Botswana rules out reckless De Beers spending
BOTSWANA will not compromise its financial stability to increase its stake in De Beers, said Bloomberg News citing the country’s vice president Ndaba Gaolathe. The country, whose…
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…
Anglo not exclusive with any buyer for De Beers, says CEO
ANGLO American had not entered into an exclusive agreement with any of the bidding consortiums for De Beers, said the group’s CEO, Duncan Wanblad. “We are not exclusive with any…
S&P cuts Botswana rating on diamond market woes
S&P Global Ratings has downgraded Botswana’s long-term sovereign credit rating to BBB- from BBB, citing structural weakness in the global diamond market that will weigh on the…
Diamond industry urges reform of Kimberley Process
THE diamond industry will meet in Dubai next week to debate whether the Kimberley Process, created to stop trade in blood diamonds, can be reformed, said the Financial Times on…
Botswana runs surprise ad-hoc diamond auction
BOTSWANA has launched an unprecedented ad-hoc diamond auction in an effort to raise revenue as the southern African nation grapples with a slump in global gem markets, said…
Anglo favours De Beers buyer with industry experience
WHEN Gareth Penny ended his 22-year career at De Beers in 2010, the company was only just emerging from the tumult of the global financial crisis. Amid high indebtedness and poor…
Anglo negotiating with Botswana for increased stake in De Beers
ANGLO American said it was negotiating with the Botswana government to increase its 15% stake in De Beers ahead of selling the business, which remained the group’s preferred…
De Beers to post interim loss as discounts inventory diamonds
ANGLO American on Thursday said its diamond and steelmaking coal businesses would be loss-making in the first half of its financial year. This was owing to poor market conditions…
A year after unveiling its restructure, Anglo has surprised the market
Voicemail is on the decline globally, 8% lower since 2020, according to US company Vonage. Coca-Cola removed it from its corporate headquarters three years ago. Yet for Ken…
Lucapa Diamonds forced into administration as cash dwindles
LUCAPA Diamond’s current management has succumbed to years of poor diamond prices announcing on Friday administrators had been appointed to save the company. KordaMentha…
Lucara upbeat on stabilised diamond market
LUCARA Diamond Corp. CEO William Lamb took an upbeat view of the diamond market saying it had probably bottomed out in the fourth quarter while producer price cuts would spur a…
De Beers slashes rough diamond output for 2025
DE Beers on Thursday slashed production guidance by as much as 40% to between 20 million to 23 million carats for the 2025 financial year. The move recognises little chance of a…
Petra won’t make “silly decisions” in new cost cutting round
PETRA Diamonds would not make “silly decisions” regarding a new cost cutting programme warning of the “fatigue” on labour where jobs were shed in a previous restructuring…
Diamond sales boost would do Anglo power of good
EARLY anecdotal evidence points to a “pleasing” improvement in polished diamond sales since Thanksgiving in the US. This will come as a boost for Anglo American, which needs an…
Petra defers refinancing as diamond prices slide yet again
PETRA Diamonds has embarked on a fresh round of restructuring at its South African mines and has deferred a refinancing plan to this year. This follows the results from its third…
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…
Botswana touts 24% stake in mining projects to citizens
BOTSWANA is expected to pass an amendment to its Mines and Minerals Act enabling citizens to buy a stake in mining projects when the government decides not to exercise its…
Diamonds in ‘downward spiral’ as De Beers sales falter again
ROUGH diamond sales fell again for De Beers with no signs of the much desired diamond market recovery on the way. Al Cook, De Beers CEO said that while a recent conference…
Botswana seeking quick separation from Anglo
BOTSWANA president Mokgweetsi Masisi wanted a quick separation from Anglo American in terms of the UK group’s plans to sell its 85% stake in the diamond miner. Botswana has a 15%…