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London Antwerp Diamonds Ltd.
6, Laybourne House
Admirals Way
Canary Wharf
London E14 9UH
UK
tel.: 0044(0)20 7005 0435
fax: 0044(0)20 7005 0436
welcome@londonantwerpdiamonds.com
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» Petra Diamonds reports first profits
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Source: AFNS
Petra Diamonds reported its first net profits ever in the second half of 2007—$8.2 million on revenues of $32.1 million, compared with a net loss of $9.5 million on revenues of $8.2 million in the second half of 2006. (All but $400,000 of revenues this year were from rough diamond sales; the $400,000 came from sales of 27.42 carats of polished diamonds. Last year, all company revenues were from rough diamond sales.)
This turnaround was the result of the company’s development from an exploration company into a diamond producing and exploration group. In the past 14 months, the company has grown its production assets by acquiring the Cullinan, Koffiefontein and Kimberley Underground mines from De Beers, adding these assets to its exploration base in Angola (at Alto Cuilo, Luangue), Botswana (Kalahari Diamonds) and operations in Sierra Leone (Kono). Cullinan is expected to add more than 1 million carats per year of gross production and the Kimberley Underground mines are more than 100,000 carats. In Sierra Leone, trial mining continues on two shafts, with 8,640 diamonds totaling 760 carats recovered to date, including a 10.55 carat octahedron.
Group revenue growth of 291 percent was driven largely by Koffiefontein sales, which the company began recording in July 2007 and which averaged $408 per carat. The company also reported a significant increase in the prices from production at its South African fissure mines, Helam, Star and Sedibeng, which averaged $182 carat, up 44 percent. Overall South African production totaled 101,213 carats for the second half of 2007, a 17 percent increase from 86,396 carats in the second half of 2006, and 115,918 carats were sold, a 79 percent increase. In January, the company found a 50.14 carat diamond at Sedibeng, which it sold for $1.3 million.
The company continues to develop "beneficiation" (cutting and polishing locally produced rough in southern Africa). The current goal is to cut and polish 2,500 carats of rough by mid-2008. Group rough production is expected to rise to more than 1 million carats per annum by 2010, compared with a previous management target of 500,000 carats for the same period, Petra Chairman Adonis Pouroulis said.
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Date: 2008-03-24 Time: 10.11AM
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» Anglo American operating profit $10 billion; diamonds 5 percent of that
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Source: AFNS
Anglo American operating profit $10 billion; diamonds 5 percent of that
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Date: 2008-03-23 Time: 06.30AM
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» Christie’s to auction 101 carat white diamond
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Source: AFNS
Christie's will auction a 101.27 carat white diamond from South Africa’s Cullinan Mine (formerly known as the Premier Mine) in Hong Kong on May 28. It is expected to fetch at least $6 million.
This will be the largest diamond ever auctioned in Asia, Francois Curiel, chairman of jewelry at Christie's, said. He said only three other diamonds weighing more than 100 carats had ever been auctioned off, and all those stones were sold in Geneva. The 101.27 carat stone will be on public display as part of Christie's "Spring Masterpieces Exhibition," which includes jewelry and other items worth $342 million.
The Cullinan Mine is owned by Petra Diamonds, which bought it from De Beers.
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Date: 2008-03-22 Time: 18.25PM
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» DTC Botswana ribbon-cutting set for March 18
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Source: AFNS
The Diamond Trading Company Botswana will officially open for business in the country's capital of Gaborone March 18, with the new sorting and aggregation facility to be dedicated that day by outgoing Botswanan President Festus Mogae.
The facility cost 471 million pula ($73 million) to build. It will employ 600 Botswanans to sort some 49 million carats annually of rough diamonds produced by Debswana, the 50-50 joint mining venture of De Beers and the Botswanan government. There are 39 sorting machines in the facility worth a total of 69 million pula ($11 million).
The sorting and aggregation facility will help create 3,000 jobs downstream in Botswana-based polishing plants and related facilities, once it is fully up to speed next year. So far, the Botswanan government has licensed 16 polishing plants to receive their share of domestically produced rough. By 2010, they will be receiving $550 million worth of Botswanan diamonds a year for processing.
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Date: 2008-03-21 Time: 11.21AM
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» IDMA calls for industry-wide diamond promotion campaign
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Source: AFNS
The International Diamond Manufacturers Association called for an industry-wide comprehensive diamond promotion campaign, and offered to coordinate such a program itself. The organization issued the call following a two-day leadership retreat in Israel after the Third International Rough Diamond Conference that was held in Tel Aviv February 11-12. IDMA President Jeffrey Fischer said that the organization "will take a leadership role in developing specific proposals" for comprehensive, industry-wide marketing of diamonds.
The IDMA retreat was moderated by industry analysts Chaim Even-Zohar of Tacy Consultants Ltd. and Charles Wyndham of WWW International Diamonds Ltd. Fischer said participants focused on internal organizational planning, matters of concern to IDMA members and other issues confronting the wider diamond industry.
Fischer said the IDMA is concerned that the current level of rough diamond prices is based on speculation. "As a result, the diamond manufacturing sector is experiencing the collapse of already very thin profit margins. Producers large and small should take note and take appropriate action."
"The diamond manufacturing industry has historically been, and still is, production driven," he added. "Obviously, that needs to change, and soon! We therefore urge our members to face the painful reality that there is over-capacity in production in the various cutting centers, and that a significant contraction and consolidation of the manufacturing base are inevitable. We need our members to wake up to that ugly and painful situation and make the right choices for the sake of the future of their own businesses."
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Date: 2008-03-20 Time: 09.15AM
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» Valentine’s Day pizza, champagne and a diamond ring for $8,180
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Source: AFNS
Favitta's Family Pizzeria, Rochester, New York, had a diamond special for Valentine’s Day - a very pricy special.
Customers could order a heart-shaped pizza, Dom Perignon champagne and a diamond ring from the local Scheer Jewelers.
The tab for the tasty treat and diamond ring: $8,180. Customers could choose from a selection of the rings.
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Date: 2008-03-19 Time: 17.19 PM
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» Bush family relation in diamond ring dispute
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Source: AFNS
Sharon Bush, the ex-wife of President George W. Bush's brother Neil, is being sued for $434,000 by her ex-fiance after she refused to return the 11 carat diamond engagement ring he bought her.
The couple were engaged in October 2006, but the wedding was repeatedly postponed and then cancelled.
The aggrieved ex-fiance is a 78-year-old Chinese billionaire called Gerald Tsai. He alleges that he bought the ring for $243,040 at Saks Fifth Avenue, and is now suing his 55-year-old former bride-to-be for fraud and breach of contract.
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Date: 2008-03-18 Time: 12.25 PM
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» Alrosa says its rough diamond reserves are worth $109 billion
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Source: AFNS
Alrosa, the diamond mining giant controlled by the Russian government, has rough diamond reserves worth $109.3 billion, President Sergei Vybornov told the third annual gathering of rough diamond producers in Tel Aviv.
That is enough for Alrosa to mine for 30 to 40 years, Vynornov said. The company had never disclosed how much its reserves were worth, although the secrecy legally imposed on the company was lifted by the Russian government in 2004.
The Russian government is taking steps to achieve its long-sought goal of increasing its stake in Alrosa from the current level of 48 percent to an absolute majority, and an IPO is also said to be in the works.
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Date: 2008-03-17 Time: 09.56 AM
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» Madonna’s wedding tiara to shine at ‘Diamond Divas’ exhibition in Antwerp
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Source: AFNS
A tiara worn by American megastar Madonna, when she wed the British film director Guy Richie at Skibo Castle in Scotland, will be among the items featured in the "Diamond Divas" exhibition, which will open on April 11 at the Province of Antwerp’s Diamond Museum and run through June 8, 2008.
The Edwardian diamond tiara was loaned to Madonna for her wedding by the London jewellery house Asprey & Garrard, London. An aficionado of fine jewellery, the singer had noticed it when shopping at the company's New Bond Street store. Her choice of tiara was a closely guarded secret, shared only with Richie and a handful of close friends.
Made in approximately 1910, the tiara includes 765 old cut diamonds weighing 78 carats, and another two larger diamonds with a combined weight of 2.50 carats.
Madonna was said to have selected it because she thought it would go well with her wedding dress, which was designed by Stella McCartney.
"Diamond Divas" will feature a variety of stunning diamond jewellery items worn by crowned heads, the stars of stage and screen and tell their stories.
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Date: 2008-03-16 Time: 11.50 AM
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» Indian diamond trade hit by lower U.S. demand, weak dollar
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Source: AFNS
The weak U.S. dollar, fears of recession in the United States and a U.S. decision to end a customs exemption for Indian diamond and jewelry exporters are depressing the Indian diamond trade. The customs exemption was withdrawn last July, after the U.S. government decided that the Indian diamond, gem and jewelry trade was strongly competitive and did not need help provided to developing countries.
The results are said to be especially noticeable in the Santacruz Electronic Export Processing Zone (SEEPZ) in Mumbai (Bombay), which is home to more than 130 jewelry companies accounting for 38 percent of Indian jewelry exports of $5.21 billion.
T.P. Gopalakrishnan, executive secretary of the SEEPZ Gems and Jewelry Manufacturers Association, said export orders for the U.S. market are down on slower U.S. demand.
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Date: 2008-03-15 Time: 13.10 PM
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» Botswana stands up for domestic diamond polishing
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Source: AFNS
Botswana is determined to go ahead with its plans to supply domestically produced rough diamonds to its nascent diamond cutting industry, although skeptics say the economics don’t add up.
Ponatshego Kedikilwe, Botswana’s minister of minerals, energy and water affairs, gave a speech at the 13th International Mining Investment Conference (INDABA 2008) in Cape Town, South Africa, defending “beneficiation” and the country’s plans to have the Diamond Trading Company Botswana, a joint venture with De Beers, sell $360 million worth of rough to 16 licensed polishing companies this year, with the goal of creating 3,000 jobs.
