DiamondBuzz
Newfield Resources Set to Partner with ACA Resources for Sierra Leone’s Tongo Diamond Mine
Agreement to manage Tongo diamond deposit operations could lead to a sustainable long-term partnership aimed at producing high-quality diamonds.
Australian mining company Newfield Resources is on track to bring in a new partner for its Tongo diamond deposit in Sierra Leone. Newfield has entered into a non-binding term sheet with ACA Resources, another Australian-based miner, to oversee the mine’s operations.
If the deal is finalized before June, ACA will assume control of all mining activities at Tongo, charging Newfield a fee per carat of diamonds produced. Both companies are committed to making the Tongo mine a long-term, sustainable producer of high-quality diamonds in Sierra Leone.
Newfield acquired the Tongo mine in March 2018 for $23.6 million through its purchase of London-based Stellar Diamonds. Prior to Newfield’s acquisition, the mine was owned by Israeli businessman Beny Steinmetz, through Koidu Holdings, where he held a controlling stake.
In May 2022, the first diamond sales from Tongo, totaling 5,200 carats, earned an average price of $262 per carat. Since then, Newfield has invested $80 million into the mine, including the construction of 2 kilometers of underground infrastructure. The mine is expected to have an eight-year life, with peak annual diamond production estimated at 260,000 carats by the fifth year of operations.
DiamondBuzz
Richemont and Signet Jewelers Could Join Global Diamond Consortium In Bid For De Beers
Richemont, Signet Would Connect The Consortium To Key Global Growth Vectors Spanning Luxury High Jewelry and Mass-Market Retail.
The Global Diamond Consortium (GDC)
Richemont and Signet Jewelers are reported to be in talks about joining the Global Diamond Consortium (GDC), the preferred bidder for De Beers according to a Bloomberg News report.
GDC was selected in July 2026 as one of Anglo American’s preferred bidders for De Beers as part of Anglo American’s ongoing corporate restructuring.
The potential inclusion of Richemont—owner of luxury Maisons including Cartier and Van Cleef & Arpels—and Signet Jewelers—the world’s largest retailer of diamond jewelry, operating brands such as Kay Jewelers, Zales, and Jared—would connect the consortium to key global growth vectors spanning luxury high jewelry and mass-market retail.
Strengthening the Natural Diamond Ecosystem: Participation by major luxury brands and global retail leaders reinforces commitment across the entire value chain—from responsible mining and manufacturing to consumer engagement.
Balanced Governance Structure: Discussions center on potential minority equity positions that would support long-term category growth while maintaining appropriate separation between ownership and commercial strategy.
Broad Stakeholder Participation: The consortium continues to advance talks with host governments, including discussions with the Government of Botswana regarding a potential increase in its equity share in De Beers from 15% to approximately 25%, alongside participation from private investors and southern African host nations.
Discussions between GDC, Richemont, Signet, and participating government stakeholders remain ongoing. Terms of any potential participation, including the size of equity interests, have not been finalized and remain subject to regulatory approvals and definitive documentation.
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