Diamond stocks Articles

Another large diamond is recovered from Angolan Lulo mine

May 15, 19 / Staff Writer

Lucapa Diamond mined a 130-carat, gem quality diamond at its Lulo Diamond Project in Angola. The 130-carat diamond is the 13th diamond larger than 100 carats recovered to date at Lulo and the second recovered so far in 2019. The company said in a statement that the 130-carat diamond "adds to the current inventory of high-value large special run-of-mine diamonds, including top color white diamonds...Read More

11ct. Purple Expected to Fetch Over $10M

May 15, 2019 / Rapaport News

RAPAPORT... Hong Kong-based M&B Limited expects to sell a record-setting purple diamond for more than $10 million, after buying the stone from Alrosa.  The cushion modified brilliant-cut, 11.06-carat diamond isthe largest fancy-deep-purple-pink stone the Gemological Institute of America(GIA) has examined, according to the August 2018 grading report. Alrosa originally debuted the gem...Read More

Two industry veterans launch the Lab Grown Diamond Council (LGDC)

May 15, 19 / Staff Writer

Two jewelry industry veterans, who both have garnered ample experience as industry consultants and entrepreneurs, announced the formation of the Lab Grown Diamond Council (LGDC), to be headquartered in New York. "Many leading companies in the lab grown market have approached me over the last year regarding the need for focused, research-based messaging on advocacy, communications and education of...Read More

US Tariff Hike Could Impact Jewelry Trade

May 15, 2019 / Rapaport News

RAPAPORT... The US diamond and jewelry industry is facing the possibility of higher tariffs on goods from China as the trade warescalates.The Trump administration has proposed a levy of up to 25% on products from China worth a total of $300 billion, the US Trade Representative (USTR) announced on May 9. Raw materials and accessories used in the jewelry trade are among the 3,805 items on the l...Read More

Change of guard at EGL South Africa, as founder Alan Lowe retires

May 15, 19 / Ya'akov Almor

There will a changer of the guared Alan Lowe, founder and owner of EGL South Africa (EGLSA) announced he is retiring from his position as Managing Director of EGLSA Lowe opened his first EGL diamond grading laboratory in Johannesburg in 1980. In 1996. EGL South Africa expanded into the grading of colored gemstones and at the same time he opened the EGL College of Gemmology that provided gemologica...Read More

Military stake stymies $4bn Zimbabwe platinum project  

15th May 2019 / Bloomberg     

JOHANNESBURG – A plan to build Zimbabwe’s biggest platinum mine at a cost of about $4-billion is floundering because a military stake in the project has deterred potential backers, according to people familiar with the funding discussions.The African Export-Import Bank has the mandate to raise money for the mine, a joint venture between Russian and Zimbabwean investors. While the bank...Read More

Petra Diamonds fetches $15m for 425-carat legacy diamond

May. 14, 2019, 6:03 AM / Cecilia Jamasmie

South Africa's Petra Diamonds (LON:PDL) has sold its 425-carat "Legacy of the Cullinan Diamond Mine" diamond to Belgium-based Stargems Group for $15 million.The exceptional D colour Type IIa gem was recovered in March from the company's iconic Cullinan mine, the same that yielded the Cullinan diamond - at 3,106 carats the largest rough diamond ever found and which today is part of the British Cro...Read More

Australian corporate watchdog goes after Merlin Diamonds

May. 14, 2019, 3:51 AM / Cecilia Jamasmie

Australia's corporate regulator is asking the Federal Court for approval to wind up Merlin Diamonds (ASX:MED), whose shares have been suspended from trading since October, after the watchdog kicked off a probe into a A$13 million-loan from the miner to a private company associated to the diamond producer's owner.The Australian Securities and Investments Commission (ASIC) is also looking into wheth...Read More

Hong Kong Polished Imports Slip in 1Q

May 14, 2019 / Rapaport News

RAPAPORT... Polished-diamond imports to Hong Kong declined 3% in thefirst quarter, according to data from the Diamond Federation of Hong Kong,China. The average price of imports rose 3%, but was outweighed by lowervolumes.Hong Kong Diamond Trade Data for 1Q 2019 $ Millions unless stated otherwiseRead More

Petra Sells 425ct. Diamond for $15M

May 14, 2019 / Rapaport News

RAPAPORT... Petra Diamonds sold a 425-carat white diamond from itsCullinan mine in South Africa for just under $15 million, it said Tuesday. "This is a significant sale for Petra Diamonds and anendorsement of the quality not only of the Legacy diamond, but also theCullinan ore body itself, which is known for its exceptional stones," saidPetra CEO Richard Duffy. The D-color, type II, gem-quality s...Read More

Synthetics: Coming to a Bourse Near You?

