Botswana Diamonds digs up first stones at South African mine

Botswana Diamonds said Tuesday that it recovered the first diamonds from plant commissioning activities on its Marsfontein mine in Limpopo, South Africa.

The announcement comes only days after it received a mining permit for diamond-bearing gravels and residual unprocessed stockpiles around the operation.

Chairman John Teeling said the plant was very close to reaching full operations following the installation of an in-field screen, two rotary pans, grease and x-ray recovery system.

“I am delighted with the rapid progress the team has made on-site and it is noteworthy that the first diamonds were recovered within two weeks of the mining permit being granted,” Teeling said.

The Marsfontein mine was operated for two years in the late 1990s, with a payback of its entire development costs in less than four days. The mine’s grade was 172 carats per hundred tonnes, at a bottom cut-off of more than 1.2 mm, containing many fancy coloured diamonds.

The surrounding deposits in question were overlooked when the mine was closed.

Diamond miners are struggling across the board, especially those producing cheaper and smaller stones where there is an over-supply in the market.

Buyers, those that polish and cut diamonds for retailers, have been hit this year by lower prices and tighter credit, prompting them to delay purchases.

De Beers, the world’s top diamond producer by value, has responded by axing production — with a target of 31 million carats this year compared with 35.3 million in 2018.

It has also announced it would spend more on marketing. At the latest sale, the company increased the amount of stones buyers were allowed to reject in each lot purchased from 10% to 20%, according to people familiar with the auction.

Source: DCLA

Botswana Diamonds digs up first stones at South African mine

Botswana Diamonds said Tuesday that it recovered the first diamonds from plant commissioning activities on its Marsfontein mine in Limpopo, South Africa.

The announcement comes only days after it received a mining permit for diamond-bearing gravels and residual unprocessed stockpiles around the operation.

Chairman John Teeling said the plant was very close to reaching full operations following the installation of an in-field screen, two rotary pans, grease and x-ray recovery system.

“I am delighted with the rapid progress the team has made on-site and it is noteworthy that the first diamonds were recovered within two weeks of the mining permit being granted,” Teeling said.

The Marsfontein mine was operated for two years in the late 1990s, with a payback of its entire development costs in less than four days. The mine’s grade was 172 carats per hundred tonnes, at a bottom cut-off of more than 1.2 mm, containing many fancy coloured diamonds.

The surrounding deposits in question were overlooked when the mine was closed.

Diamond miners are struggling across the board, especially those producing cheaper and smaller stones where there is an over-supply in the market.

Buyers, those that polish and cut diamonds for retailers, have been hit this year by lower prices and tighter credit, prompting them to delay purchases.

De Beers, the world’s top diamond producer by value, has responded by axing production — with a target of 31 million carats this year compared with 35.3 million in 2018.

It has also announced it would spend more on marketing. At the latest sale, the company increased the amount of stones buyers were allowed to reject in each lot purchased from 10% to 20%, according to people familiar with the auction.

Source: DCLA

De Beers boosted by jump in diamond sales

De Beers has surprised analysts by selling more diamonds than expected at its latest sale.

The world’s largest diamond producer, which is owned by Anglo American, sold $390m of rough stone this month, compared with $297m at its previous sale in October and above market expectations of around $300m.

“The company has attributed this rebound in sales to signs of increasing polished price stability leading to improving sentiment from rough diamond buyers,” said analysts at Citi.

However, the latest “sight” marks the first time De Beers has sold less than $400m of diamonds in November since 2016, illustrating the tough conditions in the diamond industry.

Diamond buyers, who polish and cut gems for retailers, have been struggling to make money this year as the price of finished stones has slumped. That has forced De Beers to offer more flexible terms to buyers, something that continued in November.

At the same time, the industry is facing competition from lab-grown diamonds, which are chemically identical to traditional stones.

“Global consumer demand for diamond jewellery at the retail level continues to be broadly stable but with midstream trading conditions still in the process of rebalancing, we offered sightholders further flexibility during the sight to provide support,” said De Beers chief executive Bruce Cleaver in a statement

Citi expects rough diamond sales to fall 23 per cent to $4.3bn this year. De Beers is expected to generate around 10 per cent of Anglo’s earnings in 2019.

Source: DCLA

De Beers boosted by jump in diamond sales

De Beers has surprised analysts by selling more diamonds than expected at its latest sale.

The world’s largest diamond producer, which is owned by Anglo American, sold $390m of rough stone this month, compared with $297m at its previous sale in October and above market expectations of around $300m.

“The company has attributed this rebound in sales to signs of increasing polished price stability leading to improving sentiment from rough diamond buyers,” said analysts at Citi.

However, the latest “sight” marks the first time De Beers has sold less than $400m of diamonds in November since 2016, illustrating the tough conditions in the diamond industry.

Diamond buyers, who polish and cut gems for retailers, have been struggling to make money this year as the price of finished stones has slumped. That has forced De Beers to offer more flexible terms to buyers, something that continued in November.

