Reuters reports that diamond prices are now above pre-crisis levels after a 35 to 40 percent rise so far this year.
Diamond Mining News
Foreign companies in Zimbabwe will not be seized but bought out under a black economic empowerment scheme sponsored by President Robert Mugabe's ZANU-PF party, a government minister said on Thursday.
Zimbabwe’s state-controlled Herald newspaper reported on Thursday the Harare government is investigating De Beers over claims it smuggled out gems worth "hundreds of millions of dollars" from the controversial Chiadzwa fields. De Beers spent eight years exploring the fields, but later claimed it had failed to find any meaningful deposits according to Zimabwe's deputy mines minister. Diamonds were found by villagers in Chiadzwa in 2006, leading to a frenzied diamond rush that was eventually crushed by the army. Zimbabwe's diamonds are the subject of an international ban although most industry watchers believe it is being widely flouted.
Winter diamond mining in Canada (illustrative) Shear Diamonds Ltd. has announced the acquisition of 34 newly staked claims totaling 77,250 acres contiguous with the Carat Property surrounding the Jericho Diamond Mine.
Alrosa invited 30 diamond companies from Russia and abroad to bid in the online auction Russia's state-owned diamond producer Alrosa told $11 million worth of diamonds in its first online auction, the company announced Wednesday.
Clive Cowdery, the Resolution Ltd. founder who made about $240 million buying and selling insurers, is betting on diamonds after prices rose five times faster than gold this year on surging demand from China and India. Cowdery, 48, is among startup investors in Diamond Capital Ltd.’s $20 million fund that will manage a portfolio of the polished gems valued at as much as $400,000 apiece.
South Africa's role in getting Zimbabwe's diamonds back into international trade is being slammed as "dangerous", amid revelations that government officials there have helped export millions of dollars worth of Zim diamonds. South Africa's State Diamond Trader officials admitted in parliament last week that they had helped Zimbabwe export diamonds from Chiadzwa, despite an international ban on the trade.
Shear announces additional 750,000 acres in mineral rights and exploration update, Jericho Diamond Project, Nunavut
Shear Diamonds Ltd. (TSX VENTURE:SRM) today announced the acquisition of 34 newly staked claims totaling 77,250 acres contiguous with the Carat Property surrounding the Jericho Diamond Mine. This new land package provides Shear with blanket mineral rights covering existing and newly interpreted priority indicator dispersion trains. Shear's ongoing review of historical datasets has confirmed compelling evidence of undiscovered kimberlites in certain areas outside the immediate mine area with recommended ground follow up.
De Beers Diamond Jewellers, the ultimate destination for diamond jewellery, is delighted to announce the opening of its new store in Almaty, Kazakhstan. The De Beers store is located on Bogenbai Batyr, 125 in Almaty – the premier shopping location for luxury brands. The Almaty store will be operated by Premier Metro Group, whose core business is the retail and distribution of luxury goods including jewellery, watches, cars, high-end mobile phones as well as fine wines.
The newest Fair Trade standard, gold and associated precious metals, made its debut a little more than a year ago. It promises to improve social and environmental conditions for millions of small and artisanal gold miners around the world.
A treasure of gold, jewelry and diamonds worth over $24 billion by some estimates has been unearthed from the vaults of a temple in India. Image is from YouTube news report on the same story.
Business Day reports that Rockwell Diamonds has appointed Michael Hunt as the company's new COO: Mr Hunt, formerly operations manager of Pangea Diamondfields, spent 20 years in various roles with De Beers, the world’s largest diamond mining company, Rockwell said in a trading update yesterday.
Quebec's first diamond mine took another step forward today, with the launch of the federal environment assessment process, The Montreal Gazette reports: The Canadian Environmental Assessment Agency is accepting public comment on the project, along with suggestions of environmental issues that should be considered in the comprehensive study of the project. Image of the Renard project, by Stornoway Diamond Corp.
Firestone Diamonds (FDI) reported exceptional diamonds sales results from its second sale of the year in Gaborone, Botswana. The AIM-quoted diamond miner sold a total of 14,248 carats for $2 million (£1.2 million) - an increase of 42% in value from its April tender.
Bollywood actress Katrina Kaif recently unveiled a new corporate logo and colors for multi-brand jewelry and lifestyle retailer Gitanjali Group. The new logo is a reflection of the group’s move further downstream from its diamond manufacturing roots, the company said. Image of Katrina Kaif at the Nakshatra jewelry launch in 2008 is from www.bollywoodhungama.com
ICBC, the world’s largest bank, is interested in financing diamond transactions, according to a memorandum of understanding it recently signed with the AWDC. The first such financing is expected to take place before the end of 2011.
Investigators plan to pry open the final vault hidden deep under a centuries-old Indian Hindu temple as police guarded round the clock the shrine where billions of dollars worth of treasure has been discovered. Over the last week a seven-member team of investigators has broken into five of the six secret subterranean vaults piled high with jewels that have lain untouched for hundreds of years.
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 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.
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 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.
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.
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.
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 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.