DiamondBuzz

De Beers leaves rough prices unchanged at the first cycle of the year

De Beers left rough prices unchanged at the first cycle of the year after December’s sharp reductions. It allowed 20% buybacks for all goods — a mechanism that lets sightholders sell the least profitable stones back to the company. Demand was weak, with sales value expected to be low.

Published

1 year ago

January 29, 2025

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But the question on sightholders’ lips was what would happen next. One of the main reasons for the low sales was De Beers’ high prices. The miner’s rough remains significantly more expensive than the tender and auction market.

The company’s December price change of 10% to 15% went only part of the way toward closing this gap. Russian rival Alrosa has now reached similar price levels: It followed a December cut of around 10% with a further one of 7% to 8% in January, market insiders said.

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ALROSA Indicates Mir-Deep Project Could Commence As Early As Next Year

The Project Is Viewed As Strategically Significant Given The Historic Contribution Of The Mir Asset To ALROSA’s Production Portfolio

Published

4 hours ago

May 7, 2026

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ALROSA has indicated that development activity at the proposed Mir-Deep project could commencece as early as next year, positioning the asset as the long-term successor to the original Mir Mine operation, which was permanently shut following the fatal 2017 flooding incident that resulted in eight casualties.

The company stated that it is prepared to accelerate execution of the construction phase of the Mir-Deep project—estimated in 2024 at an investment outlay exceeding US$1.5 billion—subject to favorable macroeconomic conditions and a reduction in borrowing costs. The development reflects ALROSA’s broader strategy to restore high-volume production capacity while optimizing capital deployment amid evolving financing conditions.

Mir-Deep is planned at the same site as the historic Mir mine in eastern Siberia and will involve the sinking of new shafts to access deeper diamond-bearing reserves located below the previous accident zone, within the same geological structure. The project is viewed as strategically significant given the historic contribution of the Mir asset to ALROSA’s production portfolio. Prior to its closure, the mine was producing approximately 3.8 million carats annually, representing nearly 10% of the company’s total output.

Originally commissioned in 1957 as the first diamond mine in the former USSR, the Mir operation remains one of Russia’s most iconic diamond assets. The 2017 flooding disaster resulted in extensive destruction of underground infrastructure, mining workings, and equipment, leading to the suspension of operations.

In an operational update issued on 28 April, Pavel Marinychev confirmed that preparatory activities initiated in 2023 had been completed and that Russia’s Main State Expert Review authority (Glavgosexpertiza) had approved the extraction of certain reserves within the project area.

Earlier resource assessments released in September 2023 estimated identified reserves at approximately 173.5 million carats. More recent evaluations by Russia’s State Commission on Reserves have reportedly increased the estimated resource base to nearly 200 million carats, further strengthening the project’s long-term economic potential and strategic relevance within the global diamond supply landscape.