Showing posts with label Australia. Show all posts
Showing posts with label Australia. Show all posts

Monday, 14 September 2026

Where Did My Diamond Come From?

 How can you prove the provenance of a polished diamond?

How can you prove the provenance of a polished diamond?

When buying a natural diamond, one question is becoming increasingly important:

Where did it come from?

A diamond may have been mined in Botswana, South Africa, Canada, Australia, Angola, Namibia, Lesotho, Russia or one of the many other diamond-producing regions around the world. But once that rough diamond has been cut and polished, can a laboratory actually look at the finished stone and determine which mine it came from?

For the vast majority of polished diamonds, the answer is no.

This is an important distinction between identifying what a diamond is and identifying where it came from.

A gemmological laboratory can examine a polished diamond and determine many things about it, including its natural or laboratory-grown origin, colour, clarity, carat weight and other characteristics. But determining the geographic origin of a natural diamond is a very different scientific problem.

DCLA has previously addressed the difficulty of determining where a diamond was mined and the importance of documentation and traceability. DCLA: How Do I Know Where My Diamond Was Mined?

Can the atomic structure of a diamond reveal its mine?

This is where the science becomes particularly interesting.

A diamond is made primarily from carbon atoms arranged in a highly organised crystal structure. Small amounts of nitrogen, boron and other trace elements can also occur within the crystal.

Scientists can examine characteristics such as:

  • Crystal structure
  • Nitrogen characteristics
  • Trace elements
  • Isotopic composition
  • Inclusions
  • Growth patterns
  • Spectroscopic characteristics
  • Fluorescence and luminescence

These characteristics can sometimes provide clues.

The problem is that diamonds from different mines can share remarkably similar geological and chemical characteristics.

Research published by the Gemological Institute of America has found that diamond characteristics overlap extensively between deposits around the world. There is currently no scientifically robust method that can independently determine the geographic origin of a random individual polished diamond simply by analysing the stone.

In other words, the atomic structure can tell scientists a great deal about a diamond but for most polished diamonds, it cannot provide a unique geographic fingerprint saying, for example, “this diamond came from Mine X.”

Diamonds from particular mines can have characteristics but that is not proof

This does not mean that diamonds from particular mines are completely indistinguishable.

Certain mines and deposits can become associated with particular characteristics.

For example, some sources have become famous for producing particular sizes, qualities or colours of diamonds. The Argyle mine in Australia became particularly associated with pink and other rare coloured diamonds, while the Cullinan mine in South Africa became famous for producing exceptionally large, high-quality diamonds.

However, these associations are not the same thing as scientific proof of origin.

A diamond may display characteristics that are more common in diamonds from a particular locality without those characteristics being exclusive to that locality.

As GIA research explains, experienced professionals may sometimes make an educated assessment of the likely origin of certain rough diamonds or parcels. But for the majority of polished diamonds, there are no distinctive characteristics that independently reveal their geographic origin.

This distinction is particularly important when a diamond is being marketed with a premium based on its supposed geographical origin.

“This diamond looks like it could have come from that mine” is not the same as “this diamond has been proven to have come from that mine.”

What happens when the diamond is polished?

The journey from rough to polished is critical.

A rough diamond can contain information that is lost or altered when it is cut and polished. Surface characteristics disappear, inclusions may be removed or avoided during cutting, and the original crystal shape is transformed into a finished gemstone.

This makes retrospective identification extremely difficult.

GIA’s research describes the problem clearly: the characteristics of diamonds from different geological environments overlap, while gem-quality diamonds contain extremely low concentrations of many trace elements. The research concludes that, at present, reliable diamond provenance depends on retaining origin information from the time of mining rather than attempting to determine the origin analytically after the fact.

So how can the origin of a polished diamond actually be proven?

The answer is traceability.

Instead of trying to work backwards from the finished diamond, the origin needs to be established at the beginning of the diamond’s journey.

One of the strongest scientific approaches is to analyse the rough diamond when its origin is documented, record its characteristics, and then match the resulting polished diamond back to that original rough.

This is the principle behind the GIA Diamond Origin Report.

GIA requires the rough diamond to be received in a documented, sealed and tamper-resistant parcel directly from the mining company. The rough is analysed and assigned an identification number. After cutting and polishing, the finished diamond can then be submitted and scientifically matched against the original rough.

The matching process can use a combination of physical measurements, spectroscopy, imaging and other characteristics recorded from the rough.

This is fundamentally different from taking an unknown polished diamond and attempting to guess its mine of origin.

