Morning Bites

💎Burgundy’s Ekati diamond mine is set to shut down by mid-August 2026, as the sales process (triggered by insolvency) did not result in any compliant bids, despite 140 “potentially interested parties” being contacted, Rapaport reports, citing the Supreme Court of British Columbia filings

Overall, the upcoming closure of Ekati mine (2.8% of global mined diamond supply in 2025 and ~4.0% historically), which was originally expected to operate at least until 2029, underpins severe operational challenges among junior miners (~⅓ of global rough supply) and still weak market sentiment

We maintain our cautious view on the medium-term prospects for a recovery in the global diamond market, given the risks to supply discipline posed by Anglo American's planned sale of De Beers (which is currently disrupting the price-over-volume strategy), as well as geopolitical concerns

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