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Polished Markets
Diamcor Prices Succumb to India Liquidity Crisis
Diamcor reported weaker prices at its fiscal third-quarter tenders as India’s demonetization policy thatsapped liquidity from the market hit the miner’s sales.The company fetched an average price of $125 per carat at rough-diamond tenders held...
Mining Jan 18, 2017 Rapaport News
Lace Diamond Mine DiamondCorp
DiamondCorp Insolvency Hinges on Wage Deal
DiamondCorp warned it will likely enter insolvency proceedings unless an agreement is reached over retrenchment and payment of outstanding wages in relation to its Lace Mine in South Africa.The company therefore announced a share sale to fund the care...
Mining Jan 15, 2017 Rapaport News
Alrosa sorter
ALROSA’s Diamond Resources Decline
ALROSA’s rough diamond resources fell 4 percent to 1.03billion carats as at July 1, 2016, the Russia-based miner reported.Back on January 1, 2015, the resources stood at 1.08billion carats. Both assessments were carried out in accordance with a codeoutlined by the...
Mining Jan 15, 2017 Rapaport News
Yury Okoemov ALROSA
ALROSA Sales Rise as Rough Demand Returns
ALROSA’s diamond sales jumped 26 percent to $4.49 billion in2016, reflecting a recovery in the rough market, according to the miner’s preliminaryresults.The increase came despite a slowdown in the final two months when India's demonetization policy impacted...
Mining Jan 11, 2017 Rapaport News
Stephen Wetherall
Angola Mine Claims Highest-Value Diamonds
Lucapa Diamond Company claimed its Lulo mine in Angola achievedthe highest price per carat for any run-of-mine diamond production in the worldin 2016.Sales reached $51 million at an average price of $2,983 per carat, theminer...
Mining Jan 08, 2017 Rapaport News
Diamond Shares Sparkle in Bullish 2016
Jewelry and diamond mining stocks gained in 2016, ridingthe wave of resurgent financial markets in the last two months of the year.The strong performance mirrored the Dow Jones IndustrialAverage, which leapt 13 percent for the...
Financial-Legal Jan 01, 2017 Joshua Freedman
Snap Lake De Beers mine
De Beers to Flood Snap Lake Mine
De Beers said it will start flooding its Snap Lake mine inCanada and cease its involvement in an exploration quest in Saskatchewan.The miner will begin flooding the site in Canada’sNorthwest Territories in January after receiving regulatory approval...
Mining Dec 27, 2016 Rapaport News
Kimberley Diamonds Gets Delisting Approval
Kimberley Diamonds came a step closer to being delisted fromthe Australian Securities Exchange (ASX) in a move that it hopes will reducecosts and facilitate fundraising.The exchange approved Kimberley’s request, leavingshareholders with the final say. Thecompany...
Mining Dec 26, 2016 Rapaport News
Diamond Mine Sale Ushers in ‘New Rockwell’
Rockwell Diamonds has agreed to sell certain non-core assetsto Nelesco 318 Proprietary for $3.2 million (ZAR 45 million) as part of astrategic overhaul by new chief executive officer Tjaart Willemse.Rockwell did not say which assets...
Mining Dec 25, 2016 Rapaport News
Matt Manson
Renard Mine Reaches Commercial Production
Stornoway Diamond Corporation said it achieved commercialproduction at the Renard mine in Canada a month ahead of schedule and within budget.The operation reached an average processing rate of 4,120tonnes per day over 30 days, out of a capacity of 6,000 tonnes...
Mining Dec 25, 2016 Rapaport News
Karl Smithson
Stellar’s Loss Widens Before Strategic Acquisition
Stellar Diamonds reported its loss more than doubled in thepast fiscal year and revenue slumped. This comes ahead of a “transformational”acquisition designed to turn the exploration company into a fully-blowncommercial miner.Revenue fell 19 percent to $499,725 in the...
Mining Dec 22, 2016 Rapaport News
Gemfields rubies
Gemfields Sees Robust Demand at Ruby Auction
Gemfields sold $30.4 million worth of rubies and corundum atan auction in Singapore last week as prices indicated a healthy market for gemstones.The company sold 1.1 million carats, out of a total 1.4 million carats offered...
Gemstones Dec 22, 2016 Rapaport News
Merlin blue diamond
Merlin Finds First Blue Diamond at Australia Mine
Merlin Diamonds recovered a 0.124-carat blue diamond at itsmine in Australia, which it claims is the first stone of that color to beexcavated at the site.The recovery occurred during the ramp-up phase of the MerlinDiamond Project in the country’s northern...
Mining Dec 15, 2016 Rapaport News
Venetia Mine
Rough Supply Signals Shift in Balance of Power
Profit is the new turnover in the diamond trade. As retail inventory levels continue to shrink due to recession-driven efficiencies, the trade has had to change its mindset. No longer can diamantaires play the high-volume production game:...
Rough Markets Dec 15, 2016 Avi Krawitz
Jacques Rio Tinto
Rio Tinto U-Turns to Prioritize Diamonds
Rio Tinto’s new chief executive officer said he plans toexpand the miner’s diamond mining operations, three years after the company consideredselling the business.“I would like to have more diamonds, to be very explicit. That’s...
Mining Dec 07, 2016 Rapaport News
Letlhakane mine Debswana De Beers Botswana
De Beers to Add 25 Years to Botswana Mine
Debswana, De Beers mining joint venture in Botswana, is close tocompleting a tailings project that will extend the Letlhakane mine’s lifespanby 25 years.The Letlhakane Mine Tailings Resource Treatment Project willenable Debswana to continue producing rough diamonds...
Mining Dec 06, 2016 Rapaport News
Grib mine Lukoil
Grib Diamond Mine Sold for $1.5B
Lukoil has agreed to sell its Grib diamond project toRussian investment group Otkritie Holding. The $1.45 billion cash deal is expected to close in the firstquarter of 2017 following government approval, the companies announced Friday.“Spinning...
Mining Dec 04, 2016 Rapaport News
Alrosa sorter
ALROSA Tests Small Rough at Vladivostok
ALROSA garnered $5 million from its second sale of roughdiamonds at the recently opened Eurasian Diamond Centre (EDC) in Vladivostok.Held from November 21 to 25, the sale featured average andsmaller-sized goods, including industrial diamonds, the Russian...
Mining Dec 01, 2016 Rapaport News
Lace Diamond Mine DiamondCorp
DiamondCorp Battles to Save Lace Mine
A business rescue practitioner has begun talks with stakeholders in the Lace Diamond Mine (LDM) as parent company DiamondCorp continues to assess the financial viability of the troubled South African operation. Daniel Terblanche, the appointed...
Mining Nov 30, 2016 Rapaport News
Lucapa Lulo large diamond
Lucapa Secures Angola Exploration Permit
Lucapa Diamond Company said it received a license to exploreat the Lulo Diamond Project in Angola for another five years.Angola’s Minister of Mines andGeology FranciscoManuel Monteiro de Queirozsigned off the approval, which applies to the entire 3,000...
Mining Nov 28, 2016 Rapaport News
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