20 Jul
ALROSA reported that after two years of work that removed 10 million cubic meters of overburden to a depth of 100 meters, it has reached the diamondiferous layer at the Zarya pipe, just outside the settlement of Aikhal in Yakutia’s Mirny district. Diamond mining operations will begin as planned next year. ALROSA said the Zarya pipe has an estimated deposit of 3.5 million carats of rough diamonds worth more than $1 billion. Production from the pipe will allow the replacement of output from the falling reserves of the nearby Komsomolskaya pipe, which is nearing the end of its productive mining life. Timofey Baishev, Deputy Head of production of Komsomolsky open pit mine, noted that the kimberlite ore at Zarya began from a depth of 20 metres under the overburden and that field infrastructure...
19 Jul
The Chidliak diamond project
De Beers Canada, has entered into an agreement to acquire 100 per cent of the outstanding securities of Peregrine Diamonds Ltd, owner of the high quality Chidliak diamond resource located in Canada’s Nunavut Territory, for a total cash consideration of approximately C$107 million (US$80.7 million). The Chidliak resource was discovered in 2008 and is located approximately 120 kilometres northeast of Iqaluit on Baffin Island. A total of 74 kimberlite pipes have been identified at Chidliak, including the CH-6 and CH-7 pipes, which are the current focus of Peregrine’s Chidliak Phase One Diamond Development programme. The programme has a total Inferred Mineral Resource in excess of 22 million carats. Peregrine’s recent Preliminary Economic...
19 Jul
De Beers reported its rough diamond production for the second quarter of 2018 increased three per cent to 9 million carats, reflecting production increases to meet stronger demand as well as the contribution from the ramp-up at Gahcho Kué. Rough diamond sales volumes for the period were 10 million carats (9.4 million carats on a consolidated basis that excludes De Beers’ joint-venture partners in some operations) from three sales cycles, compared with 5.9 million carats (5.4 million carats on a consolidated basis) from two sales cycles in Q2 2017. In addition to the different number of sales cycles over the period, sales volumes benefited from positive sentiment in the midstream following growth in consumer demand for diamond jewellery in late 2017, and a continuing positive outlook. The...
18 Jul
Michael Lerche
The Plumb Club, a US coalition of jewellery, diamond and watch suppliers, has elected Michael Lerche of Goldstar Jewellery as president, replacing Jonathan Cohen of IB Goodman Company, who has completed his term limit of three years. Replacing Lerche as Vice President is A.J. Tosyali of Benchmark.  Pranav Shah of KGS Jewels was elected as a new board member, replacing Sam Sandberg who also reached his term limit after serving on the board for seven years. Lerche commented, “I am honoured to have been elected as the President of The Plumb Club. I look forward to continuing and building on the strategic vision and leadership that Jonathan Cohen has provided for the past three years.” He added, “With new strategic initiatives that we will be...
17 Jul
The Bharat Diamond Bourse (BDB) announced that it will be holding the second edition of its Bharat Diamond Week from October 8 to 10. The BDB will be building on the huge success of the first Bharat Diamond Week, held from April 23 to 25, which saw more than 1,000 visitors from India and across the world who did business with 150 Indian exhibitors of polished goods.  Bharat Diamond Bourse Vice-President Mehul Shah, who heads the Bharat Diamond Week project, said, “We were delighted with the first edition of the inter-bourse show which proved to be enormously successful. Now, we want to build on that and take the show up to the next level with more exhibitors and visitors. Our aim is to provide maximum exposure for our small and medium-size companies.”  He added that the BDB will again...
16 Jul
Fura CEO Dev Shetty
Coloured gemstone producer Fura Gems announced that it has acquired nine more ruby assets in the Montepuez district of Mozambique’s Cabo Delgado province for $15 million, payable in $3 million cash and 12.7 million Fura shares. The acquisition, from ASX-listed Mustang Resources Ltd. and Regius Resources Group Ltd., will mean that together with its existing assets in the area, Fura will hold the largest ruby land package in Mozambique of 1,104 sq. km.  Fura said it is acquiring the assets free of debt and will also acquire the related infrastructure, which includes two wash-plants, security set-up, mine camps and other related infrastructure. The company added that it expects to commence bulk sampling activities of rubies by the end of this year...