May 14, 2019 / Joshua Freedman

RAPAPORT... The rise of lab-grown diamonds might finally be tricklingthrough to the historic heart of the trade: the diamond exchanges.It began last November, when Anoop Mehta, president ofMumbai's Bharat Diamond Bourse (BDB), told Rapaport News some of itsmembers had asked for a rethink of its total ban on synthetics in the complex.The BDB delayed taking action due to "issues" in the market...Read More

Stornoway Loss Deepens Amid Weak Market

May 14, 2019 / Rapaport News

RAPAPORT... Stornoway Diamond Corporation fell deeper into the red inthe first quarter, as rough prices softened, it saidMonday. The miner recorded a net loss of CAD 48.4 million ($36million) for the three months ending March 31, in comparison to a loss of CAD11 million ($8.2 million) during the same period last year. "A continued downward pressure on the market price for roughdiamonds has inhibi...Read More

Namibia's CPB awards disputed US$21-million diamond deal to controversial firm.

May 14, 19 / Staff Writer

The leading daily The Namibian reported that Namibia's Central Procurement Board (CPB) has awarded a N$300 million [US$21 million] contract to Gem Diamonds Namibia to valuate Namdeb's diamonds over the next five years. While it is the country's Ministry of Mining's task to hire an independent diamond valuator to ensure that diamonds sold by Namdeb, which is jointly owned by the...Read More

Bangkok Gems and Jewelry Fair says coral and pearl jewelry are among top trends for 2019

May 14, 19 / Staff Writer

Pearls, coral and innovative new materials and approaches to metals will be the top global jewelry design trends on show at the 64th edition of the Bangkok Gems and Jewelry Fair, which runs from September 10-14, 2019. Since the Sotheby's sale of a pearl and diamond pendant - once owned by France's Queen Marie-Antoinette - for a world record price paid - $36 million! - for a pearl in...Read More

Petra sells 424.89 ct diamond for nearly $15m

14th May 2019 / Creamer Media Reporter     

London-listed Petra Diamonds has sold the 424.89 ct Legacy of the Cullinan Diamond Mine diamond to Stargems Group/Choron for just under $15-million.The exceptional D-colour Type IIa diamond was mined from the Cullinan C-Cut and adds to the most famous diamonds to have originated from the historic mine.Advertisement"This is a significant sale for Petra and an endorsement of the quality not onl...Read More

Car industry drives up platinum and palladium demand - and prices

May 14, 19 / Staff Writer

A surge in investment buying and higher automotive consumption will underpin a nine percent gain in gross platinum demand in 2019, offsetting weakness in the Chinese platinum jewelry market, where platinum faces increased competition from [high-]karat gold jewelry, the latest Johnson Matthey PGM Market Report says.Automotive demand for platinum will rise by three percent this year, due to greater...Read More

Alrosa continues to see weak diamond demand

May 14, 19 / Staff Writer

Alrosa's sales of rough and polished diamonds reached $318.7 million in April. Rough diamond sales amounted to $315.8 million, while those for polished diamonds stood at $2.9 million. In the months January-April 2019, total sales came to $1,322.9 million (rough - $1,303 million; polished - $19.2 million). Evgeny Agureev, Director of Alrosa's United Sales Organization, went out of his way...Read More

Stornoway targets up to C$20m in cost reductions to preserve liquidity

14th May 2019 / Marleny Arnoldi     

Canadian miner Stornoway Diamond Corporation has initiated a series of actions to preserve its liquidity, including targeted cost reductions of C$18-million to C$20-million this year.The miner, which operates the Renard mine in Quebec, said on Monday that the continued downward pressure on the rough diamond market was inhibiting its ability to generate positive free cash flow.AdvertisementIn addit...Read More

President's correct, S Africans need to act together to realise economic opportunities - Baissac   

14th May 2019 / Martin Creamer     

JOHANNESBURG (miningweekly.com) – President Cyril Ramaphosa is correct in stating that South Africans need to act together with urgency and boldness if they are to realise the economic opportunities before them, Eunomix CEO Claude Baissac said on Tuesday.Baissac, who was speaking to Mining Weekly Online following the finding of Eunomix that South Africa's performance in the past 12 years...Read More

Stornoway Loss Deepens Amid Slow Market

May 14, 2019 / Rapaport News

RAPAPORT... Stornoway Diamond Corporation fell deeper into the red inthe first quarter, as rough prices softened, it saidMonday. The miner recorded a net loss of CAD 48.4 million ($36million) for the three months ending March 31, in comparison to a loss of CAD11 million ($8.2 million) during the same period last year. "A continued downward pressure on the market price for roughdiamonds has inhibi...Read More