Lucara Diamond provided an update on the development of its 100% owned AK6 diamond project in Botswana. The AK6 mine, to be commissioned by year end, will ramp up to full production in early 2012 to deliver over 400,000 carats of high quality diamonds in its first year of operation. As at the end of May there were over 400 construction crew members on site and a total of 326,000 hours worked. With the overall project execution at 64% the project remains on target for process plant commissioning to commence in the Q4 of this year. Engineering is now 91% complete; procurement is at 81%; fabrication and delivery at 55%; and construction at 39% complete.
Diamond Mining News
The Responsible Jewellery Council (RJC) today announced that Collection Pan-Arab Luxury Magazine, the leading magazine in the Middle East, has become an official Supporter of the Council.
The World Diamond Council has expressed its regret about the inconclusive end to the Kimberley Process Intersessional Meeting in Kinshasa last week. The main goal of the meeting was to finally resolve the issue of diamond exports from Zimbabwe. This did not happen.
The Responsible Jewellery Council on Friday released its third discussion papers on Chain-of Custody Certification for public comment. The CoC Certification system aims to enable businesses to demonstrate rigorous assurance for responsible, conflict-free supply chains for diamonds, gold and platinum metals.
High prices sway buyers towards goods otherwise they would not have widely considered, according to exhibitors at the June Hong Kong Jewellery & Gem Fair. Buyers opted for Very Good makes instead of Triple Excellent and parcels instead of Dossier i...
India has decried the failure of the Kimberley Process (KP) to formulate an agreement on the export of diamonds from Zimbabwe’s Marange diamond fields. A statement from Rajiv Jain, Chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC), said, “The GJEPC is deeply disheartened by the disagreement in position between the consuming countries and African producers at the KP intersessional meeting at Kinshasa.
Peregrine Diamonds reported the discovery by drilling of three new kimberlites, CH-56, CH-57 and CH-58, on the Chidliak project ("Chidliak" or "the Project"). Chidliak is located on southern Baffin Island approximately 100 kilometres northeast of Iqaluit, the capital of Nunavut, Canada.
Diamonds North Resources announced a non-brokered private placement to raise up to $750,000 through the sale of flow-through shares at a price of $0.16 per share, subject to TSX Venture Exchange approval. Finders' fees of 5% may be payable on a portion of the placement. The proceeds from the private placement will be used to finance work on the company's exploration projects in Northern Canada.
The Kimberley Process failed once again to reach a decision about the exports of rough diamonds from Zimbabwe's Marange region. The failure comes despite the willingness of key countries to reach a compromise.
Zimbabwe has been given the green light to sell diamonds from its Marange diamond fields by the industry's leading certification system, but the decision did not have the backing of all members. Participants of the Kimberley Process, which aims to stop "conflict diamonds" entering the market, met this week in Democratic Republic of Congo to discuss the Marange diamond fields but remained divided over a final statement.
Bloomberg reports that commodities dropped the most in seven weeks after the International Energy Agency announced plans to release emergency oil supplies.Gold for August delivery fell 2.4 percent to $1,516.60 an ounce, the first drop in eight sessions, and palladium for immediate delivery declined 2.2 percent to $747.25 an ounce.
The World Gold Council (WGC) produced a draft framework of standards designed to combat gold that enables, fuels or finances armed conflict. The standards, which were compiled together with the WDC’s member companies and leading gold refiners are designed to enable miners to produce a stream of newly-mined gold that is certified as “conflict free” on a global basis. Image of Ethiopian soldier is from Wikipedia.
The rough diamond sector is on fire. Traders are buying rough, willing to pay prices that they have not imagined possible just a few months ago. DTC's decision to raise prices not only matches market trends, it also completes a wider move on its part.
Tiffany & Co. today announced the appointment of Patrick F. McGuiness as senior vice president and chief financial officer. Outgoing CFO James N. Fernandez has been appointed to the newly-created role of chief operating officer.
The GIA (Gemological Institute of America) started accepting scholarship application for 2012, saying it is increasing the number of scholarships and doubling the number of international locations where On-Campus programs can be taken.
Jewelry and watch demand strengthened significantly in April in the U.S. market. New data indicates that total jewelry and watch sales rose by 11.2% over the same month a year ago, the largest gain since early 2010, when the industry was beginning to recover from the recession. Further, total jewelry and watch sales for the first three months of 2011 were revised upward, and show a much more consistent, positive trend. Preliminary jewelry sales in prior months had been somewhat choppy – in line with the choppy post-recession economic growth. However, newly revised data shows a pattern of solid monthly sales gains.
In a second online auction that ran June 14-21, the Bharat Diamond Bourse (BDB) sold another 69 offices at its campus in the suburban Bandra-Kurla Complex in Mumbai.
Entrepreneur John Teeling has increased his holding in Botswana Diamonds - the Southern and Central Africa focused diamond and precious metal exploration company. Teeling, who is the Chairman of Botswana Diamonds, acquired 1,000,000 shares (1%) yesterday at a price of 5p. The thinly-traded stock was trading on AIM in London at a fraction over 5p, down from a record high of 8p hit in May.
Alrosa’s first quarter of the fiscal year ended with a 5% decline in revenue, 29.6 billion rubles ($1.06 billion) despite rising rough diamond prices. Net profit for the period has however increased by 42% to 12.04 billion rubles ($431 million).
India’s gross polished diamond exports totaled $2.22 billion in May, growing 14.2% from last year, according to preliminary figures released by the GJEPC. By volume, exports increased by 17.7% to 5.04 million carats.
Jewelers of America (JA) leaders and board members of JAPAC, the Jewelers of America Political Action Committee, will today (Wednesday) with U.S. legislators in Washington, D.C.
Leading Indian diamond manufacturer Venus Jewel is the first Responsible Jewellery Council member in India to achieve certification, meeting the ethical, human rights, social and environmental standards established by the RJC Member Certification System.
On Tuesday Zambia's Finance Minister mocked Zimbabwe and South Africa for planning to forcibly raise government stakes in foreign mines, saying "the Zambian miner in 1970s was a happier miner than a miner during the period of state ownership of the mines.” Under Zimbabwe's on-again off-again indigenization policy mining companies were granted until the beginning of June to submit proposals about transferring majority ownership to locals while there are growing calls within the ruling party in South Africa to move ahead with nationalization as called for in the country's Freedom Charter.
Lucara Diamond Corp. provided an update on trial mining operations on the Mothae kimberlite project in Lesotho on Tuesday. Lucara is a member of the Lundin Group of Companies and is listed on the TSX Venture Exchange under the symbol "LUC". Lucara continues to evaluate projects throughout Africa for possible earn-in or acquisition.
London-listed Gem Diamonds said in a statement on Monday that it will drill four boreholes in the Central Kalahari Game Reserve in partnership with VOX United, a non-governmental organisation to provide the bushmen or Basarwa living in the reserve with water. The community is locked in a bitter battle with the Botswana government which accuses them of depleting the park's natural resources, while the Basarwa say that the government is violating their rights by trying to relocate them and that their impact on the environment is negligible.