Lucapa Recovers Largest diamond in Angolan History

Lucapa Diamond Company has recovered the largest recorded diamond ever found in Angola.
The 404.2 carat rough diamond has been confirmed as type IIa D colour, according to Lucapa’s statement.

Lucapa is a listed Australian Securities Exchange company recovered the exceptional rough diamond at Mining Block 8 of the company’s Lulo Diamond Project in Angola.


Source: DCLA

World’s Largest Silver Producer Calls On The LBMA To Explain Last Week’s Fraudulent Silver Fix

Not only does the LBMA price set the price for clearing physical gold and silver trades twice a day, it also is used to benchmark OTC derivatives.

 

My best educated guess is that a couple of the most influential bullion banks involved in the fix – JP Morgan and HSBC, each of whom respectively operates the SLV and GLD trusts – used the fraudulent silver price on Friday in order to address an immediate need – either a large physical silver deficiency or a derivatives problem.

The act itself reflects the desperation that is creeping into the bullion banking establishment.  Desperation that is being fueled by what I believe is the early stages of an extremely powerful resumption of the bull market in gold/silver.

Read more: SilverDoctors

Six More Arrested in GIA Hacking Case

Six more people have been arrested in relation to the hacking of Gemological Institute of America (GIA) diamond-grading reports by outside parties as the investigation into the case continues.

A total of eight arrests have now been made as a result of cooperation between the GIA, the Indian authorities and Tata Consultancy Services (TCS), the contractor that supports GIA databases, according to a GIA statement January 26.

 In another development, the GIA has extended its submission date for the confirmation service for members of the trade concerned about the validity of their grading reports by two months to March 31, 2016.

Members of the trade with a GIA report originally issued between November 2014 and October 2015 who are concerned about its validity may submit the original report and the referenced diamond to any GIA location at no charge by the new deadline.

To date only 297 of 1,042 invalidated reports have been returned to the GIA. As of November 26, only 175 of the reports had been returned and two arrests had been made.

“It is imperative that all of the diamonds and their reports be returned to GIA to remove the fraudulently altered reports from the market,” the statement said.

De Beers first sight for 2016 is $540 million USD

 

 

De Beers Rough Diamonds

 

De Beers the sold $540m worth of diamonds in its first of sale of the year more than double the value of the sales achieved in the final sight of 2015. 

 

Prices for rough diamonds softened last year because of an oversupply of diamonds in the production centres forcing companies such as De Beers and Alrosa, to cut their supply of rough to the market in an effort to restore prices. 

 

Rough diamond demand broadened across the entire range as cutting and polishing factories began to increase their production. 

 

De Beers has said it will change the way it operates its sights to become more flexible and responsive to its clients. 

 

Source; DCLA

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Majority of Diamonds in GIA Hacking Case Still Not Returned

RAPAPORT... Only 175 of the 1,042 diamonds whose Gemological Institute of America (GIA) reports were invalidated last month following a hacking incident have been returned for examination, the organization said.

“It is imperative that all of the diamonds and their reports be returned to GIA for examination to remove the fraudulently altered reports from the market,” the GIA said in a statement November 25.

The diamonds’ color and clarity reports were changed by hackers. The GIA nullified the certificates and requested on October 23 that anyone in possession of any of the stones or reports return them immediately for a free examination. The group is offering a no-cost confirmation service through the end of January for any diamond grading report originally issued between November 2014 and October 2015.

The GIA continues to work closely with its database support contractor Tata Consultancy Services (TCS) and the Indian police to continuing investigating the case, it said. Two former TCS employees have been arrested and the client accounts through which the diamonds were submitted have been suspended.

Separately, 10 companies remain suspended by RapNet, the Rapaport Diamond Trading Network, pending further investigation. The members were also suspended by GIA for allegedly participating in the hacking scheme.

Lucara diamond miner recovered a 1,111 carat rough diamond

Lucara Diamond Corp has recovered a 1.111 ct diamond at the Karowe mine in Botswana.

The second largest gem quality stone ever mined is the most important discovery is recent history.

The diamond second only to the legendary Cullinan diamond, which was recovered in South Africa in 1905 and weighed 3,106.75 carats.

The 1.111ct rough diamond is a white Type IIa diamond considered the purest form of diamond.

Source: DCLA