Iconic mines, including Ekati and Diavik are now old, tired and running out of diamonds; they will likely both close soon. So far, operations that were designed to replace them aren’t faring well either.
DIAVIK Mining News
The stone was found at Dominion Diamond and Rio Tinto's Diavik mine.
It has acquired the 50% interest French luxury goods group LVMH had in De Beers Diamond Jewellers for an undisclosed amount.
The 187.6-carat rare stone will remain on display until April at the Smithsonian’s National Museum of Natural History in Washington D.C..
Gahcho Kué, owned by De Beers Canada and Mountain Province Diamonds, is expected to produce around 54 million carats of rough gems over its 12-year lifetime.
The Madhya Pradesh government will take ownership of the assets, including all the land, plant, equipment, and diamond samples recovered during exploration.
The 67.87-carat gem quality octahedron diamond, unearthed during production ramp-up, is the largest of its kind recovered to date at the remote mine.
Global rough diamond production will reach its peak in only three years before entering into a supply deficit by 2020, two separate reports show.
Suit claims company failed to report mercury levels at five of nine water monitoring stations near Victor mine.
Company says it was forced to lay off employees from across the business given "current market conditions."
The world’s top diamond producer by value said results were in line with expected seasonal demand patterns.
The move comes on the heels of a similar decision by De Beers Canada, which moved its headquarters from Toronto to Calgary in July.
Still, the world’s biggest diamond producer by value said the auction was better than it had expected.
Gahcho Kué, a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%), is expected to inject $5.2bn into Canada’s economy.
De Beers, the world's biggest diamond producer, warns that many of the challenges affecting the industry last year are likely to continue over the next decade.
Gahcho Kué, co-owned by De Beers Canada and Mountain Province Diamonds, is also expected to provide 1,200 new jobs.
The move comes as the company readies to open what it calls the world’s biggest diamond mine currently under construction.
While Dominion Diamond has pushed construction of Ekati’s new Jay pipe to 2018, Rio has said that a denial of a request to change its water licence could have an adverse impact on Diavik.
Rio Tinto showcases 187.7 carat rough diamond in New York and at Tel Aviv’s International Diamond Week
Rio Tinto has showcased one of the world’s largest gem quality rough diamond to customers in the United States and Israel.
Gahcho Kué, the world's largest new diamond mine under development, is now 94% complete with first production planned for the second half of this year.
The miner lost $11.6 million in the fiscal 2016, compared to a profit of $170.3 million in 2015.
The Gahcho Kué mine will take in a number of the hundreds of workers laid off at Snap Lake.
The 187.7-carat Diavik Foxfire diamond will be showcased in London before returning to Antwerp for detailed assessment.
The Diavik mine produces predominantly gem quality diamonds, destined for high end jewellery in all major consumer markets around the world.
The company pointed to the transition of its Argyle mine from open pit to underground, as well as a shift toward processing lower-grade ore at Diavik as the main reasons for the drop.