South Africa-based diamond mining company Diamcor Mining has secured an investment from an undisclosed Dubai-based diamond manufacturer to advance its projects at the Krone-Endora at Venetia operation.
The funding will be used to process previously stockpiled oversized material, increase processing capacity, and continue ongoing work programmes, the company announced. Additionally, the investment will support bulk sampling efforts.
No Equity Exchange in Investment Deal
While Diamcor did not disclose the name of the Dubai-based investor, it confirmed that the company is a global supplier of bridal and anniversary diamonds. The funding arrangement does not involve the manufacturer receiving shares in Diamcor, maintaining the mining company’s existing ownership structure.
Strategic Partnerships and Market Outlook
Diamcor CEO Dean Taylor attributed the financing to the company’s existing relationships in Dubai. “This financing stems from long-term relationships with key associates in Dubai and a shared goal of increasing the supply of non-conflict natural rough diamonds,” he said.
Taylor noted the challenges faced by the diamond industry in 2024 and suggested that conditions may stabilise by the second half of 2025. “While 2024 was a challenging year for everyone in the diamond industry, we believe the factors responsible for this will ultimately begin to stabilise by the second half of 2025, and this financing will help to ensure we are well-positioned and ready for this anticipated recovery.”
Implications for the South African Diamond Sector
Diamcor’s Krone-Endora at Venetia project is located adjacent to De Beers’ Venetia mine, South Africa’s largest diamond mine. This investment comes amid ongoing challenges in the diamond industry, including fluctuating market demand and broader economic uncertainties.
For South African jewellers and diamond suppliers, this development suggests a potential increase in the availability of rough diamonds in the market, particularly in the gem-quality segment. As bulk sampling and processing efforts expand, the sector could see a more stable supply chain, benefiting manufacturers and traders seeking ethically sourced diamonds.
This investment aligns with a broader trend of collaboration between African mining firms and global manufacturers to maintain access to natural diamonds for the jewellery market.
