DiamondBuzz
GJEPC engages Belgian diplomats and trade officials in key discussions at BDB
A high-level Belgian delegation arrived at the Bharat Diamond Bourse (BDB) in Mumbai on 3rd December, bringing renewed focus to the deep commercial and cultural ties that link India and Belgium’s diamond sectors.
The Belgian delegation included HE Ambassador William Asselborn, Director for Asia and Oceania at the Belgian Ministry of Foreign Affairs; Frank Geerkens, Consul General of Belgium in Mumbai; Brigadier General Mario Engels, Defence Attaché from the Embassy of Belgium in New Delhi, along with senior representatives from Flanders Investment and Trade.Eva Verstraelen and Filippe De Potter.
Kirit Bhansali, Chairman, GJEPC, and Shaunak Parikh, Vice Chairman, GJEPC, joined Mehul Shah, Vice President, BDB, and other bourse officials in welcoming the delegation for a formal interaction and tour of the world’s largest diamond trading complex.
“Our relationship with Belgium has been built on trust, respect, and years of working together. Antwerp and Mumbai have grown alongside each other, supported by our diamond businesses, our artisans, and the many Indian families who made Antwerp their home. As the industry evolves, there is real opportunity for us to work even more closely in technology, new ideas, and smoother trade, strengthening the future of our diamond partnership.” Kirit Bhansali said.
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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