Diamond Mining News

Antwerp diamond industry ties up with China

AFP reports the Antwerp diamond industry, world capital of the gem, on Monday announced an investment deal with leading Chinese bank ICBC, which could act as an intermediary to provide finance for diamond transactions in Antwerp. Around 80% of the trade in uncut diamonds and half of world trade in cut stones transits through the Flemish town, which is facing increasing competition, including from India.

Israel’s polished diamond exports +34% in H1

Israel’s net polished diamond exports totaled $4.3 billion in the first six months of 2011, growing 33.9% year-over-year, according to the country’s Ministry of Industry.

High diamond prices leading to demand faltering?

Diamond prices continue to soar, with rough prices up 27pc in 2010 to levels higher than before the crisis. Prices have continued to rise this year, but high prices may now be putting buyers off. Anecdotal evidence of this "demand destruction" has started to emerge. On Thursday, sector observer Rapaport noted that, although demand is still strong, caution had entered some markets.

Israel’s Net Rough Trade $4.55 Billion in H1

Israel’s rough diamond trade leaped by nearly 40% in the first six months of 2011, according to figures released by the country’s Ministry of Industry.

Charles Perroud certified by the Responsible Jewellery Council

The RJC on Monday announced that Charles Perroud, a major French producer of gold jewelry, has become certified against the ethical, human rights, social and environmental standards established by the RJC Member Certification System.

IDEX Online Research: Polished Diamond Prices Soar by 5.2% in June

Global polished diamond prices rose sharply during the second half of June, and are showing no signs of a pull-back. The price increases were driven by wide consumer demand and optimism among wholesalers.

One Week Left to Apply for a DTC Sight

The Diamond Trading Company (DTC) on Friday advised all applicants for the DTC’s 2012-2015 Supplier of Choice contract period that there is just one week left to submit their completed Contract Proposal Questionnaires (CPQs). 

Indians Required To Furnish Tax Details in High-Value Jewelry Purchases

Indians will have to quote their income tax Permanent Account Number (PAN) if they buy jewelry worth more than $11,220 (Rs. 500,000) as of Friday.

Botswana Diamonds stays upbeat on exploration programme

Botswana Diamonds (LON:BOD) issued a mixed update on its exploration activities in Botswana but believes there are enough positives for it to press ahead with work aimed at furthering the assessment of its key prospects, most notably the AK9 structure, which is believes to hold considerable upside potential. The company is currently intent on refining the grade per ton and value per carat of diamonds discovered by prior work in kimberlites AK9, AK8 and BK5 in Botswana.

Sierra Leone diamond miner secures funding for $150m expansion

Sierra Leone’s largest diamond-mining company, Koidu Holdings, says it has secured funding for the $150-million expansion at the Koidu kimberlite project and implementation is gaining momentum. CEO Jan Joubert reports that the expansion project incorporates all the currently evaluated kimberlite resources on the property. The richer K1 pipe, which was mined by vertical pit methods between 2005 and 2007, is currently being redeveloped to be brought back into production by the end of this year.

Botswana Diamonds update exploration activities

During a review of earlier work on AK9, prior to beginning the bulk sampling, it was discovered from an analysis of micro diamonds that a potential high grade kimberlite could exist under the overburden and basalt layer. The historic overall grade of 2.5 to 3.5 cpht could be low due to basalt dilution.

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.