Around 1,800 jobs are at risk at Petra Diamonds' Finsch and Cullinan mines, part of a wave of South African mining retrenchments that Solidarity says could total more than 4,000 positions in 2026.
Gem Diamonds wrote down the carrying value of its Letseng mine in Lesotho by $77.5m and posted a $104m annual loss as revenue fell 36% amid the diamond market downturn.
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.
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.
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.
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.
Disposal · DiamondsAnglo American picks Gareth Penny-led consortium as preferred bidder for De Beers$1bnAnnounced
Offtake · DiamondsBotswana and De Beers sign new Debswana sales pact and 25-year licence extension—Completed
Disposal · DiamondsPetra Diamonds exits Tanzania's Williamson mine with sale to Pink Diamonds$16mCompletedLSE: AALDiversifiedAnglo AmericanLondon-headquartered diversified miner that traces its roots to Johannesburg, where Ernest Oppenheimer founded the Anglo American Corporation in 1917. After demerging its platinum business as Valterra Platinum in 2025 and agreeing to sell its steelmaking coal unit, the group is reshaping itself around copper, premium iron ore and crop nutrients while preparing to merge with Teck Resources to form Anglo Teck.
DiamondsDe BeersThe diamond miner and marketer founded by Cecil Rhodes in 1888, now owned 85% by Anglo American and 15% by the government of Botswana. After years of weak demand and competition from lab-grown stones, Anglo is running a sale process for the business. It remains the world's leading diamond producer by value through its southern African joint ventures.DiamondsDebswanaA 50:50 joint venture between the government of Botswana and De Beers, formed in 1969, and the world's leading diamond producer by value. Diamonds account for roughly a third of Botswana's fiscal revenue, so Debswana's output decisions carry national economic weight.DiamondsEndiamaAngola's state-owned diamond company, founded in 1981 as successor to the colonial-era Diamang concession. Endiama holds exclusive rights over diamond mining concessions across Angola and partners with foreign miners in joint ventures such as Catoca.
