Latest news with #DeBeers
Reuters
a day ago
- Business
- Reuters
Botswana's ODC to start contract diamond sales in September
GABORONE, May 30 (Reuters) - Botswana's state-owned Okavango Diamond Company plans to start contracted gem sales in September, managing director Mmetla Masire said on Friday, as it diversifies its sales channels under the government's new marketing deal with De Beers. ODC, whose allocation in the production of Debswana - its 50-50 joint venture with De Beers - was increased to 30% from 25% under the new deal, aims to sell about 40% of its supply through contracts, with the balance sold through auctions, strategic partners and Botswana-based companies. Currently, ODC's sales are predominantly through online auctions, typically held 10 times a year. Like De Beers, which sells about 90% of its diamonds through contracts to handpicked buyers, also called sightholders, ODC will now also sell to contracted buyers. "The previous deal had a clause which prevented us from directly competing with De Beers on contract sales," Masire told Reuters in an interview. The process of selecting buyers has started, with contracts expected to be issued by September, he added. Under the new ten-year deal with De Beers signed in February, ODC's allocation of Debswana output will reach 40% at the end of the agreement, with the possibility of a further increase to 50% during a proposed five-year extension period. The global diamond market is currently going through a downturn marked by declining demand and a supply glut, but Masire said there were signs of "a slow but sustained recovery". "The global market is still fragile, and the U.S. tariffs have added uncertainty, but indications are that demand is improving as China looks like it's starting to pick up and India as well,' Masire said. ODC's 2024 revenues were about 60% of the previous year's levels due to the downturn.
CBC
4 days ago
- Business
- CBC
Accessible housing project falls apart after disagreement between Housing N.W.T. and disability council
Social Sharing The chair of the N.W.T. Disabilities Council says a failed housing project with the territorial government is a blow to the equality and dignity of people with disabilities. Since 2020, the disabilities council has been working with Housing N.W.T. on a housing development in downtown Yellowknife that would provide accessible and affordable living for people with disabilities. The council secured funding from the federal government, a $1-million investment from De Beers and a sub-lease on a plot of land from the territorial government. Council chair Brian Carter said the project began to unravel in February, when Housing N.W.T. and the territorial government informed the council they wanted to use the land for another project. He said they've now lost trust in Housing N.W.T. as a result. "It's a devastating blow to the people living with disabilities, including myself, in the Northwest Territories, who remain chronically underserved across housing, health care and social services," he said. Housing N.W.T. proposed five other sites — four of which the council said were out of the question because they didn't have proper access to transit or parking. The council accepted the fifth site, across from the Yellowknife Catholic School Board at the corner of 49 Street and 52 Avenue. They entered into a similar lease agreement, with the requirement that the disabilities council complete the building within five years — but the council's funding couldn't be applied to the new property. "We lost $1,000,000 in corporate funding from De Beers, [who has] permanently withdrawn, hundreds of thousands in CMHC [the Canada Mortgage and Housing Corporation] investments were forfeited, all pending funding applications were frozen or withdrawn, future [public-private] partnerships are now jeopardized, and years of design, architecture and feasibility planning were wasted," Carter said. He said they hope to eventually revisit the project, but without their funding, it wouldn't be possible to build on a five-year timeline. Carter called the project's failure a betrayal. "This project was never just about construction. It was about dignity, equality and justice," Carter said. "Accessible housing is not a luxury, it's a human right." Housing N.W.T. declined an interview but said in an email that the N.W.T. Disabilities Council wasn't meeting milestones in the original lease agreement, though it did not specify which milestones it was referring to. It said due to that, and to the council's timeline being "longer term", it met with the council to express interest in "moving ahead on a more imminent housing project" and finding a new site for the council's project. "We regret that the N.W.T. Disabilities Council is opting not to proceed with their project," spokesperson Jeanne Gard said in the email. "Since 2020, Housing N.W.T. has worked closely with the N.W.T. Disabilities Council to ensure the Council had the necessary land available through a structured lease agreement to support their efforts in working with their funding partners." The statement added that Housing N.W.T. didn't want the plot of land to stay empty "for a protracted period of time during the well-documented housing crisis in Yellowknife and the rest of the N.W.T." Housing N.W.T. wrote that it's demonstrating its support of people with disabilities by investments in duplexes designed for seniors and by making 25 units in a Yellowknife building currently under construction"barrier-free". "While a mutual agreement was not reached, we remain open to future collaboration with the N.W.T. Disabilities Council and we will continue to advance inclusive housing projects across the territory." It added that aside from land, Housing N.W.T. had also reimbursed the council for any out-of-pocket costs tied to the original location. In its own response to that, the disabilities council called Housing N.W.T.'s response "an inaccurate narrative." Council CEO Denise McKee described Housing N.W.T.'s statement as an attempt to "justify their failure to honour [the] commitment to the project and the spirit of the sub-lease".
