These days buying what the government is selling isn’t easy like the 605 loose diamonds that were auctioned off on Friday beneath the crystal chandeliers in the Grand Ballroom of the New Yorker Hotel. Rick Levin, a Chicago auctioneer, said: Whatever economic climate you’re in, there’s always opportunity. For full story, click here
Gujarat’s diamond workers and traders are facing unprecedented crisis on account of fall in demand for diamonds caused by the recession looming over the globe for the past several months. For full story, click here
Diamond mining in Sierra Leone is following a global economic trend with miners turning to gold. Edward Sandy, Deputy Director at the Ministry of Mines, said: The impact of these changes is very serious. For full story, click here
Kinross Gold Corporation declared that it has signed a subscription agreement with Harry Winston Diamond Corporation further to which Kinross will make a net investment of US$150 million in exchange for an indirect interest in the Diavik Diamond Mine in Canada’s Northwest Territories and a 19.9% shareholding in Harry Winston. For full story, click here
De Beers Group declared that it was going to keep Namaqualand Mines open, though at a reduced level, and would try to sell it when market conditions improved. For full story, click here
Kimberlite Diamond Corporation announced that it has entered into a binding written agreement with Maritime Securities Limited to become the administrator and co-manager of their new hard asset division. llan Walker, President of Kimberlite Diamond Corporation, said: This partnership will allow us to market diamond opportunities to their existing clients, and will allow us to [...]
While the full impact of the global financial meltdown remains unknown, the Israel Ministry of Industry, Trade and Labor released data for 2008 showing sharp declines in diamond sales. The Israel Diamond Exchange president Avi Paz said: The downturn in the economy in the world affected diamonds like it affected everybody. For full story, click [...]
Namdeb, the diamond mining joint-venture of the Namibian government and De Beers, is expecting production to drop by 50 percent in 2009 when compared with 2008. For full story, click here
Lucara Diamond Corp. and Motapa Diamonds Inc. announced that the two companies have signed a letter of intent which contemplates Lucara acquiring all of the outstanding shares of Motapa pursuant to a plan of arrangement under the Business Corporations Act. For full story, click here
The tanzanian government plans to table a parliamentary bill for amendment of the country’s diamond mining legislation as per the recommendations submitted by the presidential mining sector review committee chaired by retired Judge Mark Bomani. For full story, click here
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