Diamond News Archives

(IDEX Online) – The World Diamond Council (WDC) and the Civil Society Coalition (CSC) voiced their strong support for an expanded definition of conflict diamonds at the Plenary Session of the Kimberley Process (KP) in Brussels. <?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>

The proposal, put forward by the government of Canada, looks to strengthen the scope by expanding the KP’s official definition of what constitutes conflict diamonds.

The proposed change would expand the scope beyond rough stones that finance wars against governments and supports the industry’s drive in protecting consumer confidence in diamonds and the value chain, as reflected by the System of Warranties (SoW) reforms recently launched by the WDC. The reforms require all industry participants to respect human rights in accordance with the UN Guiding Principles on Business and Human Rights, as well as encourages stronger industry understanding about the Organisation for Economic Co-operation and Development (OECD) Due Diligence Guidance.

More specifically, the proposal would expand the definition to include “rough diamonds used by public security forces or private (including criminal or mercenary) armed groups to acquire wealth through the illegal control, bribery, taxation, extortion or dispossession of people.” It would also include rough diamonds “acquired through systematic and widespread violence, forced labor, the worst forms of child labor, or through violations of international humanitarian law.”

The WDC also voiced its support for a declaration of principles for responsibly sourced diamonds proposed by the United States government, covering human rights, community development, health and labor standards, environmental impacts, and the combating of corruption, terrorism and organized crime. Such a statement, which recognizes and builds on standards and commitments that...

Shares in Canada’s Stornoway Diamond Corp. (TSX:SWY) plummeted Wednesday after the miner reported a net loss of $37.6 million for the three months ended Sept. 30 and announced that chief executive officer Matt Manson will leave at the end of the year.

Mason will be replaced by chief operating officer Patrick Godin, who joined Stornoway in 2010 and was appointed to the board of directors in 2011. Manson, who has been with Stornoway since 2005, will provide support to Godin in 2019, the company said.

The Montreal-based diamond producer said revenue for the period stood at $29.4 million, thanks mainly to two sales held in the quarter, totalling 184,620 carats, which brought proceeds of $24.8 million, or $103 per carat (CAD$134).

Third quarter diamond production was 329,306 carats produced from the processing of 597,761 tonnes of ore at an average grade of 55 carats per hundred tonnes (“cpht”), Stornoway said. Grade and carat recoveries during the quarter improved by 39% and 47% respectively compared to the second quarter with the mining of higher grade ore, the company stated. Stornoway has focused its efforts this year on expanding its flagship Renard diamond project in north-central Quebec.

Shares in the company were trading down 14% in Toronto to C$0.24 by 11:55 am EST.

While Stornoway produces a variety of stones, it is more exposed to the low quality end of the market, and those diamonds are currently selling for much less now than five years ago due to an unforeseen oversupply.

Stornoway, and rivals Petra Diamonds and Mountain Province Diamonds, have all lost more than two thirds of their value in the...

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ALROSA, the largest diamond mining company in the world, has summed up the results of the auction in Vladivostok for the sale of large rough diamonds, equaling over 10.8 carats.

The company has sold 119 gem-quality rough diamonds with a total weight of 1,890 carats. The overall revenue from sales reached $10.3 million. ALROSA had held four auctions in Vladivostok this year, including the last one, gaining almost $55 million in total.

The ALROSA branch in Vladivostok was established in 2016 by the decision of the company's supervisory board with the purpose of development of the Eurasian Diamond Centre in the territory of the Free Port of Vladivostok. The branch sold the first rough diamonds at the EDC in August-September of 2016.

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