But analyst Chaim Even-Zohar of Tacy Ltd. said that polishing costs in Botswana and its like-minded neighbors Namibia and South Africa are around $100 per carat, compared with just $20 per carat in the diamond polishing industry centers of India and China, which will make southern Africa unable to compete in this field.
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Date: 2008-03-14 Time: 09.11AM
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» Gem Diamonds sells $152 million worth of rough from Letseng
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Source: AFNS
Gem Diamonds sold $152 million (U.S.) worth of rough diamonds from Letseng in 2007, an 81 percent increase over $83.9 million in 2006, the company said. By weight, 76,873 carats were sold from Letseng Mine, a 45 percent increase on the 52,998 carats sold in 2006. The company owns 70 percent of this mine, with the remaining 30 percent owned by the country's government.
In January 2008, the company sold $3.1 million worth of Letseng diamonds, $68,000 per carat. Recently, the 493 carat "Letseng Legacy" sold in Antwerp for $10.4 million, $21,000 per carat, and a 215 carat D- flawless diamond sold for $8.3 million, $38,600 per carat. In January, a 25 carat D-color diamond was sold for $5 million, $40,000 per carat, and a 26 carat pink diamond was sold for $2.6 million ($99,000 per carat).
Gem Diamonds held an auction in January for 15,000 carats of rough produced at the Cempaka Mine in Indonesia, in which the company holds an 80 percent stake (the balance is held by the Indonesian government). Average price per carat was $331, an increase of 52 percent over prices achieved prior to Gem Diamonds’ acquisition of the mine.
The first auction of diamonds from Gem Diamonds' wholly owned Ellendale Mine in Western Australia, which it acquired from Kimberley Diamond Co., brought in $14 million from 63,500 carats, at an average of $220 per carat, an increase of 22 percent over prices achieved prior to the acquisition.
Gem Diamonds spent $404 million in 2007 on acquisitions in Australia (buying Ellendale from Kimberley Diamond Co.), Botswana, the Democratic Republic of the Congo and Indonesia (acquiring BDI Mining, which holds the 80 percent stake in Cempaka), which are all now under the company’s control. The Letseng Mine’s processing capacity increased with the construction of a second processing plant, and early stage operations in central Africa achieved progress.
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Date: 2008-03-13 Time: 18.50 PM
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» BHP Billiton diamond sales up 6.4 percent
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Source: AFNS
BHP Billiton reported $418 million (U.S.) in sales of diamonds and other specialty products in the second half of 2007, up 6.4 percent from $393 million in the second half of 2006. Underlying earnings before interest and taxation on the diamonds and specialty products were $72 million, a decrease of $6 million or 7.7 percent compared with the corresponding period.
This was mainly due to increased exploration activity on diamond targets in Angola, lower value per carat diamonds and unfavorable exchange rate movements for the Canadian dollar and the South African rand against the U.S. dollar, the company said.
BHP Billiton added that these negative effects were partly offset by higher diamond sales volumes and lower unit costs at Ekati, the company's mine in Canada's Northwest Territories, which in turn was due to the processing of higher grade material, a move to underground mining and increased cost efficiencies. The company said it has begun production at the Koala Underground mine in Canada.
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Date: 2008-03-12 Time: 10.00 AM
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» Angolan rough diamond production 9.7 million carats in 2007
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Source: AFNS
Angola produced 9.7 million carats of rough diamonds in 2007, an official of the state-owned diamond mining company Endiama said at the 13th International Mining Investment Conference (INDABA 2008) in Cape Town, South Africa.
Organized mining produced 8.6 million carats of the total, while the remaining 1.1 million carats were produced by "artisanal" diggers.
The country had expected to reach the 10 million carat mark in 2006. In 2005, more than 6 million carats were produced. Production has been rising steadily since the end of a 27-year-long civil war in 2002.
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Date: 2008-03-11 Time: 08.45 AM
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» Russian government increasing stake in Alrosa again
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Source: AFNS
The Russian government is increasing its stake in the monopoly rough diamond producer Alrosa again, from the current level of 48 percent to an absolute majority.
The company is issuing new equity to make this possible, and the stability and governmental commitment implied by the change has prompted Standard & Poor's Ratings Services to raise its long-term credit rating for the firm from BB - to BB.
Another advantage for Alrosa in the Russian national government's takeover is that starting in 2009, the company will no longer have to pay royalties to the autonomous Republic of Sakha (Yakutia), a minority shareholder that claimed 5 billion rubles ($202.3 million) in royalties from Alrosa last year.
Alrosa's production is likely to be steady or ecline slightly over the next few years, and its free capital will likely be tied up in a switch from open pit to underground diamond mining, Standard & Poor's said. Despite the Russian government's dominant interest in Alrosa, the firm is not key to the Russian state and has been allowed to run its business affairs autonomously, the rating agency said.
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Date: 2008-03-10 Time: 10.00 AM
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» De Beers sales down 3 percent in 2007
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Source: AFNS
De Beers S.A., the Luxembourg-based holding company at the corporate heart of the De Beers Group, reported sales of $6.836 billion in 2007, down 3 percent from $7.03 billion in 2006. The company’s earnings before interest, taxation, depreciation and amortization totalled $1.216 billion, off 1 percent from $1.232 billion in 2006. However, "underlying earnings" increased 14 percent to $483 million, compared with $425 million in 2006.
Rough diamond production totaled 51.1 million carats, approximately equaling the record level of 2006. Debswana, the joint venture between De Beers and the government of Botswana, remains the group’s major producer, having contributed 33.6 million carats in 2007. In South Africa, De Beers Consolidated Mines (DBCM) increased production to 15 million carats, mainly due to improvements to the diamond recovery process at Venetia Mine, where the quantity of carats found increased 9 percent. Production from off-shore operations in Namibia increased, resulting in Namdeb, the joint venture between De Beers and the Namibian Government, increasing production 4 percent to 2.2 million carats.
"Effective cost management at the group's African mining operations offset the impact of slightly lower sales, which were constrained by supply to the Diamond Trading Company (DTC)," the company said. "Reflecting strong confidence in the long-term fundamentals of the diamond market, the group invested $1.12 billion in expansion capital during the year, principally for construction at the Snap Lake and Victor mines in Canada (and) the Voorspoed mine and SASA offshore mining vessel in South Africa.
The company pointed to a number of new sources of rough diamonds. Snap Lake, which is located in Canada's Northwest Territories, started producing diamonds in late 2007. Full production of 1.6 million carats annually is expected this year. By the middle of 2008, the Victor mine is scheduled to start production; once it is fully commissioned, it will produce 600,000 carats of diamonds a year. The The Voorspoed mine in South Africa is scheduled to commence production in the final quarter of 2008, and is expected to produce 700,000 carats annually. Boteti Exploration Company, a joint venture between De Beers, African Diamonds Plc and Wati Ventures, has filed for a mining licence for AK06, a kimberlite in the Orapa region of Botswana with an estimated reserve of 11.1 million carats.
On the exploration front, in 2007 De Beers decided to spend $126 million on a new exploration program in the Democratic Republic of Congo and existing early and advanced programs, particularly in Angola, Botswana and South Africa. De Beers identified 45 new kimberlites in 2007, and its 2008 drilling and evaluation program will focus on these high-potential targets. Meanwhile, the company sold its 50 percent stake in Gope Exploration Company (Pty) Ltd to Gem Diamond Mining Company Ltd for $17 million; sold its Koffiefontein mine in South Africa to Petra Diamonds Ltd in July 2007 for 82 million rand ($12 million); and agreed to sell the Cullinan Diamond Mine to a Petra-led consortium for 1.03 billion rand ($150 million).
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Date: 2008-03-09 Time: 08.45 AM
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» Rio Tinto rejects $1.47 BHP Billiton offer for the company
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Source: AFNS
Rio Tinto has rejected BHP Billiton's $1.47 billion offer for the company, the second time it has turned down a BHP Billiton buyout bid in less than a year. Under the new proposal, each Rio Tinto share would be exchanged for 3.4 BHP Billiton shares, and BHP Billiton would end up with all of the issued share capital of Rio Tinto plc and Rio Tinto Limited.
Rio Tinto said this offer "significantly undervalue(s) Rio Tinto" and is not being in the best interests of its shareholders.
"BHP Billiton's offers, while improved, still fail to recognize the underlying value of Rio Tinto's quality assets and prospects. Our plans are unchanged, and will remain so unless a proposal is made that fully reflects the value of Rio Tinto. Accordingly we are forging ahead with our strategy of operating and developing large-scale, long-life, low-cost assets to generate significant value for shareholders," Rio Tinto Chairman Paul Skinner said
A merged company would have total nominal, incremental earnings before interest, taxation, depreciation and amortization of $3.7 billion per annum within seven years, BHP Billiton said.
Both companies have significant diamond holdings -Rio Tinto has a 60 percent share of the Diavik mine in the Northwest Territories, and BHP Billiton has an 80 percent share of the Ekati Mine, also in the Northwest Territories. Additionally, Rio Tinto wholly owns the Argyle Mine in Western Australia and 78 percent of the Murowa Mine in Zimbabwe.
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Date: 2008-03-08 Time: 13.11 PM
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» Penny calls lack of new mines a key challenge to diamond industry
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Source: AFNS
Israel's two-day Third International Rough Diamond Conference kicked off on Monday with around 400 participants from diamond-producing companies and countries across the world hearing speeches on the subject of "Producer Strategies." In a wide-ranging speech, De Beers Managing Director Gareth Penny spoke of the challenges facing the company and the wider industry. These include no new diamond mines being discovered for many years, despite a rising demand for diamond jewelry; rising input costs, such as oil; electricity shortages in South Africa; the weakness of the US dollar; and rising debts.
In addition, he said the retail environment was weak with stores not creating an exciting atmosphere to encourage consumers to buy, and the large-scale discounting that took place in the United States before the critical sales season had even begun. He also said there was increasingly sophisticated competition from other luxury goods providers; the issue of synthetic diamonds; and the constant need to ensure consumer confidence.
