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Anglo-American’s diamond subsidiary, De Beers, reported a significant increase in rough diamond sales for the third sales cycle of 2024. The provisional rough diamond sales of Cycle 3 represent the expected sales value for the period and remain subject to adjustment based on final completed sales.

Patricia Rwafa

De Beers announced last year that the seventh sales cycle of 2023, which took place between August 14 and 29, generated only $370 million in sales. This was a drop from the previous cycle of $411 million and $456 million and a significant decline from the seventh cycle of 2022, which generated $638 million.

De Beers’ rough diamond sales improved in the second sales cycle of 2024 compared to the first but have not fully recovered to the 2023 holiday season levels. Sales were higher than the $374 million of rough diamonds sold in the first quarter of this year but lower than the $497 million in rough diamonds sold in the second sales cycle of 2023.

De Beers sold around $445 million worth of rough diamonds in their latest sales this year. This number is an estimate and could change slightly after final sales are counted.

The company estimates the recent rough diamond sales were around $445 million. This is a provisional figure based on auctions and sales to approved buyers and could change slightly once final sales are tallied.

As the company compares with the $431 million of revenue generated from sales in the second cycle of this year and $542 million of revenue generated in the third cycle of last year, it shows some improvement in sales. Diamond miner De Beers says it generated about $445 million in revenue from its third sales cycle for this year.

The figure represents the expected sales value from the company’s latest global sight-holder sales and auctions and remains subject to adjustment. It compares with the $431 million of revenue generated from sales in the second cycle of this year and $542 million of revenue generated in the third cycle of last year. Their recent diamond sales hit $445 million, which is a positive sign considering it’s usually a slow time for the rough diamond market. It may spark an increase but not quite at the level they reached in 2023.

According to the CEO of De Beers, Al Cook, “Many diamond businesses are continuing to take a cautious approach to purchases amidst the uncertain economic landscape and the slow pace of growth in China. However, we saw a further uptick in our rough diamond sales in our third sales cycle, ahead of what is usually a slower period for rough diamond demand in the second quarter of the year.”

De Beers has rough diamond mines across Africa and Canada, digging deep pits (open-pit mining), sifting through riverbeds and beaches (alluvial mining), and even going underwater near the shore (coastal mining, a new trick up their sleeve). Their mines are scattered like jewels themselves, with some of the biggest being the Victor Mine in Canada and the Orapa and Letlhakane mines in Botswana (run with a partner).

Coloured Gemstone Consultancy, Ethanseth Private Limited, in partnership with the Zimbabwe School of Mines (ZSM), is launching a three-day cutting and polishing program aimed at nurturing a new generation of lapidarists within the gemstone industry.

In an interview with Mining Zimbabwe, Ethanseth Director Ms. Hamunyari Murombo Gwese reiterated her company’s dedication to furthering the government’s goal of achieving upper middle-income status by 2030.

“Our vision is for Zimbabwe to mirror countries like Pakistan, where the number of gem cutters and polishers exceeds 5000,” Ms Gwese stated.

“Ethanseth Private Limited is a coloured gemstone consultancy committed to promoting various aspects of coloured gemstones, including healing, chakra, mining, beneficiation, and value addition.

“At the School of Mines, we aim to impart our extensive expertise in gemstone cutting and polishing to empower the next generation of lapidarists. Through facilitating skills transfer, particularly in this specialized field, we aim to bridge the gap between Zimbabwe’s current gem-cutting capacity—less than 100 individuals, possibly even fewer than 50—and the thriving industries in Pakistan and India.

“By training just 10 individuals in each province, we can significantly expand our workforce and make substantial contributions to realizing Vision 2030. Furthermore, our efforts will promote greater gender inclusivity within the sector, empowering more women to engage in this lucrative field,” she concluded.

Confirming the partnership, School of Mines projects manager Mr January informed Mining Zimbabwe that further details would be disclosed when the Minister of Mines and Mining Development, Hon Zhemu Soda, officially inaugurates the geology department next week, Friday.

Toronto Stock Exchange-listed mining and exploration junior Pambili Natural Resources Corporation has set the stage for a significant leap in its development trajectory with the announcement of a non-brokered private placement of up to 2 million units, generating proceeds of C$100,000.

Rudairo Mapuranga

The move marks a pivotal moment for Pambili as it seeks to bolster its operations, particularly following the acquisition of the Golden Valley mine in Zimbabwe.

The Offering, comprising Units priced at $0.05 each, presents an enticing opportunity for investors to engage with Pambili’s growth journey. Each Unit encompasses one common share and one warrant, with the latter offering the holder the right to acquire one common share at a predetermined price within a specified timeframe. This strategic initiative is poised to infuse Pambili with the necessary financial impetus to advance its objectives.

While the participation of certain directors or officers in the Offering constitutes a “related party transaction,” Pambili is leveraging exemptions to streamline the process, ensuring compliance with regulatory standards while maintaining momentum.

The company’s CEO, Jon Harris, emphasizes the significance of this Offering as it not only garners support from insiders but also attracts attention from international investors, underlining the growing global interest in Pambili’s endeavors.

“Although the Offering is backed by insiders, there is strong support from new international investors who have been following the Pambili story with interest since our previously announced acquisition of the Golden Valley mine in Zimbabwe. Their participation in the Offering is an endorsement of our approach to provide attractive shareholder returns through the consolidation of underexplored and underdeveloped gold projects in Zimbabwe,” Harris said.

The infusion of capital from this Offering is earmarked for general working capital, underscoring Pambili’s commitment to prudent financial management and strategic allocation of resources. The Corporation’s focus on consolidating underexplored and underdeveloped gold projects in Zimbabwe aligns with its overarching objective of delivering sustainable shareholder value.

Pambili’s journey, characterized by strategic acquisitions and prudent financial management, continues to capture the imagination of investors worldwide. The allure of the Golden Valley mine, coupled with Pambili’s vision and execution prowess, positions the Corporation as a compelling investment proposition in the ever-evolving natural resources landscape. As Pambili harnesses the support of both insiders and international investors, it embarks on a transformative phase poised to unlock new avenues of growth and prosperity.

PS: This is not the Patchway based Golden Valley mine owned by the John Mack Company.