Latest news with #diamond
Zawya
20 hours ago
- Business
- Zawya
South Africa: Hundreds of Lesotho diamond mining jobs to be axed following US tariff threats
Lesotho's largest diamond mine, Letšeng Diamonds, blames a weakening US dollar and uncertainty over US trade tariffs for its latest bid to cut hundreds of jobs as a cost-saving measure. Photo: Sechaba Mokhethi The livelihoods of hundreds of miners at Lesotho's largest diamond mine, Letšeng Diamonds, are at risk as the company implements 'cost-saving measures'. In a meeting with some of its 1,225 staff on Thursday, the company announced it would be retrenching between 250 and 300 permanent and contracted workers. This, it said, was as a result of a steady slump in global diamond prices, a weakening US dollar, and uncertainty over US trade tariffs. Spokesperson for the mine, Tšepo Hlojeng, confirmed to GroundUp that the company had started consultations with staff. 'It is our plan to have all activities related to the implementation of the current scenario completed by the end of August 2025.' Hlojeng said that employee benefits will be paid out to the affected employees. While the news came as a shock to many of Letšeng's miners, the company, in a statement last week, said, 'While the company has met its production targets, it has not been immune to the sustained pressure on rough diamond prices and adverse exchange rate movements.' The mine, situated high in the Maluti Mountains, will continue processing at existing levels. But waste mining in both the main and satellite pits will be drastically reduced for the next 12 months, said the company. 'This scale-back is part of a short-term strategy aimed at conserving cash and protecting the long-term viability of operations.' CEO of Letšeng mine, Motooane Thinyane has reportedly estimated that the mine employed about 1,500 people in 2023, both directly and through contractors. Of these workers, 199 lost their jobs in November when the mine terminated its services agreement with one of its key contractors, Minopex Lesotho. Letšeng Diamonds is jointly owned by Gem Diamonds Limited and the government of Lesotho. It is widely regarded as one of the country's most strategic economic assets. The mine is a key contributor to government revenue, foreign exchange earnings, and employment. While expressing confidence in its long-term recovery, the mine admitted that current market conditions had left it with few choices. 'The measures being implemented will position the company for a strong recovery when market conditions improve,' the statement concluded. Although the mine has not disclosed specific figures on how its bottom line has been affected yet, financial filings from its majority shareholder (70%), Gem Diamonds Limited, on the London Stock Exchange provides a clearer picture. In its Full Year Results for the period ending 31 December 2024, Gem Diamonds reported revenue of $154.2m, an annual profit of $8.1m, and an attributable profit of $2.9m. This is a sharp improvement from its 2023 performance, when it recorded $140.3m in revenue, a much lower annual profit of $1.6m, and an attributable loss of $2.1m. The positive momentum continued into early 2025. Between 1 January and 31 March, the mine achieved a record price of $26,441 per carat for a 67.50-carat white diamond. Two stones sold for more than $1m each, generating a combined revenue of $3.5m. But this trend was short-lived. In April, the US imposed 50% tariffs on Lesotho. Though these were later temporarily reduced to 10% with an additional 40% suspended until 1 August, its effects are already impacting the bottom line in the diamond trade. In its April market update, Gem Diamonds noted that by the first quarter of 2025, the company's performance had begun to decline. It sold 20,470 carats, down from 26,356 in the last quarter of 2024, a 22% decrease. Revenues fell to $21.6m, compared to about $32m previously. The mine posted a quarterly loss of $10.6m.
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Anglo American Posts Net Loss Amid Challenging Diamond Trading Conditions
Anglo American said net loss deepened in the first half of the year due to challenging conditions in rough-diamond trading. The diversified mining group said Thursday that it booked a net loss of $1.88 billion in the half-year, compared with a loss of $672 million a year ago.