He said the diamond industry should concentrate efforts on emerging markets, such as China and India; strive to improve the retail environment to drive up sales; improve liquidity by looking at financial instruments and possibly also change the international currency of the diamond business from the US dollar to another currency. He also called on the industry to bear more of the cost of advertising and lessen the burden on De Beers, particularly since the company now only controls around 40 percent of global rough supplies.
Amongst the initial speakers was Eli Izhakoff, World Diamond Council president who said that just 10 years ago a rough conference would not have taken place in Israel. Meanwhile, Jeffrey Fischer, president of the International Diamond Manufacturers Association, said the industry was undoubtedly undergoing hard times with prices for rough goods increasing.
Cibjo President Dr. Gaeatno Cavalieri spoke of a number of factors that are going to influence the rough diamond market in years to come. "What we are seeing is a convergence of different developments, which include an increase in the number of corporations involved in rough diamond mining, a growing insistence on the part of the governments of diamond producing countries that more added value remains at home, and a greater awareness on the part of jewellery consumers about ethical and fair trading practices," he stated.
Ernie Blom, president of the World Federation of Diamond Bourses, spoke about the fragmentation of the supply of rough diamonds due to the Diamond Trading Company’s diminishing share of the rough market. On the issue of beneficiation in Southern Africa, Avi Paz, president of the Israel Diamond Exchange, said he understood and supported the concept, but warned that rough should “reach polishing centers that have a competitive edge like Israel.”
Israel Diamond Institute Chairman Moti Ganz has disputed claims that there is not enough rough in the pipeline. "There is no shortage of rough. But even more than that – we also have plenty of polished…Manufacturers have accumulated stock in an unprecedented volume of $14 – 17 billion," he said.
Ganz called on producers to refrain from the use of tenders and auctions, which he said hurts manufacturers and in the long-run the producers themselves. Ganz said that rough diamonds have no value without the manufacturers, and that these must receive a rough supply on a regular basis and in a stable variety of qualities and sizes. Ganz also delivered a clear message to manufacturers: no customers, don't polish. He said that manufacturers must stop purchasing rough and polishing diamonds for stock. "All industries, worldwide, have moved to manufacturing by demand…Only the diamond industry has failed to join this global trend," he said.
Ganz implored rough producers to support the promotion of diamonds as a luxury product. "Every rough producer should take part in the generic advertising of diamonds. This task must not be left in the hands of a single rough producer," he said. In Ganz’ view all producers should act as De Beers does – to spend 3 percent of sales turnover on advertising. "In the long-run this investment will be repaid, as the awareness of diamonds increases in the consumer market," he added.
The second day of the conference on Tuesday looks at the issues of future sources of rough supplies; governmental policies towards the diamond sector; supply strategies, demand and pricing forecasts; and financing and valuing the diamond pipeline.
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Date: 2008-03-07 Time: 09.00 AM
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» End of De Beers monopoly transforming diamond market, analyst says
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Source: AFNS
De Beers’ voluntary transformation of its business model has ended its status as the diamond cartel, with uncertain consequences for the entire diamond industry, analyst Chaim Even-Zohar said at the 13th International Mining Investment Conference (INDABA 2008) in Cape Town, South Africa.
Other diamond mining companies do not know how to cope with this change, but are moving toward an auction system, Even-Zohar said. Diamond polishing companies do not know how to cope with these changes and may face uncertain supply. The trend toward "beneficiation," or polishing of diamonds in the countries where they are mined, is not economically justifiable, he said.
Overall, the trend on the world diamond markets is to move toward a demand-driven market rather than a supply-driven one. The diamond trade missed the boat on economic expansion just after the turn of the millennium and is now facing a poorer consumer economy where other luxury items are outperforming diamonds, Even-Zohar said.
The controls put in place to stop the trade in conflict diamonds have made it easier to estimate the true size of the world diamond market, Even-Zohar said. In 2007, that amounted to $12.5 billion worth of rough diamonds, which were sold for $19 billion after polishing, $30 billion at the wholesale level and $70 billion at the retail level. A single stone takes a little more than two years to traverse the entire pipeline, Even-Zohar estimated.
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Date: 2008-03-06 Time: 16.30 PM
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» Tiffany to offer $94,000 diamond cell phone.
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Source: AFNS
U.S. fine jeweler Tiffany & Co. will offer a diamond encrusted cell phone to the Japanese market, starting in February.
The handset will reportedly retail for $94,000, and will be set with 400 diamonds with a total weight of 20 carats.
The cell phone will be compatible with Japan’s ultrafast Softbank Mobile cell phone network.
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Date: 2008-03-05 Time: 14.15 PM
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» Huge coal reserves attributed to Botswana
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Source: AFNS
Botswana, long known for its diamond mining industry, has enormous reserves of coal as well, according to new estimates.
Some 212 billion metric tons of coal are said to be under the southern African country, which would be two-thirds of all reserves in Africa and would far outstrip the coal reserves of neighboring South Africa. Asenjo, a 50-50 joint venture between the Australian company Aquila Resources and Jonah Mining, which is itself a 50-50 joint venture between Sam Jonah’s Jonah Capital and Sentula Mining, formerly Scharrig Mining, has announced plans to begin large-scale mining of land containing up to 6.7 billion metric tons of coal.
Botswana is heavily on dependent on diamonds for its GDP, government revenues and foreign currency reserves. The country is the world’s largest single source of rough gem diamonds by value, contributing about 30 percent of international supplies. Debswana, the 50-50 joint venture between De Beers and the Botswanan government, dominates the sector with its four giant mines.
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Date: 2008-03-04 Time: 13.34 AM
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» Stornoway and Shear report high diamond counts in northern Canada
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Source: AFNS
Stornoway Diamond Corporation and Shear Minerals Ltd. reported “significant micro and macrodiamond counts” ranging from 29 to 138 diamonds per kilogram at four kimberlite dykes found in 2007 at their Churchill diamond project in Nunavut, northern Canada.
“The partners are optimistic that Churchill has the potential to host an economic diamond resource,” Shear President and CEO Pamela Strand said. She added that future work will include prospecting, geophysics and drilling in favorable spots to examine grade variability and search for higher potential zones. Prospecting on the property in 2007 also identified 16 new “outcrop and sub crop” kimberlite discoveries.
The Churchill Diamond Project is owned 41.86 percent by Stornoway and 58.14 percent by its operator, Shear. It includes the diamond rights to more than 2 million acres near the communities of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut.
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Date: 2008-03-03 Time: 17.19 PM
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» Shanghai Diamond Exchange transactions exceed $1 billion mark
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Source: AFNS
More than $1 billion worth of business was done via the Shanghai Diamond Exchange in 2007, a 53.4 percent increase over 2006, due to lower taxes on diamonds and a booming consumer market, according to the Diamond Administration of China.
This included $909 million worth of diamond imports and exports, a 58.7 percent increase. Imports alone more than doubled to $440 million, a 109.6 percent increase. Polished diamonds made up 98.9 percent of all diamond imports.
Internal transactions on the diamond bourse totaled $56.3 million, a 56.3 percent increase. As of the end of the year, the exchange had 209 members. The exchange joined the World Federation of Diamond Bourses in 2004.
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Date: 2008-03-02 Time: 10.23 AM
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» Namibia’s Namdeb attacking problem of rough diamond theft
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Source: AFNS
Namdeb, the 50-50 joint diamond mining venture between De Beers and the Namibian government, investigated 21 cases of rough diamond theft in 2007, spokesman Hilifa Mbako said. Twenty employees were arrested by the company’s internal police unit. Another 10 employees were not arrested due to insufficient evidence but were internally disciplined.
The company recovered more than 400 carats of stolen rough diamonds worth a total of N$2.5 million (U.S.$336,000), including a single 23.1 carat rough stone.
Employee theft was a major reason why the company produced 72,000 fewer carats than expected in the course of the year, for a total of 2.176 million carats. The target figure for 2008 is 2.306 million carats, 1.262 million carats of which are slated to come from land-based mining and the rest from offshore mining.
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Date: 2008-03-01 Time: 18.50 PM
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» Lonrho Mining gets green light for alluvial diamond mining at Lulo, Angola
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Source: AFNS
Australia’s Lonrho Mining said the Angolan government has given it approval to start its alluvial diamond exploration and mining joint venture at the Lulo concession. The company plans to start alluvial operations in April.
Lonrho Mining said it has completed 70 percent of its airborne magnetic and radiometric survey over the 1,000 square kilometer target area, and the whole thing should be done by February 7, with a report due by the end of the month. The preliminary data are of exceptionally high quality, and the geological structures appear very well defined, the company said. The survey is targeting kimberlite pipes within the survey area, of which 27 are known to be between the Lulo and Cacuilo Rivers.
In addition, construction of the Cacuilo River base camp has begun, and is due for completion in March. A diamond recovery plant is scheduled for completion on the site by mid-April, depending on logistical considerations.
The company is planning a geological mapping survey of the Cacuilo River picro-ilmenite rich terrace gravels. After that is done, the firm will begin excavation of a 6,000 ton bulk sample, which should be by the end of March.
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Date: 2008-02-29 Time: 17.25 PM
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» Zimbabwe mine nationalization threat on hold
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Source: AFNS
Foreign owners of Zimbabwean mines, including diamond mines, can breathe a little easier now that the threat by President Robert Mugabe to nationalize a 51 percent stake in all mines appears to be on hold.
A bill introduced in the Zimbabwean parliament in 2007 would have carried out Mugabe’s threat, but it has been allowed to lapse now that Mugabe, who has ruled since 1980, has dissolved the parliament ahead of elections planned for March 29. The foreign owners would have been reimbursed for only a 26 percent stake in the mines, under the bill.
The only diamond mine with significant production in Zimbabwe at the moment is Murowa in the southwest, which is 78 percent owned by Rio Tinto.
