Namibia this week assumed the chairmanship of the Association of African Diamond Producers Association (ADPA), assuming the leadership of the group from Guinea.
Forbes Afrique has listed Marie-Chantal Kaninda, Executive Director of the World Diamond Council (WDC), as one the continent’s 100 most influential women. Kaninda ranked number 14 on the annual list from Forbes Afrique, the French-language version of the influential economic periodical that focuses specifically on African affairs,
On the sidelines of the Kimberley Process Intersessional taking place this week in Antwerp, the Antwerp World Diamond Centre (AWDC) and the African Diamond Producers Association (ADPA) signed a Memorandum of Understanding (MoU) to facilitate their common objectives of improving the image, professionalization and marketing of African diamonds.
The African Diamond Conference (ADC), a joint initiative of Belgium's Federal Public Service (FPS) Foreign Affairs and the Antwerp World Diamond Centre (AWDC), took place yesterday at the Egmont Palace in Brussels. With nearly 400 in attendance, the ADC featured a broad range of speakers from across the entire diamond pipeline - from mine to finger - as well as diamond industry stakeholders.
In honor of Antwerp’s celebration of its 570-years of unbroken diamond trading, the Antwerp World Diamond Centre (AWDC) is hosting an African Diamond Conference. The 3-day conference commenced last night with an exclusive gala welcoming African mining ministers and key members of the global diamond industry to Antwerp.
ALROSA has appointed Vladimir Marchenko as Vice-President, starting from September 20. In this capacity he will be responsible for the company's activities in Africa. Before joining ALROSA, Vladimir Marchenko was the president of Pan African Metals Corporation. ALROSA president Sergey Ivanov commented, "ALROSA is dynamically developing activities in the African continent. The company has already reached agreements on increasing the share in Catoca Ltd. Mining Co. in Angola and plans to participate in the operation of the new large Angolan deposit 'Luaxe'.
Lucapa Diamond Company secured $14.2 million (AUD $19 million) in funding for the acquisition and advancement of the high- value Mothae Kimberlite Diamond Project located in the southern African country Lesotho. The funding sets Lucapa on track to commence commissioning Mothae in the first quarter of 2018 under a staged, low-risk development plan.
Koin International will hold its May rough sales of African diamonds in Antwerp from 8 - 17 May. The tender includes exciting selections of original mine rough productions, including diamonds from Ekapa Minerals (selection of tailings from Kimberley, South Africa), Angola F2M (10.80ct.+ and melee to 4ct. parcels), Diamcor Mining (original run of mine from Krone-Endora mine, South Africa, singles through to melee parcels), Democratic Republic of Congo (Run of Mine) and Guiter Minerals Sarl (Guinea Run of Mine).
Anglo American Plc’s billionaire shareholder, Anil Agarwal, said he had no intention of behaving like an activist investor following his $2.5 billion investment for a 13% stake earlier this month. He continued by staying he had no plan to buy Anglo’s assets in South Africa, or to push for a seat on the board. The investment was made through Agarwal’s holding company, Volcan Investments, rather than Vedanta Resources.
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, has signed an agreement to operate the Tonguma mine in Sierra Leone, adjacent to the company’s own Tongo mine.
The Antwerp World Diamond Centre (AWDC) was acknowledged for their grant to the Diamond Development Initiative (DDI), an initiative dedicated to improving the social and economic conditions of artisanal, small-scale miners and their families.
“AWDC has been a longstanding and reliable partner,” says Dorothée Gizenga, Executive Director of DDI. “Their support enables DDI to continue its efforts to formalize the artisanal and small-scale mining (ASM) sector in ways that benefit miners, their communities and local economies.”
Dorothée Gizenga, international development expert and human rights advocate, has been appointed to the Order of Ontario, the province’s highest honor. "She is the founding executive director of the Diamond Development Initiative (DDI) and has dedicated her work to international development and the eradication of blood diamonds," reads the announcement.
"On concluding the second ‘Africa Dubai Precious Metals Forum’ in Accra, KP Chair Ahmed Bin Sulayem met with H.E. President John Dramani Mahama to discuss Kimberley Process matters and to share the KP Chair Mid-Term Report," writes Emirates 24/7 News. Ghana is a full KP member, has the 11th largest reserves of diamonds in the world and is the 14th largest producer in Africa.
As part of his ‘Africa Initiative’, KP Chair Ahmed Bin Sulayem has met the President of Burkina Faso, Roch Marc Christian Kabore, for discussions on compliance, border controls and legitimization in rough diamond trade. "Burkina Faso, despite being a non-diamond producing nation, has developed a reputation for its willingness to address the illicit trade across a number of commodities, including rough diamonds," the KP Chair said in a statement.
Koin International will be offering a range of African rough production for sale in Antwerp from September 6 to 13. The tender features 10.80ct+ single stones and 30,000 carats of 6gr down stones. In addition, there is original run of mine output from the Krone-Endora mine at Venetia from Diamcor, from melee through to large single stones. There will be original tailings from the Klipspringer mine in South Africa, original production from Guiter in Guinea and from Sierra Leone of melee to single stones, and original production directly from the Democratic Republic of Congo.
