News – Page 58 – The Diamond Certification Laboratory of Australia (DCLA)

Christie’s Online Jewelry Auction Sells Out

Christie’s garnered $799,125 from its online sale of jewelry by designer Michele della Valle, with 100% of items finding buyers.

The top lot at the auction was a pair of yellow sapphire, tsavorite garnet and diamond lemon earrings, which went for $75,000, smashing its $10,000 high estimate, Christie’s said last week. Another set of earrings — containing 52 round and 12 baguette-cut diamonds weighing a total of 1.55 carats, tsavorite garnets, and red agate beads — also soared past its upper valuation. The pair, designed to look like cherries, brought in $37,500, well over its $6,000 estimate.

A number of emerald and tourmaline pieces also fared well. A brooch featuring round emeralds and cabochon green tourmalines sold for $37,500, well above its estimate, while a pair of earrings set with round, oval and marquise-cut emeralds fetched $25,000, nearly four times its high valuation. A square step-cut, 13.25-carat orange tourmaline ring, surrounded by cabochon green tourmalines and diamonds, brought in $23,750, against a high valuation of $6,000.

“With a background in opera and the arts, della Valle’s aptitude for creative output knows no bounds,” said Caroline Ervin, a specialist for Christie’s jewelry department. “For decades, della Valle has delighted jewelry collectors and fans alike with his bold and colorful creations. His unexpected and whimsical creations offered in our sale were met with enthusiasm from Christie’s clients around the world.”

In total, Christie’s offered 65 pieces by the designer, with bidders from 24 countries participating in the auction.

Source: Diamonds.net

Graff Unveils New High-Jewelry Collection: Tribal

Graff's new Tribal high-jewelry collection features a stunning emerald suite

Graff is known for its exquisite diamonds. The London-based jewelry house has acquired many notable diamond acquisitions, some that set world records. As a vertically integrated jeweler, the house cuts, polishes, and sets these incredible diamonds in-house, allowing it to control every facet of these stunning diamonds.

Graff is known for its incredible diamonds GRAFF

To coincide with the spring equinox, Graff unveiled Tribal, its newest high-jewelry collection. The collection focuses on white and yellow diamonds, with one exceptional emerald suite, in three sculptural motifs. The collection is inspired by the stories that our ancestors would tell themselves to explain the world around them and the heavens above, so these motifs focus on the sky, sun, and stars — a language understood around the world.

Francois Graff, CEO of Graff, tells Forbes, “Tribal is a fabulous collection, inspired by the magical folktale of the girl who created the stars. For me, the iconic, timeless symbols that unite the collection evoke a deep feeling of being connected to the world around us on a universal level. Tribal raises the bar in high jewelry and pushes the boundaries of creativity, craftsmanship, and exceptional stones for which we are known.”

The Graff Gateway pieces feature abstract ovals GRAFF

Graff Graff Gateway features striking, architectural designs. These pieces feature abstract ovals with pear-cut or round diamonds within. They evoke swirling galaxies with a brilliant diamond star at the heart. For a more delicate, almost lace-inspired look, the Graff Gateway choker and cuff bracelets alternate rows of round diamonds and diamonds with a more subtle oval motif.

The Sun Worship necklace features 374 white and yellow diamonds with a 10.56-carat pear-shaped Fancy Vivid Yellow diamond in the center. — The Sun Worship necklace features 374 white and yellow diamonds with a 10.56-carat pear-shaped Fancy … [+] GRAFF

The powerful New Dawn collection is inspired by the sun’s rays as it rises above the horizon. These pieces feature sunburst motifs set in white or yellow diamonds. Some diamond rays spiral from a significant central stone, while other pieces focus on geometric compositions. The Sun Worship necklace features 374 white and yellow diamonds with a 10.56-carat pear-shaped Fancy Vivid Yellow diamond in the center.

Sara Sampaio wears the Night Moon pieces MIKAEL JANSSON FOR GRAFF

Finally, the Night Moon collection features glittering diamonds reminiscent of starry night skies. These pieces feature pavé diamond half-moons in striking geometric motifs inspired by elemental shapes found in nature.

The collection launched with a gorgeous campaign shot on location in the Atlantis Dune in South Africa. Mikael Jansson shot Portuguese supermodel Sara Sampaio in these remote dunes alongside custom-made blacked steel sculptures inspired by the motifs in the Tribal jewelry collection.

Source: Kristen Shirley Forbes

Who wins and who loses in the rush for diamonds?