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Date: 2008-02-28 Time: 10.23 AM
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» Diavik production up 21 percent to 11.9 million carats in 2007
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Source: AFNS
The Diavik Diamond Mine produced 11.9 million carats of rough in 2007, up 21.4 percent compared with 2006. Production in the fourth quarter from the A154 South pipe totaled 2.9 million carats, up 16 percent from 2.5 million carats in the final quarter of 2006.
Management said that surface mining will continue on the A154 South pipe, as work continues on schedule to prepare the new A418 open pit for ore release by the end of March. Mining of the A154 North pipe will resume when it can be accessed via the underground workings, which is all according to plan.
Diavik's joint venture partners, Rio Tinto (60 percent) and Harry Winston Diamond Corp. (formerly Aber Diamond Corp., with 40 percent) have said they will invest $563 million (U.S.) to prepare for underground mining. The money will be spent over the next two years to construct approximately 20 km of underground tunnels and surface works. Underground production will begin in 2009, and will replace open pit mining by 2012. Mine life is expected to continue beyond 2020, in accordance with the 16 to 22 years originally projected in the Diavik mine feasibility study.
Exploration continued in 2007, but the total number of kimberlite bodies discovered to date on the Diavik property remains at 68. The mine is located 300 km northeast of Yellowknife, the capital of the Northwest Territories.
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Date: 2008-02-27 Time: 06.30AM
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» Canadians pledge support to CIBJO-UN education fund
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Source: AFNS
The Canadian Jewellers Association (CJA), which is a broad-based, full service trade organization serving all sectors of the Canadian jewelry industry, has pledged a sum of U.S. $10,000 to the new Education Fund set up in 2007 by CIBJO, the World Jewelry Confederation, in cooperation with the United Nations. The aim of the fund is to promote projects in which the jewelry business serves as a facilitator for sustainable economic and social development.
Notice of the decision by the board of directors of the Canadian Jewellers Association to make the donation was made by CJA Chairman Morris Robinson to Dr. Gaetano Cavalieri, the president of CIBJO. Mr. Robinson said the donation is not only a tangible indication of CJA's support for CIBJO and its program, but also of the Canadian jewelry industry's strong belief in the principles of corporate responsibility and in the ideal that the jewelry industry can act as a positive force in disadvantaged regions of the world.
Dr. Cavalieri expressed his thanks to the CJA board. "The Canadian Jewellers Association has once again demonstrated its sense of commitment to our industry and to the communities in which we operate. CJA is essentially investing in all of our futures, for in the modern business environment our success as industry will depend not only getting our goods to the market, but also in showing that we are contributing positively to the wellbeing of the regions in which we are active," he said.
The creation of the CIBJO Education Fund was agreed upon in November 2007 at a special session of the CIBJO Executive Committee, which took place at the United Nations headquarters in Geneva, Switzerland. With the support of the UN Development Program and the UN's Economic and Social Council (ECOSOC), of which CIBJO has been a member since 2006, it was decided to initiate, coordinate and support educational programs that will advance sustainable jewelry industry projects.
CIBJO and the Canadian Jewellers Association have traditionally enjoyed a close relationship. The CJA hosted the 2006 CIBJO Congress which took place in Vancouver, British Columbia.
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Date: 2008-02-26 Time: 18.25PM
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» DTC’s Shine denies targeting Indians when cutting sightholder list
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Source: AFNS
Varda Shine, managing director of De Beers’s Diamond Trading Company, denied that the company had deliberately targeted Indian companies when it recently cut its list of sightholder clients from 93 down to 79 for the new two-and-a-half-year contract period ending in 2011.
She dismissed claims that up to 150,000 jobs could be lost in the Indian industry, and said that the quantity supplied to India will actually be the same as or even greater than before.
The collapse of the U.S. housing market and fears that the country is falling into recession, potentially affecting the rest of the world, will pose challenges for the diamond industry this year, Shine said. However, she said rising demand in emerging markets like China and India will help compensate, while super-rich U.S., Russian and Chinese customers are driving demand for large white, blue and pink diamonds.
Rough diamond supplies will remain stable this year since no new sources have been found, Shine said.
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Date: 2008-02-25 Time: 11.21AM
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» Tahera suspending mining at Jericho, northern Canada
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Source: AFNS
The bankrupt Canadian diamond mining company Tahera Diamond Corporation said January 23 that it would suspend mining activities at the Jericho Mine in Nunavut in approximately two weeks to preserve cash and fuel at the mine while the company restructures.
In the next two weeks, Tahera is making "a concerted effort … to maximize high-grade ore stockpiles," the company said. After that, the company plans to continue ore processing and diamond recovery for approximately two months or until the high-grade ore stockpiles are exhausted.
Nuna Logistics has agreed to provide site services as required once mining has been suspended and while ore processing continues. Tahera will assess all its options with a view to continuing operations at Jericho.
The mine is located approximately 360 km southwest of Cambridge Bay, in the Kitikmeot region of western Nunavut. It started operations in early 2006 and officially opened in August 2006. Approximately 100 people work at the mine, of whom 35 or so are Inuit.
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Date: 2008-02-24 Time: 09.15AM
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» Survey finds diamonds or roses as the best Valentine’s Day gifts
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Source: AFNS
According to the results of a nation-wide survey conducted online in the United States via Harris Interactive by Teleflora, the world's leading floral service, both men and women are in agreement about gifts to give on Valentine’s Day. 84 percent of women ages 18-34 selected diamond jewelry or roses as the gifts that come to mind when they think about this romantic day. Surprisingly to some, 77 percent of men in that same age group are in agreement.
No matter what the age, diamonds or roses never goes out of style, suggested the survey, considering that 72 percent of men and 76 percent of women ages 45-54 selected diamond jewelry or roses as gifts that first come to mind for celebrating Valentine’s Day.
When given a list of the best Valentine's Day gifts to receive, women selected roses as the best gift to receive (32 percent); diamond jewelry as the second best gift (29 percent); jewelry other than diamonds as the third best gift (26 percent); roses other than flowers as the fourth best gift (24 percent).
When given a list of what men would want to give their significant other on Valentine's Day, 53 percent selected roses, followed by flowers other than roses at 39 percent, and 34 percent of men would give jewelry and 26 percent of men would specifically give diamond jewelry to their loved ones this Valentine’s Day.
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Date: 2008-02-23 Time: 17.19 PM
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» Diamonds brighten 14th Annual Screen Actors Guild Awards
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Source: AFNS
Hollywood's biggest stars came out to support the 14th Annual Screen Actors GuildAwards and diamonds once again proved to be the clear choice as the most glamorous accessory to sparkle on the red carpet.
Hollywood's leading ladies from television and film proudly donned their most sophisticated diamond looks, with the big trends of the evening being diamond power earrings, showcasing large diamond studs, diamond drops, and diamond chandelier earrings; boldly adorned stacked diamond bracelets and cuffs; and diamond Right Hand Rings. Diamond broaches also made a grand appearance.
To highlight the evening's best all-diamond looks, actress Ana Ortiz, from the nominated cast of the television series, "Ugly Betty" showcased an amazing half a million dollar diamond look by Kwiat, including beautiful diamond cluster earrings, a vintage diamond and platinum bracelet, and a diamond and platinum flower broach worn in her hair.
Presenter and actress, Kate Beckinsale also stole the red carpet wearing Van Cleef & Arpel's private museum collection pieces, including stacked diamond bracelets on both wrists, bold diamond stud earrings, a 1919 Art Deco diamond Right Hand Ring, and a breathtaking diamond broach.
Female nominee and award presenter Marion Cotillard wore a Happy Spirit diamond Right Hand Ring and Happy Diamond pave pendant necklace by Chopard.
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Date: 2008-02-22 Time: 12.25 PM
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» Jewellers of Europe publishes trade directory
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Source: AFNS
A trade group called Jewellers of Europe has published a directory with more than 60,000 names and addresses of jewelry and watch retailers in Europe, 90 percent of whom are independent dealers, 9 percent retail chains and 1 percent boutiques.
The only countries included in the initial edition are France, Germany, the UK, Spain and Italy, but more countries will be added in the future. More than 150 jewelry and watch brands are listed in the directory, which is available as a searchable, customizable online database at www.jewellersdirectory.eu. More than 40,000 of the jeweler listings can be searched by the names of the brands they carry, Filip Van Laere, founder and CEO of Jewellers of Europe, said.
There are more than 100,000 retail jewelers serving European consumers, who number 50 percent more than their U.S. counterparts, Van Laere said.
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Date: 2008-02-21 Time: 09.56 AM
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» De Beers suspends South African mining due to power shortages
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Source: AFNS
De Beers Consolidated Mines (DBCM), the South African arm of the De Beers group, said it has ceased rough diamond production at its six mines, Venetia, Finsch, Kimberley, Cullinan, The Oaks and Namaqualand, due to a severe national power shortage in South Africa.
The mines have been put on "survival load," using just enough electrical power to avoid risk to employees and property and to maintain safe working conditions, in the case of De Beers’ underground Finsch and Cullinan Diamond Mines.
All major mining operations that are major clients of the South African electrical utility, Eskom, have been requested to immediately reduce consumption of power from the national grid to an absolute minimum as the utility struggles with such problems as depleted coal stockpiles, load losses and wet coal. It is not known how long the crisis will continue.
DBCM said its mining operations will be managed in a state of operational readiness to resume later. Therefore essential ventilation, pumping and lighting, and all safety related services will continue, while regular operations will cease. The company added that it is strictly following all health and safety guidelines, including the safe evacuation of all underground personnel except essential staff.
DBCM had already cut its power demands on Eskom from 707 gigawatt hours in 2006 to 681 gigawatt hours in 2007, Managing Director David Noko said. The company recently signed an "Energy Efficiency Accord" issued by the South African Department of Minerals and Energy and said it was aiming for a 2–3 percent reduction in the use of energy per year over the next seven years, for a total 15 percent improvement by 2015.
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Date: 2008-02-20 Time: 11.50 AM
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» BHP Billiton diamond production up 31 percent in second half of 2007
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Source: AFNS
BHP Billiton produced 1.865 million carats of rough diamonds in the second half of 2007, a 31 percent increase from the second half of 2006. In the fourth quarter of 2007, production totaled 843,000 carats, which was a 10 percent decrease from the final quarter of 2006 and an 18 percent decrease from the third quarter of 2007.
