De Beers has "Biggest Stockpile Since 2008"
December 25, 24
De Beers' stockpile of rough diamonds is bigger that at any time since the 2008 financial crisis, according to a Financial Times (FT) report today (25 December). The troubled miner now has inventory worth a reported $2bn, as a result of weak diamond... Read More...
Lucapa to Secure Majority Stake in Lulo Exploration JV
December 25, 24Lucapa says it's close to securing a majority stake in the joint venture (JV) exploring for additional kimberlites at the Lulo alluvial mine, in Angola. It says acquiring a larger share from the Angolan government will increase its future share of a diamond... Read More...
Mozambique Violence Threatens Gemfields' Ruby Mine
December 25, 24Gemfields says it may be forced to halt work at its Montepuez ruby mine as post-election violence grips Mozambique. The UK-based gemstone miner yesterday (24 December) warned there may be interruptions to operations after groups ... Read More...
Antwerp Deal: Choron Group Acquires AMC Group
December 24, 24Rough-to-polished diamond house The Choron Group, is to acquire AMC Group, a De Beers sightholder and manufacturer. The two companies said in an joint statement that they will combine their operations into what they describe as... Read More...
$1bn Debt: Gitanjali Gems Tops Defaulter List
December 24, 24Gitanjali Gems, the company established by fugitive diamantaire Mehul Choksi, has been named as India's biggest wilful defaulter, with unpaid bank loans of Rs 8,516 crore ($1bn). The company once had 4,000 points of sale, and more than a 50 per cent... Read More...
Memo by John Jeffay
December 19Mother nature hides her diamonds well . . . and artificial intelligence (AI) is now learning how to find them. AI processes mountains of existing data in a fraction of the time it would take an army of geologists and other experts, and it makes connections... Read More...