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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.

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.

ALROSA Meets With 70 Long-Term Customers

Andrey Zharkov, the President of PJSC ALROSA, has held annual business meetings with the company’s long-term clients from more than 70 companies around the world.

The sides discussed ALROSA’s management diamond market trends, the company’s sales structure, and assessed ALROSA’s steps on developing its sales methods and geography.

The miner reported on the new contract period that is to start in 2018, and the parties studied the trading sessions schedule for 2017.

ImaGem: 3DPro for Interactive 3D Videos and Visuals Launched

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ImaGem has launched 3DPro for interactive visuals to facilitate the buying and selling of diamonds.

The firm said that the 3DPro expands the diamond experience from a static image to a dynamic 3D experience.

Stornoway Diamond Corp Reports First Sales of Renard Stones in Antwerp Next Month

Stornoway Diamond Corp reports that the initial sale of diamonds from its Renard mine in Quebec province in Canada will be held in Antwerp starting on November 14.

That is two months earlier than previously expected, the miner said in a statement.

Stornoway said that first ore was introduced to the Renard diamond plant on July 15, and as of the end of the quarter, 91,010 tonnes of ore have been processed with attributable carat production of 111,556 carats, representing an average grade of 123 carats per hundred tonnes.

Excelsior Says To Provide Finance For Diamond and Jewelry Industry

Excelsior Capital Ventures (ECV) LLC is to provide "substantial liquidity" to the mid-stream diamond and jewelry industry.

White Pine Launches GIA Listing Service for Smaller Diamond Dealers

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White Pine Trading LLC, a diamond trader and fine jewelry and luxury watch purchaser, is launching a listing service to provide smaller diamond dealers a distribution channel for GIA-graded stones.

The platform will provide access to leading trading networks, regardless of a member’s size, funding or supply, and also aims at improving members’ access to brick and mortar and online retail outlets.

The listing service will enable the sale of GIA inventory alongside White Pine’s 5,000 GIA-graded stones.

Economists Want A 'Second Economic Transformation' in Botswana

Two economists have urged Botswana to undergo a second economic transformation. In a report compiled by Econsult Botswana, economists Dr Keith Jefferies and Sethunya Sejoe warned that diamond mining is unlikely to drive economic growth in future, but rather a foundation for current economic activity and income levels.

Another Large Diamond For ALROSA - Finds 136.24-Carat Diamond

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Russia's ALROSA has found a 136.24-carat diamond from the Nyurbinskaya pipe near Yakutsk in the Sakha Republic where most of its mines are located.

The gem-quality rough diamond, is 3 Black Makeable 1 Color, measures 29.32 х 23.88 х 21.9 mm and is one of the largest found in the Nyurbin, the miner said.

"The extracted stone is a combination-form translucent colorless part of a crystal with columnar interlocking sculpture. The stone contains graphite and sulphide composition.

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