Botswana has exported a total of $476.9 million worth of diamonds in the Q1 of 2010 which is a 48.4 percent decrease compared to how much were exported in 2008. The press release is quoted as saying: More than half of the quarterly exports, $252.6 million, were in January, according to figures released last week [...]
Vaaldiam Mining Inc. (‘Vaaldiam’ or ‘the Company’) (CA:VAA 0.30, -0.01, -1.64%) and Base Iron Ltd. (‘BIL’) (ASX: BSE) announce that BIL successfully completed two key ‘conditions precedent’ for the acquisition of the Kwale Mineral Sands Project from Vaaldiam. This was previously announced in February 2010. The Government of Kenya has approved the transaction after seeing [...]
Edgewater Exploration Acquires Red Back Mining’s Enchi Gold Project, Ghana Mr. Edward Farrauto, President and CEO of Edgewater Exploration Ltd. (“Edgewater” or the “Company”)(CA:EDW 0.75, +0.14, +22.95%) announces its option agreement with Red Back Mining Inc. (“Red Back”) (CA:RBI 25.30, +0.48, +1.93%). Edgewater will then get an undivided 51% interest in Red Back’s legal and [...]
The days of De Beers dominance of the worldwide diamond market may be over as Alrosa, Russia’s diamond giant, is the new King. Anglo-American may be looking to publicly list De Beers in London and Botswana, as well as selling shares of the under-performing company. Healthy sales numbers from world production centers and increasing imports to the US are making for a strong 2010.
Canadian diamond miner, Stornoway Diamond Corporation, has released new information about their Renard Project in Quebec. Larger than originally thought, the operation is targeted to start producing by late 2013. The government of Quebec, looking to reduce deficits, is raising taxes on the province’s mining operations. Also, Harry Winston reports losses in 2009, yet remains hopeful for the future of the industry.
New pressures are being put on the Kimberley Process Scheme to deal with human rights violations from the Marange and Chiadzwa diamond fields. Zimbabwe’s refusal to deal with the issues and work with Kimberley Process officials may threaten to derail the organization.
A $490 million deal between Russian Diamond giant Alrosa and Indian firms strengthens India’s diamond industry. Companies such as Rosy Blue and Diamond India, headquartered in Surat, India are responsible for 90 per cent of the global polished diamond output.
China is now the world’s second largest economy. This massive increase in wealth has created a massive desire for luxury goods, diamonds included.
The festive cheer, the series of 'good news' reports and the stepped up buying all mean that the good times are probably back for the diamond industry.
De Beers is set to cut jobs in Botswana, which might send a shiver down the diamond industry's spine, but India has made clear its intention to source diamonds directly from Botswana. Better sense has prevailed, and Botswana has recognized that it would be wise to diversify the sellers of its famed diamonds, rather than just go through De Beers.
Get our independent commentary on diamond trends and companies delivered to your inbox.