What about the Kimberley Process?

The Kimberley Process is also an important part of the broader diamond supply chain.

It was established to prevent the international trade in conflict diamonds and provides a system of controls surrounding the international trade in rough diamonds.

DCLA’s own terms and conditions require diamonds listed through its website to have been imported under the Kimberley Process.

However, it is important to understand what this means.

A Kimberley Process certificate and supply-chain documentation can provide important evidence concerning the legal movement and declared origin of rough diamonds, but it is not the same as a gemmological laboratory looking at an unknown polished diamond and scientifically determining its mine.

What does a normal diamond certificate prove?

A diamond grading report is extremely useful, but consumers should understand what it does and does not establish.

A conventional grading report can document characteristics such as the diamond’s:

Carat weight
Colour
Clarity
Cut
Measurements
Proportions
Fluorescence and other laboratory observations

It may also identify whether a diamond is natural or laboratory-grown, depending on the laboratory and examination performed.

But a standard grading report does not automatically establish the mine where a natural diamond was extracted.

DCLA has also warned consumers about another important issue: a legitimate grading certificate can sometimes be presented with a different stone. The laboratory’s recent consumer alert highlights why matching the physical diamond to its report and verifying inscriptions and characteristics is so important.

You can read more about DCLA’s approach to diamond identification and certification through the DCLA Diamond Certification Laboratory.

What about coloured diamonds?

The situation becomes particularly interesting with natural coloured diamonds.

Certain geographic sources have become strongly associated with particular colours and colour ranges.

Australia’s Argyle mine, for example, became internationally famous for its pink diamonds. Other deposits have produced distinctive populations of yellow, blue, brown and other coloured diamonds.

Colour, hue and saturation can therefore sometimes provide useful clues about a possible source.

But again, a clue is not proof.

A particular colour may be much more frequently encountered from one locality than another, while similar colours can occur elsewhere.

The same principle applies to other characteristics such as inclusions, growth features and trace chemistry.

A laboratory may be able to say that a stone displays characteristics that are consistent with diamonds seen from a particular source. That does not necessarily mean the laboratory can prove that the individual diamond came from that mine.

The difference between identification and provenance

This is perhaps the most important distinction for consumers.

Identification asks:

What is this diamond?

Provenance asks:

Where did this particular diamond come from and can its journey be documented?

A laboratory can provide powerful scientific evidence about the first question.

The second question requires something more: a chain of evidence connecting the individual diamond to its source.

That evidence can include:

  • Mine documentation
  • Rough diamond identification
  • Sealed parcels
  • Export documentation
  • Kimberley Process documentation where applicable
  • Manufacturer records
  • Rough-to-polished matching
  • Laser inscriptions
  • Grading reports
  • Purchase invoices
  • Supplier records
  • Chain-of-custody documentation
  • Verified digital traceability systems

Documentation is the key to provenance

The simplest way to think about diamond provenance is this:

You cannot reliably create provenance after the diamond has lost its documented history.

If a diamond is mined, mixed with thousands of other diamonds, sold through several companies, cut and polished, and eventually appears years later without its original documentation, scientific examination may be unable to reconstruct its exact mine of origin.

By contrast, if the diamond’s identity is established at the mine and maintained throughout the manufacturing process, its journey can potentially be verified.

This is why modern diamond traceability systems are becoming increasingly important.

GIA itself has stated that there is currently no scientific method capable of determining country of origin simply by examining a random natural diamond. Its origin services instead rely on verified origin information and scientific matching between the rough and polished diamond.

The DCLA view

At DCLA, we believe consumers should be given a clear distinction between what can be scientifically established and what may simply be an educated opinion.

Diamonds from certain mines can share characteristics. Certain colours, qualities, inclusions and growth features may occur more frequently in particular deposits.

But the majority of gem-quality white diamonds, once polished, do not carry a unique scientific fingerprint that allows their mine of origin to be established with certainty.

And while some coloured diamonds may display characteristics strongly associated with particular sources, those characteristics are not automatically proof of origin.

The bottom line is simple:

If you want to know where your diamond came from, look at the chain of evidence not just the appearance of the stone.

A diamond grading report can tell you what the diamond is.

Scientific examination can identify many of its characteristics.

But provenance comes from being able to connect that individual diamond to its documented source.

For a diamond whose geographic origin is important to the buyer, the strongest evidence is documentation and traceability maintained from the rough diamond through cutting, polishing and sale.

In the world of diamond provenance, a good story is not the same as proof.