The higher production for the second half of 2007 was "due to higher recoveries and grade," the company said. "Although production increased, it included a higher proportion of lower value carats." The drop in the final quarter was "due to lower recoveries and grade," the company added.
BHP Billiton said that as the Ekati Mine in Canada's Northwest Territories, in which it owns an 80 percent stake, transitions from open pit mining to underground mining, the mix of ore processed will change from time to time.
During the fourth quarter of 2007, the company began production at its 80 percent owned Koala Underground mine in Canada. Exploration continued on diamond targets in Angola and the Democratic Republic of Congo.
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Date: 2008-02-19 Time: 13.10 PM
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» Indian net polished diamond exports stagnant in 2007
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Source: AFNS
India's net polished diamond exports (total exports minus imports of polished stones) increased 2.7 percent in dollar terms to $6.42 billion from April through December 2007, compared with $6.25 billion during the same period of 2006. In rupee terms, Indian polished exports shrank 8.8 percent during this period compared with the same period the preceding year, according to the Gem & Jewellery Export Promotion Council.
This is despite the fact that the total export figure for polished diamonds (before $3.62 billion in imports are subtracted out) jumped some 29.9 percent to $10.04 billion.
Therefore, for April through December 2007, net polished exports from India were actually some $448 million less than net imports of rough diamonds into India during this period, which totaled $6.87 billion. This would seem to imply that Indian diamantaires are holding onto increasing stockpiles of unsold rough that they cannot profitably cut and export, amid a weakening U.S. market.
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Date: 2008-02-18 Time: 09.11AM
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» Russia’s Severalmaz to start selling rough diamonds
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Source: AFNS
The Russian diamond mining company Severalmaz, which produces rough diamonds from the Lomonosov deposit near Akhangelsk in Russia's northwest, will start selling rough diamonds to selected domestic and foreign clients by the end of March, now that the government has lifted export quotas.
The company, which is 95 percent owned by the Russian government-owned diamond mining monopoly Alrosa, has set up its own "Severalmaz Selling Organization" and has instructed potential clients to start a prequalification process via its website, www.severalmaz.ru.
Severalmaz may run auctions or sell the diamonds directly. Stones weighing more than 10.8 carats each have to be sold at auctions in Moscow, under Russian law.
The Lomonosov deposit, which was discovered in 1980, may be worth up to $12 billion. Ownership has been disputed in the past between the Russian authorities and the Canadian company Archangel Diamond Corp., in which De Beers has a controlling interest.
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Date: 2008-02-17 Time: 18.50 PM
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» Diamdel holds first online auction
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Source: AFNS
De Beers subsidiary Diamdel held its first online auction for rough diamonds on January 28. The company said it had a good response from its customers, with auction attendance, participation and results "all exceeding expectations."
Diamdel made all 16 lots available for viewing to potential buyers in several of the world’s major diamond centers before the auction. During the auction, the lots were sold to 14 buyers from around the world, with bidders actively participating in Antwerp, Tel Aviv, India and the Far East. No details about quantities or prices were disclosed.
"We are delighted that the first auction has worked so well and in particular how we have been able to meet the needs of clients from around the world at market-determined prices," Diamdel Managing Director Neil Ventura said. "We are still reviewing the learning from the auction and will be talking to the participants in order to ensure the future auctions are equally successful."
Details of future Diamdel E-auctions will be announced soon to customers registered at the company's website, www.diamdel.com, the company said.
Diamdel is De Beers' direct marketing channel to clients too small to qualify for Diamond Trading Company sites, but it was drastically scaled back last year and offices in most major cutting centers except India were shut down.
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Date: 2008-02-16 Time: 10.00 AM
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» Display of 'Diamond Divas' to dazzle at Antwerp exhibition
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Source: AFNS
An exhibition that combines celebrity with stunning diamond jewellery will afford Antwerp the opportunity of continuing its long tradition of assembling spectacular displays of diamond jewellery. Called ‘Diamond Divas’, the exhibition will show items worn by royals, high society, stars of stage and screen. Organised by the Antwerp World Diamond Centre, it opens on April 11 at the Antwerp Diamond Museum and will run through June 8, 2008.
Each item of jewellery that will be shown at the Diamond Divas exhibition comes with its own legend, sometimes concerning its owner and on other occasions the event for which it was created. Among the many items that will be shown are bracelets from the “Art de Cartier” collection owned by Gloria Swanson, a star from Hollywood’s silent movie era who was famous for her extravagant life style; a tiara owned by Doris Duke, the billionaire tobacco heiress who died under mysterious circumstances at age 80 in 1993, and whose life was the inspiration for the 1999 movie starring Lauren Bacall, called “Too Rich: The Secret Life of Doris Duke”; the “snake” necklace owned by Maria Felix, a leading lady from Mexico’s silver screen; the famous “Moon of Baroda” necklace, which has as its centrepiece a 24.04-carat canary yellow pear-shaped diamond, which was worn by Marilyn Monroe at the premiere of “Gentlemen Prefer Blondes.”
To put together the exhibition, ADWC turned to high end jewellers, auction houses and private collections from around the world. In doing so, it drew from its experience of organising similar exhibitions, including “From the Treasury” and “Living Diamonds”.
Diamond Divas will be held under the Patronage of HRH Princess Mathilde.
The Diamond Divas exhibition runs from April 11-June 8, 2008, at the Diamond Museum of the Province of Antwerp, Astridplein 19-23, 2018 Antwerp (10:00 AM-5:30 PM/10:00 PM on Thursday). The entrance fee is € 12.50, and it also includes entry to the photography and fashion museums in Antwerp. Info and photo gallery on www.diamonddivas.be
Diamond Divas is a cooperation with the Diamond Museum of the Province of Antwerp, sponsored by Antwerp Diamond Bank, KBC, ABN AMRO, SNCB, Roularta Media Group Lifestyle Magazines, De Standaard and the City of Antwerp. Diamond Divas is supported by the Province of Antwerp.
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Date: 2008-02-15 Time: 08.45 AM
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» Diamond-studded cases offered for BlackBerry, iPhone
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Source: AFNS
A company called Case-mate is offering cases accessorized with 18K gold and diamonds for the popular handheld electronic communication devices BlackBerry and iPhone. The cases retail for $20,000 each.
The “BlackBerry Curve” case is set with 3.5 carats total weight of diamonds and 15 grams (0.5 oz.) of 18K gold. It was on display at the recent CES trade show in Las Vegas.
The “Diamond Case” for the iPhone also contains 3.5 carats total weight of diamonds set in 18K gold. Each of these products boasts 42 individual small diamonds, all VVS1 clarity and H color.
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Date: 2008-02-14 Time: 10.00 AM
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» Diamdel launches rough diamond auctions on website
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Source: AFNS
Diamdel, the De Beers subsidiary that supplies the secondary market has entered the Internet sphere with the sale of rough diamonds on a new website, www.diamdel.com. The site’s diamond trading portal will enable registered buyers and sellers to trade in rough diamonds at Diamdel E-auctions.
Diamdel continues to supply rough diamonds directly to clients, but from January is also selling them on the website.
Diamdel aims to regularly sell in-demand stones. The diamond firm said that demand for some of its output is now so high that it feels the best way to sell the stones is via an online auction which will set the market price for the goods.
The highpoint of Diamdel E-auctions in January is a 750-carat rough diamond, Diamdel assortments and DTC goods.
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Date: 2008-02-13 Time: 08.45 AM
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» Shanghai World Diamond Congress website online
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Source: AFNS
The Shanghai Diamond Exchange has started a website for the 33rd World Diamond Congress of the World Federation of Diamond Bourses (WFDB) at www.wordldiamondcongress2008.com.
The biannual event will be held May 12 to 15 at the Portman Ritz-Carlton Hotel in Shanghai, one of the city’s leading business hotels.
“Never before have we been online so early and completely for a World Diamond Congress,” WFDB President Ernest Blom said.
The website enables participants and people accompanying them to register for the congress, consult the preliminary agenda, book hotel rooms and tours and indicate dietary needs. Two locally based liaison officers have been appointed by the Shanghai Diamond Exchange: Ling Shen, tel. +86-21-62170066, email: wdc2008@highteam.com, and Sunny Ma, tel. +86-21-52895838, email: sunny.ma@knprsh.com.
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Date: 2008-02-12 Time: 13.11 PM
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» Tahera, owner of Jericho Mine, goes bankrupt
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Source: AFNS
Tahera Diamond Corporation, owner of the Jericho Diamond Mine in Canada’s Nunavut territory, said January 16 that it had been granted bankruptcy protection by the Ontario Superior Court of Justice.
The order gives the company and its subsidiary protection from creditors under Canada’s Companies’ Creditors Arrangement Act (CCAA) for an initial period of 30 days, expiring on February 14, which can then be extended or terminated at the court’s discretion. One of the company’s creditors is the U.S. fine jewelry firm Tiffany & Co.
While under CCAA protection, Tahera management will remain responsible for day-to-day operations under the supervision of a court-appointed monitor, PricewaterhouseCoopers Inc., which will also be responsible for assisting management with the development and filing of a restructuring plan, liaising with creditors and other stakeholders and reporting to the court.
The company had said in December that it needed to raise C$36.7 million (U.S.$35.9 million) to continue operations, including transporting supplies north to the mine along the seasonal ice road that serves Canada’s Far Northern diamond mines, including Ekati and Diavik in the Northwest Territories. While CEO Peter Gillin said he is optimistic that the company can sort out its financial problems, analyst said he thinks it is the end of the line for the company.
Rio Tinto, which holds a 60 percent stake in Diavik, and De Beers, which is developing its own Canadian diamond mines, are said to be interested in buying the Jericho Mine.
