Diamond Mining News

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.

Lucara Diamond Corp.: development of AK6 diamond mine passes half way point and remains on time and within budget

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.

Collection Pan-Arab luxury magazine joins the RJC as a supporter

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.

WDC regrets inconclusive KP meeting, urges consensus

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.

Third chain of custody discussion papers released

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.

Strong demand for squares, parcels at Hong Kong show

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 decries KP impasse on Zimbabwe

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 discovers three more Kimberlites at Chidliak

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 announces flow-through financing

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.

No consensus, no clarity on Zimbabwe exports

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.

Kimberley Process members still divided over Zim diamonds

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.

Commodities fall most in seven weeks

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.

WGC launches initiative to combat conflict gold

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.

IDEX Online Research Rough Diamond Market Report: Is Rough Chasing Polished Now?

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 appoints new CFO, Fernandez promoted to COO

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.

GIA Scholarships Expand International Reach in 2012

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.

IDEX Online Research: U.S. jewelry sales pick up in April

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.

69 BDB Offices Sold in Second Online Auction

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.

Botswana Diamonds chairman increases stake to over 9%

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.