Post-Lehman gems lose shine Sep 20, 2009
Imports of rough diamonds in December fell 91 percent from the same month the previous year, to $85. 8 million, based on council data. (Business Report, South Africa)
Harry Winston Diamond Corporation announces Diavik Diamond Mine cancels winter production shutdown Sep 16, 2009
Harry Winston supplies rough diamonds to the global market from its 40 percent ownership interest in the Diavik Diamond Mine (economic ownership of 31%). The Company's retail division is a premier diamond jeweler and luxury timepiece retailer with salons in key locations, including New York, Paris, London, Beijing, Tokyo, and Beverly Hills. (PR Newswire)
Lazare Kaplan International Announces Delay in Filing Form 10-K Sep 16, 2009
Those risks include a softening of retailer or consumer acceptance of, or demand for, the Company's products, pricing pressures, adequate supply of rough diamonds, liquidity, and other competitive factors. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. (PR Newswire)
Diamonds in Post-Lehman Era Provide No Aura as Buffett Can't See Recovery Sep 16, 2009
Imports of rough diamonds to Antwerp 50 percent from October through August in dollar terms compared with the same period a year earlier, according to data from the AWDC. ... Imports of rough diamonds in December fell 91 percent from the same month the previous year, to $85. (Bloomberg)
Harry Winston Diamond Corporation Announces Second Quarter Fiscal 2010 Results Sep 11, 2009
Harry Winston supplies rough diamonds to the global market from its 40 percent ownership interest in the Diavik Diamond Mine (economic ownership of 31%) ... The Company supplies rough diamonds to the global market from production received from its 40% ownership interest in the Diavik Diamond Mine (economic interest of 31%), located off Lac de Gras in Canada's Northwest Territories ... Diamond polishers have been eager to purchase rough diamonds, which are still restricted in supply, leading to... (PR Newswire)
Zim diamond report wanted Sep 9, 2009
The Kimberley Process is a joint initiative among governments, industry and civil society to stem the flow of conflict diamonds rough diamonds used by rebel movements to finance wars against legitimate governments. The Kimberley Process Certification Scheme imposes extensive requirements on its members to enable them to certify shipments of rough diamonds as conflict-free. (iAfrica.com)
Namibia: Govt Signs Diamond, Uranium Deals With India Sep 2, 2009
Media reports also suggest that the MoU has secured an additional market for Namibia's rough diamonds, a statement which, according to Nghimtina, "is not 100 per cent true" ... The Economic Times referred to the deal, hailing Nghimtina for his "bold initiative", and said the consortium of 58 leading diamond and jewellery manufacturers "is in continuous need of rough diamonds for their processing factories, even during recession" ... "Currently, DIL, to fulfil its continuous demand of diamonds,... (allAfrica.com)
Harry Winston Diamond Corporation Fiscal 2010 Second Quarter Results to be released Thursday, September 10, 2009 Aug 28, 2009
Harry Winston supplies rough diamonds to the global market from its 40 per cent ownership interest in the Diavik Diamond Mine (economic ownership of 31%). The Company's retail division is a premier diamond jeweler and luxury timepiece retailer with salons in key locations, including New York, Paris, London, Beijing, Tokyo, and Beverly Hills. (PR Newswire)
Zimbabwe: Military Ignores Threat of Diamond Trade Suspension Aug 27, 2009
The KPCS interim report recommending Zimbabwe's six-month suspension from importing and exporting rough diamonds was leaked to the media in July 2009, but the suspension is only expected to be enacted in November 2009 at the annual plenary meeting of the organization in the Namibian capital, Windhoek - although this is not a foregone conclusion ... "Under the Kimberley Process Certification Scheme, conflict diamonds are rough diamonds used by rebel movements or their allies to finance conflict... (allAfrica.com)
Putin promises to buy up diamonds Aug 22, 2009
Alrosa produces 25% of the world's rough diamonds and is the main rival to De Beers, the South African company. "We understand that this sector, which gives serious revenues to the federal budget and regional budget, is in a difficult situation and needs support due to the global market situation," the Russian prime minister said. (BBC News -- Europe)
Zimbabwe: Group Calls for Suspension of Diamond Exports Jul 31, 2009
