Grib Diamonds is a 100% owned subsidiary of LUKOIL and a relatively new player in the rough diamond business, having started its operations in Antwerp in May 2014. Grib Diamonds markets the production of the Grib Diamond Mine, which is owned and operated by oil and gas company LUKOIL. With estimated reserves of 91.5 million carats, it is the 8th largest diamond mine in the world, the 4th largest in Russia and the only major one in Russia that is not operated by ALROSA.
Anglo American has published an update on its production performance for the third quarter of 2016, indicating that diamond production for the third quarter of 2016 increased by four percent to 6.3 million carats compared with the third quarter of 2015, when production was reduced to 6.0 million carats in response to weaker trading conditions.
The 20-day Diwali holiday vacation has already arrived for most of the small and medium diamond manufacturing units in in Katargam and Varachha, while units in Surat are just starting to shut down. According to The Times of India, "Industry sources said the polished diamond inventory is full and that most of the units had slashed the production by almost 30% in the last few months.
In his latest Diamond Intelligence Briefing, "A Fraud in Progress... A Criminal Conspiracy to Default Hits Indian Exporters", industry insider Chaim Even-Zohar unravels a massive case of fraud perpetrated by a rogue diamond broker and US-based buyers against Indian diamond suppliers, currently estimated at $35-50 million.
"Diamond mining company De Beers Consolidated Mines (DBCM) is spending more on exploration as it searches for a new diamond mine to augment its two existing South African diamond mines – Venetia, in Limpopo province, and Voorspoed, in the Free State," writes Martin Creamer for Creamer's Mining Weekly.
Sierra Leone, the seventh largest diamond producing country in Africa by volume and eighth by value, increased its diamond production by 19% in the first half of 2016, according to Sierra Leone newspaper Awoko. Diamond production in the first six months of 2016 was 359,080 carats valued at $101.9 million, compared to 290,380 carats valued at $60 million produced in the first six months of 2015. The country ended up producting 500,000 carats in 2015, good for $154,253,129. The price per carat fell a full $40 compared to H1 2015, from $324 to $284.
"We have become aware of some incorrect media articles in Botswana which have reported that the Lerala Diamond Mine has closed. Such information is factually incorrect," announces Kimberley Diamonds in a press release. Mining operations at Lerala are conducted by external contractor, Basil Read, have continued at rates exceeding the plant’s current ability to process feed, resulting in a large ore stockpile.
Anyone telling you that lab created diamonds are cheaper [than natural] is straight out lying (they just use weaker certificates to make inflated quality claims; the oldest scam in the book) ... You shouldn’t ignore value entirely. Say an average natural diamond retains roughly 50% of its value after purchase. Eventually the value of the diamond will rise, so if you ever try to sell it, you should be getting at least half (or possibly much more) of the original purchase price. Lab-created synthetic diamonds have no resale value. So, from a value perspective, you would need to buy the lab-created diamond at a massive discount to justify giving up the value retention of natural diamonds ... The companies selling lab-grown diamonds claim that their diamonds are 30-40% cheaper. That is an outright lie. So If you are planning on buying a diamond and looking to get the best bang for your buck, natural diamonds are a far better choice than man-made diamonds.
- The Diamond Pro, on the losing value proposition of synthetic diamonds.
Petra Diamonds, the London-listed mining group focused on Southern Africa that operates four mines in South Africa and one in Tanzania, has reported that Q1 2017 (1 July to 21 October 2016, covering production and sales from 1 July 2016 to 30 September 2016) production is up 30% to 1,097,523 carats (Q1 FY 2016: 842,796 carats), due to increased contribution from undiluted run-of-mine (ROM) ore, improving ROM grades and additional tailings production from Kimberley Ekapa Mining.
Gujarat chief minister Vijaybhai Rupani on Sunday laid the foundation stone for the Surat Diamond Bourse (SDB), saying it would put the city and the state on the map of world. "With this complex becoming operational, Surat will find its place among the world diamond trading hubs. This will boost the trade prospects for diamond traders from Surat," said Rupani. SDB is a company floated by diamond barons who plan to invest Rs1.25 trillion to establish it over a period of four years.
A major U.S. jewelry manufacturer and retailer Stuller and Dominion Diamond Corp. have partnered to bring CanadaMark melee diamonds to the U.S. market, writes Logan Sachon for JCK.
