News of the day

Zimbabwe diamond company head calls for big rise in 2013 diamond production

Zimbabwe aims to increase by 100 percent its diamond output from the Marange diamond deposits this year, said a top mining official.

“We got $684.5 million from diamond exports in 2012,” Goodwills Masimirembwa, chairman of the state-owned Zimbabwe Mining Development Corporation (ZMDC) said in comments to the AFP news agency.

Masimirembwa said the country aims to raise exports this year to 16.7 million carats from the eight million carats sold in 2012.

Work starts at Lace mine after cash received, says DiamondCorp

DiamondCorp says development work has started at the 47 level block cave at the Lace mine after it received the first US$3 million in loans from Laurelton Diamonds, Inc., a wholly-owned subsidiary of Tiffany & Co.

DiamondCorp, a Southern African diamond development and exploration company, said the second US$3 million from the loan is due to be received on April 10.

The Tiffany loan is part of an overall US$36.4 million (£23 million) Lace project financing package.

Blue Nile chooses as Internet distributor of fashion jewelry in China

Internet diamond and jewelry retailer Blue Nile, Inc. has chosen, a leading Chinese luxury shopping website, to serve as the exclusive third-party online distributor of its fashion jewelry in Mainland China.

The move allows Chinese customers to purchase Blue Nile jewelry online via computers, smartphones, and tablets.

Blue Nile said that prices of the goods on offer range from a few hundred to over one million renmibi (US$1 = 6.3 renmibi).

Rio Tinto posts increase in diamond output in the fourth quarter

Global mining giant Rio Tinto posted a 9-percent rise on the year in diamond production in the fourth quarter of last year to 3.248 million carats.

The miner said that compared to the third quarter, however, there had been a decline of 12 percent from 3.706 million carats.

For all of 2012, production jumped 12 percent on 2011 to 13.122 million carats.

India records sharp decline in polished diamond exports in December

Indian polished diamond exports dropped by 35.7 percent on the year in December to US$950 million, according to provisional figures from the Gem and Jewellery Export Promotion Council (GJEPC).

In the April-December period, Indian polished diamond exports plunged 35.7 percent to US$11.5 billion.

Meanwhile, rough imports jumped 34.8 percent to US$1.76 billion last month, and decreased by 0.6 percent to US$11.13 billion in April-December.

De Beers upbeat about finding diamonds at Angloan deposit

De Beers says it is confident of finding a gem deposit in Angola that will enable it to more than recover the US$250 million it has spent on exploration in the country.

The company has found diamonds in a 3,000 square-kilometer concession near Lucapa in the Lunda North province, says Pedro Lago de Carvalho, De Beers business manager in Angola, in comments to Bloomberg.

The site is the one remaining concession out of five that De Beers has explored in the country since 2005, he said.

Luxury goods group Richemont posts lower than forecast revenues


Luxury goods giant Richemont SA reported a 9.3-percent rise in revenues for the fourth quarter of 2012 to US$3.81 billion (2.86 billion euros), but the figure was lower than analyst estimates and the firm's share was consequently hit hard.

BHP Billiton records plunge in diamond production at Ekati operation

Mining company BHP Billiton posted a 39-percent fall on the year in diamond output from the Ekati diamond mine in Canada's NorthWest Territories to 295,000 carats in the quarter that ended on December 31.

That compares with a figure of 481,000 carats in the year-earlier quarter, with production being "lower than all comparable periods", the company says in a statement.

Meanwhile, diamond production in the first half of its fiscal year dropped by 35 percent on the year-earlier period to 608,000 carats from 938,000 carats a year earlier.

Dubai Multi Commodities Centre to host first Dubai Diamond Conference

The Dubai Multi Commodities Centre (DMCC), the licensing authority for the Dubai Diamond Exchange (DDE) will host an inaugural Dubai Diamond Conference in March.

The program for the March 18-19 conference will include discussions on how to create innovation and growth in the diamond industry in Africa, the Middle East and Asia.

The conference will be held at the Almas Tower home to more than 1,000 diamond, precious metals, precious stones and jewelry companies.

Jewelry TV co-founder Jerry Sisk, Jr. dies at age of 59


Gerald (Jerry) D. Sisk, Jr., the co-founder of Jewelry Television, passed away on January 13 at the age of 59.

The television innovator and gem expert was originally from New York and New Jersey.

He and two business partners, television veteran Bob Hall and jewelry expert Bill Kouns, in 1993 started Jewelry Television, the largest home-shopping gemstone retailer in the world.

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