Partnership for Prosperity: The Story Behind Sierra Leone’s 476-Carat Diamond (Part 2)

On November 9 in Sierra Leone, Meya Mining recovered a 476-carat Type IIa, D color diamond (the highest category of purity & color) from the very first sample of ore they put through their processing plant. An astounding recovery.

Mining and Exploration

Jewelers of America’s Consumer and Retail Survey Results are in…

Jewelers of America (JA) released the results of their US “Fine Jewelry Industry Consumer and Retail Market Study” conducted by Provoke Insights. The study surveyed two groups, the retailers and the consumers, and Michelle Graff listed some of the key findings. 

Market Analysis

Debunking Diamond Myths

Rapaport’s Sarah Jordan lists five common misconceptions about the diamond industry and lets industry experts explain the difference between myth and reality.

Myth: Customers are significantly at risk of buying a conflict diamond
Reality: The Kimberley Process alongside a multitude of legislation and self-regulation are a guarantee that 99.8% of diamonds are conflict-free.

In-depth

US Judge Dismisses Exelco Chapt. 11 Case(s)

According to The National Jeweler, a Delaware judge this week has dismissed the Chapter 11 cases Exelco NV and its subsidiaries filed in the Delaware (US) Bankruptcy Court, ruling that the cases should be heard in Belgium. U.S.

Legal

A Tale of Four Tax Regimes: Antwerp, Israel, Dubai and India

The tax regimes in the four major diamond midstream trading centers - Antwerp, India, Dubai and Israel - have been the topic of great discussion and significant change in recent years. The beginning of this year saw the tax policies in both Belgium (Antwerp) and Israel (Tel Aviv) change. These countries levied a minimum tax on diamond companies, which was levied as a percentage of the turnover. While this was termed as a “turnover-based tax”, it was never truly a turnover-based tax.

Finance and Trade

AWDC and De Beers Talk Blockchain Traceability Platform

The Antwerp World Diamond Centre (AWDC), representing the largest diamond trade hub worldwide, and diamond mining company De Beers today announced at the KP Plenary in Brisbane that they are discussing a potential collaboration in De Beers’ recently announced blockchain platform. De Beers Group CEO Bruce Cleaver said that in recognition of the crucial issue of confidence in the diamond industry and the changing expectations across the value chain, the company has been investing in a platform to create, "the first traceability platform to span the entire diamond value chain ...

TechnologyOrigin TrackingCompliance

Spreading The Word about CSR and Positive Impact of Diamonds

“We want to change the narrative surrounding the diamond industry,” says Diamond Empowerment Fund executive director Nancy Orem Lyman.

Sustainability

ALROSA Becomes Certified Member of Responsible Jewellery Council

Russian diamond mining giant ALROSA has become a certified member of the Responsible Jewellery Council (RJC) by achieving certification against its Code of Practices through meeting the highest ethical, human rights, social and environmental standards as established by the RJC, the two organizations communicated this morning. A large independent audit company has been undertaken to assess ALROSA’s compliance with RJC’s Code of Practices.

Sustainability

Gem Diamonds’ Sale of Ghaghoo Mine Stalls, Will Seek New Offer

In Gem Diamonds’ Half Year 2017 results, announced on 17 August 2017, shareholders were notified that an offer to acquire 100% of the Ghaghoo asset ("Ghaghoo") had been received and was being considered by the Board.
Discussions have not resulted in agreement between parties and this offer has been withdrawn, the company announced this morning.

Mining and Exploration

De Beers Rough Diamond Sales Stable at $450M in Cycle 10

De Beers reports the value of its provisional sales for Cycle 10 2017 (representing sales as at 11 December 2017) at $450 million, a modest drop from actual sales of $466 million in Cycle 9 and a nearly 7 percent increase from the $422 million in sales for the same cycle in 2016. It should be noted that De Beer’s provisional sales value for Cycle 9 was $455 million, later adjusted upward to $466M. For the year to date, De Beers has sold $5.306 billion in rough diamonds (noting the provisional nature of Cycle 10), compared to $5.587 billion in sales last year, a 5 percent decline.

