Diamond Mining News

Russia, Yakutia region to reduce combined stake in Alrosa

Russia and the Yakutia region plan to reduce their combined holding in the Alrosa diamond miner to 50 percent plus one share during the next three years, deputy finance minister Alexei Savatyugin said on Friday.

IDI office in Hong Kong gets new MD

The Israel Diamond Institute Group (IDI) representative office in Hong Kong, IDI – Asia Pacific, has a new managing director. Michal Gordon-Keret replaces Orly Yaffe, who opened the office in July 2007.

Christie’s to exhibit Elizabeth Taylor’s jewelry prior to its gala sale

Her love for jewelry was so celebrated, Christie's decided to hold a gala Evening Sale of Elizabeth Taylor's most magnificent jewels. The auction house plans a series of public exhibitions and special events leading up to the sale of Taylor's collection. Studio publicity portrait of Elizabeth Taylor is from Wikipedia.

Star sells Rio’s sparklers to China

Most Australians have never heard her name, but WA's biggest diamond producer hopes Hong Kong celebrity Louisa So Yuk Wa will help launch it into one of the world's fastest-growing jewellery markets.

Crucial meeting on Zimbabwe’s diamond exports and $5bn stockpile ends in disarray

SW Radio Africa reports the seemingly unilateral decision by the chairman of the international diamond trade watchdog to allow Zimbabwe to resume diamond exports has been rejected by among others the United States, Canada and Israel. Some members of the industry body want to keep a ban on exports of Zimbabwe's diamonds which could potentially be worth $2bn/year and include a vast stockpile built up during international sanctions, because of ongoing smuggling out of the rich Chiadzwa fields and reports of sustained human rights abuses there.

Government urges Tanzanite mine to double wages to $215/month

The Dar es Salaam Citizen reports Tanzanite One Mining, the dominant miner of the rare gemstone only found in the foothills of Mount Kilimanjaro, has been ordered to increase the minimum wage for its employees from Sh180,000 to Sh350,000 per month (roughly US$215) as directed by the government. London-listed Tanzanite One has returned to profitability as prices for the gems which usually follow that of rough diamonds improve post-recession and is embarking on an expansion strategy, acquiring an Australian sapphire project earlier in June and reshuffling its board.

Osama was buying, selling gold jewellery in Pak lair, perhaps to raise money: Report

The Osama bin Laden household in Pakistan's Abbottabad town used to buy and sell gold jewellery, perhaps as a way to raise money, it has emerged. Nearly two months after bin Laden was killed by US Navy SEALs who raided his Abbottabad hideout in the early morning hours of May 2. Photo is from the U.S. Government.

Indian Polished Prices Stable with Less Than Expected China Demand

With the Hong Kong show not having generated the sort of red hot demand that dealers expected, polished diamond prices in Mumbai have remained relatively stable.

DDC, IDCA Ink Reciprocal Membership Agreement

The New York Diamond Dealers Club (DDC) and the Indian Diamond and Colorstone Association (IDCA) have agreed on reciprocal membership. IDCA represents some 200 Indian-American businesses in the U.S. diamond sector.

IDE Auctions Art, Soccer Ball to Raise Money for Health Center

In an event full of music, art and goodwill, the Israel Diamond Exchange raised 1.25 million NIS ($364,000) for an organization that helps the sick and their families.

China’s massive appetite for commodities sparks concern

China’s massive appetite for commodities is creating concerns for the global economy, the environment and workers in other countries. In a series of reports, VOA is looking at the economic power modern China wields. Chinese government and company officials are signing agreements at a dizzying pace around the world, including in places where few other foreigners invest.

Israeli Diamond Trader Caught in $2.5M Smuggling Attempt

An Israeli diamond dealer was caught trying to smuggle into Israel polished diamonds worth $2.5 million. Traders need only declare polished imports and are tax exempt – if brought in legally. In this case the trader may pay a fine, VAT and face crimi...

IDEX Online Research: Jewelry Price Inflation Cools in May

Jewelry price inflation at both the retail and supplier levels moderated somewhat during May. While certain underlying commodities continue to climb in price – notably polished diamonds and gold – other commodity prices such as silver and platinum ...