Johannesburg An interim report on Zimbabwe's diamond trade by the Kimberly Process Certification Scheme (KPCS) - an international initiative to stem the flow of conflict diamonds - has recommended a six-month suspension of importing and exporting rough diamonds, the state media reported ... The KPCS interim report recommended the "initiation of procedure to implement suspension of Zimbabwe from importing or exporting of rough diamonds within the KPCS [membership] for a period of at least six... (allAfrica.com)
Zimbabwe faces lockout from diamond trade Jul 31, 2009
The Kimberley Process Certification Scheme (KPCS), which was implemented in 2003 and counts Zimbabwe among its member countries, requires diamond-producing countries to have controls in place certifying shipments of rough diamonds as "conflict-free." ... The Herald said the Kimberley team recommended "initiation of procedure to implement suspension of Zimbabwe from importing or exporting of rough diamonds within the KPCS for a period of at least six months, but until such time as a KP team... (Business Report, South Africa)
Baying for blood gem ban Jul 31, 2009
Article By: Thu, 30 Jul 2009 11:26 The Kimberly Process Certification Scheme (KPCS) wants Zimbabwe to be suspended from importing or exporting rough diamonds for at least six months, the Herald reported on Thursday ... The Kimberley team recommended "initiation of procedure to implement suspension of Zimbabwe from importing or exporting of rough diamonds within the KPCS for a period of at least six months, but until such time as a KP team determines that minimum standards have been met". (iAfrica.com)
Zimbabwe: Group Calls for Diamond Trade Ban Jul 31, 2009
Harare THE Kimberly Process Certification Scheme wants Zimbabwe to be suspended from importing or exporting rough diamonds for at least six months ... The group recommended "initiation of procedure to implement suspension of Zimbabwe from importing or exporting of rough diamonds within the KPCS for a period of at least six months, but until such time as a KP team determines that minimum standards have been met.". (allAfrica.com)
Botswana: De Beers in 99 Percent Loss As Diamonds Lose Their Glitter Jul 28, 2009
Sales of rough diamonds by DTC (including joint ventures like DTC Botswana) were down by 57 percent to $1 ... But the company struck a somewhat optimistic note on outlook, saying "industry sentiment improved significantly" in the second quarter of this year with the price of rough diamonds beginning to rise again ... "The price of rough diamonds has begun to trend upwards," it said. (allAfrica.com)
Conflict Free Diamonds are the Ethi... Jul 28, 2009
In an attempt to stop the trade of conflict diamonds from known conflict areas, South African countries with a legitimate diamond trade initiated a scheme in 2003 to track the origins of all rough diamonds ... The Kimberley Process aims to document and track all rough diamonds entering a participating country. (Suite101.com)
After the cane mutiny Jul 27, 2009
"WE'VE got pretty terrific kids out here - some rough diamonds among ... Today in National Story Tools Latest National News Video Fuel station 25,000 ft up Ride a flying fuel station where fighters and bombers refuel 25,000 feet in the air above northern Australia. More videos: Readers' most viewed Top 5 articles Top 5 articles Top 5 articles Top 5 articles Videos Sydney Morning Herald Products ces 0000118A Classifieds Other Sites Copyright ? Fairfax Digital 00000000. (Sydney Morning Herald -- Australia)
Even rough diamonds can positively sparkle Jul 27, 2009
"WE'VE got pretty terrific kids out here - some rough diamonds among them. Many just don't realise how good they are," says Roger Berry, the principal of Cambridge Park High School in western Sydney. Berry hopes Positive Behaviour for Learning will "unleash their immense abilities, diminish poor self-esteem and let them recognise that they are as good as any kid in NSW". (Sydney Morning Herald -- Australia)
De Beers profits lose their gleam Jul 25, 2009
This has helped the company reduce inventories of rough diamonds in cutting centres by 30. It has also shrunk its global workforce by 23. (BBC News -- Business)
De Beers Diamond Sales Fall Most in Three Decades as Recession Saps Demand Jul 25, 2009
First-half sales of rough diamonds slid 57 percent to $1 ... Prices of rough diamonds have advanced almost 30 percent since the middle of March, according to RBCs Kilalea, who is based in London. (Bloomberg -- UK)
Zimbabwe: Shock Report on Diamond Fields Jul 11, 2009