Rough Market

Merlin Diamonds Readies XRT Sorting Machine to Process First Kimberlite Ore

Merlin Diamonds is getting ready to process its first kimberlite ore through its new Tomra X-Ray Transmission (XRT) machine at its Merlin Diamond Mine in the Northern Territory, designed to enable the recovery of larger diamonds. Merlin announced on December 1 that the Tomra X-Ray Transmission Machine had been delivered to the mine site and would be commissioned in December. In addition to larger diamonds, the machine is also expected to recover more low luminescing diamonds than previously possible.

Mining and ExplorationTechnology

Bain & Co. Publishes Global Diamond Report 2017: "Stable" Year, Positive Outlook Amid Challenges

Bain & Company, together with the Antwerp World Diamond Centre (AWDC), has published their seventh annual report on the global diamond industry, "The enduring story in a changing world", covering industry developments in 2016 and the first half of 2017 as well as the challenges the industry faces and how it is turning them into opportunities. Their report looks at key issues along the value chain, from rough-diamond production and sales, to midstream performance and global diamond jewelry demand in major markets.

Market AnalysisFinance and TradeRough MarketManufacturingRetail and Consumer ConfidencePolished

Zimbabwe Scraps Local Ownership Policy for Foreign Investments, but not for Diamond Mining

The government of Zimbabwe has removed the local ownership requirement for foreign investment into the country - laid down in the Indigenisation and Economic Empowerment Act - with the exception of the diamond and platinum sectors, Finance Minister Patrick Chinamasa announced in a major policy change by the new administration. President Emmerson Mnangagwa, who has made job creation one of his priorities, had telegraphed his radical policy shift by dropping the indigenisation portfolio when he named his cabinet last week.

EconomyLegal

Luxury E-tailer Moda Operandi Secures $165 Million in Funding

Moda Operandi, the American online luxury retailer originally founded in 2011 as a platform to provide consumers access to full collections straight from the runway, has just received a brand-new influx of cash. Billionaire entrepreneur and executive director of Chow Tai Fook Jewellery Group Adrian Cheng and Apax Digital co-led its latest round of funding, which totals a massive $165 million in growth capital. That number doubles Moda Operandi's total funding, which had reached more than $130 million as of its Series E round in February 2015.

Finance and TradeJewelryRetail and Consumer Confidence

De Beers to Integrate Fixed Price Mechanism for Auction Sales Customers

De Beers Group has announced that its Auction Sales business is to transition Fixed-Price Forward Contracts to core business status, following the success of the pilot program that was launched in January 2017. Fixed-Price Forward Contracts offer the opportunity for Auction Sales customers to secure guaranteed access to bespoke future supply contracts, with certainty over the price to be paid when each contract reaches maturity.

Rough Market

WDC President Fischler Talks KP Recommendations on Eve of Plenary

As the Kimberley Process 2017 Plenary is set to start in Brisbane on Saturday, December 9, The Diamond Loupe sat down with the Acting President of the World Diamond Council (WDC) and President of the Antwerp World Diamond Centre Stéphane Fischler to discuss the industry oganization's recommendations and what they are expecting from this Plenary.

Sustainability

New York Auctions Got the Blues: Graff Ring Tops $12.5M at Christie's

A "superb twin-stone colored diamond ring by Graff" soared past its $6,500,000 - $8,500,000 estimate to earn $12,575,000 at hammer time yesterday during Christie’s Magnificent Jewels sale. The remarkable sale comes just a day after another blue diamond fetched $15.1 million at Sotheby's New York auction.

Jewelry

DPA CEO Lieberherr Clarifies what makes a Diamond

Last month, The New York Times posted an article entitled “Atelier Swarovski Turns to Man-Made Gems”. Jean-Marc Lieberherr, CEO of the Diamond Producers Association, would call this an oxymoron. Gems by definition are not man-made, not to mention the fact that calling them such contradicts the standards of the International Organization for Standardization (ISO).