Australian miner Lucapa Diamond Co. is planning two diamond sales in the December quarter as recoveries of large specials from its Lulo Diamond Project in Angola continue at pace. The next sale, featuring Type IIa D-color diamonds weighing 172 and 104 carats recovered in September, is scheduled for mid-November.
Diamond smuggling in China, an issue that has received significant press in recent years, is not going away.
Current KP Chair Ahmed Bin Sulayem wasn’t the first to contemplate the possibility of integrating blockchain technology in the diamond industry, when he addressed the KP members during the Intersessional meeting last summer. In recent months, the term “blockchain” has been popping up more and more in conversations within the industry, especially on how the technology could increase transparancy, which in turn can for example, optimize operations or enhance a company's bankability.
A week after the Gemological Institute of America (GIA) announced that its Hong Kong laboratory recently identified an undisclosed chemical vapor deposition (CVD) grown diamond weighing 5.19 carats - the largest ever CVD synthetic diamond ever detected - Tom Moses, the GIA’s executive VP and chief laboratory and research officer explains to Michell Graff of The National Jeweler how lab-grown diamond certificates issued by GIA differ from their natur
Rio Tinto has released its third quarter production results, reporting that diamond production increased 3.4 percent to 4.4 million carats in the three months ended September 30. The company’s share of production at the Diavik Mine in Canada jumped 22% to 927,000 carats (Rio Tinto holds 60 percent of Diavik, the remainder of which is held by Dominion Diamond Corporation). Meanwhile, production at the 100%-owned Argyle mine in Western Australia fell 0.6% to 3.5 million carats.
DiamondCorp has announced: "following accelerated financing discussions, the company has entered into a Shariah-compliant [no interest] secured convertible financing facility with Rasmala plc, a leading independent investment manager and shareholder in the company." DiamondCorp and Rasmala have agreed to the drawdown of two tranches for a total principal amount of £700,000 ($856,000). The first, in the amount of £400,000 ($489,000), is to be drawn down immediately.
Firestone Diamonds has announced the recovery of the first diamonds at the Liqhobong Diamond Mine is Lesotho as the project moves into the production ramp-up phase. Liqhobong is owned 75% by Firestone and 25% by the Government of Lesotho. The first ore was treated through the plant as scheduled with diamonds reporting to the sort house, and among the initial recoveries were fancy yellow diamonds, as the company expected. Commissioning at the plant is 96% complete and the irst ore blast in the main pit was successfully completed, while waste stripping is on target.
What do Millennials want? A question the entire diamond trade has been posing. Millennials are obsessed with the concept of individualism and crafting a unique persona, so why should selecting their engagement ring be any different? Many brides-to-be prefer receiving or even designing a ring that suits their unique personalities. Brilliant Earth, a sustainable jewelry company that offers a create-your-own option, analyzed engagement-ring shopping behavior in the U.S.
India's exports of cut and polished diamonds trended upward during the first six months (April-September 2016) of fiscal year 2017, rising by 10.71% to $11.20 bn, according to the provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). During the fiscal year to date, imports of rough diamonds rose to $8.85 bn, an increase of 27.20%.
JCK's Rob Bates writes that one of the largest remaining specialty jewelry chains in the US, Helzberg Diamonds, will no longer carry synthetic diamonds. "Last year," writes Bates, "Helzberg Diamonds’ experimented with stocking lab-grown diamonds. It was the largest jewelry retailer to do so.
Today’s opening ceremony marks the culmination of approximately 20 years of work to bring the Renard Project from a green-field exploration concept to a fully operating new diamond mine. A long list of individuals can claim a share in the success of this enterprise. While we celebrate the official opening ceremony today, our production ramp-up continues and we remain on schedule to achieve commercial production by the year end.
- Matt Manson, President and CEO, Stornoway Diamond Corporation at official opening of Renard Diamond Mine. The first sale of Renard Mine diamonds will be held in Antwerp starting November 14.
Russia's rough diamond giant ALROSA has published its "Q3 and 9M 2016 Operational Overview", showing modest declines in production but a significant increase of revenue. Rough diamond production for the first 9 months of 2016 fell 5.74% from 29.6m carats in 2015 to 27.9m in 2016, while Q3 production dropped 5% from 11.6m carats to 11.0m carats.
