Diamond production in Surat begins in a phased manner

Diamond cutting units in Surat have been allowed greater flexibility to operate from 31 July Saturday on condition that they will adhere to a set of norms that include mandatory Covid-19 tests for traders and staff, as per media reports.

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De Beers H1 revenue more than halves as Covid-19 continues to wreak havoc

De Beers’ revenue dropped by 54% to $1.2 billion in the first half of 2020 compared with $2.6 billion, a year earlier, according to Anglo American.

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Lucapa’s Lulo earns $3.7m from latest tender

Lucapa Diamond has sold 2,625 carats from its 40%-owned Lulo alluvial diamond mine, in Angola for $3.7 million, representing an average price of $1,400 carat.

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Just Diamonds offers unique software to retailers

Just Diamonds, a Birmingham-based CMJ supplier of certified diamonds with unique buying software, has reported record results in its fourth year of trading driven by new customers, with turnover up 9.5 percent year-on-year in 2018/19.

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WGC releases Global Gold Demand Trends for Q2 and H1 2020

According to the World Gold Council’s Report released recently, the following are the highlights of the Gold Demand Trends for Q2 and H1 2020.

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Petra's Tough Sales Pitch

27 july 2020

(diamonds.net) - The current plight of Petra Diamonds is a frustrating example of the impact Covid-19 has had on the diamond industry, highlighting the lack of readiness for such a downturn. As an important mid-tier diamond miner, the company has annual production of around 3.5 million to 3.8 million carats, but is burdened by high debt from its efforts to extend the life of its operations and maintain a promise of long-term growth. The pandemic has caused rough sales to plummet and some mining operations to shut down temporarily. With zero revenue coming in, Petra’s $650 million bond has left it vulnerable. It missed an interest payment that was due in May, but managed to negotiate an extension to that payment and is now deliberating its strategy moving forward. Restructuring its debt would give the company leeway to continue as previously planned, and should lenders back the move, it would probably be with more stringent credit terms in place. But the miner is also exploring the possibility of a buyout, considering offers for parts or the whole of its business.