DiamondBuzz
Alrosa confirms it is suspending production at its low-margin mines
Alrosa has confirmed that it is suspending production at its low-margin mines amid what it calls a “deep crisis” in the industry. The sanctioned Russian miner said last November it was considering such a move, but would wait and see what happened to rough prices.
Mining at the Verkhne-Munskoye deposit’s Zapolyarny and Magnitny open pits will now be suspended from June 15, and at alluvial deposits in the Anabar River valley – Khara-Mas and Ochuos, operated by Alrosa’s subsidiary Almazy Anabara – from April 1.
The suspension of activity at all deposits producing under 1m carats will reduce direct costs by $107m (RUB 9bn) during the year, the company said in a statement. They account for 3 per cent of Alrosa’s total output.
Alrosa also said forecast production for 2025 would remain unchanged at 29m carats. Ore already mined at the smaller deposits would ore mined at the deposits continue to be milled until next year, it said.
Earlier this month Alrosa reported a 77 per cent slump in profits for 2024 (down to $223m) after G7 sanctions were tightened last March to include Russian goods regardless of where they were cut and polished. The company has said it could lay off some of its 35,000 workers and ii is expected to offload more of its diamonds to Gokhran, the state-run depository.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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