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, has agreed a proposed transaction with Octea Mining Limited to combine Stellar’s Tongo kimberlite diamond project with Octea’s adjacent kimberlite diamond project, Tonguma, and to bring both assets into production under the same production infrastructure in Sierra Leone.
State-owned diamond company Sodiam, which markets Angolan diamonds, is the African state's second-biggest exporter and is the only non-oil firm on Angola’s list of the top 10 exporters in the first quarter of 2016. The biggest exporter is state oil company Sonangol, the country’s Finance Ministry said. Sodiam exported diamonds with a value of around $190 million in the first quarter. Angola exported $1.3 billion of rough diamonds in 2015, according to Kimberley Process figures.
Stellar Diamonds suspended its share trading on London's AIM on Friday due to a possible reverse takeover transaction. The London-listed diamond developer said the deal would require the publication of an admission document and be subject to shareholder approval. It also stressed that there is no guarantee that the potential transaction will be completed. As a result, trading in the company’s shares on AIM were suspended until either an admission document is published or the company announces that the potential transaction will no longer be proceeding.
The Diamond Development Initiative (DDI) yesterday announced that it has received a $30,000 grant from the Diamond Empowerment Fund (DEF) to support the second year of programming at the mobile school in the mining village of Kankala, of the Kasai Occidental province, in the Democratic Republic of Congo. The Diamond Empowerment Mobile school was one of the first two in DDI’s “Sending Schools to Kids” remedial education program – offering children the opportunity to leave the mines and go back to school, w
Stellar Diamonds plc, a West Africa diamond development company, has signed binding heads of terms with Dubai's Citigate Commodities Trading over joint ventures in Guinea and Liberia. The deal relates to the Baoulé kimberlite project in Guinea, which has a resource target of approximately three million carats, and over two new exploration licenses in western Liberia, which have recently been awarded to Stellar. The proposed joint ventures remain conditional upon completion of due diligence by Citigate and the parties entering into definitive joint venture agreements for each project.
Gemfields plc reports record auction revenues of $44.3 million from a sale of rough ruby from the Montepuez mine in Mozambique. The June 13-19 auction in Singapore is the last auction the miner has planned for this financial year. The average realized price of the goods sold was $29.21 per carat, with 1,516,459 carats sold – 95% by weight and 98% by value – out of a total of 1,601,145 carats offered.
A government decree has been signed by President Alpha Conde of Guinea for the establishment of the Diamond and Gold Bourse of Guinea Group (DGBG). The DGBG is a joint effort of the daughter of King Saud, two Canadians, I. E. Lakkis from Investissement Royal KSA Inc. of Montreal QC, and. Mike Botha, CEO of Embee Diamond Technologies, in collaboration with a range of Guinean governmental departments and other stakeholders. The DGBG will offer membership to diamantaires who are audited members of the Responsible Jewelry Council.
Gemfields' auction of mostly higher quality rough emeralds from Kagem Mining Ltd from March 30 to April 3 in Lusaka, Zambia, posted auction revenues of $33.1 million, and a new record price per carat of $70.68 for higher quality auctions. Of the 558,000 carats offered for sale, 469,000 carats were sold (84%). The 21 Kagem auctions held since July 2009 have generated $412 million in total revenues. The $70.68 price is in stark contrast with the results of the first auction of Kagem goods of $4.40 per carat in July 2009.
In his latest blog, Leibish Polnauer, President of Leibish & Co. Fancy Color Diamonds, speaks about the importance of corporate social responsibility and the firm's association with colored gemstone miner Gemfields, which he says is the leading supplier of responsibly mined gemstones and aims for its operations to have a minimal on the environment as well improving the lot of people in the surrounding areas. Meanwhile, its pink diamonds all come from Rio Tinto’s Argyle diamond mine since the firm has high standards.
Firestone Diamonds plc says the Liqhobong Mine in Lesotho in which it has a 75% stake, is 68% complete and on track for production to begin in the fourth quarter of this year. Firestone also reported that its losses for the first half of this year rose to $4.6 million from $4.4 million in the same period of last year. The company expects that once full production begins next year it will produce an estimated 1 million carats annually.
The Fairtrade Foundation reported that volume sales of Fairtrade gold jumped 440% in Britain last year. The foundation also said Fairtrade mining co-operatives in Latin America sold 170 kg of Fairtrade gold on the global market which generated a ‘Fairtrade premium’ of $340,000 on top of the selling price to invest in community projects, Jewellery Focus reports. In addition, the number of registered goldsmiths using Fairtrade gold in 11 markets rose to 389, with 142 being in Britain.
Following years of political chaos, the Ivory Coast’s booming economy and improved infrastructure is creating the right climate to attract investment, according to budget minister Abdourahmane Cissé, a 34-year-old former Goldman Sachs trader, The Guardian reports.