The KP is a joint governments, industry and civil society initiative to stem the flow of rough diamonds used by rebel movements to finance wars against legitimate governments. The trade in these illicit diamonds has fueled decades of devastating conflicts in countries such as Angola, Cote d'lvore, the Democratic Republic of Congo and Sierra Leone. (allAfrica.com)
Less is more Jul 11, 2009
Antwerp has certainly secured its place as capital of the diamond trade - 80% of the world's rough diamonds and 50% of all polished stones pass through the city ... I'm taken to the seventh floor of an anonymous looking building in Antwerp's diamond district to see how rough diamonds acquire perfect brilliance. (BBC News -- Business)
Civil Society Wants More Action on Conflict Diamonds Jun 30, 2009
The cooperative effort by government, industry and civil society imposes extensive requirements on its members before allowing them to certify shipments of rough diamonds as "conflict-free" ... In December 2000, the UN General Assembly adopted a resolution supporting an international certification scheme for rough diamonds ... The Kimberley Process (KP) began when Southern African diamond-producing states met in Kimberley, South Africa, in May 2000, to discuss ways to stop the trade in "conflict... (allAfrica.com)
Rockwell Announces Fiscal 2009 Results Jun 27, 2009
This had an immediate effect on the retailers' ability to purchase rough diamonds, causing rough diamond prices to decline, on average, by about 50 ... According to some market experts, prices for rough diamonds bottomed out in April 2009 and increased by 15-20% in May. (PR Newswire)
* Army enslaving kids in mines: HRW Jun 27, 2009
ROUGH DIAMONDS:: A Human Rights Watch report said up to 300 children work in the mines for the Zimbabwean army and that soldiers torture and beat villagers THE GUARDIAN, JOHANNESBURG, SOUTH AFRICA Saturday, Jun 27, 2009, Page 6. Hundreds of children are being forced by the army to dig for diamonds to bankroll senior lieutenants of Zimbabwean President Robert Mugabe, a Human Rights Watch (HRW) investigation has found. (Taipei Times, Taiwan -- World)
Where's My Settlement? Jun 25, 2009
Many viewers filed a claim in the that accuses DeBeers, the largest supplier of rough diamonds in the world, of price fixing. Arlene Yax e-mailed Davis, "I submitted my claim form, but have never heard anything more. Was this just some type of hoax?". (Click2Houston, TX)
Africa: Activists Question Kimberley Process Jun 24, 2009
Lebanon's export of "significantly more gem-quality rough diamonds than it imports" has been "known for months", but the KPCS has been allegedly "sluggish" in its response, the NGO said. Guinea's "astonishing 500 percent increase" in diamonds exports - "whose current government has acknowledged widespread corruption in the mining industry" - was visited by a KPCS review team in August 2008. (allAfrica.com)
Liberia: Expert Panel Urges Security Council to Extend UN Mission Jun 24, 2009
The group also said that efforts to ensure that rough diamonds from C te d'Ivoire do not enter Liberia must be intensified through strengthened internal controls over diamond mining and trading, as well as continued collaboration with the Kimberley Process - an international initiative joining governments, industry and civil society to stem the flow of conflict diamonds - and with neighbouring countries. The panel of experts was appointed by Secretary-General Ban Ki-moon in July 2007 to renew... (allAfrica.com)
Africa: Blood Diamonds - Time to Plug the Leaks [press release] Jun 20, 2009
Lebanon is exporting significantly more gem-quality rough diamonds than it imports ... Civil society organizations call yet again for the KP to ensure that statistics regarding the purchase, use and sale of rough diamonds by cutting and polishing centres are incorporated into its internal control mechanism and reconciled in such a way that rough diamonds do not bypass other internal control measures. (allAfrica.com)
Motapa Mails Meeting Documents, Files Annual Financials Jun 5, 2009
Motapa had derived 6,905 rough diamonds weighing 3,047. 06 carats from its Mothae exploration program during the year. (CCNMatthews Press Releases)
Russian Diamond Monopoly Seeks to Avoid Repeating 1990s-Style Market Flood May 29, 2009
Alrosa is resuming sales of rough diamonds to the market this month, Vybornov said, with as much as $1 billion going to 15 companies in Antwerp by the end of the year. That may spur a turnaround in the Belgian city, which handles most of the worlds diamonds, after imports tumbled 45 percent in the first four months. (Bloomberg)
