DiamondBuzz
Belgium approves hire of foreign polishers and sorters
The Belgian government has approved a key policy change allowing the diamond industry to hire foreign polishers and sorters without prior labor-market shortage verification. The move addresses an acute skills gap and supports Antwerp’s position as a leading global diamond hub, the Antwerp World Diamond Centre (AWDC) announced.
With the new provision, foreign specialists can now obtain a combined work-and-residence permit more quickly, giving companies smoother access to critical talent.
This decision comes at a pivotal time, enabling Antwerp to fully leverage its recent agreement with the US government. Under the deal, natural diamonds polished within the European Union are exempt from US import tariffs—making Antwerp the only major trading center with tariff-free access to the American market. The city currently exports approximately USD 2.1 billion in polished diamonds to the US each year.
The policy shift is expected to enhance Antwerp’s global competitiveness and support sustained growth in Belgium’s diamond industry.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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