In 2008, as the bleak economic outlook deepened, there were significant repercussions for the diamond industry. Early on in the downswing it seemed that the industry would withstand the economic current. However, under close examination it was apparent that a storm was brewing.
As economic turmoil spread around the globe in ‘08, the diamond industry lost some of its brilliance. The industry was doing well until about September, then diamond prices and sales went on a steep descent. Diamond prices are down about one-third since their high last August
The day after Thanksgiving has long been known as “Black Friday”, a moniker that denotes the fact that it is on that day that retailers go from being in the red, to the black. Many stores open as early as 4 am, coaxing shoppers through their doors with ‘once a year’ sales.
JSE-listed mineral resources company Miranda Mineral said that it had issued shares for cash, to the value of R17,2-million, to the black empowered Yakani group For full story, click here
With the Christmas buying season upon us jewelry companies who would typically have their biggest sales of the year are bracing for disappointing numbers. A study completed this fall by the Harrison Group and American Express Publishing found that of all the luxury categories, jewelry could take the biggest hit in the downturn.
Government approves the environmental impact assessment study of Gem Diamond, bringing it closer to the approval of its diamond mining licence in Gope in Central Kgalagadi Game Reserve. Haile Mphusu, Managing Director of Gope Exploration, siad: We are very pleased with this development as it brings us one step closer to realizing our ambition to develop a [...]
Diamond prices have held their own this year, despite the markets impetuous downward spiral. Prices of top gems have been keeping the finances rolling while mid grade mass consumed diamonds sales slumped. Now, as the crisis deepens, Diamond prices are under pressure.
Diamonds could very well represent the next safe haven for investors, much like gold and silver, as investors flee the financial markets for more secure investments.
Venues Resources Ltd. entered into a joint venture agreement with Seaward Holdings Pty Ltd in its search for a diamond bearing lamproite pipes north of the Argyle Diamond Mine. For more information, click here For company’s website, click here
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