Rio Tinto press release: Rio Tinto has appointed Patrick Boitumelo as President and Chief operating officer, Diavik Diamond Mines. "Patrick has extensive operational, stakeholder management and corporate strategy experience at a senior level across a number of businesses in the mining industry, including diamonds, soda ash and salts, nickel, iron ore, copper and copper by-products. Most recently he was general manager of engineering and projects at Kennecott Utah Copper in Salt Lake City, Utah, USA."
Firestone Diamonds reports its unaudited interim results for H1 2017 - six months ended 31 December 2016 - highlighting the completion and commissioning of its Liqhobong Diamond Mine (Project) leading to its post-period initial two diamond sales in Antwerp. The Project was completed on time and within the US$185.4 million budget, and commissioning commenced in October 2016. Firestone achieved nameplate capacity on multiple occasions and 402,440 tons treated, recovering 57,723 carats at a total cost of $5.6 million.
Fashion and jewelry houses are stunned by the latest shopping trend: See-now, Buy-Now. Consumers nowadays desire instant gratification and no longer wish to wait between seeing an outfit on the runway and being able to purchase the look. This trend is likely due to the increase in women who are buying jewelry and designer clothes for themselves. “They buy jewelry like they buy fashion, so are more spontaneous now,” said Nicolas Bos, chief executive of Van Cleef & Arpels.
Botswana Diamonds PLC published its interim financial results for the six months ended 31 December 2016, said its loss narrowed in the first half of the current financial year, and said it has been a "very active time" for the miner in recent months. The miner highlights the appointment of a new managing director in December as James Campbell took over as managing director of the business and, during the first half, Botswana Diamonds entered into a phased earn-in agreement with Vutomi Mining Pty Ltd, a late stage diamond explorer in South Africa. Maibwe, the company's joint venture in the K
Signet Jewelers, as part of its effort to support and reinforce its Responsible Sourcing Protocol for Diamonds (D-SRSP), has been working on a project with product-testing firm United Laboratories and the Diamond Producers Association to create a facility for testing synthetic diamond screening equipment, writes Rapaport News.
Lucapa Diamond Company has posted a maiden JORC resource estimate for the Mothae Kimberlite Diamond Project located in the southern African country Lesotho, and has updated its JORC diamond resource for the Lulo Diamond Project in Angola. The maiden Mothae JORC estimate is over one million carats of diamonds with an average modelled value of $1,063 per carat, while the Lulo report notes a 10% increase in volume over the
Jewelry designers have anxiously waited for the results of JCK’s annual Jewelers’ Choice Awards. The coveted spot not only leaves one designer as a winner, but also international exposure as the winning piece is featured on the March-April issue of JCK’s magazine. Although many introduced a design for the competition, there could be only one winner; Shy Creation, an LA-based brand founded by chief designer Shy Dayan.
There is no ways that we, as the Department of Mineral Resources (DMR), can in good conscience grant permits to artisanal miners for deep-level mines, that in most cases are being accessed using old, abandoned shaft infrastructure, which are unsafe. We would essentially be sending people to their deaths. Our aim is to allow artisanal miners to undertake mining on surface deposits by supporting them in attaining the required permits and procuring the necessary personal protective equipment.
The U.S. Department of Justice, through its District of Minnesota U.S. Attorney's Office, has announced a federal indictment charging former Scio Diamond Technology Corporation (Scio Diamond) Board of Directors Chairman, Edward S. Adams, with "orchestrating an elaborate fraud scheme to embezzle millions of dollars of investors' funds." The indictment alleges the activity happened between 2006 and 2013. Adams was indicted Wednesday in U.S.
Russia's diamond mining giant ALROSA, the world leader in diamond mining volumes, ranked among the top three in the first environmental responsibility rating of Russian mining companies. ALROSA placed in the top three of all sections of the rating: "Environmental Management/Policy", "Environmental Impact" and "Disclosure/Transparency", the company announced in a press release. According to the assessors, these ratings reflect leadership in terms of transparency and in terms of minimizing the negative impact on the environment.