Opinion piece

ALROSA's Rough Diamond Sales Hold Steady at $326M in November

In November 2017, ALROSA Group sold US$334.2 million worth of rough and polished diamonds. Rough diamond sales by value amounted to US$325.8 million, while polished diamond sales earned US$8.4 million during the month. This follows a month in which the Russian miner sold $326.7 million in rough stones, and represents a 36% increase compared to rough diamond sales in November 2016. Polished sales declined slightly from the $9.6 million in polished diamond sales in the same period last year.

Rough Market

5.69-Carat Blue Diamond Fetches $15.1 Million, or $2.66M/ct at Sotheby's

A 5.69-carat fancy vivid blue diamond fetched $15.1 million at Sotheby’s New York yesterday, making it the top lot of the day and confirming once again that purchasers are willing to pay top dollar for blue diamonds that carry the ultra-rare “fancy vivid” classification. The hammer price, which is equivalent to $2.66 million per carat, came in slightly above the pre-sale high estimate of $15 million. The emerald-cut gem, which is set in a platinum ring and flanked by two baguette-shaped diamonds, has a VVS1 clarity grade.

Jewelry

Antwerp Diamond Trade Solid in November, Rough Exports Surge

According to figures released by the Antwerp World Diamond Centre, the Antwerp diamond trade experienced an increase in activity nearly across the board in November comparatively, likely tied to events in India and U.A.E. The volume of rough diamond exports surged by 107% compared to October and 142% year-on-year, reaching 14.6 million carats during the month. The value of those rough exports also spiked by 55% compared to last month and 22% year-on-year, achieving $1.28 billion.

Finance and TradeRough MarketPolished

WDC Encourages Open Dialogue on Reform at Upcoming KP Plenary in Brisbane

The World Diamond Council (WDC), an industry group focused on preventing conflict diamonds from entering the legitimate global supply chain and protecting the value of natural diamonds, today called for an open discussion around Kimberley Process reform at the KP Plenary meeting to be held in Brisbane, Australia December 9-14, 2017.

SustainabilityCompliance

DDI Launches Anti-Smuggling Pilot Program, KP Training in W. African Border Regions

The Diamond Development Initiative (DDI) has undertaken a sensitization initiative for border communities in the Mano River Union (MRU) region - which comprises the countries of Liberia, Sierra Leone, Guinea and Côte d'Ivoire - to raise awareness of the Kimberley Process requirements and strengthen local capacity to monitor the flow of diamonds.

Compliance

De Beers Shuffles Its Executive Committee

De Beers Group today announced three changes to its Executive Committee. Neil Ventura, currently Executive Vice-President, Auction Sales, will become Executive Vice-President, Strategy and Innovation. Paul Rowley, currently Executive Vice-President, Global Sightholder Sales, will become Executive Vice-President, Diamond Trading. Alessandra Berridge, currently Lead Legal Counsel for M&A at Anglo American, will become Executive Vice-President, Commercial and Partnerships.

Rough Market

Angola’s President Continues Sweep of Dos Santos Family as Sodiam Cuts Ties with De Grisogono

Angolan state-owned diamond company Sodiam will divest a stake in Geneva-based jewelry maker De Grisogono - a Swiss firm controlled by the husband of the billionaire daughter (Isabel) of former president Jose Eduardo dos Santos - for “reasons of public interest and legality,” report Henrique Almeida and Candido Mendes for Bloomberg Markets. The move comes, the journalists write, as Angola’s new leader, President Joao Lourenco, untangles the country from the business interests of his predecessor’s family. 

World NewsPoliticsJewelry

AWDC and GJEPC Announce Collaboration MyKYCBank Project

Today, the Antwerp World Diamond Centre (AWDC) and the Gems and Jewellery Export Promotion Council (GJEPC) have announced they will join forces in rolling out an industry-wide Know-Your-Customer (KYC) exchange platform, MyKYCBank. The MyKYCBank platform, which had been launched by the GJEPC through an independent subsidiary, provides a centralized platform for companies in the industry to complete and manage their KYC in line with global standards.  Users can easily and quickly share their own KYC data among trade connections as well as banks and othe

Compliance

Sierra Leone's 709-Carat "Peace" Diamond Sells for $6.5M to Graff

The 709-carat "Peace Diamond", considered the 14th-largest rough diamond in history and recovered by artisanal miners in Sierra Leone’s Kono district in March, sold at Rapaport's auction in New York for $6.5 million, approximately $1.2M less than was originally offered for the stone. This despite - or perhaps because of - its tour through the major diamond trading centers. Renowned jeweler Laurence Graff was the buyer. Martin Rapaport, surrounded by Sierra Leonean officials at their press conference in New York, apologized that his efforts did not yield what they had hoped.

