Namibia's Minister of Mines and Energy, Tom Alweendo, said at the conclusion of the sixth meeting of the African Diamond Producers Association (ADPA) Council of Ministers that was held in Windhoek earlier this month, that he remains adamant that rough diamonds have the potential to contribute to improving the lives of citizens and not only generate revenue for the state. "For centuries...Read More
Various news sources - national and international - picked up the news that a delegation from the Indonesian Chamber of Commerce (KADIN) had arrived in Israel, and, among others, visited the Israel Diamond Exchange. The Indonesian delegation toured the four-tower diamond exchange complex and met with IDE and other officials. The Indonesian delegation was headed by Mufti Hamka Hassan, Vice Preside...Read More
Newfield Resources has progressed with blasting to access an underground mine decline at its Tongo diamond mine, in Sierra Leone.The company has excavated 42 600 m3 of material, with three blasts conducted so far and two blasts remaining, to bring the boxcut to the desired elevation for the portal access to be opened up.AdvertisementOnce blasting and excavation are completed, the boxcut side walls...Read More
Finland-focused diamond exploration company Karelian Diamonds on Monday announced that it had conditionally raised £100 000 from a new investor, Martello Holdings.Martello subscribed for 2.5-million new ordinary shares at 4p each – a premium of about 31% to the closing mid-market price of 3.05p a share on Friday.AdvertisementThe subscription shares represent about 6.8% of the shar...Read More
PERTH (miningweekly.com) – Diamond miner Lucapa Diamond Company is on track to report an operating profit for 2019, as production from the Lulo and Mothae diamond mines, in Angola and Lesotho respectively, continues to ramp up.Lucapa on Monday reported that some 10 217 ct of diamonds were recovered during the three months to June, bringing the first half production to 20 505 ct.Advertisement...Read More
RAPAPORT... Belgium's rough-diamond trade fell in the first half to its lowest level since the financial crisis. Rough imports to the country declined 26% year on year to $4.36 billion during the six months ending June 30, according to recent data from the Antwerp World Diamond Centre (AWDC). The last time inbound shipments were below that level was when the trade was recovering fr...Read More
RAPAPORT...ABN Amro has scaled back its financing of rough-diamondpurchases, citing a lack of profitability in the manufacturing and tradingsectors.The Dutch bank, which mainly lends to rough dealers, will only offer credit without proof of onward sale if the buyer canmake money from the rough, its Antwerp branch said in a letter to clients Friday.It called on the trade to show restraint by purcha...Read More
TSX-listed Tsodilo Resources has submitted a renewal application for prospecting licence 369/2014 to the Botswana Department of Mines (DoM) within the Ministry of Mineral Resources, Green Technology and Energy Security.The renewal application is for a two-year period and the area includes the company’s BK16 kimberlite project.AdvertisementThe centrepiece of the renewal application is the Pha...Read More
RAPAPORT... Rio Tinto has launched what's likely to be one of its lastannual pink-diamond tenders, as the company gears up to close its flagshipArgyle mine.The Argyle Pink Diamonds Tender, which has run since 1984,comprises rare polished colored diamonds originating from the mine inAustralia. This year's edition, which Rio Tinto unveiled Friday at the mine site,features 64 stones weighing a combin...Read More
RAPAPORT... India has introduced an import classification code solely for lab-grown rough diamonds, enabling the industry to keep better watch of syntheticsentering the country.The government has separated the Indian Trade Clarification(ITC) code for rough synthetic gemstones into diamonds and non-diamonds, theGem & Jewellery Export Promotion Council (GJEPC) reported last week. Themove wi...Read More
Rio Tinto held its annual showcase of rare pink and red diamonds at the Argyle mine site in the east Kimberley region of Western Australia. The 64-diamond collection, including three Fancy Red diamonds and weighing 56.28 carats in total, make up the 2019 Argyle Pink Diamonds Tender. Rio Tinto Copper & Diamonds chief executive Arnaud Soirat said: "These diamonds are a testament to the enormous...Read More
Earlier this month, a meeting of the Young Diamantaires Association (YDA) was held at the London Diamond Bourse. The event was initiated by Alan Cohen the President of the Club and coordinated by David Troostwyk, a LDB board member. The meeting was chaired by Rami Baron, President of the Diamond Dealers Club of Australia and YDA Founder. The YDA operates under the auspices of the World Federation...Read More
Alrosa, the world's largest diamond mining company, auctioned of 82 rough diamonds, weighing 10.8 carats and more, at auction in Israel. The diamonds, weighing a total of more than 1,422 carats, were sold to companies from Belgium, Hong Kong, India, Israel, Russia, the UAE and the USA."Today, there are still difficulties with demand in the global diamond market. This inevitably affects...Read More
ABN AMRO sent a letter to a number of clients, declaring a moratorium on rough loans, quoting the industry's behavior. Arguing that there is not profitability in manufacturing or rough diamond trading and that therefore, noting that it does not identify the "necessary change in the current situation," ABN will not extend loans for rough diamond purchases. The "necessary change in the current...Read More
RAPAPORT... India has introduced an import classification code solely for lab-grown rough diamonds, enabling the industry to keep better watch of syntheticsentering the country.The government has separated the Indian Trade Clarification(ITC) code for rough synthetic gemstones into diamonds and non-diamonds, theGem & Jewellery Export Promotion Council (GJEPC) reported last week. Themove wi...Read More
PERTH (miningweekly.com) – Diversified miner Rio Tinto has unveiled its latest tender from the Argyle diamond mine, in the Kimberley region of Western Australia, as the operation nears the end of its life cycle.The 64-diamond collection includes three Fancy Red diamonds and weighs a combined 56.28 ct.Advertisement“I am delighted to be at the Argyle mine for this exclusive world preview...Read More
The local mining industry declined by 10.8% in the first quarter of this year and the industry is on a huge cost-saving run, says bearings and power transmission products distributor Bearings International (BI) mining business development leader Shaun Combrinck.He tells Mining Weekly that BI is focusing on the products and services it has to offer the mining industry, as equipment being used at mi...Read More
The second translocation of elephants from diamond miner De Beers’ Venetia Limpopo Nature Reserve (VLNR), in South Africa, to Zinave National Parks, in Mozambique, has been completed.The first herds of elephants were corralled at the VLNR on June 25, before being transported by road for about 1 700 km, and released at Zinave on June 27.AdvertisementThe final herds arrived at Zinave this...Read More
Diamond tradeseasonally slow with concerns about weak demand and low profit. Oversupplycontinues despite drop in rough buying. Producers raising rough inventory as 1Hsales slump and mine production remains steady. Alrosa 1H sales -32% to $1.8B.Kimberley Process reports 2018 global rough production +3% to $14.5B, volume-2% to 148.4M cts. Indian government raises gold import duty from 10% to 12.5%an...Read More
Sentiment weak amid slow trading, tight liquidityand squeezed profits. Foreign buyers trying to take advantage by pushing fordiscounts. Domestic buyers cautious. Steady interest in 1 ct., G-J, SI goods.Strong gold demand supported jewelers in June, but rise in import duty to 12.5%expected to curb sales. RoundRead More