Zimbabwe: Calls to Ban Blood Diamonds May 25, 2009
In September 2008, two Lebanese nationals were arrested in the Indian state of Gujarat (the centre of India's diamond industry) with 800,000 dollars worth of rough diamonds lacking valid documentation. The men stated they had obtained the diamonds in Zimbabwe. (allAfrica.com)
Customs agents seize 28 diamonds worth $800,000 Apr 17, 2009
Friday April 17, 2009. Confiscated diamonds at Kennedy International Airport. (Queens Chronicle, NY)
Debswana to re-open some mines Apr 15, 2009
These mines had been closed since December last year "in the light of reduced demand for rough diamonds," said the company, a joint venture between the government of Botswana and De Beers. However, production at the fourth and smallest mine, Damtshaa, and at Orapa No. 2 plant would remain suspended for the rest of the year. (Business Report, South Africa)
Zimbabwe: Chiadzwa Diamonds Banned Apr 11, 2009
Harare THE World Federation of Diamond Bourses (WFDB) has banned trade in rough diamonds originating from Zimbabwe except those certified by the Kimberley Process, The Financial Gazette heard this week ... "The WFDB and its member bourses have a cast-iron rule that rough diamonds can only be traded when they are accompanied by KP certificates," Paz stated ... "Any bourse member who trades in rough diamonds without KP certification is liable for expulsion from this bourse, which in all practical... (allAfrica.com)
BOTSWANA: Less development revenue as diamonds lose their shine Apr 4, 2009
Predicting a drop in the value of rough diamonds by about 80 percent, Epstein wrote in a recent article that the recession could bring into play a "diamond overhang", with devastating consequences for producing countries. "The real fear of the diamond cartel is not just that retail prices will decline - it has managed that problem before - but that the public will begin to sell its hoard of diamonds, or what is called at De Beers, 'the overhang'.". (AlertNet)
Diamond ind forcing layoffs in India Mar 29, 2009
"I was 14 when my father started teaching me how to hold a diamond and cut it in a way that it shines from all sides. All my life, I worked hard and mastered the art, said 45-year-old diamond cutter Ramveer Dharan. "Now I clean a diamond merchant's car and ensure it shines from all sides too," Dharan said by telephone. Since 1960, the port city of Surat has been renowned as a low-cost hu 00004000 b for processing rough diamonds imported from African nations, Australia, Russia and more recently... (India Times)
Green Light AIG Bonuses Mar 24, 2009
Diamonds For Sale Rough diamonds and other jewelry from DeBeers' mines to their retail stores. DeBeers Means Diamonds New investment in Botswana with a joint government mining venture launching March 18, 2008. (Forbes -- Business)
Kinross buys stake in diamond business Mar 20, 2009
While gold trades on public markets with publicly disclosed prices, rough diamonds are sold privately, offering investors little visibility on prices. Even Mr. Gannicott conceded that there are major differences between the two businesses. (Globe and Mail)
Sierra Leone: Diamond Miners Choose Cassava Over Carats Mar 18, 2009
The global recession has slammed diamond prices in Africa, with the price of rough diamonds falling by as much as 20 percent, according to local dealers. Some industry observers say prices could fall by a further 60 percent. (allAfrica.com)
Need to know: Ford cuts costs ...... Mar 17, 2009
De Beers: The world s top producer of rough diamonds has said that Namdeb, its Namibia joint venture, may close its mines in that country from April 1 for three months because of weak sales. Chevron: Militants have sabotaged an oil pipeline operated by the company in southern Nigeria, slashing its daily production by more than 10,000 barrels. (New York Post -- Business)
Botswana: Sightholders Remain Positive Inspite of Slump Mar 16, 2009
This is how the Managing Director of Debswana, Blackie Marole, explained the diamond manufacturers' position: "All of Debswana's production is sold through De Beers, which sells it to sightholders. Sightholders usually raise bridging finance from banks in order to purchase rough diamonds. When the crisis hit, they already had bank debt. "Due to lack of further funding from the banks, sightholders have not been able to purchase rough diamonds at the normal rate and have had to correct their... (allAfrica.com)
