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.
Diamond Mining News
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.
Fresh from exciting European soccer fans around the world with a successful UEFA Championship campaign, FC Barcelona Manager Pep Guardiola is lending a hand to support an Israeli medical cause. An official Champions League ball signed by Guardiola is up for auction organized by the Israel Diamond Exchange.
Eli Avidar, Managing Director of the Israel Diamond Institute Group of Companies (IDI), has joined the President's Council of CIBJO, the World Jewellery Confederation, the organization announced today (Monday). The President's Council, the highest governing body in the confederation, is responsible for making strategic decisions. It consists of the CIBJO officers and five other member representatives, each of whom is appointed by the President.
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.
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.