Rough Market

De Beers CEO Touts Blockchain Traceability Platform as Key To Confidence

Recognizing the crucial issue of confidence in the diamond industry and the changing expectations across the value chain, De Beers Group CEO Bruce Cleaver today announced the company has been investing in a blockchain platform to create, "the first traceability platform to span the entire diamond value chain". Consumer expectations regarding the level of confidence "that a diamond has been responsibly sourced, confidence in its value and confidence that it is the real thing", is obviously on the rise.

Retail and Consumer ConfidenceOrigin TrackingTechnology

Lower Prices from Liqhobong Diamonds Push Firestone To Revise Mine Plan

Firestone Diamonds commenced production at the Liqhobong diamond mine in Lesotho in October 2016, developing the new mine on time and under budget and hitting its early operational targets; however, lower than expected diamond prices achieved have forced the young miner to revise their plan. They held their first sale in Antwerp in February 2017, and on 30 June 2017 achieved commercial production. In late September, they reported they have sold all 505,706 carats recovered, for US$41.3 million, at an average value of US$82/ct.

Rough MarketMining and Exploration

Veteran Industry Journalist and Analyst Chaim Even-Zohar Retires

The vanguard of independent diamond-industry journalism, Chaim-Even Zohar, last week announced his retirement, bringing more than 40 years of uncompromising investigative reporting to an end.

Opinion piece

ALROSA Sells 4 of 5 Dynasty Diamonds +30% Reserve Price, 51-Ct Stone Withdrawn

ALROSA's first auction for the sale of The Dynasty collection concluded with an average premium of 30% on the reserve prices for four of the five diamonds, with the maximum excess over reserve at 52% the company writes; but they withdrew the 51.38-carat signature stone from the sale. More than 130 companies and private clients registered to participate in the bidding. In accordance with the company’s strategy, the goal of the first auction was to evaluate the upper bound of the price range that might be offered to the market.

Polished

Diamond & Jewellery Clients To Become Part of Trade & Commodity Finance at ABN AMRO

ABN AMRO announced on November 30 that Diamond & Jewellery Clients (D&JC) will become part of Trade & Commodity Finance (TCF) within ABN AMRO’s Commercial & Institutional Banking business. It also announced that Geert van Reisen has been appointed interim Global Head of Diamond & Jewellery Clients, until all internal formalities have been arranged, with effect from 1 December 2017. Geert van Reisen takes over from Erik Jens who has decided to pursue his career outside the bank. 

Finance and Trade

As has happened with fine art, wine, and other categories, well-informed consumers are rapidly recognizing the opportunities inherent in jewelry and, in the process, driving up the prices of an already limited commodity. Just 10 years ago, a buyer could have bought a vivid blue diamond for $200,000 to $300,000 per carat; today, that same stone is fetching $2 million to $3 million per carat. This tenfold increase in value surpasses the growth rate of the S&P 500 and most real estate markets ... Though such swift appreciation often leads to a correction, many of the savviest market experts see no signs of a sell-off ... Jewelry’s rising value is now outpacing that of classic cars.

- Jill Newman, from "Why Diamonds and Gems Are Catching the Eye of Serious Investors"

 

Tiffany's Global Sales Up 3% in Q3 As China Sees Growth, Comp Sales -1%

Tiffany & Co. saw its worldwide net sales increase 3% to $976 million in the third quarter for the three months ended October 31, 2017, while comparable store sales declined 1%. On a constant-exchange-rate basis, their comps held steady. Their net earnings increased 5% to $100 million from $95 million. The uptick in net sales was driven by a 15% rise in the Asia-Pacific region, to $283 million, as strong growth in mainland China contrasted with declines in most other countries, which the jeweler attributed largely to lower Chinese tourist spending.

