Thursday, November 28, 2013

Rockwell Diamonds unearths a heavyweight precious gem

Rockwell Diamonds on Wednesday announced that it had unearthed a 287 ct diamond, described as being of a tinted white commercial colour and makeable in shape, from its Middle Orange river  operation in South Africa.
It was the fifth large stone from the resource in three months, which Rockwell said served to reinforce management's decision to focus operations in the MOR region.
The diamond would be sold into the beneficiation joint venture with Steinmetz Diamonds at market value with Rockwell participating equally in the value uplift once it had been polished and sold.
Rockwell CEO and president James Campbell said that it was the second diamond exceeding 200 ct produced by Rockwell in its eight-year history and was one of the largest stones produced in the MOR region in recent times.
The stone was recovered from the Saxendrift Extension property, acquired in March 2012, and followed the recovery of four 100-ct-plus diamonds in September.
“These results show that our plants are correctly geared for the recovery of large diamonds that characterise the MOR region. This is also a strong validation of our strategy to grow our alluvial production volumes to 500 000 m3/m in order to produce large stones more regularly and improve Rockwell's quarterly earnings performance,” he said.
Campbell also noted that at the company’s Saxendrift Hill complex the bulk X-ray operation was performing well with solid results, and at Niewejaarskraal, ramp-up operations were ongoing, with the implementation of an in-field screen.
“We are on track to commission a bulk X-ray system early in 2014, which was procured on a rental basis,” he said.

Wednesday, November 27, 2013

Rockwell continues production of large diamonds in Middle Orange with recovery of 287-carat stone

Rockwell Diamonds Inc. announces the recovery of a 287-carat diamond from its operations in the Middle Orange River region which is of commercial colour and makeable in shape. As the fifth large stone from this resource in three months, this recovery further reinforces management's decision to focus operations in Middle Orange region.

The diamond will be sold into the beneficiation joint venture with Steinmetz Diamonds at market value with Rockwell participating equally in the value uplift once it has been polished and sold.
Commenting on the recovery of this large stone James Campbell, CEO and President said:
"This 287-carat diamond is only the second rough diamond exceeding 200 carats produced by Rockwell in its eight year history and is one of the largest stones produced in the Middle Orange in recent times. The stone was recovered from the Saxendrift Extension property acquired in March 2012 and follows the recovery of four plus 100-carat diamonds in September 2013. These results show that our plants are correctly geared for the recovery of large diamonds that characterize the Middle Orange River region. This is also a strong validation of our strategy to grow our alluvial production volumes to 500,000m3 per month in order to produce large stones more regularly and improve Rockwell's quarterly earnings performance."

Tuesday, November 26, 2013

Tiffany & Co.'s 3Q Sales +7%, Profit Jumps as Costs Ease

Tiffany & Co. reported that revenue increased 6.9 percent year on year to $911.5 million for the third quarter that ended on October 31. Same-store sales rose 7 percent. Cost of sales rose 0.9 percent to $392 million and profit surged 49.7 percent to $94.6 million. Inventory increased 8.3 percent year on year to $2.42 billion.
By region, sales improved 4 percent year on year to $417 million in the Americas, with comparable-store sales up 1 percent, while revenue surged 27 percent to $238 million across the Asia-Pacific region and same-store sales jumped 22 percent. Tiffany’s business in Japan was affected by a negative translation effect from a substantially weaker yen, so revenue fell 13 percent to $128 million; however, comparable-store sales rose 5 percent.  costs, margin
In Europe, Tiffany & Co.'s revenue increased 7 percent $104 million and same-store sales rose 2 percent, primarily led by growth in the U.K.
Gross margin  increased 2.6 points to 57 percent from 54.4 percent one year ago largely the result of reduced product cost pressure, as well as price increases that Tiffany & Co. implemented in early 2013. The jeweler also observed a shift in the sales mix toward higher-priced, lower gross margin products has continued to offset a portion of these benefits.
Tiffany & Co.'s guidance for the fourth quarter suggested mid-single digit sales improvement in U.S. currency, with earnings increasing by 10 percent to 20 percent.
Michael J. Kowalski, the CEO of Tiffany & Co., said,  “We are very pleased with our overall results. Worldwide sales growth in the quarter demonstrated the growing power of the Tiffany & Co. brand and the benefits of our expanding global presence. Operating earnings rose faster than sales, reflecting favorable product cost trends and ongoing well-controlled expenses. We’re experiencing excellent customer response to our expanded fashion jewelry designs, highlighted by the ATLAS collection, as well as continued growth in our fine and statement jewelry, with particular strength in our yellow diamond collection.”


Monday, November 25, 2013

Belgium raises issue of 2 percent duty on diamond imports by India

Belgium today raised the issue of imposition of 2 per cent duty on imports of polished and cut diamonds by India during a meeting with Commerce Minister Anand Sharma.