Despite the economic conditions we’re all facing, I remain convinced that the extractives industry in Africa can serve as a powerful catalyst for broad-based economic transformation and long-term growth. But, the current economic reality must be recognized. Commodity prices are at decade lows, global investment in mining projects is slowing, and everyone is becoming more risk adverse.
Liberia's diamond output in the third quarter of last year almost halved from the year-earlier figure and the preceding quarter. Production dropped to 11,796 carats from more than 20,000 carats in the comparable quarter of 2014 and from over 22,000 carats in the second quarter of 2015, according to a bulletin from the country’s banking sector, the IDI news site reports. The drop in output is due to seasonal factors such as flooding of mining areas.
Transparency International (TI) is a NGO that monitors corporate and political corruption in international development. Its Corruption Perceptions Index (CPI) ranks countries based on how corrupt their public sector is perceived to be. It is a composite index drawing on corruption-related data collected by a variety of reputable institutions, based on views of observers from around the world.
From a press release: The Diamond Development Initiative (DDI) is pleased to announce a three-year contribution from the Anglo American Group Foundation in support of DDI’s efforts to promote responsible sourcing and improve the lives of thousands of artisanal diamond miners and their families in Africa. Funding from Anglo American enables DDI to carry out its principle functions, including the registration of artisanal miners, the implementation of the Development Diamond StandardsTM at mining sites and development support to communities in need, such as clean water and education.
The firm has recorded its first revenues from mining, as trial production takes place at Baoule in Guinea. The explorer's income in the year to June was $614,000, while losses fell to around $4.5 million due to a sharp reduction in administrative costs. CEO Karl Smithson said the mine plan and financial model for Tongo was strong. “The independent PEA outlines an 18-year life of mine at a modest capital requirement of $24.8 million, which is expected to deliver robust revenues at a high margin.
In what is a first for the firm, De Beers will allow its sightholders to turn down their entire November allocations until December in recognition of the intense pressure under which diamond manufacturers are working die to the soft condition of the market. “Further to discussions with several of you following recent cutting center visits, we are writing to provide an overview of some of the additional flexibility we will be putting in place for sights 9 and 10,” the company said in a note to sightholders obtained by Rapaport News.
The Wall Street Jounal takes an inside look at De Beers' efforts to uncover the first major diamond mine in at least 20 years, an exploration drive that started in earnest last year in the southern desert of Botswana. "De Beers’ undertaking highlights the dilemma faced by diamond miners," writes Scott Patterson of the WSJ, "who are forecasting diminishing supplies if they don’t discover new caches of gems. Only a blockbuster discovery will enable them to keep long-term production at current levels, according to De Beers and analysts.
With global oil prices at $40 to $50 per barrel and international natural gas prices dropping, Angola's national budget is under strain in a country where more than half of the population lives on $2 a day, raising the specter of political turbulence. Consequently, the country's rulers may decide to raise diamond production in a bid to fill the country's coffers, according to an analysis in Namibia's Windhoek Observer. However, given the weak state of global diamond markets, Angola is unlikely to find much room to raise funds by selling more diamonds.
The Diamond Empowerment Fund (DEF) handed over $122,500 to representatives from the African Leadership Academy at a ceremony in New York City. The Academy, a two-year program designed to prepare students for college, is located in Johannesburg. African Leadership Academy cofounders Fred Swaniker and Chris Bradford accepted the check alongside Graça Machel Mandela, the former first lady of South Africa who was married to South African President Nelson Mandela from 1998 until his death in 2013.
The Antwerp diamond exchange, Beurs voor Diamanthandel CVBA, has issued a clarification regarding the name of the Belgian firm sanctioned last month by the U.S. Department of the Treasury’s Office of Foreign Assets Control. The sanctioned firm, Kardiam BVBA, should not be confused with Kordiam BVBA, the bourse wrote in a letter dated September 4. The two firms are not linked either legally or financial. It also noted that Kordiam is operated by Serge Korn.
A team of researchers from Tulane University in the United States has compiled the first-ever ranking of firms required to provide disclosure regarding their use of so-called conflict minerals under Dodd-Frank Act. “Anybody with a relative interest in ethical sourcing would be interested in this list,” said Matthew Whitteker, the marketing director for Assent Compliance, a software and services firm in Ottawa that commissioned the Tulane study. “For any company that manages this well, both Wall Street and Main Street will look at their brand favorably.”
London-listed Stellar Diamonds has raised $330,000 through the issue of a new unsecured convertible loan note to Germany-based investment group Deutsche Balaton, providing the West Africa-focused miner funding to advance development of a “significant” hard rock diamond mine from its portfolio of projects in the region. CEO Karl Smithson said that it had become necessary for Stellar to undertake a capital reorganisation to amend the nominal value of its shares relative to the price at which the group was currently able to issue new shares.
Professor Heiner Evanschitzky, Chair of Marketing at Aston University in Birmingham, says: “Amazon has had an incredible 20 years, and already has a legacy as one of the disruptive innovators that set the standard for online retailing and changed the face of the industry, as well as consumer shopping habits, forever.