The world’s No.1 diamond miner by value, reported a 4.9% rise in sales during the third cycle of the year, on the back of a global recovery in prices and demand.
De Beers Mining News
It has acquired the 50% interest French luxury goods group LVMH had in De Beers Diamond Jewellers for an undisclosed amount.
The Russian miner said profit attributable to shareholders totalled $2.25 billion (131.39bn roubles) last year, versus $530K (30.67bn) roubles in 2015.
Gahcho Kué, owned by De Beers Canada and Mountain Province Diamonds, is expected to produce around 54 million carats of rough gems over its 12-year lifetime.
The miner reported a 25% fall in diamond sales during the second cycle of the year, compared with the traditionally stronger first cycle, in line with its expectations.
The target group was the the top diamond consumer in 2015, a year in which most commodities plummeted, hitting the mining industry very hard.
Forevermark, the diamond brand from The De Beers Group of Companies, today announced it has passed 2,000 retail doors globally, following the opening of the Zen Diamond Anatolium store in the city of Bursa in Turkey. The milestone consolidates Forevermark’s position as one of the world’s fastest-growing diamond brands.
The world's top diamond producer by output in carats fetched $358 million in rough gems and $7.28 million in polished rocks last month.
The 67.87-carat gem quality octahedron diamond, unearthed during production ramp-up, is the largest of its kind recovered to date at the remote mine.
Weeks after making the difficult decision to flood Snap Lake, De Beers could be sharpening the axe for more job cuts at a Canadian diamond operation.
The world's top diamond producer sold $720 million of rough gems at its January offering as retailers restocked after the holidays.
The diamond producer by value sold $418 million of gems in its 10th cycle, compared with $476 million at its previous offering, which shows demand has slowed since India's withdrawal of high-value bills.
Global rough diamond production will reach its peak in only three years before entering into a supply deficit by 2020, two separate reports show.
Suit claims company failed to report mercury levels at five of nine water monitoring stations near Victor mine.
Move takes the group’s total investment in the Indian city of Surat, which has the largest concentration of diamond skilled workers in the world, to $15 million.
The world’s top diamond producer by value said results were in line with expected seasonal demand patterns.
Still, the world’s biggest diamond producer by value said the auction was better than it had expected.
Gahcho Kué, a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%), is expected to inject $5.2bn into Canada’s economy.
De Beers, the world's biggest diamond producer, warns that many of the challenges affecting the industry last year are likely to continue over the next decade.
Gahcho Kué, co-owned by De Beers Canada and Mountain Province Diamonds, is also expected to provide 1,200 new jobs.
According to the Zimnisky Global Rough Diamond Price Index, rough diamond prices have climbed 8.9% in the last 3 months.
Earlier this week, De Beers and Mountain Province Diamonds announced the Gahcho Kué processing plant has been commissioned and is producing first diamonds from the Canadian mine—the largest new mine currently under development in the world.
De Beers underground mine in Canada's arctic, shuttered since December, cost $1.7 billion to build and operate and never turned a profit.
Shares plunged after miner revealed that output fell almost across the board in the April – June period.
The Chidliak mine, in Canada’s Nunavut, is expected to produce around 12 million carats during its 10-year lifespan.