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Date: 2008-02-11 Time: 09.00 AM
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» Canada ice road seen opening at end of January
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Source: AFNS
The 600-kilometer ice road that provides a resupply route for the diamond mines in Canada's far-north is on track to open around the end of January.
The road starts in Yellowknife in the Northwest Territories, and leads to the neighboring Arctic territory of Nunavut, providing the only terrestrial supply route for the diamond mines, including Diavik, owned by Rio Tinto and Harry Winston.
The ice highway also provides a supply link for BHP Billiton's Ekati mine, Tahera Diamond's Jericho mine and De Beers’ Snap Lake mine.
The ice road has been in existence for more than two decades, and originally served the former Lupin gold mine in Nunavut. Its importance has grown in the past 10 years or so as the Canadian diamond mining industry has expanded.
The road is used by transport trucks during the two-month season, and usually opens around the end of January or start of February. Mild temperatures in 2006 closed the road early, but in 2007 the mines had the benefit of a 73-day supply season when almost 11,000 loads were transported.
Preparation work involves the use of converted amphibious military vehicles that can float if they fall through the ice.
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Date: 2008-02-10 Time: 16.30 PM
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» U.S. dollar causing Indian industry to hemorrhage profit, jobs
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Source: AFNS
The Indian diamond industry has lost 100,000 jobs and suffered a decline in manufacturing due to the continued strength of the rupee against the U.S. dollar, according to the country’s trade organization, the Gem & Jewellery Export Promotion Council (GJEPC).
The industry has undergone some 45 billion rupees ($1.14 billion) worth of capital depreciation during the current fiscal year, while accumulating 8 percent more in inventory in value terms. But diamond companies’ stockpiles are depreciating in the current climate, the trade organization said.
The GJEPC has suggested a number of steps the Indian government can take to help the diamond industry, including giving the industry the same help it gives to other small-to-medium exporters, such as a 2 percent interest subsidy on loans; convincing banks to lend diamond companies money in dollars instead of rupees; and not taxing diamond companies for foreign exchange hedging.
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Date: 2008-02-09 Time: 14.15 PM
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» Rio Tinto posts fall in diamond production in 2007
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Source: AFNS
Diamond production at diversified miner Rio Tinto in the fourth quarter fell 18 percent to 7.807 million carats due to substantially lower production from its main Argyle mine in Australia. For the whole year, Rio Tinto's diamond output dropped 26 percent to 26.023 million carats.
Rio Tinto owns the Argyle mine, and holds a 60 percent stake in the Diavik mine in Canada’s Northwest Territories and a 78 percent share in Murowa Diamonds in Zimbabwe.
Production in the fourth quarter at Argyle slumped 25 percent to 5.995 million carats, while output in 2007 dropped 36 percent to 18.744 million carats.
Meanwhile, Rio Tinto's share of output at Diavik jumped 18 percent to 1.766 million carats in the fourth quarter of last year, and by an even higher 22 percent to 7.166 million for all of 2007.
Rio Tinto's Murowa mine share produced 46,000 carats of diamonds in the final quarter of last year, a rise of 18 percent from the same quarter of 2006.
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Date: 2008-02-08 Time: 13.34 AM
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» DTC Botswana creating jobs, growth in local diamond industry
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Source: AFNS
As the Diamond Trading Company (DTC) Botswana prepares to start operations, it has placed classified ads in local newspapers for 18 jobs in human resources, finance, information technology and corporate communications and public affairs. Kago Mmopi, a Botswana citizen who has worked as an executive with Orange Botswana and Barclays Bank, has been named corporate communications and public affairs manager.
The move of the DTC’s rough diamond sorting and aggregation operations to Botswana, and its agreement to provide $500 million worth of suitable stones a year to local diamond polishing companies starting in 2010, are expected to create 3,000 downstream jobs.
All but one of the 16 companies granted diamond polishing licenses by the Botswana government are up and running, according to the Ministry of Minerals, Energy and Water Resources. Lazare Kaplan Botswana is the only company not yet operating; the others are Teemane Manufacturing Company, Eurostar Botswana, Leo Schachter, Diamond Manufacturing, Safdico Botswana, Ascot Diamonds, Suashish Diamonds, Pluczenik Diamond Company, Rand Precision Cut Diamonds, Yerushalmi Bros. Diamonds, H&A Cutting Works, Zebra Diamonds, the Dalumi Group and DDA.
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Date: 2008-02-07 Time: 17.19 PM
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» HRD Antwerp appoints Emile Schoeters as new Senior Manager of HRD Diamond Lab
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Source: AFNS
HRD Antwerp NV, which provides grading, gemmological, educational, technological and research services to the international diamond and jewellery industries, has named Emile Schoeters as the new Senior Manager of the HRD Diamond Lab. He replaces Anita Dillen, who left the organisation at the end of 2007.
Mr. Schoeters joins HRD Antwerp from Agfa-Gevaert, where he served as a key manager. He holds both a doctorate in nuclear physics and an MBA, and comes with extensive experience as a team leader in an international science-based business environment.
In his new role Mr. Schoeters will be responsible for the daily management of the HRD Diamond Lab, and for the formulation of the laboratory’s business strategy. Among the challenges that he will face right at the outset is expanding and optimising the lab’s grading capacity. This is necessary to meet the growing demand for HRD Antwerp diamond certificates, which reached unprecedented levels in 2006 and 2007.
“With his excellent managerial skills and experience, and his strong scientific background, we are confident that Emile is ideally suited to head the HRD Diamond Lab,” said Georges Brys, general manager of HRD Antwerp. “The almost exponential rise in demand for our grading reports has provided us with a tremendous opportunity for growth. Emile, who is intimately familiar with the demands of a science-based enterprise in a market environment, is the right person to take the HRD Diamond Lab further into the future.”
HRD Antwerp NV is the recently created subsidiary of the Antwerp World Diamond Centre (AWDC), the private foundation formerly known as the Hoge Raad voor Diamant (HRD). HRD Antwerp operates six services : HRD Diamond Lab, the first ISO-certified diamond lab, which issues one of the world’s most respected diamond certificates; HRD Precious Stones Lab; HRD Education; HRD Graduates Club; HRD Equipment and HRD Research. The HRD Diamond Lab is NBN EN ISO/IEC 17025- certified.
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Date: 2008-02-06 Time: 10.23 AM
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» DTC lifts suspension of suspended sightholders in Antwerp
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Source: AFNS
In a statement released January 22, the Diamond Trading Company confirmed that it had lifted the suspension of rough diamond supplies to four Antwerp-based DTC sightholders, who had been named in a judgment by Antwerp Court of First Instance, in the so-called Brenig case. The suspension had first been imposed on January 8.
According to the statement, the DTC said it had conducted interviews with the sightholders concerned, and considering each separate case on its merits it was lifting its suspension of supply. Where relevant, the DTC stated, it will need confirmation that appropriate remedial action has been taken.
In its statement, the DTC thanked the sightholders concerned for “their prompt and full cooperation in assisting the DTC with its enquiries.”
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Date: 2008-02-05 Time: 18.25PM
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» Blue Hope Diamond glows red in ultraviolet light
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Source: AFNS
The famous 45.52 carat blue stone known as the Hope Diamond glows red when viewed under ultraviolet light, Jeffrey Port, curator of the National Gem Collection at the Smithsonian Institution’s National Museum of Natural History in Washington, D.C, said.
Port and other scientists studied the stone and other examples of very rare natural blue diamonds loaned by diamond dealers and reported on their finds in the journal Geology.
Port said the red color the Hope Diamond displays under ultraviolet light comes from trace amounts of the element boron, which makes the stone appear blue in normal light. The unique mix of boron and nitrogen now known to exist in the Hope Diamond could help researchers determine whether the Hope Diamond was cut from a much larger rough stone from India that also yielded part of the pre-Revolutionary French crown jewels, he said.
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Date: 2008-02-04 Time: 11.21AM
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» Diamond tennis tourney to feature Justine Henin and other stars
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Source: AFNS
The annual Diamond Games in Antwerp February 11-17 will feature tennis stars Serena Williams, who won the Australian Open, and Justine Henin, who is top-ranked.
Other players among the top 20 in the sport who will take part in the Diamond Games are Anna Chakvetadze of Russia, Daniela Hantuchova of Slovakia and Tatiana Golovin of France.
The diamond-studded tennis racket that is the tournament’s top prize is worth 1 million euros ($1.49 million). To win it, a player must triumph in any three out of five years. Amelie Mauresmo of France won the trophy last year but will not compete this year. The 2008 version of the racket has stones cut this year embedded in it.
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Date: 2008-02-03 Time: 09.15AM
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» Tiffany sponsoring ‘Fair Trade Diamond’ feasibility study
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Source: AFNS
TransFair USA has received a $100,000 grant from the Tiffany & Co. Foundation to explore the feasibility of a “Fair Trade Certification” for diamonds. The company will do research to see if “fair trade” can provide a mechanism to help the most disempowered and disenfranchised people in the diamond supply chain through a transparent and equitable system.
The first step in this process is a feasibility study to determine with the help of experts whether it is possible to develop and pilot a standards and certification system for the entire industry. The study is beginning in the early months of 2008.
TransFair USA seeks to reward firms that take the lead on socially and environmentally responsible sourcing in the industry by allowing them to participate in sourcing and certifying their supply chains.
Fair Trade certification for any product requires identifying viable sources and supply chains; delivering impact to worker or farmer communities; solving the social and environmental problems that have traditionally plagued the industry and its stakeholders; creating long-term development opportunities and solutions to poverty in the sector; a pricing mechanism to promote development and a more equitable model of trade; and viable global markets for the products.
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Date: 2008-02-02 Time: 17.19 PM
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» Canadian miner begins diamond mining in Namibia
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Source: AFNS
Canadian diamond miner, Dahava Resources Limited, has started limited production at its Lower Orange River project in Namibia. Exploration and production sampling have produced promising results indicating commercially viable diamondiferous gravel deposits, the company said.
Dahava has announced in the past that diamond grades for the gravels in its project area have historically varied between 0.3 to 2.7 carats per hundred ton.