Canadian diamond miners Dominion Diamond Corp and Stornoway Diamond Corp have held talks about a potential merger in recent months, reports Reuters. The people that disclosed the matter declined to be named as the discussions are private. "The talks include Stornoway's chief executive officer and president, Matt Manson, becoming CEO of the merged group, one source said, adding that the discussions on an all-share merger started in January.
Sierra Leone's Ministry of Mines and Mineral Resources and the National Minerals Agency have issued a press release stating that the 709.48-carat rough diamond found in Koryardu village, Tankoro chiefdom in Kono district, Eastern Sierra Leone on March 14 will be sold inside Sierra Leone by international tender. Interested parties from all over the world will have the opportunity to participate.
On Thursday March 9, 2017 Antwerp’s Young Diamantaires hosted their first networking event since the initiative was relaunched. Supported by the Antwerpsche Diamantkring, the Young Diamantaires’ program is designed to provide a platform for the under-40 generation of diamantaires, polishers, jewelry manufacturers and diamond industry professionals working and living in Belgium. The Diamond Loupe sat down with a few committee members from the Young Diamantaires Antwerp (YDA) and asked them about their initiative.
Dominion Diamond Corporation has sent an notice to its investors reconfirming that, "While its Board of Directors remains confident in the Company's long-term strategic plan and the opportunity it provides to enhance value for all shareholders, as it always has, the Board remains open to holding discussions with Washington Corporations ("WashCorps") on customary terms and in a manner that protects the interests of the Company and its stakeholders."
Every marketeer has spent countless hours strategizing on how to target millennials, which has led them to neglect an important audience: introducing the Midult. Paula De Luca, creative director of trend forecasting company Trendvision, defines the midult as a women between the ages of 35 and 55 who has spending power – in other words, a Generation X female, born between 1960 and 1980. Following millennials and baby boomers, Gen X is the third largest generation in America, making up 25% of the 60 million adults in the U.S.
Stéphane Fischler, President of the International Diamond Council, founding member of the European Council of Diamond Manufacturers, Vice President of the World Diamond Council and President of the Antwerp World Diamond Centre talks to Manisha Gupta on India's CNBC-TV18. He shared his view of the Indian diamond industry and the road ahead for its diamond market. An abbreviated version:
CNBC: How do you see diamond consumption growth in India?
Lucara Diamond has announced the dates for its first Exceptional Stone Tender of 2017 from its 100% owned Karowe Mine in Botswana. Viewings for the tender will take place from May 3, 2017 through May 11, 2017 with the sale closing at 4:00pm CET on May 11, 2017, the company writes in a press release. "The sale will include no less than 13 exceptional diamonds, inclusive of the magnificent 374 carat Type IIa diamond and an additional three or four stones larger than 100 carats.
De Beers Group announced today that it has successfully concluded the purchase of LVMH’s 50 per cent shareholding in De Beers Diamond Jewellers to take full ownership of the company, the company announced today in a press release. De Beers Diamond Jewellers’ retail network comprises 32 stores in 17 key consumer markets around the world. This includes a growing business in greater China and with Chinese clients worldwide, an established presence in London and Paris, and a new flagship location in New York City.
"Martin Rapaport, chairman of the Rapaport Group, called on India to show reciprocity in its trade relationship with the United States," writes eponymous Rapaport News of their founder's “State of Diamond Industry” presentation at GJEPC's "Mines to Market" conference yesterday, marking 50 years of India’s Gem & Jewellery Export Promotion Council.
India's polished diamond trade appears to making a solid recovery as it gains distance on November's demonitization shock. The country exported $2.41 billion of cut and polished diamonds in February 2017, a rise of 3.27% as compared to the $2.34 bn in the same month a year earlier, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). More telling, however, is that February exports increased 49% over January 2017 ($1.6b) and were 63% higher than December 2016 (1.48b).
