DiamondBuzz
Finland grants mining rights to Karelian; first diamond mine in the EU
Authorities in Finland have officially granted mining rights to Karelian Diamond Resources, marking a significant step toward establishing the first diamond mine within the European Union.
The Lahtojoki deposit, located in the Kuopio-Kaavi region, spans 71 hectares and includes a 16-hectare kimberlite pipe containing high-quality colorless and pink diamonds.
On June 12, the Finnish Safety and Chemical Agency registered Karelian’s rights to explore and utilize minerals from the site, enabling the company to move forward with its development plans.
This milestone allows Karelian to begin preparing the next phase of operations at the Lahtojoki site. Once operational, it would be the EU’s first diamond mine outside of Russia.
Karelian acquired the mining concession, along with all associated claim reports and technical data, from A&G Mining Oy. The acquisition was agreed at €150,000—an upfront payment of €50,000 followed by an additional €100,000 due after 24 months, unless the project is discontinued.
As part of the deal, A&G Mining is entitled to a royalty of 1% on diamond production (in cash or diamonds) up to 2.5 million carats, increasing to 2% for any production beyond that threshold.
In addition to the Lahtojoki project, Karelian is actively exploring for nickel, copper, and platinum-group elements at its Colebrook site in Northern Ireland
DiamondBuzz
De Beers Cuts Diamond Production But Sees Sales Rise
The Main Reasons For The Drop Were Planned Repair Work In Botswana and Slower Operations At Its Venetia Mine In South Africa. Demand For Diamonds Grew In The US and India.
De Beers produced 11% fewer diamonds in the third quarter of 2026 compared to last year, bringing total production down to 6.8 million carats. The main reasons for the drop were planned repair work in Botswana and slower operations at its Venetia mine in South Africa before it temporarily pauses production for two years.
Despite lower production, overall diamond trading improved. Demand for diamonds grew in the US and India, and the market became better balanced. However, lab-made diamonds continued to hurt sales of cheaper natural diamonds.
Production Highlights by Country
Botswana: Down 20% to 4.8 million carats due to maintenance at the Orapa mine.
South Africa: Down 37% to 418,000 carats as the Venetia mine slowed down.
Namibia: Up 8% to 495,000 carats.
Canada: More than doubled to 1.06 million carats because the Gahcho Kué mine processed higher-quality ore.
On October 16, De Beers took full ownership of Canada’s Gahcho Kué mine after taking over its partner Mountain Province’s 49% share. Starting in the fourth quarter, De Beers will report all production from this mine on its own books. This will raise De Beers’ official production numbers, but it will not change the overall amount of diamonds in the world market.
Sales Revenue: Reached $731 million for the quarter, up 4% from $700 million last year.
Sales Volume: Nearly doubled to 8.7 million carats, up from 4.6 million carats a year ago.
Even though sales volume went up, the average price De Beers received per carat so far this year fell 37% to $97. This was caused by an 18% drop in overall rough diamond prices and the fact that De Beers sold a higher proportion of cheaper diamonds this year.
Because De Beers now owns 100% of the Gahcho Kué mine, it raised its full-year 2026 production target to 25–28 million carats (up from 21–26 million). It also lowered its expected production cost from $80 to about $70 per carat. The company said it will keep watching market demand and adjust its production as needed.
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