Earlier this week, Kimberley Process (KP) chair Ahmed Bin Sulayem issued a press release extending an, "Invitation to Civil Society to Attend [KP] Plenary", [civil society = NGOs] and also shared with the CSC a document providing an in-depth response addressing previous issues and concerns raised by the CSC at the beginning of the UAE KP Chairmanship ("Proposal for a Remediation Between the 2016 KP Chair and the Members of the Civil Society Coalition").
Botswana Diamonds has announced in a press release that drilling has commenced on kimberlite pipe AK 22 on Licence PL 260 in the Orapa area of Botswana. This marks the start of an intensive 12 week exploration program as part of a 50/50 joint venture with Russian state diamond giant Alrosa.
Dharmanandan Diamonds (DDPL), a De Beers sightholder company, has become first to launch an online auction platform - the Diamond Carnival - for polished diamonds, writes The Times of India. Available for clients in India and abroad, the new monthly auction platform is accessible through the Internet as well as iOS mobile applications. The first auction in the series on the new platform opened at 12:00 PM on October 17 and will be live for three days, the company said in a release.
Wedding planner website The Knot asks a common question to diamond ring purchasers: “How can you be sure your stone is conflict-free?” The fact that this question is still a concern to consumers even today, when ‘conflict diamonds’ have been all but eliminated from the supply chain, points to a misconception that most, if not all natural diamonds are considered conflict diamonds. But what exactly is a ‘conflict diamond’? Why do people still hold to the misconception that there is a great risk of buying them? And what steps can consumers take to be absolutely certain?
After a tumultuous week that started with the announcement that full production at its Lace diamond mine in South Africa would be delayed until February 2017 and that it needed to raise additional equity and/or debt of around $3m to 3.65m (£2.5m to £3.0m) in the near term to cover the anticipated cash required to fund operations through to commercial production, included
The September Hong Kong Jewellery & Gem Fair drew 55,768 unique buyers from 147 countries and regions this year. "The attendance," writes Anthony Demarco for the Jewelry News Network, "which still ranks the annual event as the top fine jewelry trade fair in the world, is a 3.2 percent decline from the prior year." He notes that this is the second consecutive year that the fair saw a drop in attendance. In 2015, the fair attracted 57,616 unique visitors, which was again 2.5 percent drop from the year before.
Petra Diamonds has released its annual report for FY 2016, with 16% higher rough diamond production at 3.7 million carats leading to only a 1% gain in total revenue at $430.9 million, and a 1% increase in adjusted net profit at $63.6 million. Chairman Adonis Pouroulis states, "While we achieved 16% higher production during the year, revenue was only up 1% as the higher volumes (albeit of lower value goods from the Kimberley tailings operations) were offset by rough diamond prices on a like-for-like basis, being down circa 6% in comparison to FY 2015 ...
Thirteen years after the the United States government initially banned the import of all gemstones from Burma (Myanmar) to put pressure on the military junta that had ignored democratic elections, placed Nobel Peace Prize laureate Aung San Suu Kyi under house arrest, and persecuted minority groups throughout the country, U.S. sanctions on imports of the Burmese gemstones were officially lifted by an executive order on October 7.
Construction of Botswana-based diamond mining company Debswana’s Letlhakane mine tailings resource treatment plant project (LMTRTP), near Orapa, is currently 80% complete, with final project completion expected by 2017, writes Mining Weekly. The Letlhakane Mine is Debswana's second oldest mine, opened in 1975, achieving peak production of approximately 1.1 million carats annually; 583,207 carats were recovered from the mine in 2015.
In his latest article, JCK news director Rob Bates looks at the impact of GIA reporting the discovery of the biggest ever undisclosed CVD synthetic diamond at its Hong Kong lab. Bates argues that even though most cases of undisclosed synthetic diamonds occur in India and China, this latest discovery demonstrates synthetics pose a real and present threat to the entire industry, including the retail segment.
According to Sputnik, "India will soon be enacting regulations that will end the role of intermediaries in the import of rough diamonds from Russia." Sources from the Indian Ministry of Commerce told Sputnik that new regulations will relax the restrictive taxation and customs procedure which Indians had to adhere to when importing rough diamonds.
The Gemological Institute of America (GIA) has announced that its Hong Kong laboratory recently identified an undisclosed chemical vapor deposition (CVD) grown diamond weighing 5.19 carats, the largest ever CVD synthetic diamond ever detected, "marking a significant milestone." GIA says that CVD technology has accelerated over the last several years, and the rapidly improving techniques have produced large, high-quality near-colorless and colorless synthetic diamonds.
