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The first & second tender of FY 2025 sold 600K Cts   Petra Diamonds Limited reported, Final sales results for Tenders 1 and 2 FY 2025. Sales for the first and second tender cycles of FY 2025 closed this week, yielding US$76 million from 600 kcts sold. Average prices increased 13% over Tender 7 FY 2024, with product mix contributing 22%, partially offset by a 9% decrease in like-for-like prices with weakness evident in the smaller size fractions.   Richard Duffy, Chief Executive Officer of Petra, commented, Following changes to the mine plans announced at our Investor Day, diamond production increased 7% from the previous quarter on the back of solid performances from Cullinan Mine and Williamson, with Finsch transitioning from continuous to a two-shift operation.  We recorded 4 LTIs, resulting in our LTIFR rate increasing to 0.28 from 0.13 in the previous quarter. This is of concern to us given our focus on delivering zero-harm workplaces, and we have impleme...

Time for the transitioning of revised System of Warranties  The World Diamond Council (WDC)’s calls out to industry members to seize the moment and be ready in time, to meet the deadline for rough diamond sales. The WDC’s revised System of Warranties (SoW) is set to reach its first critical deadline today, on September 21, 2024, as the three-year grace period to convert to the new system for rough diamond sales is about to end.  See below a selection of FAQs aimed at helping your company to reach the deadline with ease.  1) The System of Warranties: It’s a global mechanism created by the WDC for the industry, so that companies relay to the next buyer in the supply chain that the goods they are trading are in compliance with the Kimberley Process Certification Scheme (KPCS) and the SoW Guidelines, hence passing down the warranty of a conflict-free origin, as well as the assurance of adherence to other responsible business principles such as human rights, labor rights, anti...

  Lucara recovered 92,419 carats of diamonds in Quarter 2   Lucara Diamond reports its results for the quarter ended June 30, 2024. In the accordance with the result, Karowe registered the recovery of a 491-carat Type IIa diamond, a 225.6-carat Type IIa diamond, followed by the recovery of a 109-carat Type IIa diamond. A total of 76,387 carats of diamonds were sold, generating revenue of $41.3 million during the second quarter of 2024. A total of 92,419 carats were recovered during the quarter at a recovered grade of 12.9 carats per hundred tonnes (cpht) of direct milled ore. A further 8,349 carats were recovered from processing of historic recovery tailings.  The recovery of 206 Specials (defined as rough diamonds larger than 10.8 carats) equated to 6.9% by weight of the total recovered carats from Q2's ore processed which is in line with the Company's expectation.    William Lamb, President & CEO commented: "Lucara's performance this quarter reaffirms ...

De Beers expect rough diamond demand to fully recover   De Beers Group announced the value of rough diamond sales for the first sales cycle of 2024. The provisional rough diamond sales figure quoted for Cycle 1 represents the expected sales value for the period and remains subject to adjustment based on final completed sales.    Al Cook, CEO, De Beers Group, said: “Solid consumer demand for diamonds in the United States over the year-end holiday season has certainly helped to stabilise the industry and we are seeing polished diamond prices increasing again.    Combined with the restart of rough diamond imports into India, this has led to demand for rough diamonds increasing substantially in the first sales cycle of 2024. However, as the prospects for economic growth in many major economies remain uncertain, we expect that it may take some time for rough diamond demand to fully recover.”   DeBeers Cycle 1 2024 (provisional) [1] ...

  Supports the industry’s midstream rebalances   De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the eighth sales cycle of 2023. The provisional rough diamond sales figure quoted for Cycle 8 represents the expected sales value for the period 18 September and 03 October and remains subject to adjustment based on final completed sales.   Al Cook, CEO, De Beers Group, said: “De Beers reduced its rough diamond availability and made sales of $200m as the industry’s midstream rebalances certain areas of stock accumulation.   De Beers will continue to support its Sightholders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in Sights 9 and 10 of 2023, suspending De Beers Group online rough diamond auctions for the remainder of 2023, and investing an additional $20m in natural diamond marketing to help drive consumer demand during the ho...

Continued steady demand for rough: DeBeers   De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the second sales cycle of 2023. The provisional rough diamond sales figure quoted for Cycle 2 represents the expected sales value for the period 20 February and 7 March and remains subject to adjustment based on final completed sales.   Al Cook, CEO, De Beers Group, said: “In this, my first Sight update to the market, I am pleased to see continued steady demand for rough diamonds in line with our expectations for sales as the year progresses.   For example, we know that Sightholders planned more of their purchases for later in 2023, given the economic uncertainty at the time they were taking their planning decisions at the end of 2022. It is also encouraging to see some positive trends in end client demand for diamond jewellery at the start of the year.”  DeBeers Cycle 2 2023 (provisional) [1]...