Author: Ruchi Singla

Debswana Diamond Company, the joint venture between De Beers and the Government of Botswana, is pursuing international capital market funding to support the $6 billion underground expansion of the Jwaneng diamond mine. The mine, a key contributor to Botswana’s economy and one of the world’s most productive diamond sources, is transitioning from open-pit to underground operations to extend its lifespan.Strategic Financing ShiftSpeaking at The Future of Mining Summit in Gaborone, Debswana managing director Andrew Motsomi confirmed that the company is seeking an international credit rating to facilitate access to global capital. This marks a shift from Debswana’s historical approach of funding…

Two suspects have been arrested following the recovery of stolen jewellery during a police operation at a retail premises in Westville, KwaZulu-Natal. The items, which include high-value watches, have been linked to a robbery that took place in East London earlier this year.Stolen Goods Traced to Westville PremisesPolice from Westville and Pinetown, supported by Crime Intelligence and private security firms, raided a jewellery store at Westwood Mall on Wednesday afternoon. The operation led to the arrest of two individuals, aged 28 and 38, who are being held at Westville police station for further investigation.Captain Elizabeth Squires of the Westville SAPS…

The Jewellery Council of South Africa (JCSA), in partnership with the Department of Trade, Industry and Competition (DTIC), is inviting South African jewellery manufacturers to apply for participation in NY NOW Summer 2025, taking place in New York City from 3–5 August 2025.NY NOW is an international wholesale trade show that draws buyers from across the retail sector, including department stores, independent retailers, e-commerce businesses, museums, and buying groups. Exhibitors are also listed on NY NOW Online, a B2B digital wholesale platform that continues to operate throughout the year.Support Available Through dtic Funding SchemesFinancial support is available through the dtic’s…

Debswana, the 50/50 joint venture between De Beers Group and the Government of Botswana, has placed two of its facilities—Letlhakane Tailings Plant (LTP) and Jwaneng Modular Plant (JMP)—on care and maintenance due to current conditions in the global diamond market.Production Targets and Plant StatusThe decision, effective from the end of March 2025, follows a recent downward revision of Debswana’s annual production forecast. The 2025 target has been reduced from 18 million carats to 15 million carats.LTP and JMP process coarse tailings—the residual material left after primary diamond recovery. These plants support diamond recovery beyond initial extraction. Employees from the affected…

The Natural Diamond Council (NDC) has launched the Diamond Learning Centre, a new free digital platform designed to provide accessible education on diamonds for jewellery professionals and enthusiasts. The platform launched in April, aligning with the Natural Diamond Council’s broader seasonal marketing efforts.Accessible at diamondlearningcenter.org, the site aims to improve knowledge of the differences between natural diamonds, laboratory-grown diamonds, and simulants. The platform is mobile-compatible and designed for independent use.Content and Learning StructureThe Diamond Learning Centre includes more than 25 short videos addressing frequently asked questions, as well as four self-paced educational modules covering:Users receive certificates upon completing each module.…

A jewellery store at Vincent Park Mall in East London, South Africa, was the target of an armed robbery on Thursday, involving nine masked suspects. High-value items, including jewellery and watches, were taken. The South African Police Service (SAPS) has confirmed that the case is now being handled by the Provincial Serious Crime Investigation Unit.Incident OverviewPolice spokesperson Brigadier Nobuntu Gantana stated that the suspects, wearing face masks and gloves, entered the store during operating hours and forced staff members to the ground.“The manager of the store managed to press the panic button which caused smoke all over the store,” said…

Two rings and a pendant valued at R1.35 million were stolen from a jewellery store in Alfred Mall, V&A Waterfront, Cape Town. The theft, which took place on 22 February, involved four suspects—three women and one man—who are now the subject of a police investigation.Details of the IncidentAccording to police spokeswoman Anelisiwe Manyana, the suspects entered the store at approximately 1pm, pretending to be interested in purchasing jewellery. They requested assistance from a shop employee, trying on some pieces before leaving the store.However, the four individuals returned shortly after, once again requesting to see certain items. It was during this second…

