RAPAPORT... Gem Diamonds has sold the Lesotho Legend, the 910-caratstone it unearthed at its Let??eng mine in January, for $40 million, the company said Tuesday. The miner claims the D color, type IIa stone -which it sold at tender in Antwerp to Samir Gems - is the fifth-largest gem-quality diamondever recovered. "We are delighted with the outcome of the sale of this iconicdiamond, which demo...Read More
(IDEX Online) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, has announced the winners of its 28th annual CASE Awards, a national jewelry design competition. The CASE Awards recognizes JA Retail Members who exhibit creativity, artistry, style and excellence in jewelry design. "The CASE Awards showcases the creativity...Read More
JOHANNESBURG (miningweekly.com) – Aim-listed Botswana Diamonds has started drilling at the Ontevreden kimberlite pipe, which is part of the company’s Vutomi Joint Venture in South Africa and which contains significant quantities of G10 and G9 garnets.“We are pleased to announce the commencement of drilling at the Ontevreden kimberlite pipe. We know that the pipe contains sig...Read More
RAPAPORT...Stellar Diamonds has struck a $10.8 million (GBP 7.7 million)takeover agreement with Newfield Resources, raising its hopes of bringing itsSierra Leone mine into production, the company said Monday. Stellar, which operates the Tongo-Tonguma project, last week said it might not be able toaccess enough financing for it to remain in operation if talks fell through. Under the deal, Stellar s...Read More
(IDEX Online) - The GIA will offer demonstrations of the GIA iD100TM gem testing device that distinguishes natural diamonds from synthetics and diamond stimulants at the Baselworld show in Switzerland from March 22-27. It will be the first time that the GIA iD100TM gem testing device has been demonstrated at a trade show in Europe. This device uses advanced spectroscopic technology to disti...Read More
RAPAPORT... India's Central Bureau of Investigation (CBI) has arrestedHasmukh Shah in its ongoing investigation into Winsome Diamonds, Reuters reportedMonday. Shah is a former director and authorized signatory ofForever Precious Jewellery and Diamonds, a subsidiary of the Winsome Diamondsgroup. Both companies have been accused of defaulting on more than $939 million(INR 61 billion) in credit provi...Read More
JOHANNESBURG (miningweekly.com) – The “exceptional quality” 910 ct D-colour Type IIa diamond recovered from LSE-listed Gem Diamonds’ Letšeng mine, in Lesotho, in January, achieved a price of $40-million on tender in Antwerp, on Monday. Reflecting its significance, the diamond, which is the fifth-largest gem-quality diamond ever recovered, has been named the Leso...Read More
(IDEX Online) - Gem Diamonds announced that the exceptional quality 910 carat D color Type IIa diamond recovered from the Let??eng mine in January was sold for $40 million at tender in Antwerp on 12 March. Reflecting its significance, the diamond, which is the fifth largest gem quality diamond ever recovered, has been named The Lesotho Legend, the miner said. Clifford Elphick...Read More
VANCOUVER (miningweekly.com) – Explorer Diamcor Mining has launched a nonbrokered private placement worth C$5-million in an effort to address the insufficient recoveries of water from the settling dams at its Krone-Endora at Venetia project, in South Africa's Northern Cape province.The TSX-V-listed miner is finalising installation of a paste thickening plant and associated operational eq...Read More
(IDEX Online) - Russian diamond mining giant ALROSA said it had prepaid $450 million of bank loans. ALROSA made an early repayment of a $250 million loan from Rosbank, and a $200 million portion of the existing Raiffeisenbank loan, both raised in December 2017. The repayments reduce its debt by more than 27% to $1.17 billion. The bank loans were repaid with the cash proceeds r...Read More
JOHANNESBURG (miningweekly.com) – TSX-V-listed Tsodilo Resources has processed 724.7 t through the dense media separation (DMS) plant at its BK16 kimberlite project in Botswana, since commissioning the plant on January 18.This represented 141 samples out of a total of 243, or 6%, of the tonnage. These 141 samples have generated 2 778.6 kg of concentrate, translating to a DMS yield of 0.38%.A...Read More
The board of directors at Stellar Diamonds (LON:STEL) recommended Monday a merger with Australia's Newfield Resources (ASX: NWF), which also operates in Sierra Leone.The all-share takeover by the Sydney-listed company offers 0.76 Newfield shares for each Stellar one, valuing the diamond miner at ?7.74 million (about $10.8 million).Under the deal, Newfield will lend Stellar $3 million to help it...Read More
RAPAPORT... The Kimberley Process (KP) has entered a two-year review of itsoperations, enabling the organization to evaluate current needs and improve theway it tackles issues. The European Union, the KP's chair for 2018 under theleadership of Hilde Hardeman, is overseeing the assessment, the World DiamondCouncil (WDC) said in a statement last week. "The threat of instability and conflict remains...Read More
(IDEX Online) - The World Federation of Diamond Bourses' (WFDB) Executive Committee Meeting takes place in Idar-Oberstein today, with the meeting tackling a full agenda of issues ahead of the 38th World Diamond Congress in Tel Aviv in June. The meeting is being hosted by the Diamant-und Edelsteinborse Idar Oberstein. "We have a very full agenda of issues to discuss since the last ExCo...Read More
JOHANNESBURG (miningweekly.com) – Australian exploration company Newfield Resources (NWF) and Africa-focused miner Stellar Diamonds have reached an agreement regarding NWF’s proposed acquisition of Stellar’s entire issued and to be issued share capital for £7.74-million.The ASX-listed company owns an advanced diamond project in Sierra Leone, comprising four exploration lice...Read More
RAPAPORT... Sterling Jewelers has responded toAlex and Ani's countersuit against the retailer, claiming its sparring partner breached a contract between the companies. The jewelry retail giant has highlighted nine points itbelieves makes Alex and Ani's countersuit invalid, including Alex and Ani notperforming its obligations under the contract, and filing thecounterclaim in bad faith.The companies...Read More
(IDEX Online) - World Diamond Council (WDC) Acting President Stephane Fischler joined a group of executives and dignitaries at a United Nations General Assembly (UNGA) side event, discussing the Kimberley Process (KP) and strategies to advance its ongoing contributions toward peace, security and sustainable development in diamond mining communities. This year marks the beginning of a pivot...Read More
RAPAPORT... The State Bank of India (SBI) has introduced stricter lending conditions for certain gem and jewelry companies in the wake of the Nirav Modi scandal, The Economic Times reported. India's largest bank will require existing borrowers with inadequate safeguards either to raise their collateral to 40% to 50% of the loan value from the current 10% to 15%, or to repay at least half...Read More
(IDEX Online) - The Diamond Producers Association (DPA) launched a story-telling series about the role women play in the business to celebrate International Women's Day. "Stories Behind The Brilliance Of Diamonds," is a series that features articles from and about women who represent different stages in the diamond's evolution from mine to market. Among the women featured were Stefa...Read More
JOHANNESBURG (miningweekly.com) – Diamond miner Alrosa has used the proceeds of the cash sale of its gas assets to repay $450-million in bank loans.The company announced on Monday that it had repaid a $250-million loan from Rosbank and a $200-million portion of its existing Raiffeisenbank loan, reducing its debt by more than 27% to $1.17-billion.AdvertisementThe early repayment of the loans...Read More