Diamond News Archives

(IDEX Online) - Artisanal miners describe the mistreatment, injustices, threats, violence and even shootings they endure at the hands of big diamond companies in a hard-hitting video released by the Kimberley Process Civil Society Coalition (KPCSC).

Villagers in Zimbabwe, the Democratic Republic of Congo and Sierra Leone testify on camera that conflict diamonds are not a thing of the past.

The video, entitled "Conflict diamonds are real, real talk is rare" highlights the plight of communities living in diamond mining areas.

And a series of virtual events, starting on 16 March, will bring them face to face with members of the jewelry industry.  They are being organized by the the KPCSC, which represents communities affected by diamond mining and trade.

"Communities living in diamond mining areas know little about how diamonds, which so greatly impact their lives, are marketed and consumed," says the KPCSC.

"Equally, those who sell the diamonds know too little about where their diamonds come from or under what circumstances they were mined. 

"An important first step is to close this information gap and create meaningful relationships between the communities at the birthplace of these diamonds and those who sell them."

Pic from the KPCSC video ...

The U.S. economy is going to get better --- if only because Washington is spending as much as $3 trillion to make it so. The first evidence of that is likely to come this week.

(IDEX Online) - A fintech startup will tomorrow launch standardized diamond "coins" for investors in a move which could "reinvent the supply chain".

Diamond Standard, based in Bermuda, will offer the first 5,000 diamond standard coins, each containing "a set of certified natural diamonds with identical geological scarcity" weighing 4.5 carats and to the exact value of $5,000.

Each coin (pictured) also stores a wireless blockchain token that allows it to be traded on leading digital exchanges.

The initial public offering takes place tomorrow (16 February).

The coins will be traded digitally as a token on the INX cryptocurrency trading platform. 

By standardizing diamond values Diamond Standard, created by fintech entrepreneur Cormac Kinney, aims to effectively turn them into a mainstream investable asset.

Diamond Standard says: "As the first diamond market maker, we buy statistical samples of all qualities of diamonds, via transparent bids on a regulated exchange.

"The exchange consolidates liquidity, establishes transparency, reduces friction, and provides reliable and efficient settlement. In short, we are reinventing the diamond supply chain."...

(IDEX Online) - India exported $1.8bn of polished diamonds in January, up 9.4 per cent year-on-year.

The recent surge comes after foreign sales fell overall throughout most of 2020. 

Provisional export figures for April 2020 to January 2021 were down 23 per cent on the same period a year earlier, according to newly-released figures from the GJEPC (Gem and Jewellery Export Promotion Council).

Gold jewelry exports fared worse, down 43 per cent in January and 65 per cent for the corresponding nine-month period.

Polished lab-growns, still a tiny proportion of the diamond sector overall, were up 64 per cent for January ($72m) and 57 per cent for the nine months ($559m).

Gross exports of all gems and jewelry in January dropped eight per cent to $2.67bn and 37 per cent for the nine-month period to $19.2bn.

Generic pic shows diamond polishing in India...