JewelryFinance and Trade

Lucara Diamond Projects $170-200M Revenue, 280K Carats Mined in 2018

Lucara Diamond has published its Operating Outlook for 2018, forecasting revenue at $170 million to $200 million, excluding the sale of high-quality exceptional stones, from 270,000 - 290,000 carats mined, bringing them back up to projected 2017 levels. Production levels in 2017 had to be scaled back as a result of extracting less ore than planned from its Karowe deposit, forcing the company to focus on mining waste material to ensure future access to larger volumes of ore from the lower-grade but higher-value south lobe.

Mining and Exploration

A Fancy Vivid Pink Diamond Fetches $32M at Christie's

An incredibly rare 14.93-carat Fancy Vivid VVS1 pink diamond, which Rahul Kadakia, International Head of Jewellery at Christie’s, described as the "Picasso of the Pink Diamond world," sold for $31,861,000 (HKD 250 million), or approximately $2.13 million per carat, at Christie’s Magnificent Jewels Hong Kong auction on November 28. The diamond, referred to as The Pink Promise Diamond, is an oval-shaped fancy vivid pink Type IIa diamond, weighing approximately 14.93 carats, set within a circular-cut diamond surround, gallery and hoop. Its Fancy Vivid Pink color (as opposed to Fancy Intense Pink) is a designation given by the GIA and represents the most prized color grading in a pink diamond. 

 
World NewsJewelry

Guangzhou Int'l Jewelry & Diamond Conference Focuses on Market Growth

Last week, the Guangzhou Diamond Exchange and Guangdong Gems & Jade Exchange, subsidiaries of Guangdong Assets & Equity Exchange Group, held a series of annual meetings around the theme of “Belt & Road, Hand in Hand — International Jewelry & Diamond Conference 2017". China's Belt and Road Initiative, roughly defined, is a development campaign through which China wants to boost trade and stimulate economic growth across Asia and beyond by building massive amounts of infrastructure connecting it to countries around the globe.

 
Retail and Consumer ConfidencePolished

ALROSA’s Dynasty Collection Hits Auction Block Tomorrow (Nov. 29)

On November 29, ALROSA is holding a silent auction for the sale of the unique polished diamond collection, The Dynasty. The Dynasty collection consists of five diamonds and was produced from a 179-carat unique rough diamond named The Romanovs, which was mined from Nyurbinskaya kimberlite pipe in the Republic of Sakha (Yakutia) in 2015. The main 51.38-ct diamond is a 57-facet traditional round brilliant-cut diamond, Triple Excellent (the best quality cut), D, VVS1. Such characteristics occur in less than 1% of diamonds worldwide.

Polished

Peregrine Diamonds Confirms High-Grade Kimberlite Extends at least 280m Deeper

Peregrine Diamonds reports that its 2017 resource expansion drill program has confirmed the high-grade CH-6 kimberlite extends from surface to 540 metres below surface (mbs). This represents an additional 280 metres below the 260-metre depth of the current CH-6 Inferred Resource announced on April 7, 2017. The CH-6 kimberlite remains open below 540 mbs, the current limit of drilling. Tom Peregoodoff, Peregrine’s President and CEO, said: “The results confirm that the high-grade CH-6 kimberlite extends well below the current resource base of 260 metres.

Mining and Exploration

ALROSA May Play Role in Zimbabwe Diamond Mining Under New Regime

"ALROSA will play its role in diamond mining in Zimbabwe", said Zimbabwe's ambassador to the Russian Federation, Mike Nicholas Sango, to TASS news agency. Following Robert Mugabe's resignation and the transfer of power to former vice-president Emmerson Mnangagwa, countries and natural resource companies will be testing the waters of the new administration, and Russia's ALROSA will apparently be one of them.

Mining and Exploration

Arctic Star Commences Diamond Exploration in Finland

Arctic Star Exploration Corp has started its diamond exploration program on its Timantti diamond project in Finland, the company stated last week.

Mining and Exploration

The discovery of these two stones [709 & 476-carat] means we have immense resource potential. There is excellent investor trust in Sierra Leone. The proceeds from the sale will have a knock-on effect for investors and government, and a direct impact on the community where they were found. It highlights the great opportunity to partner with Sierra Leone in terms of resources. It is all about getting the right taxes from the right value. Koin knows exactly what we want from this remarkable diamond - the best price, great publicity for our diamonds and the opportunity to showcase Sierra Leone’s transparency and accountability to the people.

- Alhaji Minkailu Mansaray, Minister of Mines and Mineral Resource of Sierra Leone, in conversation with The Diamond Loupe for Part 2, "Partnership for Prosperity".

The Diamond Loupe

RJC Makes New Appointment To Expand Reach

The Responsible Jewellery Council (RJC) has appointed Edward Johnson as director of business development to help expand its expertise and drive growth for the organization. Johnson will focus his efforts around developing strategies to drive membership engagement and strengthen the RJC’s relationships with key stakeholders. His role will be integral to evaluating new opportunities for growth and expansion into niche markets, as well as expanding the RJC globally, focusing particularly on Greater China, India and the USA.

SustainabilityRetail and Consumer Confidence

DDA To Auction 22,000 Carats of Namibian Marine Diamonds

DDA Trading Bvba has announced its fourth sale of Namibian Marine rough diamonds. DDA will be offering approximately 22,000 carats of full run-of-mine, original marine goods of gem quality. Viewings will take place by appointment in Antwerp at DDA Trading’s office in the Antwerp Diamond Bank from November 28 to December 6 with the sale closing on Wednesday 6. 

Check out the entire December schedule of rough diamond tenders in Antwerp here.

Rough Market

De Beers Puts Voorspoed Mine (S.A.) on Market, Looking For Buyers

Mining and Exploration

Partnership for Prosperity: Trustco Resources & Germinate SL Ltd. on Sierra Leone's 476-Carat Diamond

“We have the diamond,” said Leora Halfon of tender house Koin International on the sidelines of the African Diamond Conference, showing us a photo of the 476-carat, Type IIa, D-colored diamond just unearthed by Meya Mining in Sierra Leone. “It’s already in Antwerp.”

Mining and ExplorationSustainability

India's Diamond Trade Sputters in October as Holiday Takes Toll

India's Diwali holiday season was not so festive for the diamond trade, as the recess for the sector led to sharp declines in exports and imports in the month of October. According to statistics published by the Gem and Jewellery Export Promotion Council (GJEPC), exports of polished diamonds fell 23% in value to $1.93 billion, while declining 17% in volume, from 3.3 to 2.7 million carats year-over-year. For the year to date, the value of polished diamond exports has fallen 2.76% to $13.83 billion.
Rough MarketPolished

Angolan Diamond Miner Catoca Targets 8M Rough Carats This Year

Mining and Exploration

Gem Diamonds Unearths 202-Carat, D Color Type IIa Diamond from Letšeng Mine

New Yorkers Lining Up for Breakfast at Tiffany's

On November 4, luxury jeweller Tiffany's & Co opened a cafe on Friday as part of a renovation of their Manhattan flagship store at Fifth Avenue and 57th Street in New York City, and it appears to be a hit. The opening of the Blue Box Café revisits a scene from the 1961 film in which actress Audrey Hepburn (Holly Golightly) snacks on a croissant while gazing into a shop window on Fifth Avenue.

Lifestyle

Mountain Province Earns $19M from 9th Tender of Gahcho Kué Diamonds

Mountain Province Diamonds, a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories, earned $19 million from their ninth tender of rough diamonds in Antwerp. It was the lowest haul in terms of overall value since their fourth sale of the year in May, but prices remained stable to firm, generally averaging about 2% higher than the eighth sale across the full assortment profile.

Rough Market

ALROSA Sells Fancy Colored Polished Diamonds for $1.2M

In the framework of its efforts to develop and increase the marketing and sales activity for their own polished diamonds manufactured by DIAMONDS ALROSA, the cutting and polishing division of ALROSA diamond mining company, the company auctioned fancy colored diamonds in Israel this November and sold the entire assortment - 262 polished diamonds with the total weight of 209.34 carats, including 15 rare pink diamonds weighing 15.31 carats. Overall revenue from the sales of fancy colored diamonds totalled $1.209 million.
Polished

New Concern as Chinese Lab Finds Hard-To-Detect CVD Synthetic

Since 2012, CVD synthetic diamonds have been tested and identified by National Gemstone Testing Center (NGTC) in Beijing, typically in sizes above 0.20 ct.  Since 2015, a large number of melee-size colorless and near-colorless synthetic diamonds have been detected in daily screenings at NGTC labs.