Grades and value from the area tested at between 1.3 to 1.78 carats per hundred ton. The average size is 2.02 carats, with the stones being mostly gem quality.
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Date: 2008-02-01 Time: 12.25 PM
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» Major diamond find reported in northern Canada
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Source: AFNS
Some 862 rough diamonds have been found at a property in Nunavut in Canada’s Far North owned by Vancouver, British Columbia-based Diamonds North Resources Ltd.
On January 8, the company announced that it found 550 diamonds in an 81.75 kilogramg sample from the Tuktu-1 kimberlite on its wholly owned Amaruk property in the Pelly Bay Diamond District of Nunavut. More than 90 percent of the diamonds recovered from the 0.30-millimeter mesh and above are white, with the majority being clear octahedral crystals forms, the company said.
The news more than doubled the company’s stock price. Diamonds North has discovered 22 kimberlites to date on the Amaruk property, and there are 500 compelling geophysical targets that remain to be tested. Tuktu-1 is located on a 1.2 hectare area.
The company said it views these results as very significant “because it is generally considered highly positive to recover one diamond per kilogram of kimberlite.” Tuktu-1 has yielded nearly 7 diamonds per kilogram, comparable to initial results from some of the top diamond producing kimberlites in Canada.
On January 14, the company announced further high diamond counts from the Qavvik-3 and Qavvik-4 kimberlites at Amaruk. A 72.8 kilogram sample from Qavvik 3 yielded 183 diamonds, and a 65.7 kilogram sample from Qavvik-4 yielded 129 diamonds. These kimberlites are part of the Qavvik kimberlite cluster, which is approximately 15 kilometres from Tuktu-1.
The diamond count for Qavvik-3 is 2.5 diamonds per kilogram, and for Qavvik 4 it is 2 diamonds per kilogram.
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Date: 2008-01-31 Time: 09.56 AM
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» De Beers to start paying out $295 million settlement of U.S. lawsuit
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Source: AFNS
Individual consumers and members of the diamond trade are eligible to claim part of a proposed $295 million settlement of a series of class action lawsuits against De Beers in the United States, according to the “Diamonds Claims Administrator.” The payout is subject to final court approval on April 14.
The lawsuits allege that De Beers charged anticompetitive prices for the rough diamonds it sold, monopolized the rough diamond market and disseminated false and misleading advertising. They are not to be confused with the $10 million De Beers agreed to pay the U.S. Department of Justice in 2004 to settle its antitrust claim. The company has been trying to settle all outstanding U.S. and European antitrust claims in the past few years as it moves into the retail diamond jewelry business and rehabilitates its corporate image.
The $295 million will be distributed to two groups, or classes, of purchasers: the “Direct Purchaser Class” and the “Indirect Purchaser Class.” The Direct Purchaser Class includes persons or businesses, other than Diamond Trading Company sightholders, who purchased any gem diamonds directly from De Beers or one of its diamond mining competitors between September 20, 1997 and March 31, 2006.
The Indirect Purchaser Class includes persons or businesses who purchased gem diamonds, diamond jewelry, or other products containing diamonds from someone other than De Beers or one of its mining competitors between January 1, 1994 and March 31, 2006. Indirect purchasers include consumers and resellers (businesses that purchased gem diamonds and diamond products for resale).
“This Proposed Settlement will provide a cash benefit to consumers who purchased diamonds or diamond jewelry, and broad injunctive relief addressing the conduct alleged in the complaints,” Josef Cooper of the San Francisco-based law firm Cooper & Kirkham, co-counsel for the consumer subclass said.
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Date: 2008-01-30 Time: 11.50 AM
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» Turkey aiming to launch diamond and precious stones bourse
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Source: AFNS
Recognizing the growing popularity of diamond jewelry, Turkey plans to open a diamond bourse later this month. The eventual aim is to create a regional trading center for diamonds.
The market will start operations in the trading of rough and polished diamonds within Istanbul Gold Exchange, said the exchange’s vice president Oguzhan Aloglu.
There is rising domestic demand from Turkey's young people and a move away from traditional jewelry, as well as the possibility of attracting customers in the region, particularly from Dubai and Israel. The latter is a major diamond trading center.
Turkish weddings, like their Indian counterparts, usually feature the giving of gold jewelry, however with gold prices rising dramatically, consumers are looking to add value by including diamonds.
Aloglu estimates Turkish rough diamond sales at approximately $600 million, with diamond jewelry sales of approximately $1.2 billion, according to comments he made to Reuters. Turkey buys mostly semi-polished or polished diamonds from Belgium, Dubai and Israel.
Aloglu predicted the rapid growth of diamond polishing companies and business, but said a 20 percent import tax, also known as a special consumption tax, on diamond imports might be an impediment. He said the industry was working to find a way to end the tax.
Turkey became a member of the Kimberley Process Certification Scheme in August.
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Date: 2008-01-29 Time: 13.10 PM
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» WFDB mourns death of diamantaires in Namibian plane crash
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Source: AFNS
Ernest Blom, president of the World Federation of Diamond Bourses, and WFDB Secretary General Michael Vaughan have issued a statement expressing shock and sadness over the tragic death of five Israeli diamantaires in a plane crash that occurred over the weekend in the Namibian capital of Windhoek.
"We offer our condolences to the families of Shlomo Zilberberg, Shmuel Tzuri (Zigdon), Amit Cohen, Ilan Adadi and Avichai Avaro, who lost their lives in this tragic accident," Blom and Vaughan stated . "The international diamond community always cares for the welfare of its members and in times of a disaster of this proportion bows its head in mourning with the families and the Israeli diamond business community."
The five diamantaires and their local pilot, who also was killed, were on their way to the north of Namibia for a short weekend safari. Reportedly, the Israelis were employed by Nam-Gem, a Namibia-based diamond company.
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Date: 2008-01-28 Time: 09.11AM
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» Strong demand and shortages to boost diamond prices this year
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Source: AFNS
Prices of rough diamonds, particularly high-quality stones, will rise further this year as demand surpasses supply, said World Federation of Diamond Bourses President Ernie Blom.
Rough prices will increase due to shortages, increased demand from countries such as China and India, he said.
Blom pointed out that De Beers had already increased prices by 3.5 percent across all its goods at the first sight of the year, which could set a precedent for other diamond suppliers. In addition, the surge in the number of junior diamond miners that listed on stock exchanges last year, or planned to float in the first part of this year, indicated that there was a strong market for the stones.
Blom noted that the shortage of diamonds would not affect all goods, stressing that there was an oversupply in the lower-value range.
Blom’s comments were supported by South African diamond industry analyst James Allan, who predicted "modest" price increases in 2008, of around 5 percent across all types of goods.
Allan believes U.S. demand for polished diamonds will fall this year, as economic indicators regarding growth and the job market decline. To a certain extent, however, the falling American demand would be offset by rising demand from India, China and the Middle East.
"They are not close to the U.S. at the moment, but, in a couple of years time, they will be major consumers of diamonds," he told Mining Weekly Online.
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Date: 2008-01-27 Time: 18.50 PM
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» Belgium post sharply higher polished exports in 2007
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Source: AFNS
The Belgian diamond industry reported strong polished diamond export figures for December and 2007 as a whole, according to statistics released by the AWDC Diamond Office.
Polished exports for December in terms of volume rose 11.20 percent to 719,773.79 carats, and in terms of value by 15.51 percent to $886.4 million. For all of last year, polished exports increased by 7.20 percent to 9.36 million carats, and by 13.01 percent to $10.7 billion.
Meanwhile, polished imports in December showed a 5.75 percent increase to 616,955.82 carats, and by 14.62 percent to $718.6 million. For all of 2007, polished imports showed a 4.96 percent increase to 9.74 million carats, and an 11.06 percent rise to $9.99 billion.
In imports and exports of rough diamonds, Antwerp showed a large rise in price per carat both for December and the year as a whole. Rough exports showed a 0.14 percent increase in volume in December terms to 13.14 million carats, and a 16.13 percent jump by value to $1.07 billion. For all of 2007, there was a 5.17 percent rise in volume to 142.9 million carats, and a 15.28 percent increase in value to $11.4 billion.
Rough imports in December were down 2.26 percent in volume on December 2006 to 9.34 million carats, but 19.31 percent higher in value at $803.5 million. For the whole of 2007, rough imports were down 1.71 percent in volume terms to 133.6 million carats, but 10.52 percent up by value to $10.2 billion.
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Date: 2008-01-26 Time: 10.00 AM
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» Astronomers discover largest diamond in the galaxy
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Source: AFNS
The largest diamond in the known galaxy has been discovered by astronomers at Harvard University.
Called 'Lucy' and located 50 light years from the Earth, the diamond planet is the heart of an extinct star that used to shine like the Sun, and weighs at least 10 billion trillion trillion carats.
The astronomers said that Lucy is a crystallized white dwarf, the remaining hot core of a dead star. They added that in five billion years, our Sun will also die and turn into a similar diamond which will forever sparkle in the center of the solar system.
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Date: 2008-01-25 Time: 08.45 AM
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» Severalmaz to sell diamonds from Lomonsov this year
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Source: AFNS
Severalmaz, a mining company 90 percent owned by Russian diamond giant Alrosa, will begin selling rough diamonds in 2008, according to Interfax.
Severalmaz is developing the Lomonosov diamond deposit in the Arkhangelsk region which was discovered in 1980, Interfax reported.
Severalmaz predicts that around $12 billion of diamonds will be recovered from the deposit, with more than half expected to be of gem quality.
"In 2008 we plan to start up operations at a number of points in phase two of the Lomonosov project, which will enable the company to attain a qualitatively new level of production operations," Severalmaz President Nikolai Abramov told Interfax,
A service of the Antwerp Facets News Service (AFNS). Article may be reproduced provided that credit is given to AFNS.
[AFNS] MOSCOW, RUSSIA 09 January 2008– Severalmaz, a mining company 90 percent owned by Russian diamond giant Alrosa, will begin selling rough diamonds in 2008, according to Interfax.
