Diamond News Archives

(IDEX Online) – A new direct flight between Israel and India will give a boost to the first-ever edition of the Bharat Diamond Week at the Bharat Diamond Bourse (BDB) in Mumbai, India. The BDB is expecting thousands of visitors from India and abroad to take part in the April 23-25 international diamond week. Some 150 Indian companies will be exhibiting polished diamonds to buyers from across the world at the show which the BDB plans to hold twice a year.<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>

"Visiting India from Israel is now easier than ever because Air India, which is India's national airline, is starting direct flights on March 22 between Israel and New Delhi with convenient connections to Mumbai," said Bharat Diamond Bourse Vice-President Mehul Shah, who is heading the Diamond Week project. "Air tickets to Mumbai will cost the same price, meaning that visiting India for the show is both easy and at a competitive price level. So, welcome to the Bharat Diamond Week. Needless to say, there are direct flights to Mumbai from all the major diamond countries, so visitors from Belgium, Dubai, Hong Kong, the US, China, and elsewhere can easily reach us, and we are going to be delighted to welcome them."

BDB President Anoop Mehta said: "The main aim in holding this show is to help the small and medium-size companies. They are the ones who really need a boost during these challenging times. They are not able to go to the big shows, so the Bharat Diamond Week allows them to participate on a level playing field."

There will be a display of synthetic diamond detection equipment with competitively priced services at Bharat Diamond Week. The organisers are also planning to hold specially organised seminars and meetings on the issue of synthetics, Mr Shah said. "The synthetics part of the Diamond Week is going to bring a great deal of added value for attendees, with the latest updates on this important issue," Mr Shah said.

The official launch took place on March 17 of a cricket tournament that will be held from April 8-15, in the run-up up to the Bharat Diamond Week. It will feature 12 teams with players from the following companies and organisations taking part: Asian Star, Ankit Gems, Bharat Diamond Bourse, Mahendra Brothers, Blue Star, Palanlur Samaj Kendra, Jewelex, Venus Jewel, Shree Ramkrishna Exports, GIA, Rosy Blue and Jasani.

BDB Vice-President Mehul Shah announces the formal launch of the cricket tournament (above) and poses with participating companies and the trophy (below)....

Zimbabwe's new government has changed its empowerment ownership laws for the diamond and platinum sectors, in an effort to re-engage international lenders, curb spending and attract investors to revive the country’s battered economy.

The new rules, Reuters reports, limit majority ownership by state entities to only diamond and platinum operations and not the entire mining sector as in previous legislations, which were introduced during the rule of former president Robert Mugabe.

Those requirements were intended to increase black Zimbabweans' share of the economy, but were opaque and open to abuse.

Under the new rules introduced by President Emmerson Mnangagwa, who took the post in November after Mugabe quit under pressure from the military, only allow state-owned miners to hold majority stakes in diamond and platinum firms. But they also let those companies to negotiate a timeline to comply with the new law.

Zimbabwe is home to the world’s second largest platinum reserves. It also known for its diamonds, though alluvial deposits are almost depleted, and it's said to have eight out of nine “rare earth” minerals and a processing capacity for gold, diamond and chrome.

The country’s platinum sector has attracted major producers, including Anglo American Platinum, Impala Platinum and Sibanye-Stillwater, which have had to relinquish control of their Zimbabwean mines to locals.

Shady sector

Activity in the diamond industry is not as easy to track and it has been plagued by controversy. Human-rights organizations have linked Zimbabwe’s military and intelligence agency with several companies operating in the Marange diamond fields, discovered in 2006. Such connections have been long hidden behind a wall of secrecy over revenue flows and ownership.

In 2012, Partnership Africa Canada (PAC) report argued that Zimbabwe’s political elite had stolen about $2 billion in diamond revenue. The same year, corruption watchdog Global Witness claimed a Chinese diamond mogul ploughed $100 million into the CIO to fund covert operations against the opposition in exchange for diamonds traded outside official channels.

A 2013 parliamentary probe into the diamond sector found “irregularities and loopholes in the entire diamond value chain”, with clear discrepancies between the government’s books and figures provided by mining houses.

And just last year, Global Witness said it had uncovered further evidence suggesting state-owned Zimbabwe Mining Development Corporation (ZMDC) was set up by the country’s feared secret police “to secure a secret off-the-books source of financing.”

The group also said that of the $2.5-billion in diamonds Zimbabwe has officially exported since 2010, only $300 million were clearly marked in public accounts.

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(IDEX Online) – ALROSA's United Selling Organization (USO) sold 112 special size rough diamonds (over 10.8 carats) weighing a total of 1,787 carats for $13.5 million at the recent Hong Kong International Diamond, Gem & Pearl Show.<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>

"The Hong Kong auction with 50 participating companies demonstrated that demand for rough diamonds of this size category remains stable," said ALROSA Deputy CEO Yury Okoemov. "The auction closed with good results, and our expectations were justified."

Meanwhile, DIAMONDS ALROSA, the firm's cutting and polishing division, sold 67 polished diamonds with a total weight of 205.56 carats for $2.8 million at the Hong Kong auction. The sale included 48 standard polished diamonds and 19 fancy color stones.

Pavel Vinikhin, Director of DIAMONDS ALROSA, said there was an upbeat mood at the auction. ...

Anglo American’s De Beers, the world’s largest rough diamond producer by value, and its partner in Gahcho Kué mine, Mountain Province, are seeking to acquire a Canadian explorer and so expand their jointed operation in Canada’s far north.

Toronto-based Kennady Diamonds owns the Kennady North project, located immediately adjacent to the De Beers/Mountain Province mine.

If the proposed acquisition is approved, the two diamond miners will incorporate properties owned by Kennady into their Gahcho Kué joint venture, De Beers said in a statement.

“[The planned purchase] opens up some potential new options for the operation’s future, and while further work would be required on the resource and there would need to be agreement on commercial terms, the signing of this non-binding MoU makes sense for both parties as we consider how our partnership might develop,” Kim Truter, chief executive of De Beers Canada said.

Last month, the diamond giant announced it intended to dig up as many as 36 million carats this year, , up from 33.5 million in 2017, thanks mainly to the participation of Gahcho Kué, which began operations in late 2016.

Situated almost 300 kilometres east of Yellowknife, in the country’s Northwest Territories, the deposit was discovered in 1995 and took more than $1 billion to develop. It is comprised of three open pits, which are accessible only by air, except for a few months in winter when trucks can travel across ice roads.

What makes Gahcho Kué particularly important is the fact that two of Canada's major diamond mines — Diavik and Ekati — are approaching the end of their productive lives, and —although smaller— Gahcho Kué is expected to offset the production drop-off.

The mine is forecast to produce about 4.5 million carats a year over its estimated 12-year life span. It’s also expected to help Canada keep its position as the world’s third largest diamond producer by value and the fifth largest by volume.

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