News of the day

Argyle Diamond Mine Mineral Resources Estimate Cut By Rio Tinto

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Rio Tinto has reduced its mineral resources estimate for the  Argyle diamond mine in Western Australia.

The miner said in a statement that estimated mineral resources - the volume of material that can be extracted for economic purposes - fell last year.

The miner cut its estimate by 66 percent to 15 million tonnes in 2016.

Lucapa Diamond Generates $6.9 Million From Second Diamond Sale of 2017

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Lucapa Diamond Company's second diamond sale of 2017 raised gross sales of $6.9 million.

The mining firm said that the average price per carat for the parcel of 1,552 carats of alluvial diamonds from the Lulo diamond project in Angola was $4,446, adding that this emphasised "the quality of the diamond recoveries and the continued strength in the market for large, high-quality diamonds".

"This brings the total gross proceeds achieved at Lulo to date in calendar 2017 to US$10.7 million."

TGJTA to Host Inaugural Thailand Gems & Jewelry Fair 2017

The Thai Gem and Jewelry Traders Association (TGJTA) will hold the first Thailand Gems & Jewelry Fair 2017 from June 15 to 18 at the Challenger 1 hall in Bangkok.

De Beers Sells $418M of Rough, Lower Value Items Hit by Demonetization

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De Beers sold a provisional $418 million of rough stones at its tenth and final sales cycle of 2016.

De Beers said the confirmed value of goods for its previous sales cycle was $476 million, compared with a provisional figure of $470 million stated just after the sale.

In December 2016, sales came to $248 million.

That followed a sharp decline in demand after manufacturers reduced production in protest at high rough prices.

HRD Antwerp to Offer English/Korean and English/Chinese Grading Reports

HRD Antwerp will start offering bilingual diamond grading reports, with the first available in English/Korean and English/Chinese from February 1, 2017.

The announcement was made as part of an economic mission to South Korea (Seoul) and China (Shanghai), presided over by Antwerp's Mayor Bart De Wever. 

"The South-Korean market represents great opportunities and our presence here today is just a first step in what will undoubtedly become a mutually beneficial relationship," says Ari Epstein, Chairman of HRD Antwerp.

Mark Gershburg Leaving U.S. Kimberley Process Authority

Mark Gershburg, the CEO and founder of Gemological Science International (GSI), has announced that he will no longer be a director of the U.S. Kimberley Process Authority (USKPA).

The USKPA is a trade association that works closely with the U.S. government to prevent the infiltration of conflict diamonds into legitimate trade.

Gershburg has spent over a decade as one of the three directors of the USPKPA, and said he was proud to have taken part in the global fight against illegal diamonds.

Lukoil Sells Grib Diamond Mine to Russian Investment Group for $1.45B

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Russian oil giant Lukoil sold its Grib diamond mine to the Russian investment group Otkritie Holding for $1.45 billion in cash, according to Russian media reports.

The deal should be completed in the first quarter of 2017, subject to approval by several government offices.

Lucara: Ending Contract With Provider at Karowe Mine

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Lucara Diamond Corporation said it has ended its contract with Eqstra Botswana to provide mining related services at its Karowe mine in Botswana.

"Contrary to recent media reports in Botswana, the company is unaware of any fraud or illegal activities, of its current or former employees, in relation to the mining contract," Lucara said in a statement.

Alrosa President Andrey Zharkov to Take Part in Israel’s International Diamond Week

Andrey Zharkov, the Alrosa President, will be a guest of honor of the International Diamond Week in Israel (IDWI) being held February 13-16, 2017, at the Israel Diamond Exchange (IDE.)

The visit is also timed to coincide with the opening of the IDE International Tender Center, which will house tenders of rough and polished diamonds by major rough producers and diamond traders, the IDE said.

Demonetization Hits Post-Diwali Holiday Return With 20,000 Jobless Surat Diamond Employees

More than 20,000 diamond workers from small diamond plants are jobless as their employers have not reopened their businesses following the Diwali vacation due to the effects of demonetization, The Times of India reported.

The government's decision in November to take banknotes of 500 and 1,000 rupees out of circulation in the fight against corruption and money-laundering has battered the diamond and jewelry industries where most transactions are in cash.

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