Archive

Russian diamond mining company Alrosa, through its Almazy Anabara subsidiairy has purchased the Degdekan gold mine from Polyus for US$276m. Commencing production in 2028, at full capacity, the mine is expected to produce around 3.3 tonnes of gold annually, with an estimated life span that runs through to 2046, estimated at 100 tonnes. Both Alrosa and Polyus are subject to Western sanctions. 

Photo credit: Envato Elements

Tiffany Stevens, previously serving as CEO of the Jewelers Vigilance Committee (JVC) this week assumed the role of Chief Business Officer and Head of Sustainability of the International Gemological Institute (IGI) for North America. Building on years of experience in sustainability matters, including leading JVC in guiding jewelers on sanctions and transparent supply chains, Stevens says to be excited to advance gemology education, promote transparency and responsibility in her new role at IGI. 

Rio Tinto has completed a 3.5 megawatt (MW) solar power plant at its Diavik Diamond Mine in Canada’s Northwest Territories, the largest off-grid solar facility in Canada’s territories. Featuring 6,620 panels, the plant generates 4.2 million kilowatt-hours annually, cutting diesel use by one million liters per year and cutting greenhouse gas (GHG) emissions by 2,900 tonnes of CO2 equivalent—comparable to removing 630 cars from the road.

Lucapa announces a conditional Sale and Purchase agreement has been reached with Lephema Executive Transport Ltd, having provided long-term mining services to the mine, for its 70% stake in the Mothae mine in Lesotho. Mid May, Lucapa announced its plans to divest the Lesotho operation in favor of focusing on the miner's assets in Australia and Angola.

Today, the EU has adopted the 14th package of sanctions against Russia, including ‘grandfathering’.

Gem Diamonds has announced the recovery of an exceptional 172.06ct Type II white rough diamond, the seventh 100+ct diamond recovered at its Letšeng mine this year alone. 

In a surprising move, Botswana President Masisi yesterday left the country to join industry stakeholders at the 2024 JCK Las Vegas show. Botswana finds itself in the middle of a perfect storm of challenges: De Beers' parent company Anglo American recently became the target of potential take-over bids, which led to Anglo announcing plans to spin off its diamond business.

Lucapa Diamond Company announced yesterday the recovery of a 195 carat diamond, discovered in the Lulo Alluvial Mine in Angola. It involves a type IIa diamond, which occurs only very rarely in nature. Special about this type of diamonds is the fact that they have no measurable nitrogen or boron impurities, making them the most chemically pure diamonds with the highest thermal conductivity that exists. Mostly these diamonds are colorless, but they can also be gray, light brown, light yellow or light pink.

Are lab-grown diamonds, to the naked eye identical to and sharing identical chemical and physical properties with natural diamonds, but 40-50% less expensive, that sustainable as often claimed by its producers? 

Watches of Switzerland (UK based) has acquired Roberto Coin Inc. the US division of the Italian jeweller and 6th largest brand in the US by sales through 400 points of sale, for US$130m. The acquisition will allow the group to increase the volume of Roberto Coin jewelry in its own retail network as well as the exclusive right to expand the wholesale reach of Roberto Coin Inc., which will operate as a standalone company within the group. The acquisition demonstrates the increasing importance of branded jewelry in the global retail landscape, National Jeweler notes. 

About 100 units in India's LGD growing and manufacturing industry have voted to observe a 15-day summer holiday starting May 15, hoping to control the rough and polished LGD supply and stopping the massive price drops seen in the LGD market. Traditionally, the (natural) diamond industry closes shop for a holiday period during Diwali.

Burgundy Diamond Mines, reports strong results for Q1 2024 despite a subdued rough and polished market, with record revenues of US$117m for 1.32m cts sold (+65% in volume y-o-y). CEO Kim Truter cites Burgundy's consistent diamond quality and provenance assurances as key drivers for strong buyer interest. In Q1, Burgundy recovered 1.15m carats, including a 23.15ct fancy intense yellow. 

_{Photo credit Burgundy Diamond Mines}