Eisenhower bought the piece in 1992 from Dietrich’s estate for $990,000...

Read more: www.diamondsreviewafrica.com

Pic's Van Cleef & Arpels Marlene Dietrich's Ruby Jarretière Bracelet.
Fotografia de Clive Kandel on flickr
Courtesy Idexonline

20/03/2023

Burgundy’s $136m deal to buy the Ekati diamond mine, in Canada, is likely to extend its life “significantly”, says Kim Truter, the company’s CEO.
The purchase, announced last week, from Arctic Canadian, should be concluded next month, pending financing and shareholders’ approval.
“The real advantage is it’s a tier-one asset in a tier-one country,” Truter told CBC News, Canada’s publicly owned news and information service.
He said he saw untapped potential at Ekati, which opened in 1998 as Canada’s first diamond mine.

Read more: www.diamondsreviewafrica.com

06/03/2023

Botswana Diamonds has announced that first recoveries of diamonds are expected this month at the alluvial and dump mine at Marsfontein, in Limpopo, operated by subsidiary Vutomi.

The AIM-traded company said site establishment began during the last week of January, and since then, around 1,500 tons of alluvial gravels from the main Marsfontein pipe had been excavated and were now awaiting processing...

Read more: www.diamondsreviewafrica.com

06/03/2023

Gem Diamonds has recovered an exceptional 122-carat D colour Type II white diamond at its 70%-owned Letšeng mine in Lesotho.
This is the first diamond greater than 100 carats that the company has recovered this year.

It only recovered four diamonds greater than 100 carats in 2022 from six in 2021, which was lower than the 14-year average of eight...

Read more: www.diamondsreviewafrica.com

02/03/2023

Botswana expects output from its mining sector to be flat this year, as the diamond industry loses its sparkle due to a contraction in consumer spending and weaker demand for diamond jewellery, a finance ministry official said on Wednesday.

Overall mining output in 2022 rose by 8.2%. But this year, gains in copper and coal will not offset the decline in diamonds, for which Botswana is Africa’s top producer...

Read more: www.diaamondsreviewafrica.com

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