Lab Grown Diamond – Page 4 – The Diamond Certification Laboratory of Australia (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: Mining.com

Indian Govt. Advocates for Direct Diamond Trade at Mining Indaba 2025

The Indian delegation expressed optimism about overcoming logistical and regulatory challenges, ensuring a streamlined process that benefits all stakeholders.

A high-profile Indian delegation led by Shri R. Arulanandan, Director, Department of Commerce, Government of India actively participated in the “Opportunities in India” event, hosted by the Consulate General of India in Cape Town and the Government of India. The event was held on the sidelines of the prestigious Mining Indaba 2025.

The delegation, which included Shri Rajat Wani, Regional Director – Surat, GJEPC, highlighted the potential of Special Notified Zones (SNZs) for diamonds in Mumbai and Surat, focusing on their role in simplifying trade processes. Stressing the need to reduce the number of intermediaries in the diamond value chain, they underscored the importance of facilitating more direct trade of rough diamonds between India and African mining nations.

Direct auctioning of diamonds in SNZs was presented as a mutually beneficial strategy. Such a framework would enable African mining countries to secure higher returns on their diamond exports while allowing Indian buyers greater access to competitively priced rough diamonds.

The discussions also explored the necessity of consignment exports, a move that could align with African nations’ policies, such as “temporary export” mechanisms. The Indian delegation expressed optimism about overcoming logistical and regulatory challenges, ensuring a streamlined process that benefits all stakeholders.

Source: Gjepc.org

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: Mining.com

Liz Taylor Bracelet Smashes Estimate

A diamond bracelet gifted by Michael Jackson to Elizabeth Taylor sold for $147,000, almost double its high estimate.

The diamond line bracelet, set with 27 graduated radiant-cut yellow-tinted diamonds was expected to fetch $61,000 to $86,000 (Â£50,000 to Â£70,000).

It sold on 30 January at the Woolley & Wallis auction house, in Sailsbury, southern England.

Taylor (who died in 2011) and Jackson (who died in 2009) were close friends for many years. Taylor was godmother to Jackson’s children Paris and Prince, and Jackson, the King of Pop, gifted her a number of jewelry pieces over the years. Among them was this bracelet, with a central diamond weighing 3.38 carats.

The bracelet was sold previously in December 2011, for $182,500, at Christie New York’s The Collection of Elizabeth Taylor. It raised $116m (way beyond its $20m estimate) and broke the record for any collection of jewelry sold at auction.

Marielle Whiting, jewelry specialist at Woolley & Wallis, described the bracelet as a “beautiful and highly wearable diamond bracelet with truly legendary provenance that continues to live on”.

Source: Idex

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

De Beers sees India as a diamond bright spot

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: Mining.com

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

Trump Diamond – a Lab Grown Gift from India to US

A diamond manufacturer in India has created a lab grown replica of Donald Trump, as a symbol of the country’s strong ties with the US.

The 4.30-carat stone is the work of Surat-based Greenlab, the company that made the 7.5-ct F / VVS2 gem that was presented by India’s Prime Minister Narendra Modi to then-US First Lady Jill Biden in June 2023.

Greenlab, which produces 1.5m lab grown carats a year, says it took two months to grow the Trump diamond, and it plans to present it to the newly sworn-in president as a gift.

“This 4.7-carat masterpiece is a symbol of our appreciation for leadership and our deep connection with the US market,” said company director Smit Patel.

Source: IDEX

30 years of Ekati diamonds, 30 years more

A 36-carat fancy vivid yellow diamond recovered from Ekati during the September quarter.

In its first full year as the operator of the world-class Ekati diamond mine, Burgundy Diamond Mines Ltd. marked several milestones, including consistent diamond recoveries and advancements in extending the mine’s future, reinforcing its position as a prominent player in the Canadian diamond industry while laying the groundwork for continued growth and success.

Over the past year, Burgundy worked to solidify its position as the new operator of the Ekati diamond mine by focusing on improving production and extending the mine’s lifespan. This was reflected in the consistent quarterly performance throughout the year, despite challenges in the diamond market.

“Despite suppressed diamond market prices, we remain optimistic as supply-demand tightens and look forward to launching Ekati’s tenth mine – a landmark achievement,” said Burgundy Diamond Mines CEO Kim Truter.

In less than two years, Burgundy moved quickly to expand Ekati’s capabilities, advancing beyond initial stabilization to actively pursue new development and growth. This is exemplified by the development of the Point Lake open-pit project, which is set to become Ekati’s tenth operational mine.