Severalmaz is developing the Lomonosov diamond deposit in the Arkhangelsk region which was discovered in 1980, Interfax reported.
Severalmaz predicts that around $12 billion of diamonds will be recovered from the deposit, with more than half expected to be of gem quality.
"In 2008 we plan to start up operations at a number of points in phase two of the Lomonosov project, which will enable the company to attain a qualitatively new level of production operations," Severalmaz President Nikolai Abramov told Interfax.
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Date: 2008-01-24 Time: 10.00 AM
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» DTC’s sales in South Africa seen falling by 2 million carats
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Source: AFNS
The Diamond Trading Company (DTC) predicts future sales in South Africa of around 12-million carats annually, down from approximately 14-million carats following the sale of four of De Beers Consolidated Mines' local operations. In value terms, the forecast fall amounts to around $700 million.
But, noted DTC Managing Director Faried Sallie, while De Beers own output will be down, South African rough production should remain steady. This is because De Beers has sold several of rough diamond producing resources to new operators. De Beers has sold its Kimberley underground mine as well as diamond-containing dumps around Kimberley in the past two years in addition to its Koffiefontein and Cullinan mines.
De Beers winding down on operations has caused a good deal of anxiety in the veteran mining town, and the diamond company is keen to avoid leaving a vacuum in its wake. In a bid to expand diamond operations around Kimberley, the DTC SA offices are being moved to the historic diamond area from Johannesburg. The move is aimed at encouraging sightholders to establish factories in Kimberley.
DTC Sa also is mulling the setting-up of a diamond academy in Kimberley to teach the skills needed in cutting and polishing plants.
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Date: 2008-01-23 Time: 08.45 AM
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» Angola summit expected to approve industry code of conduct
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Source: AFNS
A senior Angolan official said a world diamond summit due to take place in the country in November 2009 will approve a code of conduct for the diamond industry. Aimed at diamond producing states, the code of conduct will target the use of diamonds in prolonging conflicts.
Alberto Françony, director of planning and development at state diamond company Endiama, said the conference would also discuss issues relating to environmental protection and areas around diamond mines.
The summit, due to be held in Luanda, the Angolan capital, will also include technical meetings, a diamond fair and meetings between government officials and the heads of diamond companies. The Angolan delegation is predicted to be 250 strong, while 400 foreign visitors are expected to attend.
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Date: 2008-01-22 Time: 13.11 PM
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» Endiama to float on new Angolan stock exchange
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Source: AFNS
Endiama, the Angolan state-owned diamond company, is among 27 companies planning to list on the Angolan Stock Exchange and Derivatives (BVDA). The BVDA is due to start operations in the first quarter of this year.
The 27 companies include several banks, insurance corporation Ensa and oil company Sonangol.Endiama is involved in diamond mining, prospecting and trading in Angola.
The establishment of the BVDA is meant to help diversify means of financing the Angolan economy and enhancing transparency in financing public and private firms. In the opinion of the Angolan government, the existence of a capital market in the country, through a stock exchange, would enable investors to render lucrative their financial assets, placing them at the disposal of both the state and the private sector.
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Date: 2008-01-21 Time: 09.00 AM
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» Diamond training school established in Ghana
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Source: AFNS
Diamond training institute has been opened in the Accra, the capital of Ghana, to teach members of the Ghanaian diamond and jewelry industries about diamond identification, manufacturing, and grading, according to the Ghana News Agency.
Called the Natural Diamond Training Institute, the new school is offering a two-month course for high school graduates during which they learn how to identify, cut and polish rough diamonds.
Speaking to the Ghana News Agency, the school’s director, T. Raj Maheswaran, said that the students were also being taught marketing of diamonds, so that they could develop the entrepreneurial skills to establish their own companies.
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Date: 2008-01-20 Time: 16.30 PM
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» Monroe Minerals says Angolan diamond site may lack diamonds
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Source: AFNS
Canada-based Monroe Minerals Inc. said that there may not be enough diamonds at its Cangandala Project diamond exploration program in Angola to be worth further prospecting.
This preliminary conclusion comes from “deficiencies in both the nature of the potential source of diamonds and the depositional environment of the Cuanza River in the Cangandala Concession, along with [a] lack of enthusiasm shown by local garimpeiros [artisanal miners],” the company said. “Although diamonds have been, and will continue to be found by local garimpeiros, there may not be substantial resources within the confines of the project area that can be mined on a commercial scale.”
Field exploration at Cangandala ended in December. Since heavy rainfall made transport impossible, only half the program was completed, and any further field program must await the end of the rain season in Angola next May, the company said.
Monroe is engaged in the exploration and development of gem-quality diamond properties in southern Africa and in putting together an international portfolio of uranium projects.
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Date: 2008-01-19 Time: 14.15 PM
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» India fears impact of changes to DTC sightholder list
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Source: AFNS
India’s Gems and Jewellery Export Promotion Council (GJEPC) fears the country’s diamond industry will be hit badly by the Diamond Trading Company's (DTC) axing of eight sightholders from its list.
The DTC has cut 25 sightholders from its list overall. In addition to the eight firms in India, it has cut three Indian-owned firms in Antwerp.
The GJEPC said it predicts a 25 percent shortage in rough diamonds to the country after March following the DTC's decision. It has the DTC to “review and reconsider its decision-making process.”
In 2006, the DTC supplied rough diamonds worth $1.7 billon to India out of a total of $8 billon of rough imports.
The GJEPC estimates around 150,000 diamond workers will lose their jobs due to the shortfall in rough diamonds and a fall in exports caused by the weakening of the US dollar against the Indian rupee. GJEPC chairman Sanjay Kothari said India would have to develop alternative rough sources and would request the Indian government to promote local mining.
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Date: 2008-01-18 Time: 13.34 AM
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» Rosy Blue mulls commodities investment
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Source: AFNS
Rosy Blue (India) Private Ltd, the Mumbai-based subsidiary of the Antwerp-headquartered Rosy Blue Group of Companies, is reportedly moving into commodities and is also planning to set up a diamond cutting and processing plant near Palanpur, according to the Indian newspaper Business Standard.
Rosy Blue is considering either a castor seed processing or an isabgul plant in Banaskantha in Gujarat. It has sought 50 acres of land from the state government for the purpose, said the Indian arm of the Rosy Blue group.
“Diamonds being the core business for us, we thought of getting into a second or third leg business,” said Russell Mehta, chief operating officer of the group in India. “Moreover, as a corporate social responsibility, we came across the idea of buying 50 acres of barren land from farmers. Though the company is yet to decide whether it would set up a castor seed processing plant or an isabgul plant, ultimately we intend to generate some more job opportunities in the region.” Mehta said company shareholders would meet soon to make investment decisions.
Mehta added that Rosy Blue would also be establishing a manufacturing plant via one of its shareholders, Banaskantha Industries Private Limited, near Palanpur.
“As of now, we are satisfied with our diamond cutting and processing capacity. Yet, the new plant is again an effort to generate more employment in that region,” he said.
Via a joint venture with jewelry retailer company Popley & Sons, Rosy Blue also aims to enter the Gulf market.
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Date: 2008-01-17 Time: 17.19 PM
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» Rio Tinto says it may suspend $60 million investment over proposed Zimbabwe law
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Source: AFNS
Rio Tinto says it may reconsider a planned U.S. $60 million in a diamond project in Zimbabwe if the Mugabe government moves to implement its Indigenization and Economic Empowerment Bill. Rio Tinto holds 56 percent of Rio Tinto Zimbabwe, which owns and operates the Murowa diamond mine.
The Indigenization and Economic Empowerment Bill has already been passed by the Zimbabwean parliament, but it is still President Robert Mugabe's signature to become law. The requires all foreign owned companies to have a major shareholder who is local.
Rio Tinto also expressed concern about Zimbabwe’s foreign exchange regulations, which requires mining companies to source foreign exchange at the official rate, which currently is Zim. $30 000 to one U.S. dollar. The rate available on the open market is more than Zim. $2 million to one U.S. dollar.
Rio Tinto had intended to invest U.S. $60 million in a new diamond mining venture, but it may be changing its mind. "It seems there will be no change in the pricing regime in the foreseeable future and further decisions about the mine's future may have to be made in light of the proposed empowerment laws," the company said in an official statement.
The Zimbabwe parliament is also considering the Mines and Minerals Amendment Bill. It will give the government the authority to purchase 51 percent of foreign companies holding in local mines that produce “strategic fuels and minerals. According to the proposed law, up to 25 percent of the 51 percent could be taken without money changing hands, and the remaining 26 percent would have to be paid for under a five-year plan.
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Date: 2008-01-16 Time: 10.23 AM
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» Celebrity engagement and personal jewelry stars diamonds
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Source: AFNS
The popularity of diamonds remains undiminished among celebrities who received engagement, wedding or other personal jewelry in 2007, one list reveals.
Actress Brittany Murphy got two platinum Neil Lane engagement rings from new husband Simon Monjack. One contained a 5 carat yellow diamond center stones surrounded by a circle of smaller white stones, and the other features a 6.5 carat cushion cut diamond set on a diamond-encrusted band. Model-actress Elizabeth Hurley received an engagement ring with a 15.09 carat Asscher cut diamond in the center. The white gold band, which was set with smaller pave diamonds, came from Chopard’s “Haute Joallerie” collection at Chopard; the same jeweler made Hurley’s white gold wedding band, which is set with 20 square-cut 3.91 carat diamonds.
Victoria’s Secret model Selita Ebanks received a Jacob & Co. engagement ring set with a 15 carat cushion cut diamond from Nick Cannon, although she stopped wearing it in October. Ivana Trump received a platinum engagement ring from Rossano Rubicondi. The ring’s center stone is a 12 carat emerald-cut diamond. It was designed by Ivana’s daughter Ivanka Trump, whose name is associated with Diamond Trading Company sightholder Dynamic Diamonds.
Actor Charlie Sheen gave his fiancé Brooke Mueller a platinum engagement band set with | | |
