A fatal accident occurred on the morning of June 17 at Rockwell Diamonds Tirisano mine project'. According to a company release, an employee suffered fatal injuries at a conveyor belt installation on the mine. All operations at Tirisano were immediately halted and the Mine, Health and Safety inspectorate of the Department of Mineral Resources was notified and has been on site.
Diamond Mining News
The IDEX Online Polished Diamond Price Index set a record Monday, crossing 142.25, the highest level the Index reached since its introduction in July 2004. Diamond prices have been rising sharply in the first half of the fiscal year, especially so in the second quarter, as the graph below shows.
Further to its news release of April 14, 2011 the Company announces that it has completed the private placement of 16,655,920 shares at $0.10 per share, the proceeds of which are to be used to fund the costs of the transaction with Origo Partners PLC ("Origo"), as detailed in the April 14 Release and to retire outstanding indebtedness. The private placement closed in two tranches, with 9,700,000 shares issued subject to a hold period expiring September 6, 2011 and the balance of 6,955,920 shares being issued subject to a hold period expiring October 17, 2011.
Zimbabwean president Robert Mugabe has promised to sell diamonds from his country's controversial Marange mine ''sanctions or no sanctions'', and the country that would be his biggest customer, India, is being urged by the industry there to buy Zimbabwe stones outside the international framework. The issue of Zimbabwe selling stones will dominate the agenda at a Kimberley Process - the international protocol designed to stem trade of conflict diamonds – meeting that begins Monday in Kinshasa, the capital of the Democratic Republic of Congo.
The New York Times profiles Laurence Graff, whom the paper calls perhaps the biggest dealer in seriously big stones. In 2008, Graff Diamonds turned a pretax profit of $77 million on sales of $538 million, according to its chief financial officer, Nick Paine. In 2009, sales dropped to $432 million, and pretax profits to $62 million. Last year, sales were virtually flat, but pretax profits jumped to $86 million, mostly because of sales of smaller pieces with higher mark-ups. Which raises the question of how large his inventory of large stones has become.
The Zimbabwe mining industry is expected to conclude a US$1 billion revolving facility at a number of African development banks to recapitalize mining firms as it emerges from a decade of hyperinflation, international sanctions and political turmoil that all but ground the sector to a halt. The mining industry, rich in precious metals and diamonds, made up roughly 20% of Zimbabwe's GDP and at $1.7bn 65% of all exports last year according to government statistics. This figure is set to increase dramatically particularly if the country receives approval to restart diamond exports currently under an international ban.
SW Radio Africa news reports India has raised concerns as Russia is set to join China in moves to control diamond mining in Zimbabwe, with the Federation’s state diamond group Gokhran seeking a license to mine at the controversial Chiadzwa fields. China already has two companies operating there in partnership with Zimbabwe’s state diamond firm. Zimbabwe is set to become the world's leading producer, with an expected volume of 40m carats per year worth some $2bn annually from the rich deposits in Chiadzwa and Marange. The troubled country, emerging from years of hyperinflation and political turmoil, is however barred from selling diamonds because of alleged human rights violations and has built up a stockpile worth $4bn–$5bn.
Diamdel sold 251 of the 256 rough diamond lots it offered at its recent auction. Demand for large goods, 2+ ct items, grainers and smaller goods increased compared to the previous auctions, while demand for Near Gem goods "has shown some deterioration," the company said. The company, a subsidiary of De Beers, does not disclose the total achieved value of its auctions.
Over 70 of the 120 bidders at the first online rough diamond auction held by Arjav Diamonds were small dealers who were able to successfully compete for rough against large operators, an Arjav spokesman told IDEX Online. “The fact that many of the stones had already been through process planning on the Sarin Galaxy machine was a great boon to many small operators who otherwise don’t have access to this kind of technology,” the spokesman said, noting that successful bidders were given the process-planning CD along with the stone.
Rio Tinto’s inaugural participation in the Las Vegas shows was well received the company said Thursday. The diamond miner sought to support its clients by showcasing them in its boots as well directed visitors to clients' booth via a mobile application. On show at the Rio Tinto booth were a number of elements of its marketing mix, including pink diamonds.
