Jeweller - April 2023

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News Russian diamonds continue to flood Belgium Diamond sales continue to slow for mining giant parent company Anglo American. Prior to joining De Beers, Cook was executive vice president of exploration and production international at Equinor, Norway’s state-owned petroleum company. De Beers Group, has published the results from its second sales cycle for 2023, identifying another decrease in sales. It hosts 10 sales cycles each year, with the second running from 20 February through 7 March. Provisional sales totalling $US495 million ($AU750.6 million) were completed, a significant decline compared with the $US652 million ($AU988 million) in sales realised in 2022. Cook released a statement on LinkedIn on his first day as CEO and highlighted a number of key objectives for his time as leader of the world’s largest diamond mining company. “Although today is my first as an employee of De Beers, I have spent as much time as possible building my understanding of the industry. The more I learn, the more people I meet, the more impressed I am,” Cook said. “My first priority in every visit will be safety. Over 27 years in the energy business, including three years in offshore operations, I’ve learned that we have to put safety first,” he said. Belgium’s import of diamonds from Russia spiked in January by a remarkable 36 per cent despite heated political discussion around economic sanctions within the European Union. Belgium’s import of rough diamonds from Russia reached €EU132 million ($AU211.8 million) in January, compared with just €EU97 million ($AU155.6) in 2022 – just weeks before the invasion of Ukraine. In late February the US and EU installed a tenth round of economic sanctions against Russia as a punitive response to the invasion; however, the diamond industry was once again spared. According to recent reporting, Russian diamond sales in Europe increased following the invasion of Ukraine, despite retaliatory economic sanctions from western powers. “The Belgian government argues such sanctions would only divert Russia’s diamond exports to other countries without actually causing Moscow economic pain. Belgian diplomats also pointed out that Russian imports were going down even without sanctions, because of public pressure and consumer awareness,” writes Barbara Moens of Politico. “However, imports to Belgium rose again in December and January in the lead-up to Valentine’s Day on 14 February. However, this looks like a temporary spike linked to higher demand around Valentine’s Day, according to a Belgian official. In February, the import value dropped again to €61 million ($AU97.9 million).” The Belgian Foreign Trade Agency reported that total exports from Russia increased by more than two-thirds during January; however, these figures were significantly impacted by increases in the price of gas. New De Beers CEO Al Cook was unperturbed by the 24 per cent year-on-year decline in sales and said he expects sightholders to purchase more aggressively in the later stages of the year. “In this, my first sight update to the market, I am pleased to see continued steady demand for rough diamonds in line with our expectations for sales as the year progresses. “For example, we know that sightholders planned more of their purchases for later in 2023, given the economic uncertainty at the time they were taking their planning decisions at the end of 2022. It is also encouraging to see some positive trends in end client demand for diamond jewellery at the start of the year.” New leadership Cook has assumed the role of CEO from Bruce Cleaver, who has transitioned to a new role with Once working as a geologist by trade, Cook said he has always been fascinated by gemstones and that he is looking forward to encouraging further industrial innovation. “One thing has surprised me for a company as historic as De Beers, there is a strong spirit of innovation,” he continued. “Whether it’s pioneering the use of blockchain so that a customer knows exactly where their diamond has come from, building the world’s most advance diamond recovery vessel, or exploring for new kimberlite pipes deep inside the earth, I keep finding amazing technology everywhere.” Attention now turns to the third De Beers sales cycle (27-31 March) in light of recent suggestions by US trade bodies that further sanctions will be placed on Russian diamonds mined by De Beers rival Alrosa. Burgundy abandons plans for Ellendale mine Perth-based Burgundy Diamond Mines (BDM) has confirmed that it will not exercise its twoyear option to purchase the Ellendale Mine. Located in the West Kimberley region of WA, the Ellendale Mine was once the source of approximately 50 per cent of the world’s yellow fancy colour diamonds. BDM acquired the dormant mine from Gibb River Diamonds in 2021, one year after GRD was granted exclusive mining and exploration leases by the WA government. BDM managing director and CEO Kim Truter said the decision was “in the best interests of shareholders and in line with the strategic direction of the company.” “Burgundy will therefore cease development of the project immediately,” a statement from the mining company reads. “Burgundy has elected to instead focus on completion of the acquisition and integration of the Ekati Diamond Mine into its portfolio, located in Canada’s northern territories and purchased from the Arctic Canadian Diamond Company.” BDM recently expanded its cutting and polishing plant in Perth enabling it to manufacture twice as many fancy colour diamonds. Production at Ellendale ceased in 2015 when the previous owner Kimberley Diamond Company entered liquidation. MORE BREAKING NEWS JEWELLERMAGAZINE.COM 26 | April 2023
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