The most valuable provenance is the provenance that can be documented, verified and traced back to the source.

For further information on diamond identification, certification and laboratory-grown diamond detection, visit DCLA – Diamond Certification Laboratory of Australia and explore DCLA’s educational resources, including DCLA’s article on diamond mine origin and DCLA’s information on natural and laboratory-grown diamonds.

Independent research

For further scientific reading, GIA’s research on the geographic origin of diamonds explains the limitations of current analytical methods and why documented origin information remains essential. GIA: Methods and Challenges of Establishing the Geographic Origin of Diamonds

GIA also explains its rough-to-polished scientific matching process through its Diamond Origin Report service.

Thursday, 11 December 2025

Lab-Grown Diamonds Surge in Popularity, Both Globally and in Australia

Lab-grown diamonds are transforming the global jewellery market

Lab-grown diamonds are transforming the global jewellery market and Australia is no exception. What began as a value-driven alternative is now a major contributor to sales growth for leading jewellers around the world.

Signet Jewelers parent company of retail chains Kay Jewelers, Zales and Jared recently reported 6% same-store sales growth, largely fuelled by strong demand for fashion and bridal jewellery featuring lab-grown diamonds (LGDs). Today, LGDs represent around 40% of Signet’s bridal diamond sales, proving just how quickly consumer preferences are shifting.

This growth is driven by simple customer logic:
Larger stones. Greater brilliance. Lower cost.
Ethically and environmentally responsible.
Exceptional value at key gifting price points.

Retailers are seeing customers choose bigger, higher-quality stones because LGDs allow them to upgrade without increasing their budget a trend transforming both the bridal and fashion jewellery categories.

The Australian Lab-Grown Diamond Boom

Australia is now one of the world’s fastest-growing markets for certified laboratory-grown diamonds. Engagement ring buyers and fine jewellery lovers alike are turning toward lab-created stones that offer:

Certified quality
Significant savings compared to natural diamonds
A conflict-free, sustainable choice
Access to premium size and sparkle

Demand has risen sharply in the last 18 months as Australians search for better value in a higher-interest-rate economy while still wanting beautiful luxury pieces.

Why Buy Lab-Grown Diamonds from DCLA?

With rapid growth comes the increasing importance of credible certification. This is where the Diamond Certification Laboratory of Australia (DCLA) leads the market.

DCLA is Australia’s official CIBJO-accredited diamond laboratory
Every diamond is independently graded in Sydney
Transparent, trusted certification standards no inflated grades or misleading claims

Through the DCLA Diamond Exchange, buyers can purchase certified lab-grown diamonds directly, ensuring:

Authentic grading from Australia’s most trusted authority

Competitive prices without retail mark-ups

Expert support when selecting the perfect stone

Secure local service and delivery

Whether upgrading to a bigger stone or choosing your first diamond, the DCLA Diamond Exchange offers unmatched confidence, value and peace of mind.

The Future Is Bright and Lab-Grown

As global retailers continue to expand their lab-grown diamond offerings and consumers embrace the beauty and value of LGDs, the category is expected to keep gaining market share particularly in the fast-growing fashion jewellery segment.

Here in Australia, buyers are becoming more educated and discerning. They want quality, certification and true value making DCLA-certified lab-grown diamonds the smartest choice.

Discover Australia’s most trusted source for certified lab-grown diamonds:
The DCLA DiamondExchange Where Quality Comes First.

Tuesday, 25 November 2025

Conflict Diamonds: Nations that Vetoed New Definition

A proposal to broaden the term at the KP plenary in Dubai last week was rejected by Australia, Canada, the EU (representing 27 member countries), Switzerland, Ukraine and the UK, according to the African Diamond Producers Association (ADPA). That's a total of 32 countries.

The Kimberley Process (KP) has again failed to reach agreement on a new definition of conflict diamonds.

A proposal to broaden the term at the KP plenary in Dubai last week was rejected by Australia, Canada, the EU (representing 27 member countries), Switzerland, Ukraine and the UK, according to the African Diamond Producers Association (ADPA). That’s a total of 32 countries.

Updating the current definition – diamonds used by rebel groups to finance armed conflict against legitimate governments – would have required a unanimous vote. There have been repeated attempts to broaden the definition since it was first adopted in 2000.

The World Diamond Council (WDC) spoke of its “profound regret” that a small number of participants had blocked consensus on long-awaited reforms designed to strengthen protections for Africa’s diamond-mining communities.

