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Topic

New polishing facility a boost to Dubai’s status as a diamond trading centre

By: Dylan Slater     8th December 2017 The global diamond industry is either growing in affluent regions or remaining steady in less affluent ones, thereby reflecting a degree of positivity, as well as signs of growth. This also points to untapped potential that is ready to be unlocked through increased investment upstream and... 

New polishing facility a boost to Dubai’s status as a diamond trading centre

By: Dylan Slater     8th December 2017 The global diamond industry is either growing in affluent regions or remaining steady in less affluent regions, thereby showing a degree of positivity with signs of growth. This also points to a degree of untapped potential that is ready to be unlocked through increased investment upstream and... 

India Trade Ministry is said to seek lower tax on diamond miners

By: Bloomberg     7th December 2017 India’s Trade Ministry is seeking a cut in taxes for overseas diamond miners to boost trading in the world’s largest hub for polishing the gems, people with knowledge of the matter said. The Commerce Department in a letter to the Finance Ministry has sought to scrap levies and instead... 

Firestone revises mine plan amid lower diamond values

By: Natasha Odendaal     1st December 2017 Aim-listed Firestone Diamonds has made a good start to mining at the Liqhobong mine, in Lesotho, with all operational targets within management's control having either been met or exceeded after the mine development project was completed within budget. However, lower-than-expected average diamond... 

Gem smuggling thwarts revival of Central African Republic

By: Bloomberg     29th November 2017 In the lounge of a luxury hotel in Bangui, the capital of war-torn Central African Republic, soft-spoken diamond dealers cautiously sidle up to guests. Their whispered offers of gems for sale are a visitor’s first hint of the thriving illegal market for the precious stones in a country that five... 

As banks flee diamond trading, a startup plans to fill the gap

By: Bloomberg     18th October 2017 As major banks abandon the diamond trading world, one new lender is preparing to jump in. Dfin, a London-based corporate finance firm that specializes in the diamond sector, plans to lend $250-million to diamond polishers, cutters and traders -- known in the industry as the midstream -- over the... 

Diamond struggles in Tanzania

     13th October 2017 Owing to the possible loss of revenue at London-listed Petra Diamonds’ operation in Tanzania, it is likely that the mining company will have to seek a waiver from its banking consortium, as it has in the past, for its December 2017 bank covenant test. This is according to credit ratings firm... 

Petra Diamonds warns of possible breach of lending covenants

By: Anine Kilian     9th October 2017 LSE-listed Petra Diamonds on Monday warned shareholders it was likely to breach lending covenants at the end of this year owing to labour disruptions at its South African mines and uncertainty around sales volumes from its Williamson mine, in Tanzania. The company last month said two earnings... 

Firestone sells 195 330 ct in latest diamond sales

By: Natasha Odendaal     29th September 2017 Aim-listed Firestone Diamonds sold 195 330 ct of diamonds during its latest diamond sales, held in July and September, in Antwerp, netting about $13.5-million in proceeds. The company attributed the drop in the average realised value from $107/ct to an average value of $69/ct to the continued... 

Report reveals how politicians and security forces are siphoning off Zim’s diamond wealth

By: Ilan Solomons     29th September 2017 Powerful military, political elites and security forces have taken control and secretly exploited Zimbabwe’s once promising diamond sector, while concealing the scale of the loss to its people, a new report from international watchdog organisation Global Witness reveals. The report entitled ‘An... 

Tanzania grants Petra authorisation to resume diamond exports, sales

By: Creamer Media Reporter      28th September 2017 The Tanzanian government has granted LSE-listed Petra Diamonds authorisation to resume the export and sales of diamonds from its Williamson mine. The miner and the government will now finalise details of the timing and process for the next diamond parcel to be exported to Petra’s marketing office... 

Lesotho’s Letšeng mine recovers several 100-ct-plus diamonds, expects trend to continue

By: Ilan Solomons     15th September 2017 The Letšeng diamond mine, in Lesotho, recovered several diamonds larger than 100 ct during the first half of 2017, with LSE-listed diamond miner Gem Diamonds upbeat that this trend will continue for the remainder of the year. These gems include the 114.38 ct Type II, the 126 ct D-colour Type IIa... 

Lesotho’s Letšeng mine recovers several 100-ct-plus diamonds, expects trend to continue

By: Ilan Solomons     15th September 2017 The Letšeng diamond mine, in Lesotho, recovered several diamonds larger than 100 ct during the first half of 2017, with LSE-listed diamond miner Gem Diamonds upbeat that this trend will continue for the remainder of the year. These gems include the 114.38 ct Type II, 126 ct D-colour Type IIa,... 

