News of the day

Namibia and De Beers Likely to Agree Diamond Sales Deal Soon - Report

De Beers is putting the final touches to a 10-year diamond sales deal with the government of Namibia, reports.

The deal, which would be the longest to be signed by the sides, will address some of the Namibian government's demands regarding the sale and marketing of the country's diamonds mined by joint venture company Namdeb, according to a briefing posted on its Report to Society 2015 bulletin.

Kimberley Process and OECD to Hold Rough Prices Meeting


The Kimberley Process and the Organisation for Economic Co-operation and Development (OECD) will gather companies, countries and non-profit groups on May 23 for a meeting on rough diamond valuation aimed at reaching a consensus on universal pricing.

Among the firms planning to take part are De Beers and ALROSA, along with representatives of nations including South Africa, Namibia and Botswana, according to a Rapaport report.

Sarine Technologies: Revenue, Profits Continue to Rise


Israel's Sarine Technologies posted a rise in revenues and operating performance in its first quarter following an improvement that began late in 2015 following the Diwali holiday in India last November.

Luxury Jeweler De Grisogono Buys Rights to 404-Carat Rough Diamond

Swiss jeweler De Grisogono SA has acquired the rights to market a 404-carat rough diamond which it bought from Dubai trader Nemesis International DMCC.

The giant diamond was discovered by Lucapa Diamond Co at its Lulo mine in Angola. Nickolas Polak, a director of Nemesis International, declined to disclose a price, but in February Lucapa said it sold the 404-carat diamond for $22.5 million, Bloomberg reported.

Mountain Province Diamonds: Gahcho Kué On Track For Q2 Production Start

Mountain Province Diamonds Inc. said that development of the Gahcho Kué diamond mine in Canada is progressing according to plan with the overall project approximately 94 percent complete and on track for first production during the second half of this year.

De Beers Raising Rough Prices For First Time In More Than A Year


De Beers has raised prices of its rough diamonds for the first time in more than a year due to rising demand.

The mining firm put up prices by up to 2% at its latest sight taking place this week in Botswana according to three people familiar with the process Bloomberg Business reported.

The value of the goods sold is similar to that at De Beers’ February sight in which it sold $610 million of rough diamonds, the report said.

In January, De Beers sold $545 million of rough diamonds at its first sight of 2016.

IDE President: Diamond Industry Needs More Financing

Yoram Dvash, the President of the Israel Diamond Exchange (IDE) is calling for more credit to finance the diamond industry globally.

Dvash said the global diamond trade must work together to bring more financing to the diamond sector.

His comments come after a recent report that London-based Standard Chartered Bank, which has around 2 billion in exposure to the diamond industry, was requiring more loan protection from diamond trade customers.

Indian Central Bank Agrees Credit Extension Fore More Than 180 Days

The Reserve Bank of India (RBI) has agreed that banks in the authorized dealer categories can extend their credit periods beyond 180 days with immediate effect, according to a report on the Gem and Jewelry Promotion Export Council (GJEPC) web site.

"The decision has been taken in consultation with the government of India 'to ease the operational difficulties faced by the importers'."

The central bank is requesting that several conditions be observed, however, to ensure the expanded credit period is  genuine.

ALROSA Considers Production Plans For This Year

ALROSA President Andrey Zharkov told a meeting of the company that diamond mining by the firm in 2016 may fall within a range of 37 million to 39 million carats.

Zharkov said that volumes of diamonds mined will depend on the global demand for rough goods.

He stressed that a possible cutback in diamond mining operations will have no impact on employee numbers, and company management has no plans to reduce working hours.

GIA Visit to HPHT Diamond Factory in China Shows Growth in Synthetics Manufacturing

An article by the GIA finds that rapid progress has been made in recent few years in High-Pressure, High-Temperature (HPHT) technology. It is able to make melee-size diamonds around 2–3 mm in diameter and large colorless single crystals, and they all feature significantly improved quality and growth rate.

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