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In a historic deal that ends a century of involvement in the town that launched its empire, De Beers has sold its Kimberley mine to a consortium that comprises Petra Diamonds and Ekapa Mining for $7.2 million.
London – The large diamond finds continue, with mining company Petra Diamonds Ltd. recovering a 23.16-carat pink and Lucara coming up big again with two more exceptional stones.
De Beers has announced the dates of its sights in 2016: Sight 1: Monday January 18 – Friday January 22 Sight 2: Monday February 22 – Friday February 26
Vancouver, B.C. – Lucara Diamond Corp. President and CEO William Lamb knew that it was either very good or very bad news when his phone rang at 1:28 a.m. Monday morning Vancouver time.
De Beers recorded one of its smallest ever contract sales in November as last week’s sight closed with an estimated value of $70 million. The rough diamond supplier kept prices stable and enabled extra flexibility due to the slump in sightholder demand.
Expects manufacturing recovery in 2H 2016. Rough diamond prices need to come down by 15 percent but the market needs to stabilize first, Maxim Shkadov, president of the International Diamond Manufacturers Association (IDMA) told Rapaport News.
A quick note before Sight 9 – it’s going to be small, but it will take place. De Beers is adapting to the market, or as some may say, they are playing it by ear. The company is trying to meet the changing needs of its clients. Sadly, these changing needs seem mostly like detrition.
Low rough diamond demand expected through 4Q. De Beers will allow sightholders to defer their entire November allocations until December as diamond manufacturers remain under pressure from weak market conditions.
De Beers sightholders refused about half of their allocated supply last week, reducing the estimated value of rough sold at the sight to $200 million.
Russia’s ALROSA has discovered a 102.85-carat diamond with a moderate yellowish hue at its Jubilee kimberlite pipe that is thought to be worth more than $480,000.
A 357-carat white diamond recovered at the Letšeng mine in July has sold for $19.3 million.
Sales and profits have plunged at Dominion Diamond, the world’s third-largest diamond producer, and the company has followed other producers and lowered prices in August.