Anglo American Reports First-Half Loss at De Beers
De Beers is expected to post an underlying EBITDA loss for the first half of 2026 after weaker rough-diamond sales in the second quarter weighed on earnings, parent company Anglo American said Thursday in its quarterly production report. The diamond producer's underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) are forecast to be negative for the six-month period, according to Anglo American, which owns 85% of the company. Second-quarter consolidated rough-diamond revenue, excluding sales by joint-venture partners, fell 44% year over year to $665...
Rio Tinto Processes Remaining Diamond Stock from Shuttered Diavik Operation
Australia-based mining company Rio Tinto processed the remaining ore from its shuttered Diavik mine in Canada, recovering 33,000 carats of diamonds during the second quarter ended June 30. Although the Diavik mine officially ceased operations in March after reaching the end of its productive life, Rio Tinto said it will continue processing, manufacturing, and selling its remaining diamond inventory through at least the end of 2026. Diamond production dropped sharply following the closure. Second-quarter output fell 97% compared with both the previous quarter and the...
New U.S. Import Tariffs May Impact Colored Gemstones and Pearls
The United States Trade Representative (USTR) is conducting three Section 301 investigations that could result in new import tariffs by the end of the month, raising concerns for the colored gemstone and pearl trade. According to the American Gem Trade Association (AGTA), the proposed measures could affect imports of loose colored gemstones and cultured pearls. Preliminary findings cover around 60 countries, with a proposed 12.5% tariff on imports from 46 nations, including India, Thailand, Sri Lanka, Australia and several others. The USTR is expected to...
U.S. Imposes Tariffs on Canadian Diamonds and Jewelry Imports
U.S. President Donald Trump has imposed a 50% tariff on nearly $20 billion worth of Canadian imports, expanding the measures to include polished diamonds and jewelry. The new duties will take effect on August 19, according to the American Gem Trade Association (AGTA). Affected products include nonindustrial and loose polished diamonds, silver, gold necklaces and chains, precious-metal jewelry, and imitation jewelry, the Jewelers Vigilance Committee (JVC) said in a member alert. The tariffs are being implemented under Section 338 of the Tariff Act of 1930,...
