Diamond Mining News

Ontario Mace Makes Historic Home Mine Visit

The ceremonial mace from the Ontario Legislature came full circle recently when it visited the De Beers Canada Victor Mine in northern Ontario, the place where the two diamonds set in the mace were mined. The mace was on display during the mine's shift...

Impure diamonds make perfect computers

Diamonds have the potential to act as building blocks for quantum computing. In an article published in Nature Physics last month, a group of researchers found that the nitrogen vacancy centre in a diamond can be used for quantum memory. The paper was published by the Center for Spintronics and Quantum Computation, University of California, Santa Barbara, California; and the Department of Physics, University of Konstanz. Researchers named were G. D. Fuchs, P. V. Klimov, and D. D. Awschalom.

Namibia's diamond production slides 9%

Namibia's diamond in the first five months of 2011 totaled 528,333 carats, declining 8.9% compared to last year, according to Ministry of Mines and Energy figures released by broking firm IJG on Friday and quoted by Reuters.

William and Kate visit Yellowknife, get Diavik diamonds

Polar bears were the theme of the diamond jewelry items presented to the Duke and Duchess of Cambridge during their visit to Canada's Northwest Territories. The newlyweds received a set of diamond pave cufflinks modeled after the polar bear logo of the NWT Government, and a diamond pave brooch also in the shape of the North's iconic bear.

Diamond prices bounce back, tempt investors

Reuters reports that diamond prices are now above pre-crisis levels after a 35 to 40 percent rise so far this year. De Beers’ Executive Director, Stephen Lussier says, Diamonds are more scarce than before the crisis. And there are three markets where demand is very strong: China, India and the United States.

Latin American Minerals signs Option Agreement with Olivut Resources for development of Itapoty Diamond Project

Latin American Minerals Inc. (TSX VENTURE:LAT) announced that on July 5, 2011, it signed a definitive Option Agreement for the potential earn-in and joint venture development of the Company's Itapoty Diamond Project by Olivut Resources Ltd (TSX VENTURE:OLV). Olivut is a Canadian diamond exploration company focused on projects in the NWT, Canada and in Uruguay, South America. The Itapoty Diamond Project is one of several exploration and mining projects being developed by Latin American Minerals in Paraguay.

Lucara secures $50m to complete Botswana Diamond Project

Mining Weekly reports Lucara Diamond Corporation (CVE:LUC) has raised $50-million in debt for two gem projects. The market news is quoted as saying, Lucara said it had concluded that the debenture, which matures at the end of 2013, provided the best value to shareholders. The company will make quarterly repayments, and no interest is payable during the facility’s term, though Lucara will pay the lenders nine-million shares instead.

Diamond Prices Bounce Back, Tempt Investors

Reuters reports that diamond prices are now above pre-crisis levels after a 35 to 40 percent rise so far this year.

Zimbabwe says it will pay for foreign firms

Foreign companies in Zimbabwe will not be seized but bought out under a black economic empowerment scheme sponsored by President Robert Mugabe's ZANU-PF party, a government minister said on Thursday.

Zimbabwe may sue De Beers over 'looting' of diamond fields under international ban

Zimbabwe’s state-controlled Herald newspaper reported on Thursday the Harare government is investigating De Beers over claims it smuggled out gems worth "hundreds of millions of dollars" from the controversial Chiadzwa fields. De Beers spent eight years exploring the fields, but later claimed it had failed to find any meaningful deposits according to Zimabwe's deputy mines minister. Diamonds were found by villagers in Chiadzwa in 2006, leading to a frenzied diamond rush that was eventually crushed by the army. Zimbabwe's diamonds are the subject of an international ban although most industry watchers believe it is being widely flouted.

Shear Diamonds acquires new claims surrounding Jericho Diamond Mine

Winter diamond mining in Canada (illustrative) Shear Diamonds Ltd. has announced the acquisition of 34 newly staked claims totaling 77,250 acres contiguous with the Carat Property surrounding the Jericho Diamond Mine.

Diamonds worth $11m sold in Alrosa's first online auction

Alrosa invited 30 diamond companies from Russia and abroad to bid in the online auction Russia's state-owned diamond producer Alrosa told $11 million worth of diamonds in its first online auction, the company announced Wednesday.

Diamonds lure insurance investor Cowdery as gems beat gold

Clive Cowdery, the Resolution Ltd. founder who made about $240 million buying and selling insurers, is betting on diamonds after prices rose five times faster than gold this year on surging demand from China and India. Cowdery, 48, is among startup investors in Diamond Capital Ltd.’s $20 million fund that will manage a portfolio of the polished gems valued at as much as $400,000 apiece.

