JOHANNESBURG – A plan to build Zimbabwe’s biggest platinum mine at a cost of about $4-billion is floundering because a military stake in the project has deterred potential backers, according to people familiar with the funding discussions.The African Export-Import Bank has the mandate to raise money for the mine, a joint venture between Russian and Zimbabwean investors. While the bank...Read More
South Africa's Petra Diamonds (LON:PDL) has sold its 425-carat "Legacy of the Cullinan Diamond Mine" diamond to Belgium-based Stargems Group for $15 million.The exceptional D colour Type IIa gem was recovered in March from the company's iconic Cullinan mine, the same that yielded the Cullinan diamond - at 3,106 carats the largest rough diamond ever found and which today is part of the British C...Read More
Australia's corporate regulator is asking the Federal Court for approval to wind up Merlin Diamonds (ASX:MED), whose shares have been suspended from trading since October, after the watchdog kicked off a probe into a A$13 million-loan from the miner to a private company associated to the diamond producer's owner.The Australian Securities and Investments Commission (ASIC) is also looking into whet...Read More
RAPAPORT... Polished-diamond imports to Hong Kong declined 3% in thefirst quarter, according to data from the Diamond Federation of Hong Kong,China. The average price of imports rose 3%, but was outweighed by lowervolumes.Hong Kong Diamond Trade Data for 1Q 2019 $ Millions unless stated otherwiseRead More
RAPAPORT... Petra Diamonds sold a 425-carat white diamond from itsCullinan mine in South Africa for just under $15 million, it said Tuesday. "This is a significant sale for Petra Diamonds and anendorsement of the quality not only of the Legacy diamond, but also theCullinan ore body itself, which is known for its exceptional stones," saidPetra CEO Richard Duffy. The D-color, type II, gem-quality s...Read More
RAPAPORT... The rise of lab-grown diamonds might finally be tricklingthrough to the historic heart of the trade: the diamond exchanges.It began last November, when Anoop Mehta, president ofMumbai's Bharat Diamond Bourse (BDB), told Rapaport News some of itsmembers had asked for a rethink of its total ban on synthetics in the complex.The BDB delayed taking action due to "issues" in the market...Read More
RAPAPORT... Stornoway Diamond Corporation fell deeper into the red inthe first quarter, as rough prices softened, it saidMonday. The miner recorded a net loss of CAD 48.4 million ($36million) for the three months ending March 31, in comparison to a loss of CAD11 million ($8.2 million) during the same period last year. "A continued downward pressure on the market price for roughdiamonds has inhibi...Read More
The leading daily The Namibian reported that Namibia's Central Procurement Board (CPB) has awarded a N$300 million [US$21 million] contract to Gem Diamonds Namibia to valuate Namdeb's diamonds over the next five years. While it is the country's Ministry of Mining's task to hire an independent diamond valuator to ensure that diamonds sold by Namdeb, which is jointly owned by the...Read More
Pearls, coral and innovative new materials and approaches to metals will be the top global jewelry design trends on show at the 64th edition of the Bangkok Gems and Jewelry Fair, which runs from September 10-14, 2019. Since the Sotheby's sale of a pearl and diamond pendant - once owned by France's Queen Marie-Antoinette - for a world record price paid - $36 million! - for a pearl in...Read More
London-listed Petra Diamonds has sold the 424.89 ct Legacy of the Cullinan Diamond Mine diamond to Stargems Group/Choron for just under $15-million.The exceptional D-colour Type IIa diamond was mined from the Cullinan C-Cut and adds to the most famous diamonds to have originated from the historic mine.Advertisement"This is a significant sale for Petra and an endorsement of the quality not onl...Read More
A surge in investment buying and higher automotive consumption will underpin a nine percent gain in gross platinum demand in 2019, offsetting weakness in the Chinese platinum jewelry market, where platinum faces increased competition from [high-]karat gold jewelry, the latest Johnson Matthey PGM Market Report says.Automotive demand for platinum will rise by three percent this year, due to greater...Read More
Alrosa's sales of rough and polished diamonds reached $318.7 million in April. Rough diamond sales amounted to $315.8 million, while those for polished diamonds stood at $2.9 million. In the months January-April 2019, total sales came to $1,322.9 million (rough - $1,303 million; polished - $19.2 million). Evgeny Agureev, Director of Alrosa's United Sales Organization, went out of his way...Read More
Canadian miner Stornoway Diamond Corporation has initiated a series of actions to preserve its liquidity, including targeted cost reductions of C$18-million to C$20-million this year.The miner, which operates the Renard mine in Quebec, said on Monday that the continued downward pressure on the rough diamond market was inhibiting its ability to generate positive free cash flow.AdvertisementIn addit...Read More
JOHANNESBURG (miningweekly.com) – President Cyril Ramaphosa is correct in stating that South Africans need to act together with urgency and boldness if they are to realise the economic opportunities before them, Eunomix CEO Claude Baissac said on Tuesday.Baissac, who was speaking to Mining Weekly Online following the finding of Eunomix that South Africa's performance in the past 12 years...Read More
RAPAPORT... Stornoway Diamond Corporation fell deeper into the red inthe first quarter, as rough prices softened, it saidMonday. The miner recorded a net loss of CAD 48.4 million ($36million) for the three months ending March 31, in comparison to a loss of CAD11 million ($8.2 million) during the same period last year. "A continued downward pressure on the market price for roughdiamonds has inhibi...Read More
RAPAPORT... Cartier and Van Cleef & Arpels have filed a lawsuitagainst a Florida jeweler, claiming willful infringement on a number of theluxury jewelers' famous trademarked collections. Scott King, registered for business as Florida Diamond Brokers andKing Jewelers, allegedly sold imitations of jewelry belonging to theRichemont-owned divisions, the May 6 suit, filed in the US District Co...Read More
RAPAPORT... Sales at Alrosa fell 21% year on year to $318.7 million inApril amid a continued slowdown in the Indian manufacturing sector. Rough-diamond sales dropped 20% to $315.8 million for themonth, while polished revenue plummeted 68% to $2.9 million. "In the first months of 2019, the global diamond market saw somewhat weaker demand from cutters and polishers due to both diamond-stocknorm...Read More
RAPAPORT... Watches of Switzerland will proceed with an initial publicoffering (IPO) on the London Stock Exchange in an effort to reduce its debt and support growth.The UK-based luxury-watch retailer plans to raise approximately GBP 155million ($201.6 million) by selling new and existing company shares, it said last week. It will use those funds to pay offits current GBP 120 million ($150.1 m...Read More
The online publication FirstPost reported earlier this month that India's Central Bureau of Investigation (CBI) had registered "a fresh case against absconding diamantaire Jatin Mehta, Winsome Diamonds and Jewellery and a Jordanian Hathyam Salman Ali Obaidah for allegedly cheating Bank of India for Rs 82.55 crore [approx. $12 million]." During the past years, CBI filed at least six...Read More
The Second Standing Committee of Macau's Legislative Assembly has begun discussing the proposed law for the Kimberley Process Certification Scheme (KPCS) to come in effect in the city as of October of this year. To make the October deadline, the KPCS law will need to be ratified by the Legislative Assembly before August 15, before it adjourns for a long recess, the president of the Commi...Read More