Diamond Stock Articles

Safety First, says New De Beers CEO

March 06, 23 / John Jeffay

(IDEX Online) - Al Cook, the new CEO at De Beers, says workers' safety is his first priority as he visits the company's operations."Over 27 years in the energy business, including three years in offshore operations, I've learned that we have to put safety first," he said on LinkedIn, marking his first day in the post.Cook takes over from Bruce Cleaver, was executive vice president o...Read More

Three Arrested at Sagar Diamond in Money Launder Probe

March 05, 23 / John Jeffay

(IDEX Online) - Three people have been arrested in a series of raids in India at premises linked to the manufacturer and exporter Sagar Diamond Limited.The Directorate of Enforcement (ED)said it was investigating money-laundering claims relating to a China-based app called Power Bank, listed on Google Play Store, which offered investors returns of up to 10 per cent, then blocked their accounts.A n...Read More

Sanctions Row: Buyer Sues over $645,000 Diamonds

March 05, 23 / John Jeffay

(IDEX Online) -  A US jewelry buyer who spent $645,000 on diamonds using a Russian-linked debit card is taking legal action - claiming she received neither the goods nor a refund.Maria Zurabova, from Florida, says  made her purchase at jeweler Royal Star Inc, in Manhattan's Diamond District, paying paid with a card linked to Alfa Bank - Russia's biggest private bank - whic...Read More

IDEX Polished Price Index Down: The Decline Slows in February

March 05, 23 / IDEX Online

(IDEX Online) - The IDEX Polished Price Index showed signs of stabilizing in February, with its smallest decline in a year, of just 0.55 per cent. Some short-term shortages appear to be forcing up the prices of smaller goods. Melee prices were reportedly up as much as 10 per cent at Sight 2 (20 to 24 February), although the prices of some larger goods were reduced. Russian goods have largely been...Read More

TAGS Sells $20m as Sentiment Improves

March 02, 23 / John Jeffay

(IDEX Online) - Trans Atlantic Gem Sales (TAGS) says it sold around $20m of South African rough at its February tender, in Dubai.That's an increase on the $14m it sold in December, but still far short of the record $75m it sold last March."We presented a relatively conservative volume of goods in line with recent events," the company said. "The overall reaction this month would indicate a sli...Read More

Kareevlei Mining in Business Rescue

March 02, 23 / John Jeffay

(IDEX Online) - British miner BlueRock Diamonds has put its Kareevlei Mining subsidiary into business rescue amid mounting debts.It follows the suspension of its shares on the AIM last week.Kareevlei Mining currently owes $4.1m to Teichmann South Africa, the construction and mining service group, though it said it had paid its February salaries and diesel bill.Business rescue temporarily protects...Read More

De Beers Deals with Botswana, Namibia are "Win-Win"

March 02, 23 / John Jeffay

(IDEX Online) - Bruce Cleaver, outgoing CEO of De Beers, says the company's joint ventures with the Botswana and Namibia government are "win-wins" for both countries.   He was speaking on Tuesday during a courtesy visit to Namibia's President Hage Geingob.   The long-standing De Beers deal with Botswana has come under intense scrutiny in recent weeks, after its President Mokgwe...Read More

World's First 5G Smart Diamond Mine

March 01, 23 / John Jeffay

(IDEX Online) - Debswana yesterday announced details of "the world's first 5G-oriented smart diamond mine project" in conjunction with the Chinese tech corporation Huawei.By connecting over 260 pieces of equipment at the Jwaneng mine, in Botswana, it says it has increased both efficiency and safety.Transferring data in real time makes equipment like mining vehicles more efficient, increasing...Read More

IDEX Price Report for 1 March: Uncertainty Pushes Round Prices Down, Fancies Up

March 01, 23 / IDEX Online

(IDEX Online) - Rounds suffered yet another month of losses during February, as ongoing uncertainties drove demand for the less expensive fancy cuts. De Beers reported a 30 per cent drop in rough sales at its first cycle of 2023, amid reports that some prices were hiked by as much as 10 per cent. Manufacturing remains well below capacity in India. Consumer demand is still slow, although US in...Read More

Lower Sales Hit Sarine's Profits

March 01, 23 / John Jeffay

(IDEX Online) - Sarine has reported a fall in net profits for FY2022, down just over 46 per cent from $16.5m to $8.8m.It also said revenue for the year were down by 5.4 per cent, from $62.1m to $58.8m, down from a high base in H1 2021 due to post-Covid spike in US jewelry spending.Sales to India, its biggest market by far, fell 25 per cent from $40.5m to $30.3m.The Israel-based diamond tech firm b...Read More

