The Young Diamantaires group, an international networking group for young diamantaires, held a successful and well-attended get-together in Hong Kong during the recent HKTDC show. The Young Diamantaires group an initiative by Rami Baron, Chair of Promotion Committee of the World Federation of Diamond Bourses (WFDB) "The Young Diamantaires met for an evening of drinks and networking. The vibe was...Read More
HRD NV of Antwerp will begin will issuing laboratory grown diamond jewellery reports. In an online announcement, HRD stated that "...our laboratory has the knowledge and instruments needed to thoroughly analyse your jewellery. Every diamond of the jewellery piece is tested to determine whether it is natural or laboratory grown. If all diamonds set in the jewellery piece are found to be Laboratory...Read More
India's The Enforcement Directorate (ED) announced it had seized "movable and immovable properties located in Mumbai and Surat, having market value of Rs147.72 crore consisting of eight cars, plant and machinery, consignments of jewellery, paintings and immovable property, owned by Nirav Modi and his group companies, namely Firestar Diamond International Private Limited, Firestar International Pri...Read More
The Windhoek Observer reported that the Namibian government is in talks with its eastern neighbour Botswana on the possibility of Namibia becoming a center of diamond polishing in an effort to promote regional industrial integration and development, Mines and Energy Minister, Tom Alweendo was quoted. Namibia has observed how the arrival of De Beers in Gabarone and the resulting job creation have...Read More
RAPAPORT... Star Diamond Corporation has noted a large quantity of high-valueand large rough stones at its two exploration sites in Canada, sending itsstock price shooting upward. Nearly 27% of diamonds at its Star project are type IIa, acategory that represents less than 2% of all rough diamonds mined fromkimberlites, the company reported Monday. The proportion of that category at its OrionSouth...Read More
The Orion South diamond project, in central Saskatchewan, has been confirmed to contain a high proportion of rare type diamonds – Type IIa – which account for less than 2% of all natural diamonds mined from kimberlites.A recent study has confirmed that “unusually high” proportions of Type IIa diamonds are present in the Star (26.5%) and Orion South (12.5%) kimberlites, Star...Read More
RAPAPORT... The president of Botswana has repudiated claims that thecountry planned to loan Zimbabwe $600 million to support its diamond industry and private sector. Last week, Zimbabwe's media quoted its secretary of foreign affairs and international trade as saying Botswana hadoffered the country $500 million to fund facilities for its diamond industry,and another $100 million for local pri...Read More
RAPAPORT... Diamcor saw a significant sales jump in the third fiscal quarter asproduction increased at its mine in South Africa. Revenue surged 76% to $1.4 million in the three monthsending December 31 2018, compared to $864,546 in the same period in 2017, the minerreported Friday. The company recorded a net loss of CAD 861,883 ($648,222) - down from a deficit of CAD 1.1 million ($825,36...Read More
RAPAPORT... World Diamond Council (WDC) president Stephane Fischler hasurged the Kimberley Process (KP) to implement changes before the end of itsthree-year review. "The organization must grasp an historic opportunity tocorrect shortfalls in the system designed to prevent conflict diamonds fromentering the chain of distribution," Fischler said in a special meeting onconflict diamonds at the U...Read More
RAPAPORT... The president of Botswana has repudiated claims that thecountry planned to loan Zimbabwe $600 million to support its diamond industry and private sector. Last week, Zimbabwe's media quoted its secretary of foreign affairs and international trade as saying Botswana hadoffered the country $500 million to fund facilities for its diamond industry,and another $100 million for local pri...Read More
GABORONE - Botswana's president on Friday dismissed a report that the country had offered Zimbabwe a $600 million diamond-backed loan and said his government had only offered to guarantee a $100 million private credit line for Botswana companies to invest in their troubled neighbour.Zimbabwe's secretary in the ministry of foreign affairs was quoted in the state-owned Herald newspaper on Tuesday sa...Read More
The term ‘mining auction’ refers to a range of disposals in the mining sector, including the disposal of scrap and/or surplus yellow equipment, assets from business rescue and/or liquidation, and the disposal of mining concessions, explains Hogan Lovells partner Nicholas Veltman.The primary distinction between a bidding process and an auction process is that, under a bidding process, t...Read More
JOHANNESBURG (miningweekly.com) – De Beers Group on Thursday night celebrated the successful conclusion of the first phase of its Enterprise Development Project for Diamond Beneficiators.Five black South African-owned diamond and cutting companies graduated following a three-year entrepreneurial development programme.AdvertisementFacilitated by De Beers Sightholder Sales South Africa (DBSSSA...Read More
Canada's mining sector is going through dramatic change, but the industry remains bullish on growth, KPMG International's latest Global Mining Risk Report finds.While recent merger and acquisition transactions have raised concerns about the future of Canada's mining sector, domestic firms remain optimistic about growth opportunities. Canadian stock exchanges are the global leader in mining financ...Read More
RAPAPORT... Dealers at the Hong Kong International Diamond, Gem & Pearl Show expressedconcerns about sluggish polished demand and an oversupply of goods in the wholesalesegment.Inventory moved slowly despite busy traffic at the fair, which began this week, people who attended the event toldRapaport News. "The mood looks OK, but conversion [to sales] still hasn'thappened," said Rahul...Read More
Slow start to Hong Kong show, but optimistic FarEast buyers are restocking inventory after Chinese New Year. Dealers hoping showwill stimulate better trading after sluggish Jan./Feb. Rough market cautious asprofit margins remain tight despite rough-price reductions at De Beers sight. Swiss lab SSEF launches GemTrack, linking polished torough colored stones. Michael Hill 1H sales -3% to $226M, prof...Read More
Sentiment weak as many dealers traveled to the HongKong show. Suppliers holding large volume of goods that are difficult to move.Steady demand for 1 ct., G-J, VS-I1 diamonds. 2 ct.+ slow.Manufacturers remain cautious as profitmargins continue to be squeezed and polished production remains relatively low. RoundRead More
RAPAPORT... Macy's and J.C. Penney noted strong sales in their jewelry divisions in the fourth fiscal quarter, even as overall results disappointed.Macy's also said it would implement a new strategy to focus on the category, as well as other products that mattered most to its customers. "[We plan to] invest in areas where the company already has strong market share to drive disproportionate g...Read More
The Antwerp-based IGC Group, one of the oldest diamond companies in the world, was inducted into the ALROSA ALLIANCE. In a statement, IGC Group said that its membership in the ALROSA ALLIANCE opens the way "to become a long-term client of ALROSA, the world leader in rough diamond mining. "We are delighted to enter the ALROSA ALLIANCE and partner with one of the world's largest diamond suppliers....Read More
Signet Jewelers, the parent company of jewelry chain stores Kay, Jared and Zales has offered eligible employees a Voluntary Transition Program (VTP), which "provides an opportunity for eligible team members to self-nominate and leave Signet with transition assistance." The company will be taking actions "to lower costs in real estate, merchandise and costs of goods, indirect spending, and r...Read More