Diamond Mining News

Former Surat diamond association president to head SGCCI

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

Luxury jewelry market facing dazzling future-China Mining

Luxury jewelry has traditionally not been considered as profitable as high-end watches, handbags and garments in the Chinese market. But this is fast changing. The country's fine jewelry market has been growing steadily in the […]

Winnipeg Free Press: Harry Winston expects dazzling diamond sales as more millionaires emerge

Winnipeg Free Press reports: Harry Winston Diamond Corp. (TSX:HW) expects sales of its luxury jewelry and timepieces to reach $1 billion per year in the next decade as the number of wealthy individuals continues to climb. "There is an enormous concentration of wealth around the world," Frederic De Narp, head of Harry Winston's retail segment, said at the company's annual general meeting Thursday.

Bloomberg: De Beers considers expansion of its Voorspoed Mine as diamond prices climb

Bloomberg reports: De Beers, the world’s largest diamond producer, is considering an expansion of its South African Voorspoed mine to extend the life of the operation by as much as eight years as prices for the gems climb. De Beers will complete a study this year on a proposed expansion that would prolong the mine’s life to “2026 or 2028,” rather than 2020 as currently planned, Mine Manager Mpumi Zikalala said today in an interview at the site near Kroonstad. It’s too early to estimate the cost of the project, which may include an underground section, she said.

African mining, De Beers, BEE – Oppenheimer speaks out

De Beers chairman Nicky Oppenheimer told a Washington audience Thursday that Africa has a bright future if its leaders embrace globalization and allow the private sector to flourish.

Shear Diamonds engages DRA Americas to evaluate Jericho diamond recovery plants

Shear Diamonds has engaged the services of DRA Americas to evaluate the existing diamond recovery plant at the Jericho diamond project, Nunavut. DRA is a world leader in the design and engineering of mineral process solutions with experience specific to Canada’s Northern diamond industry.

Tel Aviv’s Jovella Exhibition to feature innovative design

Jovella 2011, Israel’s 8th international jewelry and diamond exhibition, will be held July 5–6 in Tel Aviv. The exhibition will feature a Designer Boulevard, as well as collaboration with Shenkar College’s Department of Jewelry Design.

Diamond tiara and art deco bracelet top items at Christie's important jewels

Christie's sale of Important Jewels held in London Wednesday totaled $12.3 million, representing 92% sold by value. The top lot was the Rosebery pearl and diamond tiara, circa 1878, which sold for $1.9 million, near […]

Belgium rough diamond exports + 71.7% in May

Belgium imported $1.41 billion worth of rough diamonds in May and exported $1.47 billion in goods, rising 99.3% and 71.7% respectively, according to figures released by the AWDC on Thursday.

IUncertainty after Las Vegas Show Slows Mumbai Market

Polished diamond trading in Mumbai has slowed as a degree of uncertainty has crept in after the initial enthusiasm that was generated by reports of strong polished buying at the JCK Las Vegas show.

De Beers to face price fixing lawsuit after court rejects jurisdiction claim

A British Columbia, Canada Supreme Court said it will hear a lawsuit alleging a conspiracy to increase the price of diamonds by De Beers.

Today in Commodities: USDA big news today

No curve balls from the USDA but as for food prices look for prices to stay elevated. Crude will settle approximately 1% higher in today’s session trading briefly over $102/barrel in the July contract. We […]

Harry Winston Diamond Corporation reports fiscal 2012 first quarter results

Harry Winston Diamond Corporation (TSX: HW) (NYSE:HWD) (the "Company") today announced its first quarter Fiscal 2012 results for the quarter ending April 30, 2011. Robert Gannicott, Chairman and Chief Executive Officer stated, "This quarter's results reflect improving rough diamond prices combined with increasing sales and profit for the luxury brand segment.

Diamdel Opening Dubai Office in August

Diamdel, De Beers' secondary market supplier, will open an office in Dubai in August after it was licensed to operate in the Dubai's Jumeirah Lakes Towers free zone.

Gitanjali Group to Retail Visconti Diamond-Encrusted Pens

The Gitanjali Group, the Indian DTC Sightholder with the large retail presence, announced that it will offer Italian luxury writing instrument brand Visconti through its 600-plus retail jewelry stores across India. The group has tied […]

Botswana Diamonds plc: Cameroon reconnaissance program yields early successes

The board of Botswana Diamonds (AIM: BOD) is pleased to announce that its geologists have identified sequences of sedimentary rock layers in several localities in the east of its Cameroon diamond licence. These layers include a distinct conglomerate horizon, which is geologically correlated with the paleo-conglomerate that C&K Mining has identified as being diamondiferous.