LVMH Boss "Wants to Buy Richemont"

February 28, 23 / John Jeffay

(IDEX Online) - The French luxury conglomerate LVMH is reported to be considering a possible takeover of its Swiss rival Richemont, owner of Cartier, the world's second-largest watchmaking brand.Bernard Arnault, LVMH chairman and CEO - and currently the world's richest person - is eyeing the empire founded by South African businessman Johann Rupert in 1988, according to the Swiss newspap...Read More

Robbers Take $500,000 Diamonds in Car Raid

February 28, 23 / John Jeffay

(IDEX Online) - Police say $500,000 of diamonds were stolen from a car by knife-wielding robbers in Inglewood, California, USA.Video of the incident appears to show a suspect climb through a passenger window and grab a duffel bag.The victim's car was boxed in by one vehicle in front and another behind.Two suspects then drove off in a white car.  Police say there were no reported injuries...Read More

$30m for Lab Grown Research in India

February 28, 23 / John Jeffay

(IDEX Online) - India's commerce ministry has approved an investment of almost $30m over the next five years to establish and fund a center for lab grown diamonds.It follows the abolition in last month's budget of a five per cent import levy on the graphite seeds used to create lab grown diamonds.Finance Minister Nirmala Sitharaman also pledged to fund five years of research and developm...Read More

24,000 Visitors at Inhorgenta Munich

February 27, 23 / John Jeffay

(IDEX Online) - Visitor numbers at the Inhorgenta Munich trade show in Germany were up more than a half on the 2022 show, said organizers.The four-day event, which ended today, showcased watches, jewelry and gemstones and attracted 24,000 trade delegates.There were more than 800 companies exhibiting, from 38 countries. The top 10 exhibitor countries, after Germany were: Italy, Belgium, India, Aust...Read More

Rio Tinto's $40m Expansion at Diavik

February 27, 23 / John Jeffay

(IDEX Online) - Rio Tinto is to invest $40m to extend the life of Diavik, Canada's largest mine, on the edge of Arctic Circle.It says that underground mining below the existing A21 open pit operation should yield an additional 1.4m carats and extend the life of the deposit into the first quarter of 2026. It had been scheduled to close in 2025.Rio Tinto, the world's second-largest metals...Read More

New Sanctions Could Target All Russia's Polished Diamonds - JVC

February 27, 23 / John Jeffay

(IDEX Online) - The G7 nations said they would work towards measures against Russian diamonds as they marked the first anniversary of its invasion of Ukraine, but gave no specific details. But the Jewelers Vigilance Committee (JVC) says it has received information that new restrictions are likely to specifically target all polished diamonds from Russia, regardless of where they are cut and po...Read More

Woman Jewelry Worker, 79, Pistol-Whipped in Raid

February 26, 23 / John Jeffay

(IDEX Online) - Police are hunting two men who beat and pistol-whipped a 79-year-old female worker in a raid on a New York jewelry store.The victim was taken to hospital, where she was described as being in a stable condition. She was kicked, punched and struck in the head with a handgun.Surveillance footage released by the NYPD shows her on the floor with her hands above her head, trying to defen...Read More

BlueRock Suspends Share Trading Amid "Financial Uncertainty"

February 26, 23 / John Jeffay

(IDEX Online) - British miner BlueRock Diamonds has suspended trading in its shares after the subsidiary that operates its Kareevlei mine, in Kimberley, South Africa, was place in business rescue.In a statement issued on Friday (24 February) it said it had "requested that trading in the company's shares on the AIM market of the London Stock Exchange be suspended due to financial uncertainty r...Read More

First Polished Yellow Diamonds from Naujaat

February 26, 23 / John Jeffay

(IDEX Online) - The first fancy yellow diamonds from bulk sampling at Canada's Naujaat mine have been cut and polished by Burgundy, in Australia, as part of a partnership.The high-value gems were recovered by Vancouver-based North Arrow Minerals from kimberlite pipes in Nunavut, in the Canadian Arctic Archipelago.Two stones - weighing 0.31 carats and 0.21 carats - were test-polished by Burgun...Read More

Lucapa Recovers 150-ct Diamond at Lulo

February 23, 23 / John Jeffay

(IDEX Online) - Lucapa has recovered a 150-carat Type IIa D-color white diamond at its Lulo alluvial mine, in Angola.The Australian miner says it's the 36th +100-carat diamond (pictured) from the mine since it began commercial production in 2015.The recovery, the fifth +100-carat from block 28 of the mine, was made with partners Endiama and Rosas & Petalas.Lucapa, which also operates the...Read More

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