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Press release “Dear Sightholder, For an industry that historically evolved slowly, the past several years have seen unprecedented change at an extraordinary pace. A volatile global economy, shifting consumer demographics, new technological innovations, and increased challenges in accessing supply, are forcing all of us to adapt and evolve.
De Beers is talking up the market and downplaying its production, as one expects it needs to do in the current economic environment. And it is not alone, as other miners follow suit.
DTC unable to meet short term sightholder demand. De Beers will be unable to meet sightholder demand for the next six months due to a shortfall in production, according to its chief executive, Philippe Mellier.
Russia revealed that it had trillions of carats of industrial diamonds in a deposit under a 35 million year old meteorite crater called the Popigai Astroblem that is a hundred kilometers wide.
At the last DTC Sight – which has been estimated as totaling $535 million – the DTC reduced rough selling prices by 3-15 percent, depending on the kind of goods. In some boxes, the assortments also deteriorated, so the price reduction may actually have been slightly more moderate.
The Indian diamond industry’s liquidity crisis – said to be the worst in 50 years – is claimed to be self made as big and medium diamond firms have diverted $5.4 billion in bank finance for diamond operations into real estate, according to a report published in The Times of India.
August sight estimate at $580M De Beers has reduced prices by an estimated average of 8 percent at its Diamond Trading Company (DTC) sight this week. The sight had an estimated value of about $580 million and ?no goods were left on the table.
It was interesting reading an article, which cited the Zimbabwean mines minister Obert Mpofu as saying that the southern African country was set to “dominate” the global diamond market.
Anglo American agreed last year to buyout the Oppenheimer family’s 40 percent stake for $5.1 billion in cash.
There was a buzz emanating from Botswana this week felt well beyond its borders as De Beers launched its aggregation activities in Gaborone and Okavango Diamond Company finally appointed a managing director. Considering that Botswana is bound to set a number of milestones along its journey to establishing its diamond trading hub in Gaborone, these […]
Milestone in transformation of Botswana into a global diamond centre. Press release.
Exactly 80 years after Sierra Leone’s first alluvial deposit was found along the Shongo stream, the country’s diamond scene has finally entered into an entire new era: it is joining the ranks of Botswana, Canada, Russia and Australia by becoming a predominantly hard-rock kimberlite diamond-mine producer.