Mining company Rio Tinto declared its financial results for the six months ending June 30, 2009. Revenues dipped by 68 percent to $184 million, which the company attributed to the economic slowdown. For full story, click here
The direct cost of the slump in global demand for diamonds has resulted in the loss of over 1,900 jobs in Namibia, whose diamond sector has been hard hit by the international economic slump. For full story, click here
The Israeli Diamond Industry, one of the major stakeholders of Israel’s economy, has found a unique way to deal with the global economic slump. Instead of freezing marketing activities and pulling advertising dollars, the Israeli Diamond Industry is investing huge efforts in reaching out to clients, using both new and traditional marketing tools. For full [...]
The global economic slowdown has taken toll on India’s diamond exports. Hit by a contraction in demand for diamond in the US and European markets, export of cut and polished diamonds from India are believed to have dipped 8.24% to $13 billion in 2008-09 from $14.2 billion in the previous year, according to provisional estimates. [...]
According to President Sergey Vybornov, Russian diamond miner Alrosa will resume rough diamond sales this month. Alrosa, which holds a monopoly on exporting Russia’s diamonds has stopped selling diamonds to its clients due to the economic slump. Instead, the mined goods were sold to the state repository Gokhran. For full story, click here
Demand for diamond jewelry has not yet picked up any momentum and the diamond industry is still stagnant under the pressure of the global economic crisis. For full story, click here
The global economic recession has severely lowered demand, hurting those in the supply chain including miners in Africa, cutters in India and retailers in Europe and the U.S. For full story, click here
The Botswana diamond cutting industry that has been subdued to the global economic slump is reported to get some support from the USA government through its Overseas Private Investment Corporation. Head of Botswana’s Lazare Kaplan, Alfred Dube, stated: The deal is not yet finalized; what is remaining is for our lawyers to sign the contract [...]
Moti Ganz, president of the International Diamond Manufacturers Association along with the presidents of the 14 national diamond manufacturing associations met today that represent the IDMA membership to assess the impact of the global financial meltdown. For full story, click here
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
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