At the same time, the industry is facing competition from lab-grown diamonds, which are chemically identical to traditional stones.

“Global consumer demand for diamond jewellery at the retail level continues to be broadly stable but with midstream trading conditions still in the process of rebalancing, we offered sightholders further flexibility during the sight to provide support,” said De Beers chief executive Bruce Cleaver in a statement

Citi expects rough diamond sales to fall 23 per cent to $4.3bn this year. De Beers is expected to generate around 10 per cent of Anglo’s earnings in 2019.

Source: DCLA

Russia wants end to embargo on C.Africa diamonds

Russia backs lifting an embargo on diamond exports from the Central African Republic, the deputy finance minister said Tuesday as Moscow was preparing to chair a global scheme regulating the gem trade.

Russia has made moves to strengthen its influence in the poor but strategic CAR in recent months, sending military instructors to the country and receiving mining concessions as part of a plan to boost its presence in Africa.

Next year Moscow will be chair of the Kimberley Process, a global scheme established in 2003 to eliminate the so-called “blood diamonds” produced in rebel-controlled areas.

It currently upholds an embargo for rough diamond exports from some regions of the CAR.

But Russian deputy finance minister Alexei Moiseyev said the system was not working and told RIA Novosti news agency that exports from all regions of the CAR “should be made legal”.

“The current bans are unfair to poor people who can only earn money by (diamond mining),” he said, adding that Russia believes diamonds from banned “red zones” still find their way onto the market, undermining the embargo.

The CAR has been wracked by violence between various armed groups and the government for years.

The country was banned from exporting diamonds in 2013 and suspended from the Kimberley Process, but in 2016 government-controlled zones in the west were judged to be compliant and exports were approved.

Russian company Lobaye Invest, which reportedly has ties to an ally of President Vladimir Putin, recently received a licence to mine for diamonds at several sites in the CAR.

Moiseyev said the government and a special working group should work out a mechanism to make exports from all parts of the country legal.

According to Kimberley, CAR produced 13,571 carats in 2018, down from about 365,000 carats before the civil war began in 2012, but Moiseyev said it was likely that diamonds from banned zones still ended up on the market, boosting the number.

“We suspect that the same amount (as before)… is being produced now and practically all ends up on the world market as contraband,” he said. “The money earned is used by criminals.”

Source: DCLA

Russia wants end to embargo on C.Africa diamonds

Russia backs lifting an embargo on diamond exports from the Central African Republic, the deputy finance minister said Tuesday as Moscow was preparing to chair a global scheme regulating the gem trade.

Russia has made moves to strengthen its influence in the poor but strategic CAR in recent months, sending military instructors to the country and receiving mining concessions as part of a plan to boost its presence in Africa.

Next year Moscow will be chair of the Kimberley Process, a global scheme established in 2003 to eliminate the so-called “blood diamonds” produced in rebel-controlled areas.

It currently upholds an embargo for rough diamond exports from some regions of the CAR.

But Russian deputy finance minister Alexei Moiseyev said the system was not working and told RIA Novosti news agency that exports from all regions of the CAR “should be made legal”.

“The current bans are unfair to poor people who can only earn money by (diamond mining),” he said, adding that Russia believes diamonds from banned “red zones” still find their way onto the market, undermining the embargo.

The CAR has been wracked by violence between various armed groups and the government for years.

The country was banned from exporting diamonds in 2013 and suspended from the Kimberley Process, but in 2016 government-controlled zones in the west were judged to be compliant and exports were approved.

Russian company Lobaye Invest, which reportedly has ties to an ally of President Vladimir Putin, recently received a licence to mine for diamonds at several sites in the CAR.

Moiseyev said the government and a special working group should work out a mechanism to make exports from all parts of the country legal.

According to Kimberley, CAR produced 13,571 carats in 2018, down from about 365,000 carats before the civil war began in 2012, but Moiseyev said it was likely that diamonds from banned zones still ended up on the market, boosting the number.

“We suspect that the same amount (as before)… is being produced now and practically all ends up on the world market as contraband,” he said. “The money earned is used by criminals.”

Source: DCLA

7-Carat Blue Diamond Ring By Moussaieff Could Fetch $14 Million

A 7.03-carat fancy deep blue diamond mounted on a platinum ring by London high jewelry house, Moussaieff, is the top lot at Christie’s Geneva Magnificent Jewels sale. The blue rectangular-cut gem with VVS2 clarity has an estimate of $10 million – $14 million.

46.93 D colour

Source: DCLA

It is among a number of colored and colorless diamonds available at the November 12 sale. Other top lots in this category include a 46.93-carat D color, internally flawless diamond with a half-moon modified brilliant-cut (estimate $3.8 million – $4.5 million); and a 5.23-carat fancy intense blue cut-cornered rectangular modified brilliant-cut diamond (estimate: $3.5 million – $4.5 million).