13 Jul
Russian Finance Minister Anton Siluanov
Russia’s First Deputy Chairman and Finance Minister Anton Siluanov was re-elected Chairman of ALROSA’s Supervisory Board by absentee vote on July 10, a company press release said. Siluanov has been ALROSA Chairman since 2015.  Yegor Borisov, Counselor of State of the Republic of Sakha (Yakutia), was elected First Deputy Chairman, while ALROSA Chief Executive Sergey Ivanov was elected Deputy Chairman of the Supervisory Board. The Supervisory Board, which includes three independent directors, Maria Gordon, Dmitry Konov, and Oleg Fedorov, also elected members of special-purpose committees. Board members also resolved by absentee vote to increase ALROSA’s stake in the Nyurba diamond mine by acquiring the 10 percent stake held by...
13 Jul
India’s Directorate of Revenue Intelligence (DRI) busted a ₹3,000 crore ($438 million) rough diamond import scam, that involved official diamond valuers over-valuing rough diamond imports from Dubai and Hong Kong. The scam was used to launder unaccounted funds and transfer them out of the country. According to some reports, one parcel was over-valued by as much as 160 times. Diamond valuers are appointed to a customs panel after their credentials are verified. The Gem & Jewellery Export Promotion Council (GJEPC), however, issued a statement categorically stating that the three valuers involved in the scam — Pradeepkumar Jhaveri, Naresh Mehta and Paresh Shah — had not been vetted or recommended by the GJEPC. The companies involved in the scam were also not members of the GJEPC, the...
13 Jul
Sarine Technologies Ltd recently officially opened its Mumbai testing and grading laboratory based on artificial intelligence-based technology. Invitees to the event were given a presentation by Sarine CEO David Block on the changes the lab would bring to the industry through its AI technology based approach. They were also given an exclusive tour of the new facility. Honours for the opening ceremony were performed by Bharat Diamond Bourse (BDB) Vice President Mehul Shah, with members of the Gem & Jewellery Export Promotion Council (GJEPC) and the Mumbai Diamond Merchants Association (MDMA) present. Block commented, “Objective grading reports play a significant role in our industry, enabling efficient trade and empowering consumers to purchase with confidence. We are proud to lead the...
12 Jul
Peter Meeus
The World Federation of Diamond Bourses (WFDB) has announced that former Dubai Diamond Exchange (DDE) President Peter Meeus will take over as head of its World Diamond Mark (WDM) programme. Meeus is a diamond industry veteran who served as President of the DDE from 2009 to 2018 and was Managing Director of the Hoge Raad voor Diamant (HRD), now the Antwerp World Diamond Centre, from 1999 to 2006.  WFDB President Ernie Blom said, “I am delighted that Peter has agreed to take over as Chairman of the World Diamond Mark which was created by the WFDB in 2012. Peter has enormous experience in the diamond sector and is known throughout the global diamond trade. I am sure he will take the WDM on to the next level.” Blom added, “The work of the WDM is critically...
12 Jul
WFDB President Ernie Blom
The World Federation of Diamond Bourses (WFDB) has announced that the 2018 World Diamond Congress, the biannual meeting of the WFDB and the International Diamond Manufacturers Association (IDMA), will take place in Mumbai, India, from October 23 to 25.  WFDB President Ernie Blom said, “I am delighted to be able to confirm the dates for the World Diamond Congress. I would also like to express, on behalf of the WFDB, our gratitude to our colleagues at the Bharat Diamond Bourse who kindly agreed to host the 2018 Congress.” He added, “This is a very important meeting where we will be discussing a wide range of issues facing the diamond industry worldwide. The Congress serves as a critical forum for WFDB presidents and members of their...
