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.
Diamond Mining News
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.
The Israeli Diamond Industry website reports the governor of Zimababwe's central bank is proposing that the country sell its diamonds to fund a gold-backed currency to replace the defunct Zimbabwean dollar, which was suspended due to hyperinflation. The Antwerp-based Diamond High Council estimates that Zimbabwe will become the largest producer of diamond in the world by 2013, with an expected volume of 40m carats per year worth some $2bn annually from the rich deposits in Marange. Zimbabwe is currently the subject of an international ban on the export of its diamonds.
Harry Winston plans to secure additional polished diamond supply in support of its growth objectives
Harry Winston Diamond Corporation (TSX:HW) (NYSE:HWD) (the "Company") is pleased to announce that it has entered into a business relationship with Diamond Asset Advisors AG ("DAA") who are in the process of establishing a polished diamond investment fund. The fund will be structured as a limited partnership, of up to US$250 million, offering institutional investors direct exposure to the wholesale market price of polished diamonds. Under the terms of the Company's arrangements with the fund, the Company's expert diamond team will source diamonds that have the same high quality characteristics that Harry Winston uses in its jewelry and timepieces, with a portion coming from the Company's existing inventory.
Oraco Resources, Inc. (“Oraco”) announced today that it has acquired the contractual rights for the disposition of diamonds, gold, and any other minerals recovered in both the Zimmi Town, Pujehun District and the Gbense Tailings No. 5 reserve in the Koidu Town, Kono District of Sierra Leone through the acquisition of 100% of the ownership of Oraco Resources, Inc., a Canadian corporation (“ORI”), and Jyork Industries, Inc., a Sierra Leone company (“Jyork”). “Oraco’s main focus in Sierra Leone is to locate, prospect, and mine for diamonds, gold and other natural resources, while at the same time purchasing and exporting rough gem quality diamonds for sorting, polishing, cutting and sale”
Fast-growing Danish jewellery maker Pandora (PNDORA.CO: Quote) missed forecasts with a 55 percent rise in first-quarter profit as price rises failed to match surging gold and silver costs, hitting its shares on Thursday. The German […]
Latin America used to be known for its economic and political instability. But it fought off the global financial crisis with relative ease. Poverty is now falling, the middle classes are growing rapidly and asset […]
Gross exports of polished diamonds from India continue to grow, rising 5.5% year over year. In April the country exported nearly 5 million carats worth $2.05 billion, according to the latest figures published by the GJEPC.
Israel-headquartered diamond firm Dalumi opened an office in Mumbai, saying it wants to be closer to the fastest growing diamond center in the world.
Maurice Fischler has been elected president of the Beurs voor Diamanthandel - Antwerp Diamond Bourse (ADB) – at the biennial elections for half of its board members.
Twenty industry-leading organizations will host the inaugural Responsible Jewellery Council (RJC) Luncheon at JCK Las Vegas to reinforce consumer confidence in the diamond, gold and platinum metals supply chain, the organization announced Thursday.
(RTTNews) - The UK market is trading higher in afternoon trading Thursday, amid some positive earnings news as well as consolidation in commodities prices.
Lev Leviev’s retail outfit bought a 10.99 carats fancy intense pink / VS1 diamond for $10.84 million at Sotheby’s Magnificent & Noble Jewels auction yesterday (Tuesday). Though the price leans toward the lower end of the pre-auction estimate, it is the third highest price paid for a pink diamond and ninth highest price for a diamond at auction.
The small African kingdom of Swaziland is about to become a diamond producer once again and is considering how to approach this opportunity. As an old open-pit mine was recently re-commissioned, the kingdom took another important step and became a member of the Kimberley Process. For the second time within a week, a high level delegation from Swaziland headed by Minister of Commerce, Industry and Trade, Jabulile Mashwama visited the Israeli diamond center.
The U.S. imported $36.8 million worth of rough diamonds in March, declining 18.4% from last year. Net imports dropped 87.9% to just $3.1 million, based on the latest data from the department of commerce.
Jewelry and watch demand softened moderately in the U.S. market in March. New data indicates that total jewelry and watch sales rose by 3.0% over the same month a year ago, the smallest gain since […]
As the chart below demonstrates commodity prices are driven by different factors. The precious metals prices have been the hyperbolic driver of headline commodities news relative to the broader based commodities index and oil. The latter two are more geared to industrial use as gold’s commercial use is limited. The chart highlights the divergence in the components of the commodities index. iShares S&P GSCI Commodity-Indexed Trust (GSG) tracks 24 different commodities including energy (67%), industrial metals (16%), livestock (7%) and precious metals (3%).
Advances in energy and agriculture are creating demand for previously ignored metals such as scandium, tellurium and indium. In this exclusive interview with The Energy Report, Mining Analyst John Kaiser, editor of Kaiser Research Online, explains the science that could exponentially increase the value of overlooked stocks.
While China continues to make asset driven economic decisions and now looks like a traction control experiment where the economy is like a car that is driving on ice that doesn't yet know it, QE2 ignited the bunsen burner for commodity price speculation. Last I checked, Ben Bernanke has decided to continue on with QE2 but has decided that QE3 is probably a bad idea because the true positive impact of additional money coming into the economy would be more than offset by inflation. In my opinion he's making the right call, but this call is likely going to put downward pressure on commodities and other assets.
QE, of course, only happens when interest rates hit the zero bound, so it’s impossible to disentangle the effects of QE from the effects of G3 interest rates all coming down to 1% or lower. But the effect of all these investment flows is clear: if you look at commodities as an asset class, total commodity assets under management have risen from just over $150 billion at the end of 2008 to over $400 billion today.
In a move meant to curtail fake diamond exports and the round tripping of funds and diamonds indulged in by some nefarious diamond merchants, India's central bank, the Reserve Bank of India, has reduced the term of letters of credit for the import of diamonds into the country. An immediate consequence of reducing the term, to 90 days instead of one year, will ensure that diamond importers cannot earn interest arbitrage on their packages.