The list of hardships and suffering linked to Zimbabwe’s diamond mines is growing longer by the day.

Since diamonds were discovered in the Marange fields in 2001, non-governmental organisations have been looking into abuse and dodgy dealings:

Human rights violations;
Opaque business deals;
Unfair treatment of residents;
Diamond smuggling.

The Marange diamond fields are in Chiadzwa, Mutare District, in eastern Zimbabwe. Thousands of people have been displaced to make way for mining operations.

Chinese mining companies and the Harare government made big promises to the displaced people, and their hopes are fading, with people saying they were duped to move out of their ancestral lands.

When Zimbabwean villagers from Chiadzwa were relocated to Agricultural Rural Development Authority (Arda) Transau, a state-owned farm in Odzi, about 40km from Mutare, to pave way for diamond mining, they were promised better life by both the government and several Chinese mining companies.

The government relocated more than 1 200 villagers from Chiadzwa to Arda Transau in 2009 after forcibly removing, in a bloody crackdown, more than 20 000 small-scale miners who had invaded the once-rich diamond fields in 2006.

Promises, promises

Arable lands, a US$5 000 compensation fee, grazing lands, schools and jobs are some of what the relocated residents were promised.

Chinese mining companies that were among the seven companies given mining rights include Jinan and Anjin — a company jointly owned by Chinese company Anhui Foreign Economic Construction Company Limited and Matt Bronze, a company owned by the Zimbabwe Defence Forces.

When the government under Zimbabwe’s long-time ruler, the late Robert Mugabe, took over the diamond fields through the newly formed Zimbabwe Consolidated Diamond Company (ZCDC) in 2016, some of the relocated villagers were hopeful that the move would improve their livelihoods.

Anjin was against Mugabe’s move and took his government to court.

In 2019, Anjin joined mining companies ZCDC in Chiadzwa after it was given back its mining license following pressure from Beijing on President Emmerson Mnangagwa, who came to power after Mugabe was toppled through a military coup in November 2017.

Hopes fading away

Many relocated residents say they got an unfair deal. They are living in dilapidated houses while their children are learning in makeshift classes. This is no clean water and few jobs.

“When I relocated to this area in 2010, this house was already cracking,” Jason Musiyanga (40), a father of three, said.

Musiyanga, whose name has been changed to protect his identity for fear of reprisal, says no one is coming to his rescue.

“I am living in fear. One day, this four-roomed house might just fall while I am asleep with my family,” he said.

Not enough to go around

Nomore Mamombe 51 said his one-hectare piece of land was not enough to accommodate his family of seven children with four of them married.

“Back in Chiadzwa, I had a 16-hectare piece of land which was enough for my children to build their own houses when they get married. Now we are sharing this four-roomed house,” Mamombe said.

“It is against my Shona culture for me to share the same house with my daughters-in-law.”

Looking for answers

Neither the government nor the companies are claiming responsibility for the hardships of the residents of Arda Transau.

Each group of villagers was relocated by each of the seven companies that had been granted mining licenses by the government.

Musiyanga was relocated by Anjin, while Mamombe was relocated by Jinan.

Mines minister Winston Chitando did not respond to questions sent to him by The Africa Report.

Anjin secretary Richard Mahoya, in a telephone interview, requested the questions to be sent to him via email.

They were sent, and he acknowledged receipt, but he had not yet responded by the time of publishing.

No property security

“The Chinese built nearly 1 000 houses for over 1 200 households,” according to the Arda Transau Relocation Development Trust (ATRDT).

Tawanda Mufute, the ATRDT secretary, said they did not have title deeds to their properties.

“We have made strides for us to get title deeds but our efforts were fruitless. There are fears that if another mineral like gold is found where we are now, we might be relocated again. We do not have any property security,” he said.

Mufute added that the population had since grown and villagers were now competing for the few available resources.

“Our population is now more than 9 000,” he said.

A single school

The relocated villagers are sharing one school which was constructed by Anjin.

“Our primary school has a population of more than 1 200 pupils. This is against four blocks that were built by Anjin. Parents have also built another block, but they are inadequate. Some pupils are learning in makeshifts classes,” Mufute said.

He added that the relocated villagers were yet to be compensated by the Chinese companies.

“In terms of compensation, the families are yet to receive the US$5 000 compensation fee which they were promised. They were only given US$1 000 as a disturbance allowance when they were relocated,” Mufute said.

