Diamonds

Antwerp woos world’s diamond elite

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By David Brough

Several hundred diamond traders braved a cold snap to attend a glitzy gala dinner and opera recital and enjoy the best of Antwerp’s culture as they put aside concerns over a fragile economic outlook.

The diamond dealers, many of them from Israel and India as well as Antwerp, enjoyed food on Sunday night prepared by a Michelin-starred chef as they listened to renowned soprano Ana-Camelia Stefanescu and the Nuove Musiche orchestra. Read more

China announces its largest rough diamond discovery in 30 years

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By Dorothy Kosich

A large diamond deposit discovered in Wafangdian in northeast China’s Liaoning Province is believed to contain 200 kilograms (one million carats) of diamonds, which the Liaoning Geology and Minerals Resources Exploration Bureau claims are purer than those of South Africa. Read more

Diamonds Set to Outpace Gold as Luxury Spending in Asia Rises: Commodities

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By Soraya Permatasari and Rajesh Kumar Singh

Diamond prices are poised to rise for the next four years, outpacing gold, as increased spending on luxury goods in China, India and the Middle East outpaces supplies of the precious stone, analysts said.

The average price of rough, or uncut, diamonds will probably rise 9 percent to $145 a carat next year, 1.4 percent in 2013 and 4.8 percent in 2014, BMO Capital Markets analyst Edward Sterck said. The gem should gain 2.6 percent in 2015 and 3.2 percent in 2016, he said. Read more

BHP kicks off diamonds sell-off

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By Francesca Freeman

GLOBALLY diversified miner BHP Billiton has entered a $C9 million agreement to sell its stake in one of its two diamond operations in Canada to joint venture partner Peregrine Diamonds, part of the miner’s wider review of its diamond business.

The Anglo-Australian miner will sell its 51 per cent participating stake in the Chidliak diamond exploration project in Baffin Island, increasing Peregrine’s 49 per cent stake to 100 per cent ownership. Read more

BHP to Sell Diamond Project Stake to Peregrine for $8.7 Million

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By Liezel Hill

BHP Billiton Ltd. (BHP), the world’s largest mining company, agreed to sell its 51 percent interest in a Canadian diamond project to Peregrine Diamonds Ltd. as it continues to review its diamond business.

Peregrine, which already owns 49 percent and operates the project, said today in a statement it will pay C$9 million ($8.7 million) over three years and grant BHP a 2 percent royalty on any future production from the Chidliak project on Baffin Island in Nunavut territory. Read more

BHP studies potential EKATI diamond sale

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By Peter Koven

BHP Billiton Ltd. announced it will study a potential sale of its diamond assets, including the ultra-rich EKATI mine in the Northwest Territories.

BHP, the world’s biggest mining company, has made a lot of money at EKATI over the years, but the company said that after “many years of extensive exploration” in the Arctic, it sees few opportunities to develop new diamond mines that fit its strategy. “BHP Billiton’s strategy is to invest in large, long life, upstream and expandable assets while remaining a simple and scalable organization,” the company said. Read more

Oppenheimers consign diamonds to the past

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By Marius Bosch

There is nothing intrinsically valuable about diamonds. The fact that we think of them as precious is mostly thanks to South Africa’s Oppenheimer dynasty. It is they who, with a bit of help from an American advertising man, sprinkled the rocks with romance and convinced the world that diamonds are forever.

Which is exactly why the family’s exit from the diamond industry is all the more surprising. Africa’s second-richest family, Read more

Graff Diamonds to Use Planned IPO Proceeds to Open Asian Jewelry Stores

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By Robyn Meredith and Vinicy Chan

Graff Diamonds Ltd., the jewelry retailer whose founder twice set records buying gems at auction, plans to use funds from a proposed share sale to add stores in Asia as the region’s demand for luxury goods grows.

The company plans to open outlets in Macau and Hangzhou, the largest city of Zhejiang province in eastern China, next year, Laurence Graff, 73, the chairman and founder of the London-based company said in a Nov. 18 interview with Bloomberg TV. The retailer has 32 stores worldwide including in Tokyo, Hong Kong, Shanghai and Taipei, according to its website. Read more

Anglo American taking control of De Beers

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By Peter Koven

A landmark deal on Friday promises to change the face of the global diamond sector.

