International News
Tiffany Moves to Seize Diamcor Mining Assets After Loan Default
Tiffany & Co., owned by luxury group LVMH, has taken steps to seize the assets of Diamcor Mining after the Canadian miner defaulted on a loan agreement. On Friday, Tiffany issued a Section 244 notice under Canada’s Bankruptcy and Insolvency Act, signaling its intent to enforce its security rights over Diamcor’s personal property and its shares in subsidiary DMI Diamonds.
The action follows Diamcor’s failure to fully repay a CAD 6.8 million ($4.7 million) loan, of which Tiffany forgave nearly half in December due to sluggish diamond demand and market weakness. The remaining CAD 3.5 million ($2.4 million) was to be paid in two installments, but Diamcor has missed the deadlines.
Tiffany and Diamcor previously shared a close commercial relationship, with Tiffany holding exclusive rights to purchase all of Diamcor’s rough diamond output at market prices in exchange for financing to develop its Krone-Endora at Venetia project in South Africa. The collaboration deepened last year when former Tiffany executive D. Wayne Howard joined Diamcor’s board.
The 244 notice gives Diamcor 10 days to respond before Tiffany can proceed with asset seizure. However, Diamcor noted that discussions are ongoing in an effort to find a resolution and avoid enforcement.
International News
De Beers Group Reports H1 2026 Production Surge
The company reported a significant increase in production volume while maintaining its full-year production target of 21 to 26 million carats.
De Beers Group today released its operational and sales performance update for the second quarter and first half of 2026. Driven by strong recovery efforts and strategic access to higher-grade ore bodies, the company reported a significant increase in production volume while maintaining its full-year production target of 21 to 26 million carats.
Despite market pressures stemming from broader macroeconomic volatility, the company continues to advance operational streamlining and cost-optimization initiatives to ensure long-term resilience.
Key Highlights & Operational Summary
- Q2 Production Surge: Production jumped 88% year-on-year to 7.8 million carats in the second quarter, bringing total H1 output to 14.9 million carats (+46% YoY).
- Volume Growth: Consolidated H1 sales volume expanded 13% to 12.4 million carats (total sales volume up 20% to 14.8 million carats).
- Full-Year Guidance Reaffirmed: Full-year output remains targeted at 21–26 million carats, with second-half production planned to balance out via scheduled maintenance and a temporary operational pause at the Venetia mine.
- Resilient High-Value Demand: While entry-level categories faced broader pricing shifts, pricing for higher-value natural diamonds remained firm, providing baseline support to the overall index.
Market Dynamics & Strategic Response
Trading conditions during the first six months of 2026 reflected ongoing global macroeconomic uncertainties and regional conflicts that weighed on general consumer sentiment. Additionally, lower-value natural categories experienced continued pressure from lab-grown alternatives.
In response, De Beers actively adjusted its sales strategies, utilizing its inventory mix to meet existing market demand. While lower-value inventory sales shifted the average realized price to $105 per carat for H1, the company noted that underlying value indices for premium, higher-grade natural goods remained stable throughout the period.
Outlook & Portfolio Optimization
Looking ahead to the second half of 2026, De Beers will align production output directly with global demand signals. The anticipated surge from H1 will be offset by:
- The previously announced two-year operational pause at the Venetia mine.
- Planned facility maintenance at the Orapa and Jwaneng operations in Botswana.
Anglo American continues to execute its operational transformation and strategic divestment plans for De Beers, ensuring capital discipline and long-term organizational value.
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