Time of India
23-05-2025
- Business
- Time of India
De Beers pushes for zero-tariff entry of cut and polished Indian diamonds into US
De Beers Group is working with the Indian government to create a zero-tariff policy for diamonds entering the United States after being cut and polished in India. The group has already met with commerce and industry minister Piyush Goyal and urged him to speak with his US counterpart to enable the 'free flow of diamonds'. Al Cook, CEO of De Beers Group, told ToI that 90% of diamonds are exported from India, and it is vital for the country to finalise a deal before 9 July. 'Britain and India seem to be doing very good jobs on working with tariff deals with the US. I am very confident that India will reach a deal ahead of July 9. We have already seen a deal in the UK,' he said. Cook mentioned that apart from India and the US, most of the world allows the 'free flow of natural diamonds ', as these are produced only in a few places globally, mostly in Africa. Since diamonds are mined in the US and then cut and polished in India, a zero-duty entry into the American market would not lead to any job losses, he said. 'We don't think there should be a tax on love,' the De Beers CEO said. Cook also spoke of changing trends in the diamond trade. He said that earlier, the focus used to be on diamonds 'from India' and 'by India', but now it is shifting to 'for India' and 'to India', referring to the growing demand within the country. India is now the second-largest market for natural diamonds in the world. The British-born CEO said that the Indian natural diamond market is set to double to $20 billion by 2030, up from $10 billion at present. He said this growth is driven by rising aspirations among Indian buyers. According to him, India's natural diamond consumption rose by 12% year-on-year in 2024. Commenting on the growing division between natural and lab-grown diamonds (LGDs), Cook said that with LGD wholesale value falling below $60 per carat, the importance of diamond testing technology has gone up. He said that India, which has overtaken China as the world's second-largest natural diamond market, is becoming more valuable to De Beers. Cook said Indian consumers, unlike their US counterparts, are not shifting in large numbers towards LGDs. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' he told ET. He added that LGDs will continue to be 'mass-produced, low-cost, pretty and fun jewellery to wear.' He said Indian buyers prefer natural diamonds because they value uniqueness. 'Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing,' he said. De Beers recently closed its LGD jewellery brand Lightbox, which was launched in 2018. This move reflects the group's renewed focus on natural diamonds. Meanwhile, prices of some grades of rough diamonds are going up due to tight supply in the market.