Petra Diamonds will cut around 468 jobs at its Cullinan and Finsch mines in South Africa, as part of a restructuring driven by operational and market-related pressures according to The National Union of Mineworkers (NUM), which represents employees at both sites.Operational and Market PressuresThe union stated that Petra cited weak global diamond market conditions, underperformance at the mines, upcoming debt refinancing, and the need to reduce operating costs as reasons for the layoffs.The NUM alleges that Petra plans to replace many of the affected permanent roles with contract labour, which the union claims is a cost-cutting measure.The NUM criticised the…

Mining has resumed at the Lulo alluvial diamond mine in Angola following the peaceful resolution of an 18-day blockade by local community members. The protest, which ended on 3 February 2025, was directed at Sociedade Mineira Do Lulo (SML), the mine’s operating entity, over concerns regarding its commitment to social programmes in the region.Lulo produces some of the highest-value alluvial diamonds in the market. It is jointly owned by Lucapa Diamond Company (40%), Angola’s national diamond company Endiama (32%), and Rosas & Petalas (28%).Impact on OperationsDespite the disruption to mining activities, ore processing continued during the blockade, with diamonds being recovered…

Petra Diamonds has announced plans to retrench approximately 200 employees at its Cullinan and Finsch mines in South Africa. The decision is part of the company’s cost-cutting measures in response to challenging market conditions.Petra cited global economic factors, including reduced demand from China and the increasing market share of lab-grown diamonds, as reasons for the retrenchments. The company has also lowered its rough diamond pricing guidance twice since December 2024 and recently sold its Williamson mine in Tanzania to improve liquidity.Union Response and Industry ConcernsThe National Union of Mineworkers (NUM) has opposed the retrenchments, stating that they will negatively impact…

Namibia Desert Diamonds (Namdia) has suspended its CEO, chief operations officer, and head of security following a high-profile armed robbery in which nearly $20 million worth of diamonds were stolen, and a senior security officer was killed. The suspensions were announced as part of an internal investigation into the circumstances surrounding the incident.The executives affected include CEO Alisa Amupolo, chief operations officer Uahoroka Kauta, and security manager Paulinus Sheyapo. Namdia’s board of directors stated that the suspensions are a precautionary measure to ensure the integrity of the investigation. Lelly Usiko, a Namdia executive who has previously served as interim CEO, will…

Trans Atlantic Gem Sales (TAGS) will expand its operations into South Africa with the opening of a new diamond tender house in Johannesburg. Set to launch in May, the facility will provide a structured sales channel for local diamond producers and suppliers, connecting them with TAGS’ global customer network.New Tender FacilitiesThe Johannesburg location will include 13 viewing rooms and a sorting facility, enabling diamond producers to market their goods through a formalised process. TAGS stated that the new facility will offer local suppliers an additional sales option.In a statement, the company said: “We firmly believe that opening this operation in South…

Angola’s state-owned diamond company, Endiama, has signed a mining investment agreement with N’Dumba, a subsidiary of the Jean Boulle Group, for the exploration and extraction of diamonds in the N’Dumba concession. The contract, finalised at the 2025 Mining Indaba in Cape Town, establishes a joint venture for the project. This agreement is part of Angola’s broader efforts to expand its diamond sector and attract foreign investment.Location and Geological PotentialThe N’Dumba concession, located in Lunda Norte province, covers 222 square kilometres and contains both kimberlite and alluvial diamond deposits. The area is positioned north of Angola’s major Catoca and Luele kimberlite mines,…

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 DealWhile 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…

De Beers has announced Letsile Tebogo, Botswana’s first Olympic gold medallist and the 2024 World Athletics Male Athlete of the Year, as its global ambassador. This partnership aims to highlight Tebogo’s athletic achievements alongside the contributions of Botswana’s diamond industry to the nation’s development.Linking Diamonds and Sporting SuccessBotswana has been a leading diamond producer for over five decades, using its natural resources to drive economic progress and expand opportunities in education and sports. Tebogo, who secured gold in the 200-metre race at the 2024 Paris Olympics, exemplifies the talent that has been nurtured through these efforts.As part of the partnership, Tebogo…

Key stakeholders in diamond cutting, polishing, and manufacturing in Lesotho have banded together to create the Lesotho Diamond Manufacturers Association (LDMA), with the aim of transforming the nation into a leading hub for diamond processing. As the first organisation of its kind in the country, the LDMA seeks to maximise the value of Lesotho’s diamond resources by fostering local manufacturing, driving economic growth, and strengthening the country’s position in the global diamond industry.Addressing Challenges in Lesotho’s Diamond IndustryLesotho, known for its high-quality diamonds, has historically faced challenges in fully realising the economic benefits of its natural resources. Much of the downstream…

