South African National Union of Mineworkers' members at diamond producer De Beers Consolidated Mines started a strike on Friday after wage talks failed, a union spokesman said. The union wants a 15 percent rise in wages, while De Beers is offering 7.5 percent and a once off payment of 2,500 rand ($367).
Diamond Mining News
Namibia plans to raise its mining tax to 44 percent from 37.5 percent but said the hike will not apply to diamond mining companies, the ministry of finance said in a statement on Friday. The ministry said the country is facing volatility in its key revenue sources and is looking to strengthen revenue collection.
Financial markets — including commodities — surged after details from the highly-anticipated EU Summit were released. Germany's demand that private investors be a part of any Greek bailout, which will likely be considered a partial default by ratings agencies, seems to have been met.
Metalex Ventures Ltd. (TSXV : MTX) is pleased to report that a 2.61 carat white gem quality diamond has been recovered from the exceedingly large, 9.3 hectare, U2 kimberlite pipe on the Metalex - Arctic Star Diamond Corp. (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.
WAGE talks with the world's largest diamond producer De Beers will get under way on Wednesday, the National Union of Mineworkers said. Talks would be held with a facilitator from the CCMA, spokesman Lesiba Seshoka said in a statement. The diamond giant
Employees of diamond mining company De Beers are set to go on strike on Friday after wage talks broke down on Wednesday. The workers follow tens of thousands of others in South Africa's coal, metals and petroleum industries who have been on strike for weeks. The strikes come at a time when the country's mining output is slowing and new investment in the industry is drying up amid uncertainty about state ownership, taxation, an ever-changing regulatory environment and corruption. A recent ranking of top global mining investment destinations that puts Alberta at the top relegates South Africa to number 63 alongside Zimbabwe, Guatamala and Venezuela.
Rising appetite for Gold jewelry among households and investors in China and India is driving the global demand for the yellow metal, says a study conducted by the Dubai Multi-Commodities Centre (DMCC). China and India—two largest gold consuming nations in the world—have been driving gold demand in the world in the last few years.
BHP Billiton’s diamond production suffered a double-digit d rop in the fiscal year, the miner reported on Wednesday. The company mined 2,506,000 carats, an 18% year-over-year drop.
The Responsible Jewellery Council (RJC) is developing a new certification standard for Chain of Custody (CoC). The intentions are good, but seem to irk the diamond industry, which is why I want to bring the issue to the table.
Strong metal and oil stocks lift the TSX Composite Index Tuesday as the loonie rallies on expectations of eventual rate hike.
India based credit rating agency CRISIL believes that Tier-II and Tier-III towns in India will drive growth for the branded Gold jewellery retailers over the medium term. Around two-thirds of the new outlets that these retailers set up over the medium term will be in such small towns.
The Indian diamond industry’s reaction to the latest DTC Sight has been guarded. Business sentiment has been depressed over the last several days in the wake of the bomb blasts that rocked the city and claimed the lives of several diamond industry pr...
Cashing in on continued demand for rough diamonds, prices at the Diamond Trading Company’s Sight this week were increased for almost every single box. With few exceptions, prices were hiked by 5%-10% across the board. According to initial reports, an...
Diamond producer Petra Diamonds on Tuesday reported a 24% increase in gross mine revenue to US$220.6 million for the year ended June 2011, mainly due to the steady increase in rough diamond prices from October 2010. Revenue of US$90.0 million in the
To make their business areas more secure, Surat Diamond Association (SDA) members on Monday decided to intensify the drive to get everyone associated with the industry registered with the association and issue them identity cards.
Commodities don’t all perform in the same way. In any given year, a particular commodity will go gangbusters and outperform the group.
The Diamond Traders' Association of Mumbai has issued an ultimatum to the police and administration. Pained by the loss of many of its traders in the serial bomb blasts on July 13, the association has told the government that the traders could shift base
The investigators of July 13 Mumbai serial blasts have been examining the role of a diamond merchant at Opera House who, they suspect, could have helped an Indian Mujahideen (IM) operative surveying the blast sites.
Israeli diamond traders, very familiar with terrorist attacks and how it affects business activities, are not wavering from their commitments to furthering ties with their Indian counterparts.
The jewelry bridal market, which generates upwards of 50% of many mass-market jewelers’ revenues, is a growth market, but changes are afoot, according to a new study.
"As the fifth-biggest consumer of diamonds, a stake in a diamond mine would be interesting," the CEO of Swatch Group, Nick Hayek told the Finanz und Wirtschaft newspaper on Saturday. The world's largest watchmaker, which apart from cheap and cheerful Swatches, also owns luxury brands Breguet, Blancpain, Glashütte (pictured), Omega and Tiffany & Co, said demand for watches studded with diamonds has increased explosively and the desired quality are only available in small quantities. According to IDEX research global polished diamond prices rose sharply during the second half of June, and are showing no signs of a pull-back.
Mines Minister Obert Mpofu has rejected the monitor nominated by civil society to oversee operations at the Chiadzwa diamond fields, saying the appointment is null and void. The proposed watchdog is part of ongoing efforts to legitimise Zimbabwe's diamond trade, which was suspended in 2009 over human rights concerns at the Chiadzwa diamond fields. These concerns are still high with ongoing reports of rights abuses and rampant smuggling, all at the hands of the military, which maintains tight controls of the entire area.
June retail sales in the U.S. increased 5.5% year-over-year, based on figures released by the U.S. Commerce Department. This is the twelfth consecutive month of growth, surpassing many analysts’ expectations.
Shore Gold announced on Friday the results of a feasibility study done on the Fort a la Corne site near Prince Albert. George Read, senior vice-president of exploration and development, says the results show that a world class diamond mine is feasible in central Saskatchewan.
Canada's Lucara Diamond Corp, building the AK6 mine in Botswana, said on Friday strike action in South Africa’s steel sector was delaying deliveries to the project, though it did not yet know the full impact on the mine's schedule. AK6 was on track so far, being 60% complete. The company’s other projects include Mothae Diamond Project, located in Lesotho, and Kavango Project, located in northeast Namibia.