Business Mayor
23-05-2025
- Business
- Business Mayor
De Beers pushes for zero-tariff entry of cut and polished Indian diamonds into US
Representational image De Beers Group is working with the Indian government to create a zero-tariff policy for diamonds entering the United States after being cut and polished in India. The group has already met with commerce and industry minister Piyush Goyal and urged him to speak with his US counterpart to enable the 'free flow of diamonds'. Al Cook, CEO of De Beers Group, told ToI that 90% of diamonds are exported from India, and it is vital for the country to finalise a deal before 9 July. 'Britain and India seem to be doing very good jobs on working with tariff deals with the US. I am very confident that India will reach a deal ahead of July 9. We have already seen a deal in the UK,' he said. Cook mentioned that apart from India and the US, most of the world allows the 'free flow of natural diamonds', as these are produced only in a few places globally, mostly in Africa. Since diamonds are mined in the US and then cut and polished in India, a zero-duty entry into the American market would not lead to any job losses, he said. 'We don't think there should be a tax on love,' the De Beers CEO said. Cook also spoke of changing trends in the diamond trade. He said that earlier, the focus used to be on diamonds 'from India' and 'by India', but now it is shifting to 'for India' and 'to India', referring to the growing demand within the country. India is now the second-largest market for natural diamonds in the world. Read More China to investigate fashion firm PVH for suspected boycott The British-born CEO said that the Indian natural diamond market is set to double to $20 billion by 2030, up from $10 billion at present. He said this growth is driven by rising aspirations among Indian buyers. According to him, India's natural diamond consumption rose by 12% year-on-year in 2024. Commenting on the growing division between natural and lab-grown diamonds (LGDs), Cook said that with LGD wholesale value falling below $60 per carat, the importance of diamond testing technology has gone up. He said that India, which has overtaken China as the world's second-largest natural diamond market, is becoming more valuable to De Beers. Cook said Indian consumers, unlike their US counterparts, are not shifting in large numbers towards LGDs. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' he told ET. He added that LGDs will continue to be 'mass-produced, low-cost, pretty and fun jewellery to wear.' He said Indian buyers prefer natural diamonds because they value uniqueness. 'Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing,' he said. De Beers recently closed its LGD jewellery brand Lightbox, which was launched in 2018. This move reflects the group's renewed focus on natural diamonds. Meanwhile, prices of some grades of rough diamonds are going up due to tight supply in the market.
Time of India
23-05-2025
- Business
- Time of India
De Beers pushes for zero-tariff entry of cut and polished Indian diamonds into US
De Beers Group is working with the Indian government to create a zero-tariff policy for diamonds entering the United States after being cut and polished in India. The group has already met with commerce and industry minister Piyush Goyal and urged him to speak with his US counterpart to enable the 'free flow of diamonds'. Al Cook, CEO of De Beers Group, told ToI that 90% of diamonds are exported from India, and it is vital for the country to finalise a deal before 9 July. 'Britain and India seem to be doing very good jobs on working with tariff deals with the US. I am very confident that India will reach a deal ahead of July 9. We have already seen a deal in the UK,' he said. Cook mentioned that apart from India and the US, most of the world allows the 'free flow of natural diamonds', as these are produced only in a few places globally, mostly in Africa. Since diamonds are mined in the US and then cut and polished in India, a zero-duty entry into the American market would not lead to any job losses, he said. 'We don't think there should be a tax on love,' the De Beers CEO said. Cook also spoke of changing trends in the diamond trade. He said that earlier, the focus used to be on diamonds 'from India' and 'by India', but now it is shifting to 'for India' and 'to India', referring to the growing demand within the country. India is now the second-largest market for natural diamonds in the world. The British-born CEO said that the Indian natural diamond market is set to double to $20 billion by 2030, up from $10 billion at present. He said this growth is driven by rising aspirations among Indian buyers. According to him, India's natural diamond consumption rose by 12% year-on-year in 2024. Live Events You Might Also Like: Natural diamond still India's crown jewel: De Beers Group CEO Commenting on the growing division between natural and lab-grown diamonds (LGDs), Cook said that with LGD wholesale value falling below $60 per carat, the importance of diamond testing technology has gone up. He said that India, which has overtaken China as the world's second-largest natural diamond market, is becoming more valuable to De Beers. Cook said Indian consumers, unlike their US counterparts, are not shifting in large numbers towards LGDs. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' he told ET. He added that LGDs will continue to be 'mass-produced, low-cost, pretty and fun jewellery to wear.' He said Indian buyers prefer natural diamonds because they value uniqueness. 'Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing,' he said. De Beers recently closed its LGD jewellery brand Lightbox, which was launched in 2018. This move reflects the group's renewed focus on natural diamonds. Meanwhile, prices of some grades of rough diamonds are going up due to tight supply in the market.