Mining giant Anglo American PLC announced it will take control of industry leader De Beers by buying the Oppenheimer family’s entire 40% stake for US$5.1-billion in cash. That takes Anglo’s interest in De Beers to 85% from 45%. Read more

Zimbabwe given go-ahead to sell Marange diamonds

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By MacDonald Dzirutwe

Zimbabwe has been allowed to export diamonds from its Marange fields by the industry’s top certification system, ending two years of dispute that left the Kimberley Process divided, an industry group said on Tuesday. Read more

Harry Winston defers rough diamond sales

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By Peter Koven

Economic uncertainty is once again taking its toll on the diamond industry, including Harry Winston Diamond Corp.

During the credit crisis of 2008 and 2009, diamond prices simply collapsed. While nothing that serious is happening today, diamond polishers are selling off their inventory and reducing purchases of rough diamonds, thus lowering prices. Read more

Rio Tinto to surrender 51% stake in Zimbabwe diamond unit

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By MacDonald Dzirutwe

Rio Tinto has told Zimbabwe’s government it will give up a 51 percent stake in its local diamond unit Murowa, state media reported on Saturday, making it the first foreign-owned firm to voluntarily comply with the country’s local ownership law.

“Murowa Diamonds wrote to us (on Thursday) saying they have given up 51 Read more

Diamond producers hopeful prices will defy global economic crisis

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By David Robertson

DIAMOND prices have slumped by about 20 per cent in the past three months amid fears the economic crisis in Europe and the United States could hit the jewellery market.

The price of precious stones hit a record this year amid a shortage of supply and strong demand from emerging economies such as China, but diamond miners say prices have softened and there is uncertainty about the outlook for the rest of the year. Read more

India’s diamond traders ready themselves for the festive season

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By  Shivom Seth

A recent surge in prices of polished diamonds and a similar rise in the rates for roughs since July last year has hiked the cost of diamond jewellery, making it unaffordable for many price conscious Indian customer. Read more

World’s 15th Largest Diamond Found by Gem at Lesotho Mine

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By Thomas Biesheuvel

Gem Diamonds Ltd. (GEMD) found the world’s 15th largest white diamond at its Letseng Mine in Lesotho.

The company, based in London, said the 553 carat diamond is being analyzed in Antwerp. The stone is a type II D color diamond, the company said in a statement today. Read more

De Beers expects SA unit to produce 6.4m carats in 2011

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By Wendell Roelf

Diamond producer De Beers expects its South African unit to produce 6.5 million carats in 2011, a million less than last year as the effects of mine disposals filter down, the unit’s chief executive said on Monday.

De Beers, one of the world’s top diamond producers, has since 2007 sold several of its South African mines Read more

Ghana’s Akwatia Mine to Produce 1 Million Carats, Graphic Says

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By Ekow Dontoh

Great Consolidated Diamonds Ltd., a Ghanaian mining company, is investing $100 million to restart operations at the Akwatia mine in the country’s Eastern Region, the Daily Graphic reported, citing Vice President John Mahama. Read more

Zimbabwe diamonds make their way to India

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By Shivom Seth

India’s commerce ministry has given the go-ahead for the import of a shipment of rough diamonds from Zimbabwe valued at over $153 million. The diamonds, mined in the Marange fields, were purchased at an auction in November 2010 and shipped to Dubai. The consignment was kept pending a decision by the Kimberley Process to reinstate the embargo against diamonds from Zimbabwe. Read more

Gem Diamonds Rises Most in a Week After Prices Boost Profit

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By Jana Marais

Gem Diamonds Ltd. (GEMD), a producer of the stones in Lesotho and Australia, rose the most in a week in London trading after reporting record first-half earnings.

Gem Diamonds climbed 4.4 percent to 190 pence as of 1:21 p.m. local time, the biggest intraday gain since Aug. 11. Read more

Petra Gets Approval to Buy De Beers’ Finsch Diamond Mine for $210 Million

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By Thomas Biesheuvel

Petra Diamonds Ltd. (PDL) gained approval from the South African government to buy the country’s second- largest diamond mine from De Beers for $210 million.

“The acquisition process is now in the very final stages and we expect it to complete in the near future,” Petra said in a statement today. Petra, which agreed to buy the Finsch mine in January, rose as much as 4.5 percent in London trading. Read more

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