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.
Diamond Mining News
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.
Any analysis of the 2010 diamond pipeline will need to focus on at least three factors: replenishment throughout the value chain, enormous speculation in rough fuelled by an overabundance of Indian banking credit and – […]
Mother’s Day sales improved for many jewelers compared to last year, retailers interviewed by National Jeweler reported.
Sotheby’s reported a net income of $2.4 million in the first quarter ended March 31. Traditionally the auction house posts a loss in the first quarter, however this year the company benefited from higher auction […]
Blue Nile’s first quarter net sales increased 8.3% to $80.2 million, a record first quarter sales level. Net income totaled $2.4 million, inching up from last year.
BHP Billiton is moving forward with the Misery open pit project at its Ekati diamond mine in Canada, expecting to start producing ore in late 2015. BHP Billiton has also announced the appointment of Tim […]
Mountain Province Diamonds Inc. (TSX: MPV, NY-AMEX: MDM) today announced the results of an updated independent valuation of the diamonds recovered from the Gahcho Kué Project. The valuation was conducted by WWW International Diamond Consultants Ltd. and took place at the London offices of the Diamond Trading Company in early April, 2011. All diamond values presented below are based on the WWW Price Book as at April 11, 2011. Importantly, for the first time, the Gahcho Kué diamonds were grouped into larger parcels, each parcel representing diamonds from the Hearne, Tuzo and the separate lobes of the 5034 kimberlite. In the opinion of WWW, grouping of the diamonds into larger parcels increased the accuracy of the diamond valuation. Image by Mountain Province Diamonds