No clear lines of responsibility

Mufute said it was not clearly outlined who should be responsible for these relocated Chiadzwa villagers between the government and Anjin.

“It is all about blame games. The government is saying it is the Chinese companies yet the Chinese companies are saying they are waiting to hear from the government,” said Mufute.

‘Pleasing investors at the expense of the indigenous people’

Simiso Mlevu, spokesperson for Centre for Natural Resource Governance, said it was the responsibility of government to take care of the socio-economic needs of the people.

“The predicament of the people of Arda Transau simply shows that the government does not have people-centric policies,” she said.

“Our policies are aimed at pleasing the investors at the expense of indigenous people. Indigenous communities need to enjoy economic, cultural and social security in their own country.”

Shamiso Mtisi, the Zimbabwe Environmental Law Association’s deputy director, said it was important for government to comply with constitutional provisions related to evictions of communities.

“Government and companies must provide people with adequate information on displacement implementation plans including associated costs, compensation levels, where people will go, what they will get including time frames,” he explains.

Source: The Africa Report

Alrosa Raises Rough Prices Again

Alrosa has increased prices for the third consecutive contract sale, fueling concerns about unsustainable growth and tight manufacturing profits.

The adjustments were 4% to 5% on average, with a focus on 1-carat rough and larger, insiders told Rapaport News this week. Prices of that category are now higher than pre-pandemic levels, a customer noted.

Alrosa declined to comment on its “commercial strategy,” but a spokesperson said the Russian miner “assures that prices for its goods follow the real, confirmed demand from the midstream sector.”

The sale, which took place this week, came amid strong rough demand following positive holiday seasons in the US and China. But there were warnings of a slowdown as the quiet season approaches.

“Since the rough market is so strong, everyone accepts the [prices], but it’s becoming a bubble that might explode,” a source cautioned.

Industry members highlighted possible challenges for manufacturers. Rough prices have outpaced polished, they claimed, with the upcoming slow months raising concerns about end demand.

“[The miners have] taken away all the profit margin from the manufacturing pipeline, because…when the polished is ready, the polished market will be slightly weaker than today,” an Alrosa customer explained. “Probably, we will all lose some money, and not even make the costs.”

Alrosa maintained its policy of allowing customers to refuse any unwanted goods — a concession that has been in place since the start of the pandemic.

However, some clients felt compelled to buy to ensure they retain their allocations in the new contract period, which begins April 1, one customer pointed out. Even so, rough sales at the trading session will likely be lower than the $421 million it reported for January and the $361 million it garnered in February, reflecting a drop in the miner’s supply, he added.

De Beers: Less availability

De Beers will also offer limited supply at its sight next week as its reduced production plan for 2021 has affected availability. Sources expect sales of around $400 million, compared with $663 million in January and $550 million in February. The company lowered its full-year production forecast in January because of operational issues at some of its mines.

“We continue to take a prudent approach with our mine plans given the ongoing pandemic and associated uncertainty,” a De Beers spokesperson said Wednesday.

With fewer goods on the table, further price increases by De Beers are unlikely at next week’s sale, a sightholder predicted. The miner already increased prices in December, January and February, reversing a sharp price cut it implemented in August.

“There was a major pushback on the goods last month,” the sightholder commented. “In anything that [produces] pointers and large [polished goods], they went way too far, and everybody said so. There were also refusals. If [prices] go up now, everyone will just leave the goods.”

Source: Diamonds.net

A Nearly 64 Carat Diamond Cartier Bracelet Could Fetch HK$40 Million at Sotheby’s

An iconic Cartier bracelet with 63.66 carats of pear-shaped D color, internally flawless diamond set on rock crystal is expected to fetch between HK$40 million and HK$65 million (US$5.16 million and US$8.39 million) at Sotheby’s Hong Kong’s sale of magnificent jewels in April.

Taking nearly 2,000 hours to create, the bangle-bracelet from the collection “L’Odyssée de Cartier —Parcours d’un Style,” pays homage to an Art Deco inspiration featuring sparkling stones and the French maison’s emblematic panther, orchid, and Oriental motifs.

Louis Cartier, the brand’s third-generation jeweler was a pioneer in working with rock crystal, which became popular in the 1920s. Cartier utilized a polishing technique from the Renaissance period to give a soft shine to rock crystal which, when paired with a diamond, creates an intriguing light effect.

The unique piece “combines a phenomenal diamond, mesmerizing design and impeccable craftsmanship, and represents a high jewelry collectible that will shine through time,” Wenhao Yu, deputy chairman of jewelry at Sotheby’s Asia, said in a statement.

