The Rapaport Group, global manager of diamond data and international group of companies, has given a thumbs up to India, the world's largest importer of diamond roughs. With the country's polished diamond exports rising 6% year-on-year to $2.04 billion in April 2011, the agency has forecast that India will overtake the United States and become the biggest consumer market for diamond jewellery over the next three years.
Diamond Mining News
The IDEX Online Polished Diamond Index averaged 132.1 in May, setting a new record, as polished diamond prices continue to rise. The record surpassed the prior record level both last month and in the pre-recession […]
India’s Gem & Jewellery Export Promotion Council (GJEPC) today formally launched the second edition of its pioneering India International Jewellery Week (IIJW) in Mumbai. Speaking at the launch press conference, GJEPC chairman Rajiv Jain announced […]
The Israel Diamond Institute (IDI) will present the first Israeli Diamond Pavilion at the June Hong Kong Jewellery & Gem Fair, June 23 – 26. The pavilion will feature 60 diamond companies, many of whom […]
India, the world's largest diamond processing market, is in a bind. The country that imported close to $7.5 billion in rough diamonds last year has not been able to shake off the embargo on the import of diamonds from Zimbabwe. Traders maintain that this has left the door wide open for more imports into China. In a bid to crackdown on reports that conflict or blood diamonds are being smuggled into India and laundered there, the Indian government had earlier blocked the import of roughs from Zimbabwe.
Diamonds North Resources acquired 100% interest in the Esker gold property in Nunavut. The Esker claim covers several kilometres of gold bearing stratigraphy. Drill intercepts of gold mineralization are as high as 8.2 g/T gold over 13 metres, including 17.7 g/T gold over 5.7 metres; and, 2.4 g/T gold over 71 metres which includes several high grade zones (see table below). For a video presentation on this project visit our website www.diamondsnorth.com. "This low cost staking puts us into a project with wide zones of high grade gold mineralization and significant tonnage potential. As only a small portion of the zone has been tested, our objective is to drill along strike of the known mineralization along the host gabbro units to expand the gold-bearing mineralized zone," says Mark Kolebaba President and CEO of Diamonds North.
Two reports this week suggest that fears of a prolonged period of global economic austerity following the financial crisis have been overblown. In Hong Kong Christie's experienced its best ever auction with buyers spending $469m on wines, antiques, art and particularly jewellery. At $9,342,219, the pictured pair of Golconda diamond ear pendants – dubbed the Imperial Cushions – set an all time record price per carat. At the other end of the scale prices have also been rising at a rapid rate. Demand for one carat and smaller stones from India and China pushed the International Diamond Exchange's polished diamond index to a new record in May surpassing the previous record level achieved in the pre-recession summer of 2008 and up 12.5% so far this year.
Star Uranium Corp. and United Uranium Corp. complete ground magnetic survey on Fort a La Corne diamond properties
United Uranium and Star Uranium announced that they have completed a ground magnetic survey on their Fort a la Corne diamond properties. The Claims are situated immediately adjacent to the eastern border of the Shore Gold Inc. Fort a la Corne project. The survey was completed by Apex Geoscience of Edmonton, Alberta, and included an analysis of the jointly held Fort a la Corne diamond properties in Saskatchewan.
Indian DTC Sightholder Shrenuj & Co. saw revenue rise by 30% to $545.19 million (Rs.24.57 billion) and profit increase by 11% to $12.61 million (Rs.568.4 million), for the year ending March 31, the company said […]
Stornoway Diamond announced plans for an upcoming exploration drill program at the Hammer Property located within the Coronation Gulf/North Slave Diamond District of Nunavut. The Hammer Property is a joint venture between Stornoway (75% and operator) and North Arrow Minerals Inc. (TSX VENTURE:NAR) (25% participating) and hosts the Hammer kimberlite, which was discovered by prospecting in July 2009.
Rockwell Diamonds posted a loss of $5.3 million for the fiscal year ending February 28, 2011. The decreased loss comes as revenues increased by 43% to $43.5 million. Part of Rockwell’s improved revenues is attributed […]
Laurelton Diamonds, a wholly owned subsidiary of Tiffany, has purchased a Sarin Technologies Galaxy 1000 device for their inclusion mapping and diamond planning facility in Antwerp. Laurelton Diamonds sources rough diamonds, cuts, polishes and supplies […]
The 7% to 15% rough diamond prices increase at last week’s BHP Billiton auction has made Indian diamond dealers reluctant to sell polished at current prices. The Indian market also widely anticipates a further price […]
Let me begin by saying that I believe the premise of this question is mistaken. It is quite incorrect to think that fossil fuel resources are finite. It may be true that there is a finite quantity of such resources in the earth's crust, but that does not mean that we will ever run out.
