International News
Zambia Lifts 15% Export Duty on Precious Gemstones
Gemfields Group Limited has expressed strong support for the Zambian government’s decision to suspend the 15% export duty on precious gemstones and metals, a move expected to significantly boost the country’s emerald industry. The suspension, announced by Zambia’s Minister of Finance, Dr. Situmbeko Musokotwane, is effective immediately, meaning the duty will no longer apply to emeralds mined by Kagem Mining Limited. The company is majority-owned by Gemfields (75%) with the remaining 25% held by Zambia’s Industrial Development Corporation.
Gemfields CEO, Sean Gilbertson, lauded the government’s swift action, stating, “We express our sincere thanks to President Hakainde Hichilema’s government for their prompt and impressive action in addressing the 15% export duty on precious gemstones. The Zambian emerald sector has experienced exceptional growth over the past 16 years and is now the world’s largest emerald exporter. This decision signals a clear commitment to fostering growth and job creation in Zambia, putting our industry back on track for continued success.”
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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