DiamondBuzz
Diamond prices generally declined in September
Diamond prices generally declined in September, with notable sharp drops for round polished goods under 1 carat. The market was affected by US tariffs and the ongoing sale of De Beers, creating uncertainty.
- Key Declines:
- The RapNet Diamond Index (RAPI™) for 1-carat (round, D-H, IF-VS2) fell 0.9%.
- RAPI for 0.30- and 0.50-carat goods both dropped 6%.
- SI-clarity 1-carat rounds saw a larger decline of 2%.
- Strong Segments: Prices for larger sizes were mixed, but long fancy shapes, particularly in 2 carats and up, were “hot.” RAPI for 3 carats was flat.
- Trade & Tariffs: Demand at the Hong Kong show favored larger diamonds/fancies. US tariffs (especially the 50% rate on Indian goods) restricted overseas sales to the American market, despite steady business for independent US jewelers. The EU secured a zero-tariff deal, and Botswana is negotiating one.
- Production: Indian manufacturers cut polished production due to weak demand; August rough imports fell from July ($1.15 billion to $768.7 million).
- De Beers: The sale of Anglo American’s De Beers unit was in progress, with Botswana seeking a majority stake and Angola bidding for a minority holding.
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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