Also on offer is “Circle of Happiness,” a bangle made of 277.7 carats of green jadeite-jade from Myanmar. Sotheby’s did not disclose the estimate of this bracelet.

Sotheby’s sale of magnificent jewels will also feature pieces from the houses of Boucheron, Bulgari, Chanel, Chopard, Graff, Harry Winston, Hermès, Van Cleef & Arpels, and more.

“The appetite for high-quality jewels has never been stronger in Asia, with discerning collectors looking for rare diamonds and gemstones, as well as unique and iconic designs,” Yu said.

Source: barrons

Two Major Trade Bodies Sign Partnership Deal

The World Diamond Council (WDC) and the Responsible Jewellery Council (RJC) have agreed to work together on key issues such as the Kimberley Process (KP), conflict diamonds and sustainability.

The two organizations have entered into a cross-membership partnership, meaning the RJC has become a member of the WDC, and the WDC has become a member of the RJC, they said Tuesday. The groups have also signed mutual codes of conduct.

An RJC official will join the WDC’s Kimberley Process (KP) Task Force and participate in discussions about matters including the expansion of the KP’s definition of conflict diamonds, principles for responsible diamond sourcing, and the worldwide adoption of the WDC’s System of Warranties. Meanwhile, a WDC official will become part of an RJC task force that focuses on ensuring the jewelry and watch industry achieves the United Nations’ Sustainable Development Goals (SDGs). Both appointments will take effect immediately.

The WDC and the RJC will report to their members on progress with the System of Warranties and the SDGs, and will help people in the industry apply them into their own businesses.

“Cooperation at this level is critical to raising the level of knowledge about responsible sourcing, driving action, and having a positive impact on all businesses, small and large, at every level of the diamond supply chain,” said Elodie Daguzan, the WDC’s executive director. “Through this partnership, we can do more to increase understanding of the [Kimberley Process Certification Scheme] and present a united industry front dedicated to broadening its scope through the expansion of the definition of conflict diamonds.”

Source; Diamonds.net

US Sanctions on Myanmar Receive Broad Support

The,Burmese,Gems,Trader,Is,Offering,The,Variety,Of,Gem

Members of the jewelry industry are confident that US sanctions on Burmese gems will punish leaders of the Asian country’s military coup without damaging the trade.

The Myanmar army seized control of the country on February 1. On February 11, US President Joe Biden’s administration banned US companies from transacting with three entities that, it claimed, were associated with the perpetrators of the takeover: Myanmar Ruby Enterprise, Myanmar Imperial Jade Co., and Cancri (Gems and Jewellery) Co.

Crucially, the US did not blacklist all gemstones coming out of Myanmar (also known as Burma) — the most important of which are rubies and jade. This contrasts with the old sanctions regime, the Tom Lantos Block Burmese JADE (Junta’s Anti-Democratic Efforts) Act, which lasted from 2008 until 2016 but attracted criticism for harming the wrong people.

“[Those] sanctions really didn’t affect the generals at all, but they definitely affected the traders, the small business people,” said Jeffrey Bilgore, a gemstone dealer and former president of the American Gem Trade Association (AGTA). He expressed hope that the targeted nature of the new actions would have more effect.

“These sanctions are intended, first, to hurt the military leaders and to restrict their activity, and to prevent US businesses from doing business with them,” added Sara Yood, senior counsel at the Jewelers Vigilance Committee (JVC).

The State Department has told the JVC that it had no interest in a blanket ban on gemstone imports from Myanmar, “because they know that it hurts the small artisanal miners, which just hurts the actual people of Myanmar,” Yood revealed.

The JVC, like other trade groups, has published guidance for industry members, urging them to check the origin of their gems and cease doing business with any of the banned companies.

US companies should ask suppliers for written assurances that the colored gemstones they are buying from them do not originate from any of the sanctioned entities, Jewelers of America (JA) instructed. But the restrictions shouldn’t heavily impact the supply chain, said JA CEO David Bonaparte.

“I don’t think you’re going to see the dealers saying [they] can’t get ruby anymore from Myanmar,” Bonaparte pointed out. “Other legitimate companies are still able to do business, and there are legitimate companies that are not sanctioned.”

Still, there is some confusion over how much of the Myanmar gem industry is under the control of those three companies.