In a statement issued at the end of the plenary it did not identify those who had vetoed the new definition. But ADPA did.

ADPA said: “Six participants – Australia, Canada, the European Union, Switzerland, Ukraine, the United Kingdom and one observer, Civil Society Coalition, refused to support the expanded definition.”

It said its proposed definition “aimed to provide a Pan-African solution to today’s evolving nature of diamond conflicts and the realities on the ground”.

The ADPA’s broader definition would have included “armed groups, non-state armed groups, UN Security Council-sanctioned individuals and entities and their allies, as well as to cover actions aimed at financing armed conflict and other operations, including attempts at undermining legitimate governments, and the well-being of diamond communities”.

It singled out the EU for harsh criticism, claiming it had in recent years “purposefully blurred and made several attempts to bypass the work of the KP.

The World Diamond Council (WDC) said progress had been killed in pursuit of the impossible.

“Today’s outcome is not a failure of the KP,” said WDC president Feriel Zerouki (pictured), as the five-day plenary concluded.

“Most participants stood firmly behind Africa. The setback came from a few, not from the Process itself. And while they halted progress today, they cannot halt the direction of travel.”

Jaff Bamenjo coordinator of the KP Civil Society Coalition, an observer group that represents communities affected by diamond mining and trade, said KP remains detached from reality at a time when challenges are overwhelming and the KP refuses to take responsibility.

“Its scope remains a needle in a haystack,” he said. “Communities affected by diamond mining are left wondering how this scheme can possibly be relevant to the many problems they face.”

Source: IDEX

The Kimberley Process: Control of the Diamond Pipeline, Not the Use of Revenue

When the Kimberley Process Certification Scheme (KPCS) was launched in 2003, it was marketed as a global solution to stop “conflict diamonds” from funding civil wars and human rights abuses. However, more than two decades later, the realities of the initiative paint a very different picture. The Kimberley Process has evolved not into a tool of humanitarian oversight, but into a mechanism that controls the flow of rough diamonds—who mines them, who sells them, who profits—and with little concern for how those profits are ultimately used.

A System Focused on Legitimising Trade, Not Regulating Impact

The entire structure of the Kimberley Process revolves around documentation and export control. Diamonds are certified to ensure that they originate from “legitimate” channels, which mostly means from governments and recognised mining concessions. Once that documentation exists, the diamonds are cleared for international trade.

What the system does not do is monitor or regulate what happens next.

Once revenue enters official state budgets or company accounts, the Kimberley Process has no authority, no mandate, and no interest in determining whether diamond income:

  • Improves living standards in mining communities
  • Funds infrastructure, healthcare, or education
  • Supports social development
  • Or, conversely, fuels corruption, political patronage, or state violence

In many diamond-producing nations, government control of the resource is absolute, while accountability for the use of diamond wealth remains minimal.

Legitimacy Through the Stamp, Not Through the Outcome

A diamond certified under the Kimberley Process is considered “clean” simply because it does not fund a rebel movement. Yet the humanitarian reality is far more complex. In several countries, diamond mining takes place alongside:

  • Widespread corruption
  • Poverty in mining regions
  • Environmental degradation
  • Labour exploitation
  • Lack of reinvestment into the communities that generate the wealth

The certification system provides political legitimacy to the diamond trade while ignoring the social conditions behind it. In other words, the Kimberley Process ensures diamonds are “legitimate to sell,” not that the proceeds are “responsibly used.”

Who Really Controls the Diamond Narrative?

From the beginning, the Kimberley Process was structured by governments and major industry stakeholders, including those with the most to gain from a controlled and regulated supply chain. Control over certification effectively means control over access to export markets—an immense economic advantage.

This has allowed:

  • States to assert exclusive ownership over the resource
  • Major mining companies to maintain their dominant global trading roles
  • Smaller or informal miners to be excluded from legal markets
  • The narrative of “ethical diamonds” to remain tightly managed

In this sense, the Kimberley Process serves more as a trade gatekeeper than a humanitarian framework. It decides who may sell diamonds, where they may be shipped, and under what conditions—while staying silent on whether diamond-rich nations or their citizens truly benefit from the wealth beneath their soil.

A System Out of Step with Modern Expectations

In 2025, consumer expectations have changed dramatically. Jewellery buyers increasingly want:

  • Transparency
  • Ethical assurance
  • Positive social and environmental impact
  • Evidence of fair value distribution

Yet the Kimberley Process remains rooted in a narrow 20-year-old definition of conflict that does not consider:

  • Government-sponsored abuse
  • Corruption
  • Human rights violations
  • Economic exploitation
  • Lack of benefit to local communities

For modern ethical standards, this is an outdated and insufficient framework.

