Helped by increased demand in 2010 for luxury goods after a abysmal year in 2009. The increased revenues from rising diamond prices and demand, many companies are increasing production. Alrosa mulls over an IPO by the end of 2011 worth upwards of $2 billion.
The controversial ban on Zimbabwe’s exporting of “blood” diamonds is over, according to Deputy Mines Minister Gift Chimanikire, who insists the country has been given written permission to hold two diamond auctions this year by the Kimberley Process (KP), an international body set up to monitor the distribution of conflict minerals. Members of the international diamond trading community and human rights groups have responded to this claim with confusion because as of today, KP spokespersons are denying that any such permission has been given. “No decision has been made yet,” said the new KP chairperson Yamba Mathieu Lapfa Lambang of the Democratic Republic of the Congo, which took over the role as chair of the conflict diamond watchdog organization from Israel on January 1, 2011.
Diamond prices have largely recovered from the 2008 global economic crisis, but the industry is still not back to pre-2008 levels of demand.
China is now the world’s second largest economy. This massive increase in wealth has created a massive desire for luxury goods, diamonds included.
Though there are clear signs of a financial recovery around the world, at what price would there be a recovery for roughs? Is the `new-normal' daunting for the diamond industry?
Post global slowdown scenario, Surat’s diamond industry is gaining momentum in demand from the domestic, international and emerging markets like China. For full story, click here
It’s not yet clear if China can lead the world out of recession, but the Asian giant is certainly helping Indian diamond traders out of World’s biggest diamond Diamond the woods. For full story, click here
India’s iron ore prices has moved closer to $100 a tonne on Thursday on strong inquiries from China and smaller than usual supplies owing to the monsoon. For full story, click here
A top China steel industry official restated on Thursday strong opposition to settling iron ore prices at the same 33 percent cut other Asian mills have agreed, but said a deal could still be reached by month’s end. For full story, click here
EGL Asia, the only EGL diamond laboratory operating independently in Asia, and 21Gem.com, one of China’s leading online gem and jewelry sales websites, declared at the Hong Kong Jewelry and Watch Fair an agreement that positions EGL Asia as the exclusive grader and provider of certificates for loose diamonds and set jewelry diamonds sold on [...]
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