Diamond News Archives

Last Friday, the U.S. Chamber of Commerce Called for End to Extra $300 a Week in Unemployment Benefits.

(IDEX Online) - A hapless groom splashed out $20,000 an engagement ring - only to have thrown back in his face when his bride-to-be discovered it was lab-grown.

She wanted to know how much he'd paid for the 3.6-carat sparkler.  When he showed her the grading certificate she was furious to learn he hadn't bought her a "real" gem.

The anonymous 30-year-old ring buyer posted his tale of woe online, on the AmIthe***hole section of the discussion website Reddit.

He says his 27-year-old fiancée has since walked out on him and he is refusing to back down and get a mined diamond instead.

His post reads: "She was initially floored that I had spent so much but later became suspicious that I had managed to get such a large stone.

"When she saw it was lab-grown she got upset that I hadn't bought her a 'real' diamond.

"Over the last week I have explained to her multiple times my reasons for going lab grown. I wanted to get her the most beautiful ring possible. But she insists that she can tell a difference and it is just not the same."

He says lab-growns are better value, better for the environment, and he has certainty that he's not bought a conflict diamond.

He ends his post: "I said if she wanted to give the ring back and end our relationship, that is fine, but I would not exchange it. 

"She called me an ***hole and went to stay the night with her parents. Since then I have received multiple texts from her friends telling me to just acquiesce and exchange the ring (and, ultimately, I will if it means...

(IDEX Online) - Petra is to re-open its Williamson mine, in Tanzania, more than a year after it was put on on care and maintenance amid the first Covid lockdowns and unprecedented low rough prices.

The mine, a quarter-owned by the Tanzanian government, has now reportedly secured overdraft funds to resume production at full capacity. 

It halted operations when the per carat price of the rough it sold last March fell to $131, from an average of $208. At the time Petra blamed "depressed and opportunistic bidding".

Prof Shukrani Manya, deputy minister for minerals, this week said: "The local banks have agreed to finance the operations for three months. This could take the company into the next phase of diamond sales."

Williamson was established back in 1940, and has been among the oldest continuously operating diamond mines in the world.

Richard Duffy, CEO of UK-listed Petra Diamonds, said when the mined was closed last year: "Given the unprecedented trading conditions, we are taking all steps necessary to preserve the company's liquidity position in order to withstand this very difficult period until market conditions improve.

"We remain committed to protecting the ongoing viability of our operations, to the benefit of all our stakeholders." 

Pic shows Williamson mine...

And there are some whoppers. Consumers are picking up on the rise of inflation, and the Fed, which has been trying to heat up inflation, is pleased. The Fed watches “inflation expectations” carefully. The minutes from the March FOMC meeting mention “inflation expectations” 12 times.