OurBuzz
Large diamonds in demand at IIJS PREMIER 2023
Demand for larger diamonds – 3.0-cts and above – is strong, say traders at the IIJS Premiere 2023
Ovals, emeralds, pears, marquise and other fancy shapes are also popular. Fancy prices have held up better than rounds – down 25 per cent drop since February, compared to 30 or 35 per cent for rounds.
Organizers of the event, the biggest industry show after JCK, are expecting $5.9bn of trade by the time the six-day event closes on 8 August
“There is a notable demand for large stones, which are carat plus diamonds, and small diamonds below 50 points,” Akshay Shah, director of sales, Solitaires at Dharmanandan Diamonds,
Buyers reported positive sentiment ahead of Diwali, in November and the wedding season from November to February.
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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Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
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