Zimbabwe has denied claims of killings in its diamond fields, at a meeting on preventing the sale of “blood diamonds”, despite reports of abuses in the evictions of small-scale miners. For full story, click here
As the economic recession increased its stronghold on consumers, plunging jewellery sales sent the diamond industry into a tail spin. At the onset of the slowdown, the industry seemed immune, as sales of top tier goods overshadowed the decline in mid-grade diamond sales.
With the holiday season behind us, now is the time diamond miners and retailers should have full pockets and empty shelves. However, with the holiday season of ’08 coming on the back of economic catastrophe, countries across the globe are reporting stark numbers for diamond exports and imports.
DiamondCorp Plc, which is based in London, said it stopped processing mining waste because extracting gems that way isn’t profitable. For full story, click here
When 2008 started off, the world’s mining industry was in the mist of a boom, with never before seen prices being fetched for most of the metals, and miners raking in profits. With the way 2008 came to a close, it is hard to imagine that this was the scene just months earlier.
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.
Here at diamond investing news, we have been following how the financial crisis has been impacting the industry. For a brief summary over the past few months, it was not until the end of September that dropping revenues became an issue to diamond industry participants.
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