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
Gem Diamonds expects recent cost-cutting measures to improve its performance in 2009, but a big drop in its cash balance and predictions of lower prices had analysts at Ambrian crying “sell”. For full story, click here
Lonrho Mining has agreed to sell its 80 percent holding in the Schmidtsdrift mine to New African Mining (NAM) for $13.35 million. The company said: It decided to divest from Schmidtsdrift in order to focus on the development of Lulo. Click here for full story. Click here for company’s website.
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