“I’m hearing [from the State Department] that [these businesses are] pretty significant,” Yood said. “From American gem dealers, I’m hearing that they’ve never heard of these companies. That doesn’t necessarily mean that they’re not significant. It may just be that by the time it gets to the US, it’s gone through 12 different hands.”

The vast majority of Myanmar’s jade goes to China, where the gem is highly popular. The more significant product for the US market is ruby.

Some rubies, especially lower-value ones, go through long and complex supply chains. This could lead to a greater bureaucratic burden for buyers and dealers.

“I would expect that if you are maybe not a US business, but you’re an intermediary type of gemstone dealer located outside the US, you can expect that your US customers are going to be asking for documentation that these gemstones have not come from one of these three companies,” said Yood at the JVC.

Source: Diamonds.net

Dividend-paying Gem Diamonds working on technologies to reduce diamond damage

Diamond mining and marketing company Gem Diamonds is advancing innovative technologies that reduce diamond damage by extracting rock nonmechanically and being able to see diamonds in a certain size of rock, Gem CEO Clifford Elphick said on Thursday when the London-listed company reported positive operational and financial results, the Covid-19 pandemic notwithstanding.

On revenue of $189.6-million and underlying operational earnings of $53.2-million, Gem directors have proposed dividends of 2.5c a share in a year in which it recovered 16 diamonds larger than 100 ct each compared with 11 in 2019.

Gem achieved an average value of $1 908/ct, with the highest value of $38 827/ct achieved for a white rough diamond.

Its Letšeng mine, located in the Maluti mountains of Lesotho, is known for the recovery of large quality diamonds, including 2020’s 439 ct Letšeng Icon, which the company displayed during the presentation, along with six other large stones, one of them an 112 ct yellow diamond.

Gem Diamonds owns 70% and the Lesotho government 30% of the mine’s holding company Letšeng Diamonds.

Elaborating on damage-reducing technologies, Elphick said at the presentation covered by Mining Weekly: “There are two aspects to it. The one is to get the diamonds out of the rock using non-mechanical means. We’ve ticked the box there. That has gone well and we’re very comfortable with the final stage of the process.

“The first stage of the process was to see the diamonds in the rock. That didn’t deliver as well as we thought it might do. We have brought that plant back to Johannesburg. We have pulled it apart, taken out what wasn’t working. We’re busy putting it back together again. Of course, as things move, computing power improves. The detection units are improving as well as the pixilation capabilities, and so we are upgrading that plant and moving to pilot plant two.

“The ambition remains the same: to be able to see diamonds in a certain size of rock and then to be able to eject them at the speed which is required to meet a commercial need. We can do this at slow speeds but that doesn’t really help us. It’s a question of improving and making this faster. So, technology advances, we seem to rush forward and then crawl forward and then have a rush forward, and that’s exactly where we are. We’ve got a team coming here from Europe in the next month to take this forward to the next step,” Elphick outlined.

Letšeng has an opencast life-of-mine that stretches to the 2030s. “We’ll need to start looking at the underground, and that will come at some point in time,” said Elphick.

On Gem’s climate-change adaption plan, Elphick spoke of a lot of work going into the company’s adoption of the United Nations Sustainable Development Goals: “A lot of work goes into this and we make a major effort there,” he said.

On the 2020 diamond market, he noted that demand growth, particularly in China, the US, India and Australia, was showing strong post-Covid recovery, which was pushing its way through to stock market valuations. “And we know there’s a correlation between stock market valuations and diamond prices; that correlation was a little bit disturbed, but is now back, we think, with diamond prices rising quite strongly. Inflation started to appear but very much recent information it seems as it’s not quite as frothy as one might have expected, but no doubt as the world roars back from the Covid crisis, we may well see some inflation, and, of course, that’s helpful for diamond prices,” he said.

He described the 2020 holiday retain season as being strong, with the maturing Chinese and Indian consumer markets continuing to show strong growth trends.

Midstream inventory and debt levels decreased substantially and this part of the diamond pipeline was in relatively much better shape than for some time.

“And we’re not finding, at this point, the synthetic diamonds are having any impact on the demand or the prices for the sorts of goods that the Letšeng orebody delivers,” he said, adding that being the highest dollar per carat kimberlite producer was a good position to be in.

“We’ve had a good year in terms of recoveries on almost all categories, but particularly the top end,” he said.

Elphick said Gem had been participating in trials to capture additional value, involving its goods being polished into the high-end luxury brands strategy, and the company was capturing some of the additional value between rough and polished and finding its way into the brand. So far we’ve had a good experience and we’re pushing these trials out further to see what it might mean in the longer term. We’re quite excited about that,” Elphick said.