Diamonds account for a large part of trade between India and Belgium.

The diamond duty issue was discussed at the meeting of Sharma with Princess Astrid of Belgium and its Deputy Prime Minister Didier Reynders here.

According to an official, Sharma conveyed to the visiting side that the measure was necessitated due to economic reasons and the tax is applicable for imports from all the countries - not targeted specifically at diamond imports from Belgium.

"The Belgian side discussed the consequences of the recent special import tax of 2 per cent re-instituted by India on exports of polished and cut diamonds," the official said.

Of the world's polished diamond market, India's share is 60 per cent in terms of value, 85 per cent in terms of volume and 92 per cent in terms of pieces.

Eleven out of every 12 cut and polished diamond set in jewellery worldwide are processed in India. The cutting and polishing of diamond employs a million people in the country.

Antwerp in Belgium on the other hand is the key destination for rough diamonds.

More than 80 per cent of the world's rough diamond volume is traded through Antwerp. About 40 per cent of the world's natural industrial diamonds pass through the city.

Sharma also conveyed satisfaction over the signing of MoU between the two sides for exchange of information/data sharing on Kimberley Process.

KP is a joint initiative by governments, industry and the civil society to stem the flow of conflict diamonds - rough diamonds used by rebel movements to finance wars against legitimate governments.

Sunday, November 24, 2013

Zim has been raking in millions in diamond royalties

Substantial revenue from Zimbabwe’s Marange diamond fields have evidently been going into state coffers, despite claims to the contrary by former Movement for Democratic Change finance minister Tendai Biti.
IOL  Tendai Biti

This is according to classified documents from the Kimberley Process Certification Scheme (KPCS or just KP) which was set up to filter conflict diamonds (also known as blood diamonds) out of world markets. They show that the four mines at Marange exported over $717 million worth of diamonds between November 2011 and October last year and paid 15 percent of that – just over $107m – in royalties into state coffers.
The KP research was part of the process of clearing Zimbabwe after its suspension from the KP due to reports that its forces had violently evicted informal miners from Marange.
The KP Monitoring Team comprised Abbey Chikane (brother of former director-general in president Thabo Mbeki’s presidency, Frank Chikane) and Mark van Bockstael, chairman of the Working Group of Diamond Experts at the World Diamond Council in Antwerp,
The documents are not public but they are on the KP’s restricted website which is available to any of the many government, industry or civil society members of the KP. This has raised some questions about why they have not been cited before to counter the claims made by Biti.
He frequently said he never saw any Marange revenues while he was finance minister in Zimbabwe’s coalition government from 2009 until this year’s elections, which Zanu-PF won.
The MDC and many observers have often suggested that all income from Marange due to the state went directly into Zanu-PF’s coffers. In their report for the quarter February to April last year, the authors say statements by ministers about the lack of transparency in the “chain of custody” of Marange diamond production and export, “have caused serious confusion regarding compliance to KP standards and minimum requirements.”
They refer to contradictory statements by Zimbabwe’s ministry of mines – then controlled by Zanu-PF – and the finance ministry and agencies then controlled by Biti’s MDC.
Chikane and Van Bockstael found that both the Reserve Bank of Zimbabwe and the Zimbabwe Revenue Authority (Zimra), which is part of the treasury, were both directly involved in authorising diamond exports so they could be KP certified.
Zimra was involved in several steps of the process, including receiving copies of customs forms which showed that the amount paid to the producer, as noted on the KP certificate, had been received in the producer’s bank account in Zimbabwe.
Zimra also had to give clearance for the shipment of the rough diamonds near the end of the process by issuing “Release Form 21”.
Zimra “ thus holds the key to all rough diamond exports from Zimbabwe,” the report says.
“Statements that Zimra is completely unaware of the exports of rough diamonds are therefore alarming as these could indicate that the KPCS-compliant export process for rough diamonds is no longer applied or not applicable in case of rough diamond shipments from Marange.”
However, Chikane and Van Bockstael’s report says further investigation showed that proper process was still being implemented for all rough diamond exports, including Marange, and that Zimra need only check its records to identify how much revenue through royalties had been generated by rough diamond exports.
This week at the annual KP Plenary in Johannesburg, campaigners failed to persuade the KP to block rough diamond exports by rebel movements and exports by governments which exploited diamonds to fuel violence.