The European Parliament last week approved a draft regulation intended to prevent the minerals trade from funding conflict and human rights violations in Africa. If adopted, this “conflict minerals” law will oblige all but the smallest EU importers of tin, tungsten, tantalum, gold and their ores from conflict and high-risk areas to do "due diligence" checks on their suppliers, and big manufacturers will also have to disclose how they plan to monitor their sources to comply with the rules. Authorities in EU member states will be responsible for ensuring compliance by companies.
This spectacular 59.60 carat, fancy vivid pink, internally flawless oval cut gem – the largest internally flawless or flawless, fancy vivid pink diamond that the Gemological Institute of America (GIA) has ever graded - will hit the auction block at the Magnificent Jewels and Jadeite sale at Sotheby’s Hong Kong on April 4, where it is estimated to sell for more than $60 million. The diamond came from a 132.5-carat piece of rough mined by De Beers in Africa in 1999 before being cut and polished by Steinmetz Diamonds over a period of nearly two years.
Bulgari, an LVMH-owned jeweler and watchmaker, announced the opening of its new jewelry manufacturing facility in Valenza, Italy, a mere 18 months since the foundation stone was laid. It is one of the largest expansions of Bulgari’s exclusive “made in Italy” manufacturing network. Bulgari strategically chose Valenza, famous for its goldsmith history and the Cascina dell’Orefice (est. 1817), as the location for the new site, which they expect to create an additional 300 jobs by 2020.
Canadian mining company Dominion Diamond Corp. received a $1.1 billion bid from a privately held conglomerate in Montana, but the two sides are at a negotiating impasse, setting the stage for a public takeover fight, writes The Wall Street Journal.
The new chief executive of diamond miner ALROSA, Sergei Ivanov, said he would remain committed to the Russian state-controlled company's strategy, which has focused on mining, selling non-core assets and increasing production organically. Ivanov, who was officially elected to the top position at the diamond miner earlier this week, made the announcement on Thursday during a conference call to discuss the IFRS financial results for 2016.
The Antwerp diamond industry this year is celebrating its 570th anniversary. A document recently discovered in the City Archive identifies the first signs of a diamond trade in the city dating back to 1447.
Tiffany & Co. today (March 17) reported its financial results for the full year and the three months (fourth quarter) ended January 31, 2017, which were consistent with its previously issued guidance for the 2016 fiscal year. Worldwide net sales declined 3% in the year and rose 1% in the fourth quarter, while in both periods higher gross margins countered growth in operating expenses. Net earnings per diluted share declined 1% in the full year and 2% in the fourth quarter. The company generated more than $700 million of cash flow from operating activities in the full year.
Organizers of the CARAT+ "Diamond Event" trade show to be held in Antwerp from May 7 - 9 have announced an agreement with "Bond Girl" Caterina Murino (Casino Royale, 2006) to be a guest of honor, and has announced an exclusive media partnership with The Rapaport Group. Murino, playing the sultry Solange Dimitrios, became the 71st member of one of the most celebrated and exclusive clubs in movie history, known as "the Bond Girls".
Dominion Diamond Corporation today (March 17) released its guidance for sales, Adjusted EBITDA, unit operating costs, and capital and exploration expenditures for fiscal 2018 (ending January 31, 2018); they expect sales to be between $875 and $975 million, an increase of 62% compared to fiscal 2017 sales, assuming the mid-point of fiscal 2018 guidance is achieved. They reaffirmed their production guidance released earlier this year for the Ekati Diamond Mine and Diavik Diamond Mine.
A photograph of the 706-carat diamond (previously reported as 709-ct.) discovered by a Christian pastor in Sierra Leone's eastern Kono region has been published on The Republic of Sierra Leone's State House website. A local chief from Kono handed the stone to President Ernest Bai Koroma on behalf of Emmanuel Momoh who made the discovery. The government plans to auction it.