The National
2 days ago
- The National
Dubai Police recover Dh1.1m of diamonds after bag mix-up at airport
Dubai Police have successfully recovered a bag containing diamond jewellery worth Dh1.1 million ($300,000) after a merchant mistakenly picked up another passenger's luggage at the airport. The diamond merchant, a Dubai resident, was travelling to another Gulf country to take part in a trade exhibition. He was travelling with four bags of diamonds but one was mixed up and ended up with someone else. 'The merchant put the bags on the airport's scanner and [then] picked up the wrong bag by mistake,' the force said. "The bag was similar to one belonging to a passenger travelling to Bangladesh." The diamond dealer did not notice he had taken the wrong bag and found out only after arriving at his destination. 'The merchant was surprised when he opened the bag on arrival to see a pile of clothes," the police added. "He returned the bag quickly to Dubai and filed a case." Dubai Police used surveillance cameras at the airport to identify the passenger who had collected the dealer's bag. 'The Bangladeshi passenger took the merchant's bag by mistake thinking it was his because it was very similar,' they said. The authority managed to recover the diamonds with the help of the Ministry of Foreign Affairs, the UAE embassy in Dhaka and authorities in Bangladesh. The merchant thanked Dubai Police for their work in helping to return the bag. 'There are no words to thank the force for their efforts to recover the bag and the jewellery,' he said. "Dubai Police are keen to spread happiness among society."
Yahoo
2 days ago
- Entertainment
- Yahoo
Lily Allen spotted with diamond band on ring finger during London bike ride
Lily Allen was spotted wearing a large diamong on her ring finger during a bike ride in London. The Smile singer split from her husband, Stranger Things actor David Harbour, in December after five years of marriage. Last month, the 40-year-old was seen enjoying an apparent date with actor James Norton, with the pair watching Charli XCX perform at a music festival. Allen went for a solo outing on Sunday, rocking a glitzy gold band on her left hand while riding her bike through Notting Hill, in photos obtained by MailOnline. The ring appeared to be different to the engagement and wedding band she wore during her marriage to Harbour. The new piece of jewellery - which is not believed to be an engagement ring - has a pear-shaped stone while her past engagement ring was silver and had a round stone. Allen is thought to have bought a home in Notting Hill, where she grew up, after moving back to London from New York following her split from Harbour. 'She's a west London girl and is loving being back,' a source previously told the Daily Mail. 'Her new place is just a ten-minute walk from her mum's home and they are very close.' Allen lives with her two daughters - Ethel, 13, and Marnie, 12 - who she shares with her ex-husband Sam Cooper. She appears to be enjoying the dating scene since moving home, and was recently seen with Happy Valley actor Norton, 39. The duo were seen watching Charli XCX perform at Lido festival in Victoria Park, smiling and chatting as they drank non-alcoholic beers during the Brat hitmaker's show in mid-June. The pair, who reportedly met on the celebrity dating app Raya, seemed 'really relaxed' together, in photos obtained by The Sun. 'Lily and James appeared to be on a date. They were together for the day and were chatting and laughing together as they watched Charli XCX. Lily was leaning into him at one point,' an insider said. 'She and James seemed really relaxed together and she was really making him giggle. They were drinking non-alcoholic beer and queued at the bar like all the other punters. 'People were doing double-takes when they saw them together.' Allen and Harbour split in December - five years after tying the knot in Las Vegas - amid claims they had been living separate lives for months. In January, it was reported that Allen was "in agony" after discovering Harbour had an active profile on Raya. Two months later, Harbour faced claims that he "had a three-year affair" with a costume designer during their marriage. He has not commented on the claims. Following the breakdown of her marriage, Allen checked into a £10,000-a-week American clinic, reportedly in "emotional turmoil" and "highly medicated" on antidepressants.
Yahoo
2 days ago
- Business
- Yahoo
Karelian Diamond Resources Plc - Holding(s) in Company
30 July 2025 Karelian Diamond Resources plc ("Karelian" or the "Company") Holdings in Company Karelian Diamond Resources plc (AIM: KDR) announces that it was informed on 29 July 2025 that Steve Coomber now has an interest of 9,877,124 ordinary shares of €0.00025 each ("Ordinary Shares"), equivalent to 5.03 per cent. of the current issued Ordinary Shares and voting rights of the Company. Further Information: Karelian Diamond Resources plc Brendan McMorrow, Chairman / Maureen Jones, Managing Director +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss / Lauren Wright +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930 CMC Markets (Joint Broker) Douglas Crippen + 44-20-3003-8632 Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377 4212609_0.jpeg