12 Jul
We apologise to all our readers for having gone offline these past days. We had a major software problem and it took time to fix it. We are happy to say that we are now up and running again and you can now get your latest gem and jewellery news, information and opinion at www.gemkonnect.com once again. Thank you for your patience and understanding.
12 Jul
Russian goalkeeping legend Lev Yashin
ALROSA announced that it has picked two winners for its competition to name a large rough diamond with a football-related name. A 69.7-carat stone will be named Lev Yashin after the legendary Russian goalkeeper, while a 76.53-carat one will be named Brilliant Moment. The competition was run to commemorate the ongoing FIFA World Cup football tournament being held in Russia. More than 550 people participated in the 10-day competition and many of them made more than one suggestion. Surnames of footballers from various squads, variations to the championship's name and even the name of official match ball were among the most popular suggestions. Humorous names were also proposed — suggestions came in naming the stone after the...
12 Jul
Princeton University is tapping the expertise of the Gemological Institute of America (GIA) in gemological research and the analysis of optical centres to evaluate how to use the unique properties of diamonds to create a highly secure communications network. The GIA said in a press release that a research paper, published in the July 6 issue of Science magazine examines how colour centres created by replacing two carbon atoms with one silicon atom in the crystal lattice of a synthetic diamond could be used to store and retransmit information in a quantum communications network, that would allow for the transmission of information between physically separated processors. GIA Research Associate Lorne Loudin, one of several co-authors of the article, used instrumentation and techniques...
26 Jun
De Beers announced that it had provisionally sold $575 million worth of rough diamonds in its 5th sales cycle of this year. This is a 3.8 percent increase over the $554 million actually sold in Cycle 4 this year and is 6.3 percent over the $541 million actually sold in Cycle 5 of 2017.  De Beers CEO Bruce Cleaver said, “Sentiment in the diamond industry’s midstream is positive following the JCK Las Vegas trade show at the start of the month, and we continued to see good demand for our rough diamonds across the product range.”
22 Jun
Global demand for diamond jewellery grew 7 percent in dollar terms over the first quarter of this year in a year-on-year comparison with 2017, according to research conducted by ALROSA. The miner said the growth could be attributed to a combination of increased consumer demand and the strengthening of other currencies against the dollar. The Asia-Pacific region recorded the strongest growth at 11 percent, mainly due to growth in mainland China along with stronger demand in Hong Kong and South Korea that was fuelled by increased tourist traffic.The Asia-Pacific region accounted for 20 percent of global diamond jewellery demand in 2017. US and Canada sales grew by  5 percent. ALROSA sees this as significant as the US accounted for 53 percent of global demand in 2017. Japanese demand grew by...
21 Jun
ALROSA's International mine near Mirny
Russian state-controlled diamond mining major ALROSA has revised its output plan for its International mine, located 16 kilometres southwest of the town of Mirny. The revision is the outcome of stricter health and safety norms for the mine’s underground construction in the wake of the Mir mine accident in 2017. ALROSA said it is suspending construction below the 800 metre depth level in order to address gas dynamic issues. The company projects a resumption of limited mining at these levels by the end of this year after studies are carried out. Full resumption of mining operations below the level 800 meter level is estimated to take place in 2023, after which the underground mine will return to its designed capacity of 500,000...
21 Jun
Dominion Diamond Mines has announced the auction of its latest production of fancy colour rough diamonds along with stones over 10.8 carats in co-operation with I. Hennig Tenders. Viewings for the auction will be hosted by I. Hennig Tenders and are scheduled in Antwerp from July 5 to 11 and in Ramat Gan from July 15 to 18. The online auction event will take place on July 19.Participation is strictly by invitation only. Dominion said that the most recent production from the Misery kimberlite pipe of its Ekati diamond mine in the Northwest Territories of Canada has delivered a quantity of exceptional yellow fancy colour stones, which will be presented for sale at the upcoming auction.  Dominion plans to expand the Ekati mine by developing an underground operation below the Misery kimberlite...

Pages