Pangolin Diamonds Corp.,a diamond exploration company in Botswana, has confirmed in a project update the presence of diamonds in six geographically different zones within the Malatswae Diamond Project. The focus at the Malatswae Diamond Project has been on six separate kimberlite sources and geographic zones producing indicator minerals within a 30km x 20km area of the project. A total of sixteen +0.5mm diamonds have now been discovered in soil samples within these six zones.
BBC News and Premier are reporting that an artisanal miner, who is apparently a Christian pastor, has discovered one of the world's largest rough diamonds in Sierra Leone's Kono district. If correct, and if it is gem-quality, the diamond, said to weigh 709 carats, would be one of the 20 largest gem-quality diamonds ever found - coming in at #13, right behind the famous 726-carat Jonker Diamond recovered at the Elandsfontein mine in South Africa on January 17, 1934, and just ahead of the 650.80-carat Jubilee Diamond, discovered in 1895 in South Africa.
Sarin India, the Indian subsidiary of diamond processing equipment maker and services provider Sarine Technologies, has consolidated its Surat operations in a brand new, wholly-owned, hi-tech facility, the “Sarin House”. The new facility covers 55,000 square feet (5,100 sq.m.) over six floors, housing approximately 400 staff members.
Russian diamond mining giant ALROSA's 2016 revenue increased by 41% y-o-y and totaled $5.45 billion (RUB 317.1bn), the company announced in a press release. Its EBITDA grew by 49% y-o-y to $3.03 billion (RUB 176.4bn), with EBITDA margin totaled 56%. Net income surged fourfold y-o-y to $2.29 billion (RUB 133.5bn). Free cash flow increased threefold to $1.91 billion (RUB 111.4bn). ALROSA is off to a solid start in 2017, as their rough diamond sales in February 2017 amounted to US$389.8 million, an 8.8% increase over the $358.2 million sold in January.
Russia's leading oil and gas company Lukoil has reported revenue from sales of rough diamonds from its Grib Mine in Russia in the amount of nearly $340 million (RUB 20 billion) for the year 2016, representing an 82% increase over the $186m (RUB 11bn) in 2015 (see link to financial statement, p.25).
Diamond industry analyst Paul Zimnisky, author of the Zimnisky Global Rough Diamond Price Index, provides his thoughts on the recent struggles of diamond mining stocks. Given what is now being widely considered as a recovery and stabilization of the diamond industry last year, an optimistic post-election U.S.
Gem Diamonds fell to an annual loss in 2016 as the decline in the recovery of diamonds larger than 100 carats has had a "disappointing impact" upon revenue and cash flow, while poor prices achieved from its smaller diamonds from the Ghaghoo mine in Botswana forced it to book a large exceptional charge and led it to stop production at the mine.
Merlin Diamonds Ltd., the owner of the Merlin diamond mine in the Northern Territory, Australia, has announced the recovery of five green diamonds from the Kaye pit, amongst them intense greens. The largest green diamond recovered is 1.4cts. They also note that more green diamonds have been recovered from the ongoing mining operations at Merlin, and are being validated by independent experts.
Christie's Hong Kong will auction two exceptional articles at the Spring Sale of Magnificent Jewels on May 30. One extraordinary piece is the Emerald and Diamond Palmette Necklace, while the other is the renowned and stunning Harry Winston Jonker V. The 'Jonker No. 5' is part of a legendary collection of 13 stones fashioned from one of the most famous diamonds in history: the 726-carat piece of rough discovered by Jacob Jonker in South Africa in 1934, which at the time was said to be the fourth largest gem-quality diamond ever recovered.
The supervisory board of ALROSA Joint-Stock Company, the world's largest diamond producer, voted at the March 13, 2017 meeting to elect Sergey Ivanov as president of ALROSA. Russian Prime Minister Dmitry Medvedev last week signed a directive to appoint Sergey Ivanov to be the head of diamond mining company ALROSA, and now the company has formally elected their new president. A company press release provides the following details: