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De Beers Rough Production Down 15%

De Beers reported a 15 per cent drop in its global diamond production in Q2, as demand remained weak for yet another quarter. The H1 figure (16.5m carats) is down 19 per cent on the same period in 2023. The total number of carats recovered during Q2 2024 was 6.4m, down from 7.6m year-on-year. Botswana, … Read more

De Beers cut diamond production

In a significant move, the world’s largest diamond mining company by value has announced further production cuts, adding to its already implemented plan to curtail output by 10 percent. This decision led to a 15 percent year-on-year decline in second-quarter production, dropping to 6.4 million carats, as reported in an update on Thursday. The potential … Read more

Zimbabwe’s $20bn of “Disappeared” Diamonds

Corruption in Zimbabwe has cost the country at least $20bn in “disappeared” rough diamonds, according to veteran economist and former member of parliament Eddie Cross. He accuses the late Robert Mugabe, who served as prime minister from 1980 to 1987, of personally helping himself to $1.3bn of diamonds. “We still suffer from massive leakages of … Read more