Petra halts Williamson operations after key personnel questioned over seized diamond consignment

By: Natasha Odendaal     11th September 2017 London-listed Petra Diamonds on Monday said it had temporarily idled the operations of its 75%-owned Williamson mine, in Tanzania, for “health and safety and security reasons”, as key personnel cooperate with authorities over a blocked diamond shipment. The company on Monday confirmed that a... 

Diamonds fund Zimbabwe political oppression, Global Witness says

By: Bloomberg     11th September 2017 Zimbabwe’s government is using money earned from diamond exports to fund its Central Intelligence Organisation, blamed for a raft of human-rights abuses as it’s helped to keep President Robert Mugabe in power since 1980, Global Witness said. Diamonds dug from the Marange fields in eastern... 

Russia plans gem reform to compete with India's million workers

By: Bloomberg     6th September 2017 Russia wants its biggest diamond miner to work more closely with the country’s top gem cutters so the industry can better compete in a market that’s dominated by Indian manufacturers. As part of a plan to boost the competitiveness of Russian diamonds, the government wants  Alrosa PJSC to offer... 

Firestone Diamonds’ Liqhobong mine reaches quarterly targets

By: Anine Kilian     17th July 2017 Aim-listed Firestone Diamonds’ Lesotho-based Liqhobong diamond mine treated 925 000 t of material in the quarter ended June 30. This brings the total for the financial year to 1.97-million tonnes, the company said in a statement on Monday.   

Having stemmed flow of conflict diamonds, new WDC acting president to stay course

By: Henry Lazenby     15th July 2017 The World Diamond Council (WDC) will stay its course, focused on its primary mission of curbing the trade in conflict diamonds, under new acting president Stephane Fischler, who took the helm on July 1 from Andrey Polyakov, who has resigned. “We have succeeded in almost totally eradicating... 

Historic diamond hub feels the brunt as Americans buy fewer gems

By: Bloomberg     14th July 2017 An ugly year for diamonds in the vital US market is piling pressure on Europe’s historic center of the $80-billion global trade. Diamond trading companies in the Belgian port city of Antwerp, which has been the industry’s trading capital for five centuries, were already feeling the pinch from a... 

Diamond firm's seized assets ordered to be returned by court

By: Bloomberg     7th July 2017 A Belgian court ordered lender KBC Group to return seized assets from one of the diamond industry’s most storied names within 24 hours, a court ruling shows. Exelco was on track to repay loans to KBC by 2020 as planned, so the lender’s early seizure of assets was unnecessary, the Antwerp court... 

Belgian bank KBC seizes assets from storied Antwerp diamond firm

By: Bloomberg     4th July 2017 Belgian bank KBC Group seized assets from one of the diamond industry’s most storied names as it seeks to recover unpaid loans, according to court documents. KBC is seeking to recover €26-million ($29-million) from Exelco, and had bailiffs search the firm’s Antwerp offices as well as offices... 

Gahcho Kué delivers two more large diamonds

By: Henry Lazenby     3rd June 2017 Mountain Province Diamonds has announced the discovery of two large gem-quality diamonds of 84.65 ct and 53.90 ct at the joint venture (JV) Gahcho Kué mine, in April. Mountain Province owns 49% of the mine, with De Beers owning the balance. 

Diamcor recovers 5.36 ct green diamond

By: Anine Kilian     30th May 2017 Diamond miner Diamcor Mining has recovered a 5.36 ct green gem-quality octahedron rough diamond from its Krone-Endora at Venetia Project, in Limpopo, South Africa. An analysis of the diamond will be performed over the coming weeks to aid the company in determining the best course of action to... 

Diamond industry faces headache as key US market takes a knock

By: Bloomberg     26th May 2017 In the diamond industry, the only place that really matters is the US, and the market is starting to look a little shaky. In a country where consumers buy almost half the world’s gems, Tiffany & Co. and Signet Jewelers this week reported disappointing sales. That’s a blow to expectations that... 

Firestone plant upgrades yielding expected improvements as ramp-up accelerates

By: Schalk Burger     26th April 2017 Commissioning activities at Aim-listed Southern African diamond miner Firestone Diamonds’ Liqhobong mine, in Lesotho, are largely complete and final ramp-up of the Lesotho plant is progressing as planned. “The final commissioning phase has seen the mine achieve nameplate capacity on numerous... 

