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Diamonds news
Every diamonds story we've published, newest first.
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- 21 October 2026
Lucara pulls rare 36.92-carat blue diamond from Karowe stockpile
Lucara Diamond recovered a 36.92-carat Type IIb blue diamond from stockpiled ore at its Karowe mine in Botswana, only the second such find since operations began.
S&P downgrades Botswana as diamond weakness proves more durable than expected
S&P cut Botswana's credit rating to BBB- from BBB, warning that structural weakness in the diamond market would weigh on the economy for longer than previously expected.
De Beers valuation slashed to $2.3bn as sale may be split in two or three parts
Anglo American has cut De Beers's carrying value to $2.3bn from $4.1bn and is now considering selling the business in separate parts to different buyers.
Lucara's 2025 revenue falls 22% as large-stone supply thins out
Lucara Diamond's 2025 revenue fell 22% to $159.7m and profit dropped 35% to $26.1m, as a shortage of very large stones offset resilient prices at Botswana's Karowe mine.
Rand strength piles pressure on Petra Diamonds as losses widen to $188m
Petra Diamonds posted a $188m net loss for the six months to December, warning that continued rand strength was a major risk to the business alongside weak diamond prices.
Okavango Diamond Company leans on contract buyers as Botswana market cools
Botswana's state-owned Okavango Diamond Company is increasing sales to contracted buyers to steady revenue as the rough diamond market stays depressed.
Botswana pivots exploration budget away from diamonds
Botswana is redirecting mineral exploration toward critical minerals rather than diamonds, as a state-owned exploration company targets the 70% of the country never surveyed.
De Beers slashes 2026 output guidance as Anglo weighs fresh writedown
De Beers cut its 2026 production guidance to 21m-26m carats from 26m-29m carats, after 2025 output fell to 21.66m carats amid extended mine maintenance and weak prices.
Gem Diamonds unearths 193-carat stone as Letseng prices hold firm
Gem Diamonds recovered a 193-carat white diamond just after quarter-end at Letseng, capping a fourth quarter in which average prices held at $1,288 per carat despite a tough year for the industry.
Gareth Penny's consortium is the right fit for De Beers, says Botswana Diamonds boss
Botswana Diamonds managing director James Campbell says the Gareth Penny-led consortium is the only bidder with the industry knowledge and government relationships needed to revive De Beers.
G7 ban on Russian diamonds enters final phase as traceability rules bite
The final phase of G7 sanctions on Russian diamonds took effect on 1 January 2026, requiring a due diligence statement of origin for polished stones entering G7 markets.
De Beers output surges 38% as it draws down stockpile to fund sale
De Beers grew rough diamond production 38% in the third quarter of 2025, selling into a weak market at discounted margins as Anglo American pressed on with the group's sale.
'Lab-grown bubble has burst,' says World Diamond Council as Africa fights back
Wholesale lab-grown diamond prices have crashed as much as 96% since 2018, prompting Angola, Botswana, Namibia, South Africa and the DRC to fund a joint marketing push for natural stones.
Angola bets on Luele mine to chase top-three diamond producer status
Angola is targeting 17.5 million carats of annual diamond output by 2027, banking on its giant new Luele mine to challenge for a place among the world's top producers.
Lucapa Diamond enters administration as Dubai group offers rescue
Lucapa Diamond Company has gone into administration in Australia, with a Dubai-based group offering a $10m rescue deal covering its stake in Angola's Lulo mine.
Petra Diamonds wins refinancing lifeline as shares jump 44%
Petra Diamonds secured a refinancing deal pushing out its debt maturities and raising $25m in new equity, sending its shares up sharply.
Freezing order over Sierra Leone's Koidu mine extended amid strike and closure
A Sierra Leone court extended a freezing order on Koidu Limited's assets after the diamond miner went into care and maintenance amid a strike and a long-running community lawsuit.
Green shoots for Petra Diamonds as high-value prices firm
High-value diamond prices rose about 10% in 2025, offering Petra Diamonds a possible lifeline as it battles debt and a bond maturity.
Debswana seeks $6bn to take Jwaneng underground
Debswana is seeking about $6bn on international capital markets to fund an underground expansion at Jwaneng that would keep the mine running to 2054.
Petra Diamonds ditches regular tender cycles as prices keep sliding
Petra Diamonds has abandoned its scheduled tender calendar in favour of selling diamonds opportunistically, as weak prices and a deteriorating product mix at Cullinan squeeze revenue.
Petra Diamonds exits Tanzania's Williamson mine after years of trouble
Petra Diamonds has sold its remaining 31.5% stake in Tanzania's Williamson mine to Pink Diamonds, ending a difficult 16-year involvement in the operation.