Diamonds

Diamonds

Diamond stash worth billions sold off after demand roars back

The diamond industry’s collapse last year left the biggest producers with billions of dollars of uncut gems stashed away in safes. Now, in a matter of months, they’ve suddenly found buyers. The huge stockpile was built up when the diamond world came to a standstill during the height of the pandemic, stoking fears that gems amassed by the biggest miners could hurt the sector for years. But rampant demand from the middlemen who cut, polish and trade stones has all but wiped out the stash -- and remarkably as top...
BotswanaDiamonds

Debswana expects new strategy to create at least $900m in extra revenue

Debswana Diamond Company, a joint venture between the Botswana government and Anglo American’s De Beers, said on Friday that its new business strategy adopted last year should enable it to create at least ten-billion pula ($924-million) in additional revenue over the next four years. The five-year strategy, adopted at the beginning of 2020, includes restructuring of mines and is aimed at improving efficiencies throughout the group's operations. It is being accelerated after Debswana was hit hard by the coronavirus pandemic. Earnings almost halved last year as sales and production were...
DiamondsUncategorized

Diamond Polished Prices Increased Year-on-Year

Idex reported a 3.9% increase in polished diamond prices year-on-year, the biggest surge in over two years. Prices have consistently been on the ruse since the low point of April 2020, when the price was down by 4.8%. The March increase was more than double the February rise of 1.9 %. Month-on-month prices recovered slightly, which are up by 0.2% in March, after a slight drop in February. This follows January's 1.4% leap, the biggest rise for at least three years.November was down 0.2% and December was up slightly, at...
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