Lesotho diamond mine poised to start commercial production in June

By: Mia Breytenbach     14th April 2017 Aim-listed diamond development company Firestone Diamonds expects its Liqhobong diamond mine, in Lesotho, to reach commercial production at the end of June. Commissioning of the mine started in October 2016, with mine construction completed on time and within the $185.4-million budget. In a... 

Firestone Diamonds recovers 110 ct yellow diamond from Liqhobong

By: Natasha Odendaal     5th April 2017 Aim-listed Firestone Diamonds has recovered a 110 ct gem-quality light yellow diamond – its largest diamond recovered to date – from the Liqhobong mine, in Lesotho. The discovery was made during the mine’s ongoing ramp-up. 

Firestone narrows H1 loss, says Liqhobong on track for commercial production in June

By: Mia Breytenbach     28th March 2017 Aim-listed Firestone Diamonds, which on Tuesday posted a $4.1-million loss before tax for the six months to December 31, expects its Liqhobong diamond mine, in Lesotho, to reach commercial production at the end of June. Commissioning of the mine started in October 2016, with the mine construction... 

Diamond industry’s famous hungry crocodile doesn't cut it

By: Bloomberg     28th March 2017 The diamond industry’s most famous chart is the hungry crocodile, the ancient reptile’s jaws wide open, reflecting both a predicted shortage of gems and the inevitable price rises that will come with it. Not only has this chart, which has been an industry staple for more than a decade and... 

Firestone hosts successful first sale of Liqhobong diamonds

By: Megan van Wyngaardt     13th February 2017 All 75 936 ct on offer at Aim-listed Firestone Diamonds’ first sale of diamonds recovered from its Liqhobong diamond mine, in Lesotho, have been sold. The sale was held in Antwerp between February 6 and 10, with the company raking in $8.14-million, or an average of $107/ct. Over 90 companies... 

Gahcho Kué produces 67.87 ct gem-quality diamond

By: Henry Lazenby     7th February 2017 The joint venture (JV) Gahcho Kué diamond mine, in Canada’s Northwest Territories, has recovered a 67.87 ct gem-quality diamond, building on previous recoveries during the bulk sampling programme. The find represents the largest gem-quality diamond recovered at Gahcho Kué to date. 

Mountain Province banks first diamond sales from Gahcho Kué

By: Henry Lazenby     27th January 2017 Mountain Province Diamonds, which partly owns the Gahcho Kué mine in Canada's Northwest Territories, has completed the mine’s first diamond sale. A total of 49 420 ct were sold for about $6.27-million, representing an average price of about $127/ct. 

Firestone Diamonds gears up for first sale as Liqhobong ramps up

By: Megan van Wyngaardt     26th January 2017 Aim-listed Firestone Diamonds has scheduled its first diamond sale, in Antwerp, from February 6 to 10, as its Liqhobong mine, in Lesotho, ramps up to full output. In the three months ended December 31, the company recovered over 20 special stones larger than 10.8 ct from the mine, including a 37... 

New challenges abound in fundamentally changed diamond market

By: Henry Lazenby     11th January 2017 The future of the diamond industry hinges on the follow-through of structural changes that have been prompted by the challenges the industry faced, and the opportunities presented in a fundamentally changed diamond market, independent diamond analyst Paul Zimnisky says in a new blog post. He... 

Coal traders see end of price rally as China ramps up output

By: Bloomberg     22nd December 2016 Coal’s recovery was one of the biggest surprises in commodities this year, but it is all poised to end as output rises from China, producer of half the world’s supply. After half a decade of declines, European prices rebounded more than 80% as China, also the world’s biggest consumer of the... 

Tax change seen as good for diamonds

By: Martin Creamer     19th December 2016 World Federation of Diamond Bourses (WFDB) president Ernie Blom has praised Israel Diamond Exchange president Yoram Dvash and other industry heads in the country following the signing of what is seen as a tax breakthrough that will benefit the diamond business. The upshot of the new tax... 

Bloody diamonds entering the market now only 0.2% of global supply

By: Dylan Slater     2nd December 2016 The ban on diamond exports from conflict zones is proving successful in curbing so-called ‘conflict diamonds’ from being sold into official and black markets, thereby reducing their use as a potential source of finance for rebel groups. This is according to nonprofit diamond industry... 

Bloody diamonds entering the market now only 0.2% of global supply

By: Dylan Slater     2nd December 2016 The ban on diamond exports from conflict zones is proving successful in curbing so-called ‘conflict diamonds’ from being sold into official and black markets, thereby reducing the resources’ use as a potential source of finance for rebel groups, according to nonprofit diamond industry... 

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