Laboratories

Signet Jewelers Has “Challenging” Q3 as Sales Slide

Signet Jewelers announced its results for the 13 weeks ended October 28, 2017 (Q3 Fiscal 2018): total sales were $1,156.9 million, down $29.3 million or 2.5%, compared to a decrease also of 2.5% in the 13 weeks ended October 29, 2016. The retailer's same-store sales ("SSS") were down 5.0%, including an estimated 120 basis point negative impact that they attributed to weather-related incidents (read, hurricanes) and systems and process disruptions associated with outsourcing the credit portfolio.

Jewelry

Namibian Ice Heats Up Marine Mining Plans

Interest in mining Namibian waters for diamonds is running hot, as yesterday (Nov. 20) Canadian miner Diamond Fields International (DFI) announced it is set to resume its mining activities off the coast of Namibia in 2018, while Norwegian shipbuilder Kleven signed an MoU with De Beers Marine Namibia for building an offshore vessel purpose-designed to support seabed mining operations. 

Mining and Exploration

Lucapa's Lulo Diamonds Earn $7.3M, $1,770 Per Carat at Latest Sale

Lucapa Diamond Company and its partners, Endiama and Rosas & Petalas, have completed their eighth sale in 2017 of alluvial diamonds from the Lulo Diamond Project in Angola, earning gross proceeds of US$7.3 million (A$9.6 million), representing an average price per carat of US$1,770 (A$2,332) from 4,126 carats. The latest sale brought gross proceeds from Lulo diamond sales to date in 2017 to US$31.6 million at an average price per carat of US$1,668. 

Mining and ExplorationRough Market

Average Engagement Ring Spend in 2017 (in US): $6,351

According to a survey of more than 14,000 engaged or recently married individuals undertaken for the 2017 Jewelry & Engagement Study by popular wedding planner The Knot, the average spend on engagement rings is $6,351, up 25 percent from 2011 ($5,095). Nearly 1 in 3 (29%) grooms report spending more than planned on the engagement ring.

Jewelry

Botswana Diamonds' 8 Kimberlites at Free State Project 0.3 to 1.5 Hectares

Results from survey work conducted at Botswana Diamond's Free State project, located between Bloemfontein and Kimberley, had indicated that sizes of kimberlites there ranged from 0.3 hectares to 1.15 hectares, the board of Botswana Diamonds announced on Friday. Following their announcement regarding the re-discovery of eight Group 1 kimberlites, Geofocus undertook detailed ground geophysical survey work aimed at determining the surface area of these kimberlites.

Mining and Exploration

Heads Roll at ALROSA Following Mir Mine Incident, Profits Fall

ALROSA President Sergey Ivanov signed an order on disciplinary sanctions to the company management who committed violations of industrial safety requirements that conduced to the disaster at Mir mine on August 4, 2017. Director and Chief Engineer of ALROSA’s Mirny Mining and Processing Division are suspended from their positions with subsequent dismissal from the company. On the financial side, net income fell 51% year on year to $219.6 million (RUB 12.95 billion) for the three months ending September 30.

 
 
 
 
 
 
Mining and Exploration

GIA Discovers Synthetic Diamond Fraud with Broad Implications

The latest fraudulent twist on the synthetic diamond landscape has profound implications for the efforts to keep natural and synthetic diamonds separate, if the incident in question is not an isolated one. The Gemological Institute of America (GIA) recently recieved a round brilliant cut diamond (image, left) submitted for an updated diamond grading report. Its girdle was inscribed with an actual GIA report number (image, right), identifying the stone as a natural, untreated diamond. After testing, however, it turned out that the newly submitted diamond was an HPHT-grown synthetic diamond.

Retail and Consumer Confidence