The Namibian newspaper has raised concerns that a new government independent sales company called Namib Desert Diamonds (Namdia), which is designated to sell stones worth over an estimated US$150 million (N$2.1 billion) per year as stipulated by a 10-year agreement between De Beers and the Namibian government, is allegedly operating without the desired level of transparency when it comes to selling Namibian resources.
DiamondCorp's 74%-owned subsidiary, Lace Diamond Mines (Pty) Limited has been issued with a Section 54 shut down notice on underground operations by the South African Department of Mineral Resources ("DMR") relating to a fire incident on a dump truck which was extinguished without injury just inside the portal to the decline. The instructions issued by the DMR include a request for an "external ventilation audit team to inspect the mine for smoke and other gases".
The campaign is about the appreciation of a husband for his wife for the little things that she does which makes his life, a life worth living. The wife is at the core of the commercial and depicts how she is the soul of the household and how everyone’s life is better because of the love care and concern she shows them and how she completes them. It signifies that every woman is the diamond in her husband’s life and is truly deserving of a diamond as appreciation of all the effort she puts in for her family.
- From press release on Oct. 11 launch of the Gem & Jewellery Export Promotion Council and De Beers Group campaign, “Ek Heera Aapke Heere ke Liye” (Only a diamond is worthy of your diamond).
West Australian-based international diamond miner Lucapa has taken up the search for yellow diamonds in the West Kimberley lamproite province in Western Australia with a Heads of Agreement (HoA) to acquire 80% of Leopold Diamond Co's Brooking Diamond Project. It will pay $A140,000 cash (US$105,128) plus 250,000 fully-paid ordinary shares and 500,000 Lucapa options exercisable at 53c (representing a 50% premium to the Lucapa share price at the time of signing the HoA). The Brooking Diamond Project comprises two exploration licenses covering 128 sq.km.
Southern African diamond mining, development and exploration company DiamondCorp said a revised production ramp up announced in August has been further revised in light of tonnage constraints encountered during September, which are now likely to continue until at least the end of the current year.
According to Finmarket.ru, in an article translated and published by Rough-Polished, ALROSA President Andrey Zharkov said in an interview with television channel "Russia 24" that the company will drive its sales to 37 million carats (equal to output) in 2016, a 23% over 2015.
Continuing a year of impressive results, Lucapa Diamond Company has reported record diamond production in Q3 2016 from the Lulo Diamond Project in Angola. Sociedade Mineira Do Lulo (SML) produced 8,853 carats from its alluvial operations in the September quarter, a 154% increase over the same period in 2015. This puts YTD production at 14,521 carats, a 233% increase over the first nine months of 2015. Q3 production also included a record number of 'specials' (+10.8 carats), with 137 stones combining for 3,210 carats.
Namibian Underwater Technologies and Mining (NUTAM Operations), a marine mineral exploration, mining and dredging entity within the International Mining and Dredging Holdings (IMDH) group – which controls the company’s Namibian and South African entities – has recently completed the first phase of its underwater diamond operations off the Namibian coastline. The company has commenced trenching operations in the Samicor ML56 and Diamond Fields Namibia ML 111 areas adjacent to where De Beers have been mining for diamonds in the Atlantic Ocean since the 1990s.
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded a 4% increase in revenue, reaching $29 billion (€26.3 billion), for the first nine months of 2016, the group announced in a press release. Organic revenue grew 5% compared to the same period in 2015. With organic revenue growth of 6%, Q3 saw an acceleration compared to the first half of the year. Asia showed a significant improvement during the quarter. The United States remains well positioned, as does Europe.
In a news release, VULT - a digital diamond exchange platform whose, "revolutionary technology turns diamonds into a modern asset class: liquid, portable and fully fungible" - announced: "Secured Worldwide, the creators of VULT, a unique diamond investment product, has won the backing of the Underwriters at Lloyd’s of London for VULT’s warranty of the authenticity of every diamond in VULT units sold to consumers by Secure Worldwide.
Last July 11, the Russian government announced the sale of 10.9% a stake in ALROSA, the world’s largest diamond producer, generating $818 million to help close the country's growing budget deficits. At the time, Russia's Economy Minister Aleksei Ulyukayev said the demand for shares, primarily from European and Asian investors, was more than twice as high as the 10.9 percent offered.
