Can De Beers make diamonds forever again?
So … diamonds are forever, you say. Are we sure about that? The diamond market has, over the past few years, seen a cataclysmic shift that threatens its foundations to the core…
Lucara Diamond secures balance of funds for $779m Karowe
THE future of one of the world’s richest diamond mines has finally been secured three years after its botched expansion threatened to bankrupt owner Lucara Diamond Corp. The…
Diamond prices may recover in nick of time for stricken Petra
PRICES for high-value diamonds have increased 10% this year, a promising development for miners of the precious stones who have been under the cosh since at least 2022 amid poor…
Lucara Diamond calls on emergency fund to remain liquid
PRESSURE is growing on Lucara Diamond which said it will draw on additional financing facilities to remain liquid. Commenting in notes to its first quarter results, the company’s…
Lucara terminates contract of Karowe project manager
LUCARA Diamond Corp. said on Monday it would take a hands-on approach to the completion of the $684.3m Karowe underground project, the costs of which have spiralled out of…
Museums join queue for Lucara’s latest giant diamond
LESEDI La Rona, the 1,109 carat diamond recovered from Karowe’s south lobe open pit by operator Lucara Diamond Corp. in 2015, astonished the world. At the time it was the world’s…
Botswana leaned on Lucara to renew diamond deal
BOTSWANA may have had a lot to do with Lucara Diamond’s decision to renew a marketing agreement with marketer HB Group despite finding the Antwerp-based firm had breached a…
Lucara to spend $115m in 2025 completing Karowe shaft
LUCARA Diamond Corp. forecast capital spend of $115m in 2025 in order to complete construction of the Karowe underground expansion. The focus will fall on shaft sinking to the…
Lucara Diamond recovers another whopper at Karowe
LUCARA Diamond Corp., the Toronto-listed miner, said on Monday it had recovered a 1,094 carat diamond from its Karowe mine in Botswana. Karowe, which is currently being expanded…
Lucara recovers huge 2,492 carat diamond from the Karowe mine
CANADIAN-listed Lucara Diamond has just recovered the largest diamond ever found since the world-famous Cullinan diamond at its Karowe mine in north-eastern Botswana. Lucara…
Lucara Diamond provides some much-needed sparkle
SECOND quarter results from Toronto-listed Lucara Diamonds have at last delivered some good news for the diamond sector after the gloom and doom of depressed sales and prices…
Are diamonds for Anglo? De Beers’ slump raises questions
IN 2022, Petra Diamonds CEO Richard Duffy said the market for diamonds was undergoing a positive “structural change”. It was not a “bubble or a blip”. Rather, fundamental market…
Lucara’s Thomas quits as CEO as firm seeks way out of debt crisis
EIRA Thomas has stepped down as CEO of Lucara Diamond Corp., the Toronto-listed miner, the company announced today. Her resignation comes amid high distress for Lucara which is…
Lucara Diamond’s Karowe expansion announces 25% capex blow out after delays
LUCARA Diamond Corp.’s expansion of the Karowe mine in Botswana would take 18 months longer to complete than first planned while the project’s capital costs would increase a…
Petra Diamonds withholds gem sales in fifth tender amid build in midstream inventories
PETRA Diamonds withheld diamonds in the fifth auction of its financial year saying in an update today that offers didn’t match its price expectations. A total of 468,800 carats…
Lucara reports hefty slide in Q1 Ebitda owing to ore mix, lower diamond prices
ROUGH diamond prices remained under pressure in the first quarter of Lucara Diamond’s 2023 financial year owing to geopolitical uncertainty. Pricing, combined with a temporary…
Lucara Diamond to conclude “complete review” of Karowe capex and schedule in Q1
LUCARA Diamond Corp. said it would conclude “a complete review” of its capital programme budget and schedule in the first quarter of next year. Commenting on production, sales…
Lucara starts shaft-sinking at $547m project to extend the life of the Karowe mine
Toronto-listed Lucara Diamond Corporation (Lucara) generated US$120.5m in diamond sales from its Karowe mine in Botswana during the six months to end-June and has started shaft…
De Beers reports strong surge in rough diamond sales for second cycle
DE BEERS said its rough diamond sales totalled an estimated $650m for the second cycle (sight) which compares to $550m in sales for the corresponding period last year. First…
Lucapa Diamond Co. continues debt repayment progress
LUCAPA Diamond Company made further in-roads into its debt pile after it repaid A$10.5m to New Azilian, a company associated with the firm’s non-executive director Ross Stanley.…