Latest news with #LGD
Globe and Mail
a day ago
- Business
- Globe and Mail
Liberty Gold: Advancing a Multi-Million Ounce Gold Project With Antimony Upside
A near-construction oxide gold mine in the Great Basin with added exposure to critical minerals Why This Matters Liberty Gold (TSX: LGD, OTCQX: LGDTF) is developing one of the Great Basin's most significant open-pit gold oxide deposits at a time when U.S. domestic resource supply is under the spotlight. The company's flagship asset, located in southern Idaho, holds a 5 to 8 million-ounce gold system with a completed prefeasibility study and formal mine permitting process already underway. With its low-cost heap leach model and scalable footprint, the project is on track to support future construction. Meanwhile, Liberty Gold is creating additional value with the discovery of high-grade antimony mineralization at its second asset in Utah. As global demand grows for antimony, a critical mineral used in munitions and fire retardants, the company plans to spin out this asset into a new entity—offering Liberty shareholders exposure to both gold development and strategic minerals. With strong project economics and infrastructure access, Liberty Gold is positioning itself to be a key U.S. player in both precious and critical metals. Key Takeaways: Flagship oxide gold asset with up to 8 million ounces in southern Idaho Low-cost, open-pit heap leach model with robust PFS and permitting underway Discovery of high-grade antimony at second site adds critical mineral upside Spinout planned for Utah asset, providing Liberty shareholders with added exposure Operating in mining-friendly U.S. jurisdictions with clear permitting pathways Published by
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.
Fashion Network
23-05-2025
- Business
- Fashion Network
De Beers announces commitment to unlocking India's diamond potential
De Beers Group has reiterated its commitment to advancing India's role in the global diamond industry, with chief executive Al Cook highlighting the country's growing influence across the diamond value chain during a recent visit to Mumbai and Surat. 'For more than two thousand years, India has been at the heart of the world's diamond industry,' said Cook in a press release. 'But I have also seen that the future of diamonds in India will be even greater than the past.' Cook noted India's rise as the second-largest market for natural diamonds, stating the industry is now increasingly about diamonds 'for India' and 'to India'. As wholesale prices for lab-grown diamonds fall below $60 per carat, Cook emphasised the growing importance of consumer education and verification tools. 'The myth that you can't tell the difference between a natural diamond and an LGD is beginning to shatter and DiamondProof's influence is only going to grow,' said Cook. Following the planned closure of its Lightbox LGD jewellery brand, De Beers aims to focus on high-tech applications through Element Six, including opportunities in India's semiconductor and AI sectors. Cook also underlined strategic partnerships with Tanishq and the Gem and Jewellery Export Promotion Council, alongside plans to expand the Forevermark brand to 100 stores in 40 cities by 2030. De Beers and the GJEPC have also launched INDRA to support independent retailers with promotional tools and training.
Business Mayor
23-05-2025
- Business
- Business Mayor
Natural diamond still India's crown jewel: De Beers Group CEO
Having toppled China as the world's second-biggest market for natural diamonds, India is shining bright for De Beers, said the mining conglomerate's global CEO Al Cook. Also, Indian consumers aren't following those in the US in taking to lab-grown diamonds (LGDs) in a big way. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' Cook, 50, told ET in an interview. 'LGD will remain a mass-produced, low-cost, pretty and fun jewellery to wear. Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing.'Still, the miner is said to have to lowered its rough diamond production target for the current year, given the China slump and the rise of LGDs elsewhere. While the US market, the world's biggest, is gravitating towards LGD, Chinese buyers increasingly prefer gold over diamonds. Indians are most likely to pass diamond jewellery on as heirloom pieces to the next generation and hence the preference for natural stones, said Cook. He's in India on a three-day tour to meet diamond sight holders (rough diamond bulk buyers), retailers and manufacturers. The British-born Cook said the Indian natural diamond market is expected to double by 2030 to $20 billion from $10 billion now, as the aspiration for natural diamonds is increasing among Indians. India's natural diamond consumption grew 12% year on year in 2024. Read More China to investigate fashion firm PVH for suspected boycott De Beers has already announced that its natural diamond marketing spend in India in 2025 will be the highest in a decade. It has entered into a long-term strategic collaboration with the Tata Group's Tanishq to connect with more Indian consumers. India overtook China in diamond purchases in 2024. That's the year the Chinese market more than halved to 43 billion yuan ($6 billion) from100 billion yuan in 2021, according to the Gems & Jewellery trade Association. The downturn was driven by economic uncertainty and the shift in consumer preference to gold as the yellow metal's price US diamond jewellery market was valued at $356 billion in 2024, having declined by 8-9% over the previous two years, and is expected to reach $478.8 billion by 2030, growing at a CAGR of 5.22%, according to De Beers. In the US, LGDs are eating into the natural diamond pie, prompting De Beers to step up its game in India, where acceptance of the artificial variety is still at a nascent stage. LGDs CATCHING UP 'Lab-grown diamond wholesale and retail prices continued to fall through 2024 as the bifurcation from natural diamonds progresses, with acceleration in the second half of the year,' Cook said. 'In the lead-up to the holiday season, several US retailers introduced deep discounts on lab-grown diamond jewellery amidst increased competition, with some retailers also including disclaimers for their customers that lab-grown diamonds may not hold their value over time.' De Beers shut its LGD jewellery brand Lightbox, which was established in 2018, a few days ago, reinforcing its commitment to natural diamonds. Interestingly, the price of certain qualities of rough diamonds is on the rise as there is a supply constraint in the market. 'A proportion of natural diamond demand continues to be affected in the near-term by lab-grown diamonds in the US as a result of prevailing high retail margins, but such margins are expected to be unsustainable in light of increasing lab-grown diamond supply volumes, greater levels of competition, and growing consumer awareness of lab-grown diamond price trends,' the De Beers global CEO said. 'If you go to the US you can buy a LGD ring for $299 at Walmart.' Recognising the rapidly growing consumer demand for natural diamonds in India, Cook said, 'The industry used to be focused on diamonds 'from India' and 'by India', but now it's increasingly about diamonds 'for India' and 'to India'.'
