News – Page 2 – The Diamond Certification Laboratory of Australia (DCLA)

Lucara sells two exceptional diamonds for $54m

Diamond miner Lucara Diamond Corp has sold the 549 ct Sethunya and the 1 080 ct Eva Star diamonds, recovered at its Karowe mine, in Botswana, for $54-million.

The Sethunya, recovered in 2021, and the Eva Star, discovered in 2023, showcase the remarkable quality and size of diamonds consistently produced from the South Lobe of the Karowe kimberlite. These exceptional stones underscore Karowe’s position as one of the world’s most prolific sources of large, high-value diamonds, Lucara states.

“The sale of these two extraordinary diamonds further validates our investment in the Karowe underground project. The unique characteristics of Karowe’s kimberlite, particularly in the South Lobe, continue to amaze us with its ability to produce diamonds of exceptional size and quality. The mineralogy we’re seeing is truly unprecedented in the industry, consistently delivering Type IIa diamonds of remarkable clarity and size,” adds president and CEO William Lamb.

The Karowe mine has yielded some of the world’s largest diamonds, including the 1 758 ct Sewelô, recovered in 2019; a 1 174 ct diamond recovered in 2021; and the 1 109 ct Lesedi La Rona, recovered in 2015.

The 1 080 ct Eva Star diamond was the fourth diamond weighing more than 1 000 ct to be recovered at the mine.

This was followed by the recovery of the 2 492 ct Motswedi diamond in August last year and the 1 094 ct Seriti diamond in September last year.

The 2 492 ct Motswedi is the second-largest diamond ever to be recovered, with the largest being the 3 106 ct Cullinan diamond recovered in South Africa in 1905.

The Karowe underground expansion project will extend the mine’s life beyond 2040 and has been designed to access the parts of the South lobe at depth where the EMPKS ore type is prevalent.

Production at the underground mine is scheduled to start in the first half of 2028.

Source: miningweekly.com

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: IDEX

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.

US Diamond Importers Must Declare Country of Origin

New rules announced by US Customs and Border Protection (CBP) will require all diamond importers to declare the country of origin of all goods.

The move, to be implemented in April, is aimed at enforcing sanctions on Russian diamonds.

Importers have been required, since last March, to certify that their goods are not Russian, but not to disclose where they are from.

The G7 nations – including the US and EU – imposed a ban on Russian diamonds of 1 carat or more from March 2024 and on goods of 0.5 carats or above from September 2024.

Despite the sanctions, Russia is still thought to be exporting 40 per cent of its diamonds output because they are below the size threshold or industrial quality.

The US Customs and Border Protection (CBP) said in a statement that it plans to start collecting additional data in April on jewelry imports (and seafood) requiring filers to provide the country of mining.

They’ll be required to upload a PDF document on official company letterhead to CBP’s automated commercial environment (ACE) document image system.

The requirement applies to both loose diamonds and jewelry containing diamonds. Jewelry imports without diamonds are exempt.

The carat size threshold is not mentioned in the CBP announcement.

Source: IDEX

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

“Sharp Contraction” for Swiss Watch Exports

Swiss watch exports slumped in December, with the US suffering its first drop in six months.

Total foreign sales were down 5.4 per cent year-on-year to CHF 2.033bn ($2.23bn) in what the Federation of the Swiss Watch Industry Exports (FHS) said was a “sharp contraction”. It’s the biggest drop since June 2024 (-7.2 per cent).

Sales in China continued their decline (down 19.0 per cent), ditto Hong Kong (down 6.4 per cent). Hong Kong is currently the second biggest market globally for Swiss watches and China is the third.

Exports to the biggest single market, the US, fell by 1.0 per cent during the month, ins spite of the holiday season, following on from a 4.7 per cent increase in November.

Among the top 15 markets, the only ones to show growth during the month were UAE (+0.6 per cent), United Kingdom (+5.8 per cent), Spain (+19.3 per cent) and Australia (+7.2 per cent).

The FHS said it recorded falls in all price segments, with the sharpest decline among watches priced at CHF 200 to CHF 500 ($220 to $550). The CHF 500 to CHF 3,000 ($550 to $3,300) segment held up better, declining by just 1.8 per cent.

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