This quickly became a critical component of the company’s strategy to secure long-term production at Ekati. With initial production planned in late 2024, Point Lake holds more than just increased production potential but also historical significance as the first diamondiferous kimberlite discovery in Northwest Territories – which led to the eventual development of Ekati.

Burgundy Diamond Mines Ltd.

Located approximately three kilometers northeast of the main mine camp, Point Lake, evidenced by its name previously existed as a natural lake, which required draining before mining operations could begin. Dewatered in two phases, and as part of the process, a total of 523 lake trout and 6,348 slimy sculpins were relocated prior to emptying the habitat.

The water was then pumped into the King Pond Settling Facility and Lynx pit, allowing suspended solids to settle and facilitating future underwater remote mining trials at Lynx pit.

Currently, Ekati is estimated to contain approximately 140 million carats of diamonds in the indicated category, even after more than 26 years of production. These remaining resources are concentrated within the currently active Misery underground and Sable open-pit mines, with Point Lake projected to add an estimated 5.3 million carats once it begins production, further bolstering Ekati’s resource base.

This robust resource position led to a major milestone in late October, as Burgundy celebrated Ekati reaching 100 million carats of diamonds recovered – a testament to the mine’s enduring contribution to the diamond industry.

“As we reflect on this historic achievement, Ekati continues the legacy as one of the premier diamond assets in the world in a tier one location producing highly sought after sustainably and ethically produced diamonds for the global market,” said Truter.

With substantial reserves still available, Ekati is well-positioned for another 30 years of production, potentially even longer if further resources are identified.

“We are proud of the team we have in place and of everything we have achieved so far,” Truter added. “Ekati still has 140 million carats remaining in Indicated Mineral Resources, one of the largest unmined diamond endowments in the world, which provides Burgundy shareholders an indication of Ekati’s remaining mine life potential.”

Beyond Point Lake, Burgundy has also focused on extending the mine life of other key operations at Ekati. In particular, the Misery underground mine has shown promise for extended production through recent exploration efforts.

Looking ahead into 2025, Burgundy continues to focus on operational efficiency and advancing exploration to maximize Ekati’s resource base.

With production at Point Lake expected to commence and further drilling at Misery ongoing, Burgundy is executing its strategic plan to secure sustained production at Ekati.

The company is also progressing feasibility studies for additional underground sites, all aimed at maintaining Ekati’s position as a key contributor to the global diamond market, while delivering value for shareholders and supporting local communities in the Northwest Territories.

Source: Miningnewsnorth

Some Recovery in India’s Polished Exports

India’s gross exports of polished diamonds showed some signs of recovery during December, after a couple of months of volatility.

Foreign sales were $773m, down 10.4 per cent in dollar terms on the same month in 2023, according to the latest figures from the Gems and Jewellery Export Promotion Council (GJEPC).

But that compares to a steep year-on-year drop of 40 per cent in November, with total sales of $660m.

That came after a 11.3 per cent increase in October, when sales hit just over $1.4bn.

Before that GJEPC recorded significant year-on-year drops for every month of the year, with foreign sales in September down 22.9 per cent to $1.29bn.

India’s diamond manufacturing has been badly hit by the ongoing slump in prices and demand, with an estimated 30,000 workers having been laid off in Surat over the last six months.

December’s fall in polished diamond exports was broadly in line with the whole gem and jewelry sector (down 10.3 per cent at just under $2bn).

Source: IDEX

New BHP/Anglo Bid “Almost Oven-Ready”

A renewed takeover bid of Anglo American by rival miner BHP is “almost oven-ready,” according to City sources cited by the UK Sunday Times newspaper (12 January).

Australia-based BHP made an unsuccessful bid for the company that owns De Beers last April, increasing from its all-share offer of $39bn to just over $49bn before it was rejected by the Anglo board.

But the six-month cooling-off period imposed by UK regulators is now over and speculation is again mounting that BHP is set for a new assault.

“Anglo’s management have got the bit between the teeth,” one investor with big holdings in both companies told the Sunday Times.

“Ironically, this may make them more of a target. But the price they could demand for Anglo would be higher.”

BHP is keen to acquire Anglo’s copper mines but has made it clear that it has no interest in De Beers, or in its PGM (platinum group metals) assets.

Since the failed BHP bid, Anglo has raised $4bn from the sale of coal mines, and is preparing to dump De Beers and its PGNs, all of which makes it more attractive to BHP.

Anglo announced in May, shortly after the BHP bid, that it would sell or demerge both its diamond and PGM operations (as well as nickel and steelmaking coal) to focus on copper and other more profitable parts of its business.

De Beers, which seen sales slump in 2023, would “be divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company said.

Source: IDEX