Thursday, November 21, 2013

WFDB steps up fight against synthetic diamonds being passed off as natural

The World Federation of Diamond Bourses (WFDB) and the Gemological Institute of America (GIA) have reached an agreement to collaborate on combating the passing off of synthetic diamonds as natural.
The WFDB, in October, said it had noted a growing tendency for undisclosed synthetic diamonds to be introduced to the market.
“While the WFDB acknowledges that synthetic diamonds have a place in the market, they must not be confused with or marketed as natural diamonds,” the federation said at the time, adding that, according to WFDB policy, synthetic gems had to be declared.
In terms of the agreement between the two industry bodies, the GIA would provide machines to WFDB member bourses to assist with the detection of synthetic diamonds.
“The assistance offered by GIA with making these machines available to member bourses will be of great assistance in the detection of illegal mixing of synthetic and natural diamonds,” the WFDB said, emphasising the organisation’s commitment to enforcing its stand of “zero tolerance” in the nondisclosure of synthetic stones.
The federation added that all persons in the diamond value chain had to work together to protect the industry and ensure consumer confidence.
“Members of the diamond industry need to understand that they are personally responsible for what they sell, which is why it is of the utmost importance to know your supplier and the legitimacy of their product, whether it is to ensure they are Kimberley Process-compliant or are disclosing synthetics,” the organisation noted.

Wednesday, November 20, 2013

Synthetic gems ruining Surat's diamond smile

Several diamantaires have put Surat's reputation as the world's biggest polishing centre at stake by mixing lab-grown diamonds with natural ones.
Most synthetic diamonds are mixed with the stars and melees which are diamonds below seven cents. Out of 10 jewellery articles sold globally, nine are studded with parcels of stars and melees processed in Surat, Bhavnagar or Amreli.

Synthetic gems cost barely a tenth of natural diamonds. Stars and melees cost between Rs 40,000 and Rs 60,000 per carat and diamantaires earn a huge profit by mixing these cheap synthetic diamonds valued at Rs 1,000 to Rs 2,000 per carat with the natural ones.

According to market estimates, Rs 500 crore to Rs 1,000 crore worth of synthetic diamonds imported from China are mixed with the natural diamond parcels every month from Surat and sold in markets.

"Selling synthetic diamonds is not a crime, but they should come with proper disclosure. Some industry players are indulging in illegal practices to make quick bucks," said an office-bearer of Surat Diamond Association.

The problem has touched alarming proportions forcing the Gems and Jewellery Export Promotion Council (GJEPC) to form a special committee to look into the issue.

GJEPC chairman Vipul Shah said, "Few who are putting the industry's reputation at stake. It is suggested that consumer confidence be maintained through segregation of the natural and man-made diamonds value chain and disclosures be made at every step."

Tuesday, November 19, 2013

Letseng Mine Produces 9% More Diamonds For Gem

Gem Diamonds produced 25,559 carats from its Letseng mine in Lesotho in the third quarter, ending November 14, a 9% rise on the previous quarter. An average value of $2,022 per carat was achieved for two exports in the third quarter, compared with $1,855 per carat in the second quarter and $1,741 per carat in the first half of this year. The miner’s October and November 2013 exports achieved an average of $2,139 per carat and $2,406 per carat respectively.
The diamond company said 13 rough diamonds achieved a value in excess of $1 million each during the period, totaling 22 for the year to date, and 26 rough diamonds which achieved prices greater than $20,000 per carat in the period (totaling 78 for the year to date). A total of 178 rough diamonds greater than 10.8 carats in size were recovered in the period, equating to 77% of Letseng’s revenue for the period. (476 diamonds greater than 10.8 carats have been recovered for the year to date, totaling 73% of Letseng’s revenue for the year to date).

Gem Diamonds CEO Clifford Elphick said, “The installation of the new cone crushers is complete and we believe that this will enable us to better harness the value of the Letseng mine as we look to reduce diamond breakage. The development of the new mine at Ghaghoo is progressing well and is on track for the first production to be run through the Plant in H2 of next year."