Antwerp diamond sellers see sales, prices crash Mar 14, 2009
But the city which handles about 80 per cent of all rough diamonds and more than half of all cut stones for an annual turnover of $43-billion, is exposed ... The collapse is amplified back along the chain, Mr. Mehta said, with demand for cut stones predicted to fall by as much as 30 per cent and requirements for rough diamonds likely to drop by up to 60 per cent in the year from October ... The biggest firm in the industry, De Beers which sold about two-thirds of all rough diamonds at the turn... (Globe and Mail -- Business)
Botswana: Diamonds Don't Guarantee Jobs Forever Mar 13, 2009
Diamond mining has fuelled the country's development since independence from Britain in 1966 and is still a pillar of its economy, but in recent months the price of rough diamonds has fallen by as much as 20 percent and could, according to some industry observers, fall by a further 60 percent. Rebecca Oitsile, chairperson of Boteti's Village Development Committee (VDC), told a recent meeting of the residents' organisation that many villagers relied on renting accommodation to mine workers. (allAfrica.com)
Surat woes: Diamond jobs not forever Mar 9, 2009
During the boom years, an estimated 800,000 workers, mostly from the Saurashtra region of western Gujarat state, spent 10-12 hours a day in thousands of factories and workshops, cutting and polishing tiny rough diamonds for export. Now mostly silent and shuttered, the 00004000 factories are victims of a global financial crisis that has hit demand for the gem that defined this city for decades. (India Times)
Diamond sector may sparkle again Mar 7, 2009
Banks may also explore the possibility of financing procurement of rough diamonds from reputed agencies for cutting and polishing. In addition to helping the business, the taskforce has also laid special emphasis on providing measures to assist around 4. (India Times)
A De Beers nightmare: The diamond 'overhang' Feb 24, 2009
Responding to the global recession, the De Beers diamond cartel has cut back production at its South African mines and reduced the price of its rough diamonds between 15 and 20 percent. Even so, industry sources in South Africa are now estimating that diamond prices could fall another "59-63 percent." But the real fear of the diamond cartel is not just that retail prices will decline - it has managed that problem before - but that the public will begin to sell its hoard of diamonds, or what is... (International Herald Tribune)
Botswana: Global Crisis Hammers Diamond Industry Feb 23, 2009
Global demand for rough diamonds, which are the mainstay of the economy, is expected to drop by some 60 percent this year and the government has already estimated that revenues will be cut by over 50 percent ... "This may take 12-14 months. In that period, demand for rough diamonds will plunge by some 60 percent. This is inevitable. However, miners like DiamonEx - if they survive - are not losing revenues; they are merely delaying income to better times. "Unfortunately, in this restructuring and... (allAfrica.com)
India's gems, jewellery exports up by 7 pc Feb 17, 2009
The export of rough diamonds also increased by a whopping 67 ... The net imports of rough diamonds fell by 4. (Hindu)
Nameless ad mocking Rahul parrots Modis lines Feb 15, 2009
Ads By Google The Gujarat press information department release on Thursday quoted the CM as saying: They rush to Gujarat to shed crocodile tears the Union should provide rough diamonds to diamond industries through Hindustan Diamonds, so that the employment of the diamond workers are sustained. . (Indian Express)
Bargain bling Feb 10, 2009
De Beers, the largest producer of diamonds in the world, said last month it will slash production in the wake of poor holiday sales, cutting the amount of rough diamonds made available to customers by up to 50 per cent over the next few months. Waning demand has caused rough diamond prices to fall in recent months, and they could plummet an additional 30 per cent this year, according to a report by RBC Capital Markets analyst Des Kilalea. (Globe and Mail)
Fast Facts: Israel Feb 10, 2009
Imports - commodities: raw materials, military equipment, investment goods, rough diamonds, fuels, grain, consumer goods. Imports - partners: US 13. (CBS News -- World)
Rough Diamonds Feb 8, 2009
The Sydney Morning Herald: national, world, business, entertainment, sport and technology news from Australia's leading newspaper. Quirks work the Born Ruffians are pop's missing link. (Sydney Morning Herald -- Entertainment)