Rum Jungle Resources Limited (ASX:RUM) announce Barrow Creek 1 Resource Estimate

Rum Jungle Resources Limited has received an initial assessment of the Resource potential of the drilled grid area at Barrow Creek 1 from the Independent Geologists. The Company is extremely optimistic with these early favourable results that a major new resource of world class can be established by increasing the drill grid to incorporate an additional 20,000 metres of drilling in the current field season.

Lucara Diamond Corp.: development of AK6 diamond mine passes half way point and remains on time and within budget

Lucara Diamond provided an update on the development of its 100% owned AK6 diamond project in Botswana. The AK6 mine, to be commissioned by year end, will ramp up to full production in early 2012 to deliver over 400,000 carats of high quality diamonds in its first year of operation. As at the end of May there were over 400 construction crew members on site and a total of 326,000 hours worked. With the overall project execution at 64% the project remains on target for process plant commissioning to commence in the Q4 of this year. Engineering is now 91% complete; procurement is at 81%; fabrication and delivery at 55%; and construction at 39% complete.

Collection Pan-Arab luxury magazine joins the RJC as a supporter

The Responsible Jewellery Council (RJC) today announced that Collection Pan-Arab Luxury Magazine, the leading magazine in the Middle East, has become an official Supporter of the Council.

WDC regrets inconclusive KP meeting, urges consensus

The World Diamond Council has expressed its regret about the inconclusive end to the Kimberley Process Intersessional Meeting in Kinshasa last week. The main goal of the meeting was to finally resolve the issue of diamond exports from Zimbabwe. This did not happen.

Third chain of custody discussion papers released

The Responsible Jewellery Council on Friday released its third discussion papers on Chain-of Custody Certification for public comment. The CoC Certification system aims to enable businesses to demonstrate rigorous assurance for responsible, conflict-free supply chains for diamonds, gold and platinum metals.

Strong demand for squares, parcels at Hong Kong show

High prices sway buyers towards goods otherwise they would not have widely considered, according to exhibitors at the June Hong Kong Jewellery & Gem Fair. Buyers opted for Very Good makes instead of Triple Excellent and parcels instead of Dossier i...

India decries KP impasse on Zimbabwe

India has decried the failure of the Kimberley Process (KP) to formulate an agreement on the export of diamonds from Zimbabwe’s Marange diamond fields. A statement from Rajiv Jain, Chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC), said, “The GJEPC is deeply disheartened by the disagreement in position between the consuming countries and African producers at the KP intersessional meeting at Kinshasa.

Peregrine discovers three more Kimberlites at Chidliak

Peregrine Diamonds reported the discovery by drilling of three new kimberlites, CH-56, CH-57 and CH-58, on the Chidliak project ("Chidliak" or "the Project"). Chidliak is located on southern Baffin Island approximately 100 kilometres northeast of Iqaluit, the capital of Nunavut, Canada.

Diamonds North announces flow-through financing

Diamonds North Resources announced a non-brokered private placement to raise up to $750,000 through the sale of flow-through shares at a price of $0.16 per share, subject to TSX Venture Exchange approval. Finders' fees of 5% may be payable on a portion of the placement. The proceeds from the private placement will be used to finance work on the company's exploration projects in Northern Canada.

No consensus, no clarity on Zimbabwe exports

The Kimberley Process failed once again to reach a decision about the exports of rough diamonds from Zimbabwe's Marange region. The failure comes despite the willingness of key countries to reach a compromise.

Kimberley Process members still divided over Zim diamonds

Zimbabwe has been given the green light to sell diamonds from its Marange diamond fields by the industry's leading certification system, but the decision did not have the backing of all members. Participants of the Kimberley Process, which aims to stop "conflict diamonds" entering the market, met this week in Democratic Republic of Congo to discuss the Marange diamond fields but remained divided over a final statement.

Commodities fall most in seven weeks

Bloomberg reports that commodities dropped the most in seven weeks after the International Energy Agency announced plans to release emergency oil supplies.Gold for August delivery fell 2.4 percent to $1,516.60 an ounce, the first drop in eight sessions, and palladium for immediate delivery declined 2.2 percent to $747.25 an ounce.