Conclusion

The uncomfortable truth is this: the Kimberley Process is primarily a system for controlling the supply and movement of diamonds, not for ensuring that the immense wealth generated improves lives or supports sustainable development.

It decides who is allowed to trade diamonds, not how diamond money is used. Until the initiative expands beyond its limited mandate and confronts the broader social realities of the diamond industry, the Kimberley Process will remain a trade tool—not a humanitarian safeguard.

Source: DCLA

Monday, 22 September 2025

Rio Tinto ends diamond era with historic final auction

Argyle mine in Australia

Rio Tinto is auctioning its final collection of rare diamonds from its closed Argyle mine in Australia and the soon-to-shutter Diavik operation in Canada. 

The tender, called Beyond Rare, includes 52 lots totalling 45.44 carats and marks the end of an era for two of the world’s most celebrated diamond mines.

The centrepieces are six diamond sets selected to represent the peak of production from the East Kimberley region of Western Australia and the Northwest Territories of Canada. The tender also features 39 individual stones and seven curated sets.

Rio Tinto Diamonds’ general manager of sales and marketing, Patrick Coppens, called the auction a historic moment. “It is hard to overstate the importance of this final collection,” he said in the statement. “No other mining company in the world has custody of such an exquisite range of diamond colours, shapes and sizes.”

Rio Tinto closed Argyle in 2020, ending production of the famed pink, red and violet stones that made the mine world-renowned. Although Argyle accounted for about 75% of Rio’s diamond output, the impact on the company’s earnings was minimal, with diamonds contributing only about 2% of revenue. Diavik, the miner’s last diamond asset, is scheduled to close in 2026.

The collection includes one GIA Fancy Red diamond, 12 Fancy Violet, and 76 Fancy Pink and Purple-Pink stones from Argyle’s legacy inventory. From Diavik, highlights include two flawless D-colour white diamonds, an emerald cut weighing 5.11 carats and a pear shape of 3.02 carats. Both of them were cut from the same rough stone. 

Rio Tinto ends diamond era with historic final auction
Collection includes one GIA Fancy Red diamond, 12 Fancy Violet, and 76 Fancy Pink and Purple-Pink stones from Argyle’s legacy inventory.

The tender also features a Fancy Vivid Yellow diamond weighing 6.12 carats.

The diamonds will tour Hong Kong, Australia and Antwerp before bids close on October 20. Industry insiders expect strong competition from top jewellers, collectors and connoisseurs.

Source: Mining.com

Thursday, 28 August 2025

Michael Hill Revenue Flat in Challenging Market

Michael Hill

Australia-based jewelry retailer Michael Hill International says revenue for FY 2025 – the year to 29 June 2025 – was broadly flat compared with the previous year, down 0.2 per cent to AUD 643.7m (USD 431.3m).

Trading conditions remained challenging, it said, with the addition of volatile gold and diamond prices and US tariffs.

However group sales for the first seven weeks of FY 2026 were up 3.0 per cent year-on-year, and same store sales were up 3.2 per cent.

The company has 287 stores (down from 300 last year) in Australia, New Zealand and Canada, including low-price retailer Bevilles, Medley, and its new luxury business TenSevenSeven.

“Global economic uncertainty and challenging retail trading conditions persisted across all markets, with full year sales, gross margin and earnings broadly in line with prior year,” the company said in its Full Year Results, published yesterday (25 August).

Michael Hill chair Rob Fyfe paid tribute to CEO Daniel Bracken, aged 57, who died suddenly in February, and to founder Sir Michael Hill who died of cancer, aged 86, in July.

Source: DCLA

Thursday, 5 December 2024

Rio Tinto’s Beyond Rare diamond tender delivers strong results

Diversified mining company Rio Tinto’s second Beyond Rare tender has achieved a strong result, underscoring the rarity and unique provenance of the diamonds on offer.

Diversified mining company Rio Tinto’s second Beyond Rare tender has achieved a strong result, underscoring the rarity and unique provenance of the diamonds on offer.

The auction, which featured some of the world’s most coveted natural fancy coloured diamonds, also showcased the continuing global demand for these rare treasures.

The collection, which comprises 76 diamonds across 48 lots, included an exceptional mix of pink, red, and violet diamonds from the now-closed Argyle diamond mine in Australia, as well as white and yellow diamonds from Rio Tinto’s Diavik mine in Canada.

