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The World’s Biggest Diamond Mine Is Closing

Author: David Stringer and Thomas Biesheuvel - Published 12-07-2019 12:48
The world’s biggest diamond mine⁠—famed more for the fistful of coveted pink and red gems it yields each year than being a major producer of lower-quality stones—is being shuttered by Rio Tinto Group after almost four decades. Rivals from Russia to Canada hope that can help turn around the beleaguered industry.

Rapaport Weekly Market Comment

Author: unknown - Published 11-07-2019 12:47
Diamond trade seasonally slow with concerns about weak demand and low profit. Oversupply continues despite drop in rough buying. Producers raising rough inventory as 1H sales slump and mine production remains steady. Alrosa 1H sales -32% to $1.8B. Kimberley Process reports 2018 global rough production +3% to $14.5B, volume -2% to 148.4M cts. Indian government raises gold import duty from 10% to 12.5% and keeps duty on polished diamonds at uncompetitive 8.25%. India’s introduction of separate import code for lab-grown rough diamonds is important step in differentiating natural from synthetic diamonds. Rapaport calls for implementation of such codes in US and other markets.

De Beers to invest $10 bn for global expansion

Author: Mini Tejaswi - Published 11-07-2019 12:37
London-based De Beers Group, that specialises in diamond exploration, mining, retail, trading and industrial diamond manufacturing, has embarked on a $10 billion five-year global market and mine expansion drive.

Alrosa Sales Fall Amid Diamond Oversupply

Author: unknown - Published 10-07-2019 12:41
The Russian miner’s total sales slid 43% to $222.4 million for the month, it reported Wednesday. Rough-diamond sales, which account for the vast majority of that revenue, also declined 43% to $219.3 million, with polished sales falling 53% to $3.1 million.

Yellow Diamond At 54 Carats Recovered By Firestone

Author: Michael McCrae - Published 08-07-2019 12:45
Firestone Diamonds (AIM:FDI) recovered a 54-carat fancy yellow diamond from its Liqhobong Mine in Lesotho, the company announced today

Diamond Auction Nets Alrosa $10.3 Million

Author: Michael McCrae - Published 05-07-2019 22:12
A Hong Kong auction brought in $10.3 million for Alrosa's diamonds, the company announced yesterday.

Jewellery stocks fall after import tax raise on gold

Author: Ravindra N. Sonavane - Published 05-07-2019 22:05
Shares of jewelers tumbled after finance minister Nirmala Sitharaman in the Union Budget announced its proposal to raise import tax on gold to 12.5% from 10%.
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