A significant armed robbery occurred at Namib Desert Diamonds (Namdia) on Saturday evening, resulting in the death of the company’s senior protection officer, Francis “Gosh” Eiseb, and the theft of diamonds estimated to be worth N$1 billion. Namdia, owned by the Namibian government, is responsible for the sales and marketing of diamonds sourced through its partnership with Namdeb, a joint venture with De Beers.The heist involved at least four suspects, one of whom died from a self-inflicted gunshot wound. Two suspects are in police custody, including a Namdia security officer, while others remain at large.Inside Job SuspectedNamibian authorities believe the robbery…

The Murowa Diamond Mine in Mazvihwa, Zimbabwe, operated by RZM Murowa, has experienced operational disruptions after its electricity supply was cut due to an unpaid bill of USD 4.5 million. This issue coincides with labour unrest, as around 300 of the mine’s 700 workers have taken strike action over delayed salary payments dating back to October 2024.Unpaid Power Bills Lead to ShutdownThe state-owned Zimbabwe Electricity Supply Authority (ZESA) disconnected the mine’s power supply on Wednesday, 8 January, bringing operations to a standstill. According to local reports, workers confirmed the disruption, with one stating, “Power was switched off by ZESA yesterday… No…

Black Friday 2024 is set to significantly impact South Africa’s economy, with projections of R88 billion in additional economic value generated during November. Research by Capital Connect and the Bureau of Market Research highlights the effects on the retail, wholesale, and fuel sectors, presenting both opportunities and challenges for industry stakeholders.Projected Economic ImpactCapital Connect’s research anticipates that Black Friday 2024 will contribute R22 billion in direct retail revenue, R28 billion in indirect economic impact, R32.1 billion from the wholesale sector, and R6.2 billion from fuel sales. The combined R88 billion contribution represents a 17.3% increase in November retail sales, from R116.1…

Barbie has joined forces with South African jewellery designer Jenna Clifford to create a bespoke jewellery collection to mark two milestones: Barbie’s 65th anniversary and Jenna Clifford’s 65th birthday, bringing together two legacies focused on creativity and empowerment.A Partnership Rooted in EmpowermentThe Barbie x Jenna Clifford collection combines Barbie’s long-standing focus on inclusivity with Clifford’s established expertise in bespoke jewellery design. The collection is designed to inspire individuality and ambition while reflecting a commitment to authentic self-expression. Chanelle and Summer, Clifford’s daughters, played key roles in the design process, bringing a fresh perspective that complements their mother’s classic approach.Craftsmanship and…

The Scoin Shop, a prominent name in the collectable coin industry, is celebrating its 25th anniversary this year. Since opening its first store in Sandton City in 1999, the company has expanded into a nationwide network, establishing itself as a key participant in South Africa’s numismatic market.Expanding Access to Gold“Just as the Krugerrand democratised gold ownership, we have made gold buying accessible across the country with our Scoin Shops and our online platform at scoinshop.com,” CEO Rael Demby states.The Scoin Shop offers a wide range of international and local coins, including Krugerrands, modern collectables, and rare numismatics sourced from mints around…

The government has intensified efforts to combat illegal mining, focusing on an abandoned mine shaft near Stilfontein in the North West province. Thousands of ‘zama zama’ miners are reported to be underground as part of Operation Vala Umgodi (Close the Hole), a government initiative targeting illegal mining.The Situation UndergroundAuthorities estimate that up to 4,000 miners may be underground, though the exact number remains unclear. Brigadier Sabata Mokgwabone of the South African Police Service stated that a volunteer who entered the shaft observed many miners in weakened conditions due to a lack of food and water. Unsafe conditions have made it difficult…

A violent attempted robbery at Marcos Jewellers in Pietermaritzburg’s Parklane Centre on Thursday left the store owner and two suspects critically injured. The confrontation, which involved armed suspects and a response from the jeweller’s son, occurred during business hours and has raised further concerns about security in our industry.The Incident: An Attempted Armed RobberyAccording to police reports, the attempted heist began when one suspect entered the jewellery store posing as a customer. The store owner, accompanied by her son, engaged with the individual before he allegedly drew a firearm and opened fire on them.A second suspect entered the premises shortly after,…

