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GJEPC Submits Plans For Expansion of Diamond Sector

India's Gem & Jewellery Export Promotion Council (GJEPC) has submitted proposals to the Ministry of Commerce & Industry with one-year and three-year action plans for the expansion of the gem and jewelry trade.
 
The plans call for a turnover-based taxation system for the Indian diamond sector, carrying out a Special Notified Zone in the Bharat Diamond Bourse in Mumbai under the supervision of the GJEPC to enable the import of rough diamonds on consignment basis by RBI-approved overseas diamond firms.
 

De Beers Canada, Mountain Province Enter Impact Benefit Agreement

De Beers Canada Inc. (De Beers) and Mountain Province Diamonds have announced that an Impact Benefit Agreement (IBA) has been entered into with the Deninu Kué First Nation for the proposed Gahcho Kué diamond mine, a joint venture between De Beers (51%) and Mountain Province Diamonds (49%) located 280 km’s northeast of Yellowknife, Northwest Territories. De Beers is the Operator of the Gahcho Kué Project.
 

Lucara Withdrawing From Mothae Project in Lesotho

. Lucara Diamond Corp. announced that after an extensive financial and economic review, the company intends to divest of its Mothae asset.
 
The company has considered multiple development options for Mothae, and while the resource has been proven to be diamondiferous, Mothae does not meet the company's disciplined investment criteria for its targeted return on capital and its forecast generation of long term free cash flow potential.
 

ALROSA Holds Meetings With Clients

The management of ALROSA held an annual meeting with the Company’s long-term customers in order to discuss with them the preliminary results of 2014 and share views on the diamond market perspective.
 
The attendees agreed that the long-term supply practice used by ALROSA since 2009 has proved its efficiency. Such contracts guarantee stable supplies of rough stones, provide a hedge against diamond prices volatility and enable both the Company and its clients to do long-term business planning.
 

Second Zimbabwe Diamond Conference Ends With Beneficiation Debate

The Second Zimbabwe Diamond Conference ended on November 7 with a vigorous panel debate on the issue of beneficiation as the engine of growth for the country's diamond industry. The panel included Mr Richard Mvududu, Chair of the Diamond Beneficiation Association of Zimbabwe, Mr Tafadzwa Musarara from Resources Exploitation Watch, Mr Shamiso Mtisi, KP Civil Society Coalition Representative in Zimbabwe, and Mr Mark Mabhudhu, Managing Director of Marange Resources.
 

India's GJEPC Denies Sector Selling Diamonds At Large Discounts

The Gems and Jewellery Export Promotion Council (GJEPC) says media reports out of India that some diamantaires are selling polished goods at discounts of 5-20 percent due to financing issues as a result of the closure of the Antwerp Diamond Bank (ADB) are incorrect. The GJEPC said the reports were "false and baseless".

Bank Mizrahi-Tefahot Expands Credit To Israeli Diamond Firms

In a meeting held between the management of Bank Mizrahi-Tefahot led by Eldad Fresher, CEO, and CTO, Ophir Morad, and leaders of the Israeli diamond industry headed by Israel Diamond Exchange President, Shmuel Schnitzer, President of the Israel Diamond manufacturers Association, Kobi Korn and IDI Chairman Moti Ganz, Fresher announced that an expansion of credit to the Israeli diamond industry.

Angola Diamond Chief Says $661 Million Of Diamonds Sold In H1

Angola, whose main export markets includes Israel, the UAE and Hong Kong, posted sales of diamonds up 18 percent on the year to $661 million in the first half of this year.

The figures were cited by CEO of Endiama, the state-owned diamond mining firm.

The average price per carat achieved by the diamond sales was $155.

And the Angola government benefited from the sales, collecting around $47 million in taxes.

Diamond production in the first half of this year came to 4.26 million carats, a rise of 4 percent on the year.

Work Begins On Israel Exchange's New Manufacturing Center

The construction of a modern manufacturing center for members of the Israel Diamond Exchange (IDE) and people who work in the domestic diamond industry has got off the ground, the IDE reported on its website.

Earlier this week, construction work began in a large space in a building that was formerly a polishing plant in Tuval Street in Ramat Gan in the area of the IDE.

Zimbabwe's Ex-Mines Minister Mpofu Demanded $10M Bribe, Court Told

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Ex-Mines and Mining Development Minister, Obert Mpofu, has denied claims in a Zimbabwe court that he demanded a $10 million bribe to let a diamond mining deal to go ahead.

He denied the claims made by his accusers, Core Mining director Lovemore Kurotwi and former Zimbabwe Mining Development Corporation CEO Dominic Mubaiwa, that the minister demanded a bribe from them.

He would not have demanded such an amount for the deal to go through, he said, according to media reports from the country. Mpofu is now Minister of Transport and Infrastructural Development.

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