For the first time, the tender also included seven “Old Masters”, notable historic diamonds from the Argyle mine, further elevating the event’s appeal to collectors.

The tender saw successful bids from 12 bidders spanning Australia, Europe, Japan, Hong Kong, the Middle East, Singapore, and North America.

“The continued strong global interest in highly collectible natural coloured diamonds and the resulting value creation, reflects their stature as works of art to be treasured for future generations,” commented Rio Tinto Minerals CEO Sinead Kaufman.

One standout lot, Lot 40, which featured a 4.04-ct pear-shaped pure white diamond from the Diavik mine, alongside two rare pear-shaped violet diamonds from the Argyle mine, was entrusted to Danish luxury jeweller Hartmanns. The company will work with Glajz, an Argyle Pink Diamonds Icon Partner, to create a one-of-a-kind heirloom jewellery piece from these diamonds.

“I am honoured to be creating a jewelled treasure that reflects each magnificent birthplace of these three esteemed diamonds – Argyle in the remote East Kimberley region of Western Australia and Diavik, just below the Arctic Circle on the frozen edge of the earth in Canada’s Northwest Territories,” said Hartmanns owner Ulrik Hartmann.

Rio Tinto’s Argyle diamond mine, which ceased production in November 2020, was the source of nearly entirely the world’s total supply of rare pink and red diamonds. With 37 years of production, Rio Tinto continues to manage the Argyle Pink Diamonds brand, facilitating sales of remaining inventory and collaborating with prominent jewellers globally.

In addition to owning the Argyle Pink Diamonds™brand, Rio Tinto is the majority owner and operator of the Diavik mine in Canada. The company also continues to explore new opportunities in the diamond sector, with a recent joint venture agreement with Endiama, the national diamond mining company of Angola, to explore the Chiri kimberlite in Angola’s Lunda Sul province.

Source: DCLA

Tuesday, 3 September 2024

Michael Hill Reports Slight Loss for 2024

Australia-based jewelry retailer Michael Hill International reported a slight loss for FY 2024, amid "challenging" trading conditions.

Australia-based jewelry retailer Michael Hill International reported a slight loss for FY 2024, amid “challenging” trading conditions.

Net profit after tax (NPAT) was minus AUD 479,000 (minus USD 322,000), compared to a positive AUD 35.2m (USD 22.5m) in FY 2023 and AUD 46.7m (USD 29.9m) in FY 20222.

The company has 300 stores in Australia, New Zealand and Canada, including low-price retailer Bevilles, Medley, and its new luxury business TenSevenSeven.

It reported increased revenues, up 4.2 per cent to AUD 644.9m (USD 437.4m), with Australia up 10.3 per cent, New Zealand down 11.8 per cent and Canada flat.

“While FY24 earnings were disappointing, with challenging economic conditions and inflationary pressures impacting consumers across all markets, the business continued to execute on its clearly articulated strategy, focus on retail fundamentals and drive topline sales,” said CEO Daniel Bracken, CEO and managing director.

He said it had been “a challenging and busy year”. The company noted in its FY 2024 Full Year Results that third-party data indicated it had continued to outperform the broader jewelry market.

Source: DCLA

Wednesday, 22 May 2024

Past producing yellow diamonds mine in Australia set to reopen

Past producing yellow diamonds mine in Australia set to reopen

Australia’s Gibb River Diamonds is getting closer to restarting the mothballed Ellendale diamond mine in West Kimberley after being granted three mining leases that are key for the project.

The permits mark a significant step in reviving production at Ellendale, which was a major diamond producing mine. The operation was particularly know for being a source of fancy yellow diamonds, being responsible for more than 50% of the annual world’s supply until it was shut down in 2015.

As part as the reopening steps, Gibb River said it is scheduled to conduct a heritage clearance survey in the first week of June. The company is also studying financing options for the project, including debt, equity, earn-in partner, joint venture partner, a North Australian Infrastructure Fund (NAIF) partnership, or other government funding schemes available.

The exploration and development company became Ellendale’s sole owner in March last year, after acquiring the project from Burgundy Diamonds.

Shares in the company soared on the news, closing 48% higher at 37 Australian cents each. This leaves Gibb River Diamonds with a market capitalization of A$6.52 million ($4.4m).

Source: DCLA

De Beers London launches Vibrations

  De Beers London presents Vibrations: a High Jewellery universe inspired by the quiet yet enduring power of inland water. The collection ce...