Executives from leading diamond industry financer ABN AMRO met with Israel's Supervisor of Banks this week, as they are mulling over the possibility of opening a branch in the country. The round of meetings in Israel included a series of discussions with the Israel Diamond Exchange. Victor van der Kwast, the CEO of ABN AMRO Bank International and Diamond Jewelry Group (ID&JG) is visiting Israel with senior executives, stating that Israel is missing from their portfolio.
Vaaldiam Mining net loss more than tripled in the first quarter to $7.6m after suspending operations at the Duas Barras diamond mine in Brazil. By close of trade on Wednesday shares in the company had fallen 21%, close to an all-time low leaving it with a market capitalization of a paltry $12m, a far cry from the $150m-plus valuation it commanded a decade ago. Vaaldiam said it will now focus on the development of the Brauna mine in Brazil after it paid $6.5m to increase its stake in the project to 51% in March. It has two other diamond mines in the country that are on care and maintenance.
Jewelers of America (JA) has extended the deadline for participation in its annual benchmarking survey of retail jewelers, the Cost of Doing Business Survey. The important survey enables participants to analyze their store’s financial data […]
Mike Barnes, Signet Jewelers’ new CEO who has been on the job for just a few months, took the opportunity to “set out our priorities” on a recent conference call with Wall Street analysts. The […]
f you found the recent NBA finals exciting, than this diamond jewelry line may well fit with your look. Gameplan Concepts, a California based jewelry company has launched the NBA Diamond Jewelry brand with Traditional […]
The U.S. imported 70,209 carats of gem quality rough diamonds in April, triple the typical monthly imports. The surge was in imports from India, ten times the regular volume of imports and more than 40% […]
A recent diamond valuation at Renard estimates the diamond samples from the Renard 2 and 3 kimberlite pipes at $182 p/c, an increase of 56% over the previous estimate made in September 2009. Stornoway Diamond Corporation […]
Gahcho Kué JV partners De Beers Canada Inc. (51%) and Mountain Province Diamonds Inc. (49%) (TSX: MPV) (NYSE AMEX: MDM) today announced that they have:
- Approved the Gahcho Kué feasibility study with agreed revisions and clarifications;
- Approved the execution of the necessary development work for the Gahcho Kué project; and
- Mandated the Gahcho Kué project operator to prepare a plan and budget for the development of the Gahcho Kué mine.
- The plan and budget, once approved by the JV partners, will serve as the basis for a final investment decision, which is expected to be made once the partners have clarity on the progress of the environmental review currently underway.
Gold rebounded on Tuesday after posting its biggest one-day loss in a month in the previous session on growing worries about another global economic downturn, but a weaker U.S. dollar and bargain hunting by jewellers offered support. While signs of a cooling Chinese economy could weigh on industrial metals, dealers expect no change in China's appetite for bullion. Investors were also awaiting a trail of U.S. data later in the day which could set the tone for commodities.
GIA’s Dubai facility will offer free weekly pickup and delivery services of gemstones destined to GIA laboratories across the world for grading. G4S International Logistics will collect the goods from Almas Tower, the Gold Souk and other sections of the Emirate to GIA’s take-in office in the Dubai Airport Free Zone.
Demand from the Chinese market for SI goods has resulted in shortages of this category of diamonds in the Mumbai market. There is a lot of anticipation that the upcoming Hong Kong trade show will reveal strong demand from the Chinese market. The Hong Kong Jewellery & Gem Fair is opening on June 23.
Mike Barnes, Signet Jewelers’ new CEO who has been on the job for just a few months, took the opportunity to “set out our priorities” on a recent conference call with Wall Street analysts. The key priorities he mentioned are listed below. We expect to see more detail about these priorities in the coming months.
Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the results of a recent diamond valuation exercise undertaken in support of the ongoing feasibility study at the Renard Diamond Project, Stornoway's 100% owned flagship project located in north central Québec. The diamond valuation was performed under the supervision of WWW International Diamond Consultants Ltd. ("WWW") in Antwerp, Belgium between May 9th-13th, 2011.
Angola's Minister of Geology, Mining and Industry, Joaquim David, distributed the first of 120 mining certificates to artisanal diamond producers last on Thursday in Cuango, Lunda Norte Province, with the objective of reducing unemployment in […]
The Surat Diamond Association's (SDA) former president, Rohit Mehta, will become the new president of India's Southern Gujarat Chamber of Commerce and Industry (SGCCI) during today's 70th annual general meeting and installation ceremony, reports The