Under the slogan, "Bring out any truth hidden behind your jewel that promised natural diamonds", the Dharmanandan Research Centre (DRC Techno) announces the J-Secure synthetic screenig device. Claiming it to be the, "World's first instrument that detects synthetic diamonds in studded jewelry", DRC says it will detect synthetic diamonds as small as in the -2 sieve size (0.003 carats) that have been jewelry. DRC is best known for producing D-Secure, which detects synthetics in loose diamonds.
India and Russia will discuss ways to boost the direct trade of diamonds when Prime Minister Narendra Modi meets Russian President Vladimir Putin in Goa on Saturday, writes the Deccan Herald. Modi will discuss with Putin the measures New Delhi is considering to simplify the taxation and customs procedure to make it easier for Russian traders to export rough diamonds to India directly, avoiding the intermediaries, sources told DH.
Helen H. Wang, an award-winning author and expert on China’s middle class, writes for Forbes that Chinese millennials, in addition to their burgeoning numbers (by 2020, Chinese millennials are expected to reach 300 million strong, compared to 80 million in the U.S.) have two distinct advantages over their U.S. counterparts: no student loan debt and no housing expenses. According to China National Administration of Tourism, writes Wang, more than 120 million Chinese traveled abroad in 2015, spending $194 billion.
"U.S. polished diamond imports rose to the highest level seen in the seasonally slow month of August in three years", writes Rapaport News. The traditional slowdown at end of summer was no different this year, as August was the slowest month in 2016 thus far. Nonetheless, according to government figures, inbound shipments of polished rose 2.4 percent to $1.66 billion, the strongest August since 2013 when orders stood at $1.67 billion.
In an ASX press release, Kimberley Diamonds announced that its Botswana subsidiary, Lerala Diamond Mines Limited (Lerala) has entered into an offtake agreement for the sales of diamonds from its Lerala Diamond Mine from September 2016 to February 2017. Lerala conducted a tender of its diamonds in late September 2016, which was operated by DDA Trading BVBA in Antwerp. Following the tender, the winning bidder made an offer to enter into an offtake agreement for all diamonds for a 6 month period.
Christie’s Magnificent Jewels auction on 15th of November in Geneva will be led by exceptional lots, with pieces designed by Van Cleef & Arpels, Cartier, David Webb, Harry Winston. The auction will also feature the debut of jewels from BOEHMER ET BASSENGE’s first collection. According to Christie’s press release, the collection from the new Maison de Haute Joaillerie consists exclusively of large, D color, flawless clarity diamonds. The auction house will be presenting two pieces, which will be on display in Hong Kong, London, New York and Geneva prior to the auction.
For the first time ever, a diamond mineral block in India's Madhya Pradesh’s Panna district having a precious stone deposit worth nearly $1.6 billion (Rs 106 crore) has gone under the hammer. As a state official earlier today confirmed, “Hatupur Diamond mineral block was successfully auctioned on October 5, in Panna district.
Earlier this week, Michelle Graff of National Jeweler reported that Tiffany's had been awarded $5.5 million in their legal dispute with Costco. A New York jury has now ruled that wholesale merchandiser Costco must pay them an additional $8.25 million, potentially bringing the total to $13.75 million pending the judges verdict.
JCK's Emili Vesilind digs into Cassandra's SHOP Report, which its website describes as, "A deep dive into young consumers' habits and attitudes around the future of retail, shopping, and spending," and aims to provide, "a comprehensive portrait of the evolving ways Gen Y (also known as Millennials) and Gen Z are approaching the purchasing process and the dynamic role that brands are playing in the lives of these influential young consumers." Vesilind writes, "Emily Anatole, Cassandra’s associate insights director,
The highly anticipated launch of the Diamond Producers Association's "Real is rare. Real is a diamond" category marketing campaign is finally a fait accompli. Two intense ads featuring young couples will air on broadcast television and various digital platforms such as Hulu alongside a social media push. The Diamond Producers Association has also planned a major public relations initiative in its efforts to reintroduce young Americans to the appeal of a real diamond.
Stornoway Diamond has announced that its first sale of its Renard Mine diamonds will be held in Antwerp, Belgium starting on November 14th, 2016. This is two months earlier than previously anticipated, according to a press release. First ore was introduced to the Renard diamond plant on July 15, 2016. As of the quarter end, 91,010 tons of ore had been processed with attributable carat production of 111,556 carats, representing an average grade of 123 carats per hundred tons.