Diamond News Archives

Glenn Nord, a former president of the Gemological Institute of America (GIA) passed away on Sunday, June 9. Throughout his more than 50-year association with GIA, Nord was a student, instructor, president and member of the Institute's Board of Governors. GIA published a news release that said that Nord's "contributions are numerous, his influence far-reaching and his legacy enduring. His devotion to GIA and its mission, together with his clear-eyed and compassionate drive for excellence, helped guide the Institute through difficult times."

 "Glenn Nord was a committed advocate for GIA's mission, and for our students and the GIA staff, particularly those in our gemological laboratories," said GIA President and CEO Susan Jacques. "His business acumen and wisdom, shared over decades with GIA management and the Board of Governors, provided strategic guidance that built GIA's success."

Nord, who turned 90 in 2018, earned his GIA Graduate Gemologist diploma in 1959. Hired by GIA's second president Richard T. Liddicoat in 1961, Nord became one of GIA's corps of traveling instructors, combining gemological training for students with energetic promotion of GIA to local jewelers. He pioneered the Institute's corporate training programs and, in 1970, took GIA instruction to Israel and Japan, beginning a global outreach that now spans 14 cities in 12 countries.

In 1974, Nord left GIA to pursue an opportunity in the international diamond trade. In 1983, the Board of Governors asked him to return as president of the Institute during the transition from then-president Richard T. Liddicoat. With the appointment of Bill Boyajian as GIA's president in 1986, Nord retired. He remained on the GIA Board of Governors until his death, the last few years as Governor Emeritus. He received GIA's highest honor, the...

Botswana Diamonds (LON:BOD) said Tuesday its associated firm Vutomi had received permission to sell diamonds recovered during a bulk sampling program at the Thorny River project in South Africa.

The 256 carats of rough diamonds to be sold by Vutomi, in which Botswana Diamonds holds a 40% interest, are expected to generate short-term cash flow to further develop the project.

Last year, Botswana completed Thorny River’s technical and economic study, which indicated potentially positive economics using the top end of the 46-74 carats per hundred tonnes grade and $120-$220 per carat value ranges.

Botswana, which was overtaken by Russia as the world’s top diamond producing country in 2014, is grappling with aging mines, as well as power and water shortages.

Still, the nation is home to some of the world’s most prolific diamond mines, including Lucara Diamond’s (TSX:LUC) Karowe operation, where the now-famous Lesedi la Rona, the second-largest gem-quality diamond to ever be found, was unearthed in 2016.

Besides diamonds, the country also produces nickel, copper, coal and iron ore.

The post Botswana Diamonds unit to sell 256 carats from South Africa project appeared first on MINING.COM....

Italy's is on a collision course with the EU in two different ways. The first regards Italy's budget.

Outgoing European Commission President Jean-Claude Juncker warns Italy faces an "Excessive Deficit Procedure" and may be fined billions of euros. No country has ever been fined. This is the first time a country has faced such a ruling.

France regularly breaks the deficit rules but "France is France" as Juncker once stated.

https://twitter.com/dlacalle_IA/status/1135904033208541189^[1]

What has the EU hopping mad is Italy's massive debt-to-GDP ratio, which it wants Italy to shrink. But Italy is already in recession, shrinking the debt would be political suicide.

Italy's Government Will Collapse

At some point, Italy's government will collapse.

Its technocrat Prime Minister, Giuseppe Conte, wants to honor the rules, but he is not really running the government.

Conte was anointed PM as a compromise choice in the coalition government of Deputy Prime Minister Matteo Salvini (League) and Deputy Prime Minister Luigi di Maio (5 Star Movement).

Salvini did very well in the European parliament elections and many speculate he will trigger elections soon to get rid of di Maio and Cointe.

For now, we have the strange case of deputies Salvini and di Maio at odds with Conte and the Economy Minister, Giovanni Tria.

Conte threatened last week to resign last week and he could do so at any time. "I want a clear, unequivocal and speedy response," Conte said, calling for "loyal collaboration" from all ministers.

This government won't last long.

MiniBot Parallel Currency

Meanwhile, as Brussels prepares for excessive deficit procedure, Italy Braces for Parallel Currency^[2].

The Italian government insists that it can meet its 2.04% deficit target, but...

Diamond manufacturers in Surat, Amreli, Bhavnagar and Ahmedabad are reported to have halved their production capacity following a sharp fall in prices of polished diamond and to prevent the build-up of excess inventory in a slow, depressed market. Melee prices are reported to have fallen as much as 25 percent since the beginning of this calendar year.

About 20 percent of the 4,000 diamond polishing plants in Gujarat have not reopened after the recent summer vacation. These units employ over 450,000 workers. The production cut over since January is estimated to be worth $4.2 billion. The Times of India (ToI) reported that most of the diamond units, especially the small units operating less than 20 polishing wheels, have cut production by shutting down 80 percent of their machines.

ToI quoted Surat Diamond Association (SDA) president Babu Gujarati, saying that "demand of polished diamonds in the global market is very poor due to trade war between China and US. Further, the rough diamond prices are at all time high, which has reduced the profit margin of the polishers."  Jaysukh Gajera, president of Surat Ratnakalakar Sangh, an association of diamond polishers told ToI, "The issue of wages is going to be a big issue in the coming days as the diamond manufacturers have drastically reduced work. We have started getting complaints of the workers being paid less. But, we can't do much as the crisis is omnipresent."...