Top 40 mining companies’ 2010 financial results ‘spectacular’-PwC

The top 40 global mining companies are poised to break through the US$1 trillion asset mark this year, due to record levels of cash, property and equipment on balance sheets, says a new PwC report. In their report Mine 2011: The game has changed, PwC called the financial results of the top 40 "spectacular" as total revenues increased 32% to US$435 billion, breaking the $400 billion mark for the first time.

India set to overtake US in diamond jewellery sales

The Rapaport Group, global manager of diamond data and international group of companies, has given a thumbs up to India, the world's largest importer of diamond roughs. With the country's polished diamond exports rising 6% year-on-year to $2.04 billion in April 2011, the agency has forecast that India will overtake the United States and become the biggest consumer market for diamond jewellery over the next three years.

IDEX Online Research: polished diamond prices rise again in May

The IDEX Online Polished Diamond Index averaged 132.1 in May, setting a new record, as polished diamond prices continue to rise. The record surpassed the prior record level both last month and in the pre-recession […]

Stefan Hafner Confirmed For India International Jewellery Week

India’s Gem & Jewellery Export Promotion Council (GJEPC) today formally launched the second edition of its pioneering India International Jewellery Week (IIJW) in Mumbai. Speaking at the launch press conference, GJEPC chairman Rajiv Jain announced […]

IDI organizes First Israeli Diamond Pavilion at Hong Kong June

The Israel Diamond Institute (IDI) will present the first Israeli Diamond Pavilion at the June Hong Kong Jewellery & Gem Fair, June 23 – 26. The pavilion will feature 60 diamond companies, many of whom […]

Eager to fend off China, India seeks diamonds from Zimbabwe

India, the world's largest diamond processing market, is in a bind. The country that imported close to $7.5 billion in rough diamonds last year has not been able to shake off the embargo on the import of diamonds from Zimbabwe. Traders maintain that this has left the door wide open for more imports into China. In a bid to crackdown on reports that conflict or blood diamonds are being smuggled into India and laundered there, the Indian government had earlier blocked the import of roughs from Zimbabwe.

Diamonds North acquires property with high gold grades in multiple drill holes

Diamonds North Resources acquired 100% interest in the Esker gold property in Nunavut. The Esker claim covers several kilometres of gold bearing stratigraphy. Drill intercepts of gold mineralization are as high as 8.2 g/T gold over 13 metres, including 17.7 g/T gold over 5.7 metres; and, 2.4 g/T gold over 71 metres which includes several high grade zones (see table below). For a video presentation on this project visit our website www.diamondsnorth.com. "This low cost staking puts us into a project with wide zones of high grade gold mineralization and significant tonnage potential. As only a small portion of the zone has been tested, our objective is to drill along strike of the known mineralization along the host gabbro units to expand the gold-bearing mineralized zone," says Mark Kolebaba President and CEO of Diamonds North.

Memories of Great Recession fading as diamonds fetch record prices

Two reports this week suggest that fears of a prolonged period of global economic austerity following the financial crisis have been overblown. In Hong Kong Christie's experienced its best ever auction with buyers spending $469m on wines, antiques, art and particularly jewellery. At $9,342,219, the pictured pair of Golconda diamond ear pendants – dubbed the Imperial Cushions – set an all time record price per carat. At the other end of the scale prices have also been rising at a rapid rate. Demand for one carat and smaller stones from India and China pushed the International Diamond Exchange's polished diamond index to a new record in May surpassing the previous record level achieved in the pre-recession summer of 2008 and up 12.5% so far this year.

Star Uranium Corp. and United Uranium Corp. complete ground magnetic survey on Fort a La Corne diamond properties

United Uranium and Star Uranium announced that they have completed a ground magnetic survey on their Fort a la Corne diamond properties. The Claims are situated immediately adjacent to the eastern border of the Shore Gold Inc. Fort a la Corne project. The survey was completed by Apex Geoscience of Edmonton, Alberta, and included an analysis of the jointly held Fort a la Corne diamond properties in Saskatchewan.