NGO slams South Africa over role in diamond trade

South Africa's role in getting Zimbabwe's diamonds back into international trade is being slammed as "dangerous", amid revelations that government officials there have helped export millions of dollars worth of Zim diamonds. South Africa's State Diamond Trader officials admitted in parliament last week that they had helped Zimbabwe export diamonds from Chiadzwa, despite an international ban on the trade.

Shear announces additional 750,000 acres in mineral rights and exploration update, Jericho Diamond Project, Nunavut

Shear Diamonds Ltd. (TSX VENTURE:SRM) today announced the acquisition of 34 newly staked claims totaling 77,250 acres contiguous with the Carat Property surrounding the Jericho Diamond Mine. This new land package provides Shear with blanket mineral rights covering existing and newly interpreted priority indicator dispersion trains. Shear's ongoing review of historical datasets has confirmed compelling evidence of undiscovered kimberlites in certain areas outside the immediate mine area with recommended ground follow up.

De Beers Diamond Jewellers opens new store in Almaty, Kazakhstan

De Beers Diamond Jewellers, the ultimate destination for diamond jewellery, is delighted to announce the opening of its new store in Almaty, Kazakhstan. The De Beers store is located on Bogenbai Batyr, 125 in Almaty – the premier shopping location for luxury brands. The Almaty store will be operated by Premier Metro Group, whose core business is the retail and distribution of luxury goods including jewellery, watches, cars, high-end mobile phones as well as fine wines.

Fair trade gold glitters more brightly

The newest Fair Trade standard, gold and associated precious metals, made its debut a little more than a year ago. It promises to improve social and environmental conditions for millions of small and artisanal gold miners around the world.

Indian Temple’s Treasure Estimated at $24 BN & Counting

A treasure of gold, jewelry and diamonds worth over $24 billion by some estimates has been unearthed from the vaults of a temple in India. Image is from YouTube news report on the same story.

Business Day: Rockwell picks Hunt to take it to new heights

Business Day reports that Rockwell Diamonds has appointed Michael Hunt as the company's new COO: Mr Hunt, formerly operations manager of Pangea Diamondfields, spent 20 years in various roles with De Beers, the world’s largest diamond mining company, Rockwell said in a trading update yesterday.

Gazette: Feds launch study of Quebec diamond project

Quebec's first diamond mine took another step forward today, with the launch of the federal environment assessment process, The Montreal Gazette reports: The Canadian Environmental Assessment Agency is accepting public comment on the project, along with suggestions of environmental issues that should be considered in the comprehensive study of the project. Image of the Renard project, by Stornoway Diamond Corp.

‘Exceptional’ sales results for Firestone Diamonds in Botswana

Firestone Diamonds (FDI) reported exceptional diamonds sales results from its second sale of the year in Gaborone, Botswana. The AIM-quoted diamond miner sold a total of 14,248 carats for $2 million (£1.2 million) - an increase of 42% in value from its April tender.

New Logo Repositions Gitanjali in Luxury Lifestyle Space

Bollywood actress Katrina Kaif recently unveiled a new corporate logo and colors for multi-brand jewelry and lifestyle retailer Gitanjali Group. The new logo is a reflection of the group’s move further downstream from its diamond manufacturing roots, the company said. Image of Katrina Kaif at the Nakshatra jewelry launch in 2008 is from www.bollywoodhungama.com

China’s Largest Bank Joins Diamond Financing in Antwerp

ICBC, the world’s largest bank, is interested in financing diamond transactions, according to a memorandum of understanding it recently signed with the AWDC. The first such financing is expected to take place before the end of 2011.

$20 billion in diamonds and gold found at Indian temple

Investigators plan to pry open the final vault hidden deep under a centuries-old Indian Hindu temple as police guarded round the clock the shrine where billions of dollars worth of treasure has been discovered. Over the last week a seven-member team of investigators has broken into five of the six secret subterranean vaults piled high with jewels that have lain untouched for hundreds of years.

Antwerp diamond industry ties up with China

AFP reports the Antwerp diamond industry, world capital of the gem, on Monday announced an investment deal with leading Chinese bank ICBC, which could act as an intermediary to provide finance for diamond transactions in Antwerp. Around 80% of the trade in uncut diamonds and half of world trade in cut stones transits through the Flemish town, which is facing increasing competition, including from India.