Cape Precious Metals (CPM) has introduced a new website designed to improve digital access for professional jewellers. The updated CPM website now features a catalogue that includes essential items for jewellery creation, from precious metals and tools to findings, jewellery cleaners, and lab-grown diamonds. The intuitive layout is intended to simplify product searches, allowing jewellers to locate required materials efficiently.The company’s quality assurance standards remain a core feature of its offerings. The website supports this commitment, giving jewellers confidence that product standards will continue to meet industry expectations.Improved Access for Manufacturing JewellersCPM’s founder, Sharon Eades, has prioritised customer input in the…

An armed robbery occurred at Clearwater Mall in Roodepoort, Johannesburg, involving an exchange of gunfire between police and suspects who were attempting to rob a jewellery store. The incident resulted in a shootout, leading to injuries among law enforcement and suspects, and the arrest of three individuals.Incident DetailsSix armed suspects entered the jewellery store at Clearwater Mall, reportedly attempting to access the store’s safe. According to witnesses, the robbers opened fire after an employee granted access to only one of the store’s safes. When police arrived at the scene, a shootout ensued.Police confirmed that a suspect and a police officer…

Petra Diamonds has confirmed the sale of its Koffiefontein to Koffiefontein Holdings, a subsidiary of Stargems Group. This move, expected to be finalised by the end of October 2024, will see Stargems take full ownership of the mine, allowing Petra to avoid the significant closure costs it had anticipated.Strategic Exit for Petra DiamondsThe sale marks a key point in Petra Diamonds’ broader strategy to divest from non-core assets, particularly following its decision to place the Koffiefontein mine on care and maintenance in 2022. The transaction will help the company avoid between $15 million and $18 million in closure-related costs. According…

On Monday afternoon, a group of armed men stormed a jewellery store at the Nicolway Mall in Bryanston, Johannesburg, firing shots and fleeing with stolen items. The incident led to panic among shoppers and staff, who sought safety as the assailants carried out the robbery in broad daylight.Robbery DetailsThe robbery occurred shortly after 2pm when several armed men entered the jewellery store. According to police spokesperson Dimakatso Nevhuhulwi, the group smashed glass display cabinets, taking an undisclosed amount of jewellery. Shots were fired into the roof of the mall, but no injuries were reported. The suspects fled the scene in two…

The Zimbabwe Consolidated Diamond Company (ZCDC) is targeting a 16 per cent increase in diamond production for 2024, with a goal of reaching 5.7 million carats. The company plans to nearly double this figure to 10 million carats by 2025. In response to falling global commodity prices, ZCDC is taking steps to adjust its operations and sustain output.Production Targets and Strategic PlansZCDC’s board chairman, Munashe Shava, provided details of the company’s plans, highlighting the need to mitigate the impact of depressed commodity prices on the global market. Speaking to The Chronicle, Shava noted, “We have ramped up production and this year…

In a recent verdict handed down by the Western Cape High Court, Ndyebo Dotwana, one of four men involved in the fatal robbery of Cape Town jeweller Charl Munnick, has been sentenced to 45 years in prison. The charges are related to the January 2021 armed robbery at Munnick Jewellers in Worcester, during which the store’s owner was killed.Details of the CrimeOn 29 January 2021, Dotwana and three accomplices—Sicelo Mase, Luyanda Lonzi, and Awonke Ziqu—robbed Munnick Jewellers. According to National Prosecuting Authority (NPA) spokesperson, Eric Ntabazalila, the robbery was meticulously planned, with Mase posed as a customer to gain access to…

The National Treasury has announced amendments to the Value-Added Tax (VAT) Act, 1991, specifically targeting transactions involving valuable metals such as gold. The changes, published in the Government Gazette on 10 May 2024, modify the domestic reverse charge (DRC) mechanism for valuable metals and update related definitions and compliance criteria.Key Changes in Definitions and RegulationsThe term “valuable metal” has been redefined to include a broad range of products, including gold in various forms such as jewellery, bars, ingots, and even waste materials from mining. It now specifically excludes items such as gold-plated jewellery, where gold is a minor constituent, or goods…