Forget the precious metals market; a British Columbia company is hoping to cash in on rubies and sapphires in Greenland. On Wednesday, Vancouver-based True North Gems Inc. (TSX-V:TGX) reported a favourable pre-feasibility study for its Aappaluttoq ruby and pink sapphire project in the Arctic country.
Shear Diamonds Ltd. (TSX VENTURE:SRM) is pleased to announce that it has engaged the services of DRA Americas ("DRA") to evaluate the existing diamond recovery plant at the Jericho Diamond Project, Nunavut. DRA is a […]
Real estate magnate Lev Leviev has sold his 18% stake in Angola's Catoca diamond mine to China's Sonangol International for $400 million, Russia's "Kommersant" newspaper reports. Leviev acquired the stake in the Angola mine in the 1990s for $20m. Russia's state owned diamond producer Alrosa holds 32.8% of Catoca. Last week Alrosa provided a rare glimpse into its finances and operations ahead of a possible public offering. The state-owned company supplies about a quarter of the world’s diamonds and in 2010 produced more of the precious stones than De Beers, historically the dominant miner and marketer of the gems.
Japan dispelled fears among many diamond traders that after the earthquake and following tsunami that hit the country on March 11, it will lose its taste for diamonds. In April, Japan imported $95.7 million worth of polished diamonds, increasing by 80.1% year over year, and by 56.8% from March. The increase in imports proved once again, as predicted, that when a country is hard hit, it express its feelings more openly, often with diamonds. This was the case in after the September 11 terrorist attacks, and again in the recent sub-prime economic crisis.
Arjav Diamonds, part of the DTC Sightholding group Blue Star Diamonds, has launched an online auction for rough diamonds, out of the Indian diamond-processing city of Surat. Blue Star chairman Ashit Mehta told IDEX Online that the auction consisted of 60 lots of large stones. "All the goods on auction are above 4.80 carats," Mehta said, adding, "Prices range from $1,500 p/c all the way up to $25,000 p/c, with an average price for the entire auction of $3,000 p/c."
Botswana exported $462.5 million worth of polished diamonds in March, a 50.7% year-over-year increase in exports, based on figures released by the Bank of Botswana. This brings the country’s first quarter diamond exports to $1.019 billion, the highest value ever in the first quarter. The exceptional level of exports, which include rough and polished diamonds, gained 34% over the first quarter of 2010 and is 0.2% above exports in the first quarter of 2008.
A Conference Board of Canada report says high energy and metals prices "are prompting resource companies to invest billions in iron ore projects, nickel processing and offshore oil developments" in Newfoundland and Labrador, generating the largest growth in real GDP this year of all the Canadian provinces. The board's Provincial Outlook - Spring 2011 report issued Wednesday also forecasts that Saskatchewan "will benefit from tax breaks and a hot mining industry."
A Conference Board of Canada report says high energy and metals prices "are prompting resource companies to invest billions in iron ore projects, nickel processing and offshore oil developments" in Newfoundland and Labrador, generating the largest growth in real GDP this year of all the Canadian provinces." The board's Provincial Outlook - Spring 2011 report issued Wednesday also forecasts that Saskatchewan "will benefit from tax breaks and a hot mining industry."
The S&P GSCI Index of 24 raw materials dropped about 10% since the Goldman (GS) sell call on April 11. It was up over 1% today on the new bullish call by both GS and Morgan Stanley (MS).
The secretive Russian diamond giant Alrosa on Thursday provided a rare glimpse into its finances and operations ahead of a possible public offering. The state-owned company supplies about a quarter of the world’s diamonds and in 2010 produced more of the precious stones than De Beers, historically the dominant miner and marketer of the gems. Alrosa's president Fyodor Andreyev said an internal audit showed its diamond reserves at 1.28bn carats, making the company the world's biggest holder: “At current extraction rates, the company's reserves will last more than 40 years.”
Reuters reports on Tuesday Russian diamond monopoly Alrosa may use the spoils of high diamond prices to develop an asset in northwest Russia rather than let a foreign miner such as Rio Tinto onto its territory, a source close to the company said. The source said on Tuesday high diamond prices meant Alrosa had enough cash to finance development of the Sevalmaz project by itself. Russian business daily Vedomosti reported in December that it could sell a 49% stake to the global miner for almost $400 million.