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Topic

Why a no-deal Brexit risks freezing London's diamond trade

By: Bloomberg     19th October 2018 The UK has warned that a no-deal Brexit risks London being frozen out of the global diamond trade. Britain is a member of the Kimberley Process, the global certification program used to track and prevent the trade of conflict gems, through its European Union membership. The country will need to... 

Premium Lulo diamonds to be sold under new Angola marketing system

By: Mariaan Webb     14th September 2018 ASX-listed Lucapa is preparing to sell its first diamonds from the Lucapa mine through the new marketing channels that Angola is establishing as part of the government’s diamond sector reforms. Certain large premium-valued diamonds will be the first Lulu production to be sold through the new... 

Giant diamonds has been mining's one success story this year

By: Bloomberg     7th September 2018 This summer’s crash in commodity prices is turning it into a year to forget for miners. Unless you dig the world’s biggest diamonds. Gem Diamonds has been the standout performer in the FTSE All-Share Mining Index, gaining almost 70% this year. In comparison, almost every other miner is in... 

US suggests need for broader conflict diamond definition, due diligence for responsible sourcing

By: Marleny Arnoldi     13th June 2018 The Kimberley Process (KP) intercessional, which will take place from June 18 to 22 in Antwerp, Belgium, will focus on proposed reforms in the certification system to help achieve ambitious goals in the global diamond industry. This year, the European Union is chairing the KP and India is serving... 

Angola's top diamond mine says underpricing has cost it almost $500m

By: Reuters     12th June 2018 Angola's Catoca, the world's fifth largest diamond mine, estimates it lost $464-million over the past six years due to a government-imposed marketing system that obliged it to sell production below international prices, a company presentation seen by Reuters showed. The figure was presented... 

Angola to change diamond sector to attract investment – Lourenço

By: Reuters     6th June 2018 Angola will make changes to how its secretive diamond industry works in order to attract more investment, increase production and secure higher government revenue, President João Lourenço said on a visit to Antwerp, Belgium. Africa's second-largest crude producer is trying to open up and... 

D1 Mint buys 1 500 investment-grade diamonds for new diamond-backed crypto coin

By: Henry Lazenby     25th May 2018 The emergence of blockchain technology is helping to turn diamonds into a new investment asset class that, in turn, could drive future demand for natural diamonds, the creator of a new diamond-backed crypto coin said on Friday. Singapore-based D1 Mint, the creator of the diamond-backed D1 Coin,... 

Alrosa reopens office in world’s largest diamond jewellery market

By: Creamer Media Reporter      22nd May 2018 Russian diamond miner Alrosa has successfully held its first auction in two years in the US, following the recent reopening of its representative office in New York. The New York office was first opened in 2006, but has not operated since 2016. 

Russia’s Alrosa renews cooperation with Belgium diamond centre

By: Rebecca Campbell     11th May 2018 Russian diamond mining major Alrosa and the Antwerp World Diamond Centre (AWDC) entered a new extended cooperation agreement late last month. The agreement was signed in Moscow by Alrosa CEO Sergey Ivanov and AWDC CEO Ari Epstein, the miner reported in a press release. The new deal both extends... 

Gem sells 910 ct Lesotho Legend for $40m

By: Megan van Wyngaardt     13th March 2018 The “exceptional quality” 910 ct D-colour Type IIa diamond recovered from LSE-listed Gem Diamonds’ Letšeng mine, in Lesotho, in January, achieved a price of $40-million on tender in Antwerp, on Monday.  Reflecting its significance, the diamond, which is the fifth-largest gem-quality diamond ever... 

Only four diamonds are bigger than one just found at famed mine

By: Bloomberg     16th January 2018 A small, embattled diamond miner just hit the jackpot. The 910-carat stone found by Gem Diamonds Ltd. high in the mountains of Lesotho in southern Africa is the fifth-largest in history. Here are the bigger ones: THE CULLINAN DIAMOND 

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. 

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