Mining Weekly put these two questions to Gem relating to going green and decarbonising:

What steps is Gem taking to be carbon neutral. Is Gem replacing fossil electricity with renewable energy, and when will Gem likely be carbon neutral? Or will the company opt for carbon offsets?
What value does Gem place in potentially becoming a miner and a marketer of carbon-neutral diamonds, or is the market not demanding decarbonised diamonds currently?
In response, Elphick said: “Diamonds are carbon so it is difficult to sell non-carbon diamonds. I’m not trying to be facetious, but we haven’t got into this in as much detail as your question is assuming.

“There is a big debate on the footprint of mining and there’s quite a complicated answer. There is a little bit of work being done particularly on man-made diamonds to what their carbon footprint and how their carbon footprint is hugely in excess of naturally mined diamonds.

“If you wouldn’t mind us coming back to you in time with a more considered answer to get into best practice, but at this point frankly I don’t have an intelligent answer to give you. Buying carbon offsets. That’s the same issue.

“With respect to replacing fossil electricity with renewable energy, we have looked at this in some detail, particularly solar and wind, and the combination. We have assessed this quite often and unfortunately the outcome of that is not good enough from a cost perspective to make a transition right now.

“It is moving in the right direction and there will come a minute when that is right. Of course, we have to also access, not just a straight-forward cost question, but the cost of not doing this and what that does to our contribution to the planet. It’s not just a simple cost answer, but just to give you comfort there that we have looked at this in great detail over a number of years,” Elphick said.

Profit for the year from continuing operations was $27.5-million and attributable profit from continuing operations $16.9-million.

Earnings a share from continuing operations were 12.1c and cash on hand $49.8-million as at December.

At Letšeng, 100 780 ct were recovered in the 12 months to December 31, with waste mined totalling 15.6-million tonnes.

Ore treated of 5.4-million tonnes was below the 6.7-million tonnes of 2019.

Source: miningweekly.com

Israel’s Diamond Trade Sees Strong February

Israel Diamond Exchange complex in Ramat Gan.

Israel’s diamond exports improved in February amid steady jewelry demand in key retail markets and the opening of a trade channel with Dubai, according to government data.

Polished shipments out of Israel jumped 24% year on year to $251.6 million for the month, with volume increasing 20% to 122,784 carats, the country’s Ministry of Economy and Industry reported last week. Rough exports rose 21% to $124 million, while volume slipped 9% to 188,317 carats.

The ministry attributed the growth to higher demand for studded jewelry in the US and China. As for rough trading, 16% of exports were to the United Arab Emirates (UAE), with which Israel reached a peace deal in August, the government noted. Before that, Israel was unable to ship goods directly to Dubai, an important center for rough tenders. The improvement also came despite a February lockdown in Israel, which affected the availability of flights, the ministry pointed out.

“The industry has cause for optimism after a difficult year,” said Ophir Gore, Israel’s diamond controller. “The data that the global diamond sector has seen in the past two months — especially in the American diamond and jewelry market — indicate demand has recovered. The first half of this year is expected to be particularly positive for the industry.”

Source: Diamonds.net

Namibia’s marine diamond miner’s production hit by Covid-19

Debmarine Namibia, a subsidiary of Anglo American’s diamond unit De Beers, on Monday reported a 13% drop in production to 1.125 million carats last year as demand slumped during the Covid-19 pandemic.

Namibia has the richest known marine diamond deposits in the world, and is among the top 10 producers of gem-quality diamonds globally. Production, however, has been severely hampered by weak demand on the international market.

Debmarine’s revenue fell 5% to 6.6 billion Namibian dollars ($427 million), the company said. Royalties and tax to the government also slipped 6%, to 2.1 billion Namibian dollars.

Debmarine Namibia, a 50-50 joint venture company between De Beers and the Namibian government, has partnered with five African commercial banks in a $375 million financing deal to build a new diamond mining vessel.

Chief Executive Otto Shikongo said work on the ship, to be known as the AMV3, was progressing well. Construction is expected to be completed in the third quarter of 2021, and production from the vessel is planned for the second quarter of 2022.

The ship, with the capacity to add 500 000 carats of annual production, will be the seventh in the Debmarine Namibia joint venture’s fleet, which mines high-quality diamonds from the ocean floor using hi-tech surveying equipment.

Source: moneyweb