Diamond News Archives

(IDEX Online) - Botswana Diamonds and Vutomi, in which it holds a 40 percent interest, has signed a contract mining and processing agreement with Eurafrican Diamond Corporation (EDC) to mine and process the diamond-bearing gravels and residual stockpiles on a portion of the Marsfontein farm."Partnering with Eurafrican Diamond Corporation paves the way for commercial production to restart on Marsfontein and Thorny River," said John Teeling, Botswana Diamonds chairman.  The contract mining and processing agreement allows for the continued contractual bulk sampling on the Thorny River project. The agreement gives EDC a contract for the mining and processing of the identified deposits on the Marsfontein Mining Permit, with 25 percent of the pre-tax revenue from larger or high value "Special Stones" (weighing 10.8+ carats or valued at over $8,000 per carat) and 15 percent from the standard "Run of Mine") stones accruing to Vutomi.

EDC is currently mining and processing the Schuller kimberlite pipe and diamond-bearing gravels around Petra's Cullinan Diamond Mine.

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The Fed will be growing its balance sheet again, but don't call it 'QE4'

Forty U.S. states do not have enough money to pay all their bills primarily due to significant unfunded pensions or Other-Post-Employment Benefits (OPEB). Truth in Accounting^[1] (TIA), a nonpartisan, not-for-profit has been monitoring the financial health of states for a decade in order to educate taxpayers about the financial health of their states today released its tenth annual Financial State of the States^[2]. Since I published “Forty U.S. States Cannot Afford To Pay All Their Bills^[3]” last year, total U.S. states debt decreased slightly, less than 1%, from $1.5 trillion at the end of the fiscal year 2017, to $1.49 trillion in fiscal year 2018. Truth in Accounting’s 2018 data shows that unfunded retirement liabilities are the main contributing factor to the almost $1.5 trillion in state-level debt. Unfortunately, “one of the ways states make their budgets look balanced is by shortchanging public pension and OPEB [other post-employment benefit] funds. This practice has resulted in a $824 billion shortfall in pension funds and a $664.6 billion shortfall in OPEB funds.”

Despite the fact that the total U.S. economy is still growing, states have not been able to lower their unfunded liabilities. This is not good news given that the rate of growth in the U.S. is starting to slow down, and many U.S. states’ fiscal health^[4] continues to be very vulnerable to Trump’s trade wars.  According to TIA Founder and CEO Sheila Weinberg^[5],  “Many of these state governments have no hope of achieving a budget recovery barring significant program...

The DMCC has unveiled the redesigned Dubai Diamond Exchange (DDE) in the Almas Tower. The DMCC says the redesigned trading floor is the largest in the world.

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The new facility has 41 tables, secured with cameras, state-of-the-art technology and specialist lighting and can host 200 buyers at once. Although it is designed for diamond trading, the old tinted windows have been replaced by white crystal windows to facilitate trade in colored gemstones. The exchange says that having solved the issue of reflective light, it will be able to host ruby and sapphire tenders. According to a press release, the expanded facility will lead to an increase in the number of auctions held in Dubai and boost sales and trade through the emirate."As we move forward, our priority remains to constantly modernise our infrastructure, services and products so that DMCC remains one of the largest and most influential diamond trading hubs in the world," said DMCC executive chairman and CEO Ahmed Bin Sulayem. 'We are confident that housing the world's largest diamond tender facility will support us in this journey."Dubai aims to become the world's biggest international diamond trading hub by 2023. In 2018, diamond trade in the emirate rached over $25 billion. Last year, the DDE held 29 diamond tenders, valued at around $330 million - a 75 percent increase compared to 2017.