Diamond Mining News

Mumbai market unaffected by Mahendra brothers tax raid

A raid by income tax authorities took place early Monday morning, on several premises of the Mahendra Brothers group in India.

Gem Diamonds to hand over 4 boreholes to GKGR residents

Gem Diamonds Ltd: * To hand over 4 boreholes to residents of the central kalahari game reserve to provide them with water

As gold dashes past $1,700, $2,000/oz viewed as a possibility

In what is starting to look like a mad dash, the price of gold rose to a new all-time high of $1,770 an once, temporarily passing the price of platinum. Investors are turning to gold as global economic markets are faltering.

Diamond industry shifts focus from US markets

After having sleepless nights during the global economic slowdown in 2008, the Surat diamond industry seems to have played safe as far as the US, the biggest diamond jewellery market, is concerned.

Mugabe threatens western firms in Heroes Day speech

As the country marked Heroes Day, Robert Mugabe used the occasion to make fresh threats to punish foreign owned companies from Western countries that have imposed targeted sanctions on him and his key ZANU PF officials. The US and European Union slapped the sanctions on Mugabe and his cronies because of human rights abuses.

Blue Nile Posts Record Q2 Revenues, Amid Rising Costs

Online diamond jewelry retailer Blue Nile reported record second quarter sales, posting a 5.1% increase in net sales to $80.5 million. Net income totaled $2.8 million.

NJN: Adwar, Unique Facing Off In Federal Court

Adwar Casting Co. Ltd. has slapped manufacturer Unique Settings of New York and six others with a $13.5 million federal copyright infringement lawsuit, alleging the company is making and distributing pieces of jewelry that are copies of Adwar’s designs.

BBC doc shows beatings, rapes at Zimbabwe diamond fields

Kimberley Process members may be regretting their decision in June to allow Zimbabwe to export diamonds, with a new BBC documentary showing security forces beating and raping prisoners at two camps in the Marange diamond fields. The New York Times reported on the release Monday of the documentary "Panorama", which said the camps held workers recruited by the police and the military to diamonds for them, and then demand a large share of the profits: "According to the report, a released prisoner who was not named said guards at the camps were beating prisoners three times a day, with 40 lashes at a time. Dogs were loosed to bite shackled inmates, and imprisoned women were frequently raped, the program said."

U.S. Online Spending $37.5B in Q2

U.S. online retail spending totaled an estimated $37.5 billion for the second quarter of 2011, up 14 percent versus year ago.

Kiran Exports BVBA Certified By the RJC

Kiran Exports BVBA, the Antwerp-based diamond trader, has become certified against the ethical, human rights, social and environmental standards established by the Responsible Jewellery Council (RJC) Member Certification System.

Neenah Jewelry Insurer Donates Diamonds to Smithsonian

Green Bay Press Gazette reports the Smithsonian National Museum of Natural History has accepted several hundred rough diamonds.

U.K. NHS, De Beers, Righthaven: Intellectual Property

(This is a daily report on global news about patents, trademarks, copyright and other intellectual property topics. Adds Coventry First LLC item in trademark section.) Aug. 8 (Bloomberg) -- The U.K.’s National Health Service considers patents for

IIJS Wraps Up With Strong Jewelry Sales Amid Recession Worries

The 2011 edition of the India International Jewellery Show (IIJS) wrapped up today in Mumbai with a variety of responses from exhibitors. Loose diamond dealers said that while the show was average in terms of sales, it has been tough going because of e...

North Australian Diamonds Awarded contract for DFS for diamond mining operation

North Australian Diamonds Limited (“North Australian” or “the Company”), is pleased to announce that it has awarded the contract for a Definitive Feasibility Study (DFS) for a 1.5Mtpa+ (approx. 300,000 carats per annum) diamond mining operation at its 100% owned Merlin diamond project in the Northern Territory to Consulmet Pty Ltd (Consulmet). The DFS will also consider a potential larger scale operation.

Diamond giant De Beers proposes hazardous waste dumps, prisons at old mines

TimesLive reports diamond giant De Beers plans to put hazardous waste - and up to 1,000 prisoners - into its disused property and diamond mines in the picturesque Namaqualand region (depicted), in the northwest of South Africa. The company, which also had to settle a two-week strike over wages on Thursday, said the projects were just two of several potential business ideas for the disused old mine areas and that the Department of Minerals have asked for further public consultation and an impact study. Last month De Beers concluded a deal with the state power utility Eskom to build a 150MW wind farm on a large stretch of coast north of Kleinzee, one of two towns that form part of the De Beers properties.

Indian Markets Plunge Over US Worries

Worries about the US economy triggered a major fall in the Bombay Stock Exchange. “On Friday, August 5, the benchmark Sensex plunged more than 700 points before recovering to close 387 points down at the end of trading. Investors were left poorer by ...

Diamondcorp's Lace mine sampling exceeds expectations

Diamondcorp CEO says increased per-carat value could drop break-even grade - making Lace Diamond Mine a bigger cash generator than expected. According to miningmx.com, the South African Diamond Exchange has valued the first 561 carats of diamonds out of the 759 carats recovered from 5,515 tons of kimberlite at $205/carat – 71% higher than the company's base case of $120/carat.

India trade show okay for diamonds, strong for jewelry

Indian diamond dealers maintained a positive outlook for the market despite softer than expected loose diamond trading at the India International Jewellery Show (IIJS) as finished jewelry sales were strong. Most traders who spoke with Rapaport News agreed that loose diamond trading was down compared to IIJS 2010 largely due to the rise in gold and diamond prices which have taken effect in the past year.

Stock Market Fallout: What Does it Mean to Us?

The sharp fall at stock exchanges around the world gives the impression of a major sign of an economic crash, something that may greatly harm the diamond and jewelry industry – if it happens. At this point, it is still not clear.

Research and Markets: Production and Investment Forecasts in the Namibian Mining Industry: Uranium Set to Overtake Diamonds as Namibia's Largest Foreign Currency Earner

Research and Markets (http://www.researchandmarkets.com/research/5cb789/production_and_inv) has announced the addition of Frost & Sullivan's new report "Production and Investment Forecasts in the Namibian Mining Industry" to their offering. This research

Strong Jewelry Orders, Diamond Sells Fair at IIJS

The halls of the IIJS fair ground are full this weekend. Buyers, predominantly Indians, are showing great interest in the diamond jewelry offerings and jewelers' booths are full.

Rio Tinto Diamonds posts $10m loss for H1

Rising rough diamond prices were not enough to keep Rio Tinto's diamond operations profitable. Lower production and increased costs eroded Rio Tinto Diamond's bottom line in the first half of 2011.

Botswana world’s top diamond producer in 2010

The Economic Times reports Botswana is the world’s biggest rough diamond producer by value in 2010. According to statistics release by the Kimberley Process, a UN certified scheme, despite Russia producing more rough diamonds in 2010 at 34 million carats worth around $2.38 billion, Botswana’s 22 million carats mined in 2010 were worth around $2.59 billion — $210 million dollars more than Russia.

Uranium set to overtake diamonds as Namibia's largest foreign currency earner

According to a new report by Research & Markets high uranium prices, paralleled by growing global demand for energy, will result in Namibia doubling its uranium production to approximately 12,000 tonnes by 2015 from the 5,300 tonnes the country produced in 2009. Namibia's extensive uranium deposits, coupled with the expansion of existing mines, will result in the country's uranium production increasing sharply in the short to medium term.

NUM and De Beers sign deal

A wage agreement between De Beers Consolidated Mines and the National Union of Mineworkers (NUM) has been signed, the diamond producer said on Thursday.