Source: IDEX

Monday, November 18, 2013

Kennady Diamonds reports 'outstanding' sample results from NT project

Explorer Kennady Diamonds on Monday said diamonds recovered from the 2013 summer drill programme at its Kennady North project, located in Canada's Northwest Territories, had confirmed that the Kelvin kimberlite had a coarse diamond size distribution and the potential to host a high-grade diamond resource.
The company, which was in 2012 spun out of New York- and Toronto-listed Mountain Province Diamonds, said the results for the first seven batches, totalling 1 527 kg, or about 40% of the 3 454 kg bulk sample, returned a sample grade of 5.37 ct/t.
Bulk-sample testing were currently under way at the Geoanalytical Laboratories Diamond Services, at the Saskatchewan Research Council, which is accredited to the ISO/IEC 17025 standard by the Standards Council of Canada as a testing laboratory for diamond analysis using caustic fusion.
The kimberlite was recovered from 21 holes drilled at the north-west lobe of the Kelvin kimberlite, and for processing purposes, the kimberlite had been divided into 15 batches, each weighing about 220 kg.
"A sample grade of 5.37 ct/t is outstanding. The 2013 winter drill programme returned an exceptional Kelvin sample grade of 8.13 ct/t, which included an extraordinary 2.48 ct diamond. Adjusting for the impact of the 2.48 ct diamond, there is a remarkable similarity between the 2013 winter sample grade and the sample grade of the first seven batches recovered from the 2013 summer programme,” Kennady Diamonds CEO Patrick Evans said.
A total of 154 commercial size diamonds were extracted from 1 527 kg sample, and by comparison, 110 commercial size diamonds were recovered from about 1 000 kg from the Kelvin 2013 winter drill programme. This illustrated a high degree of consistency between the samples of about one commercial size diamond for every 10 kg of kimberlite.
While the 154 commercial size diamonds from the first seven batches have been recovered from the Northwest Lobe of the Kelvin kimberlite, the 110 commercial size diamonds recovered from the 2013 winter programme came from sixteen different drill holes across the 1 km strike of the Kelvin kimberlite.
Based on this, it was apparent that the Kelvin kimberlite hosts commercial size diamonds across the length and breadth of the kimberlite, rather than being concentrated in particular areas, the explorer said.

Sunday, November 17, 2013

TRADE ALERT: large amounts of synthetic lab grown diamonds are being mixed with natural diamonds in parcels

Persistent reports that large amounts of synthetic lab grown diamonds are being mixed with natural diamonds in parcels of melee and pointers.

After more than 600 synthetic colorless diamonds were submitted to the International Gemological Institute without disclosure, the lab is warning the trade about the possibility of more undisclosed stones on the market.

According to an IGI Trade Alert issued last week, the diamonds were grown by the CVD process and submitted to the lab’s facilities in Antwerp and Mumbai. The dealer submitting the stones had no idea they were man-made, and paid prices equivalent to natural diamonds, IGI says.

“I believe there are other undisclosed colorless synthetic diamonds out there,” IGI Worldwide co-CEO Roland Lorie tells JCK. “But we just don’t know how many. I don’t think the volume is huge. You just wonder how this parcel got out there, and how many else are left.”

Lorie adds: “In the past we have received two stones here, three stones there. But it’s always been in small volumes. When you get so many stones, it’s an entirely different story.”

The IGI alert was followed by an alert issued by De Beers’ Diamond Trading Company, which noted that undisclosed stones had also appeared at the National Gems & Jewellery Technology Administrative Centre (NGTC) lab in China.

The stones in question were mostly 0.30 ct to 0.70 cts., F to J colour, VVS to VS clarity, and internal characteristics included feathers, pinpoints, and small dark crystals. Polish, symmetry, and cut were either “excellent” or “very good,” with bruted or faceted girdles. All stones were Type IIa, characteristic of CVD synthetics.

Malca-Amit Opens China's Largest Private Vault

Malca-Amit is proud to announce the opening of China's largest privately owned state-of-the art secured storage facilities at the Shanghai Waigaoqiao Free Trade Zone.

The facilities feature five vaults designed to the highest international standards capable of storing up to 2,000 metric tons of precious metals, fine arts & rarities and diamonds & jewelry, enabling companies, financial institutions and private individuals to import precious assets into China, storing them securely and efficiently while enjoying a 100 percent duty-free exemption. The ground-breaking vaults feature cutting-edge technology, together with a team of highly skilled controllers, ensuring optimal security and efficiency throughout the premises 24/7.

Commodities can be imported and exported into the facility tax-free enabling international and local entities to trade in a cost-efficient and time-conscious environment. Malca-Amit's Shanghai FTZ operations provide flexible and full-service logistical support service for the importation process of any sold items, return of any un-sold items to overseas,as well as secure storage for precious assets without a time-limit.

The facilities also provide a 340 square meter secure display hall that hosts private events and showings, along with meeting rooms and inspection lounges enabling clients to use the Malca-Amit facilities as their trading hub into China.

Buy physical gold and silver at FirstGold 

Thursday, November 14, 2013

De Beers Tells Sightholders That Ignorance on Synthetics is No Excuse

De Beers Group's CEO, Philippe Mellier, reminded sightholders this week that a consumer’s desire for diamonds is the only source of value for the diamond and jewelry industry. Therefore, De Beers view of synthetic diamonds remains as always  -- it is possible that appropriately disclosed synthetics can find a happy and legitimate place in the diamond and jewelry industry, primarily in the low-value, under $200 market; however,  passing off a synthetic stone as a natural diamond threatens consumers’ confidence in diamonds and the practice is unethical and  fraudulent.
Mellier stated that De Beers believes undisclosed trading of synthetic diamonds is confined to a very small portion of the global industry, but because there is heightened concerns across the trade recently, the company developed a guide to help understand synthetics, what to look for and how to protect the pipeline.

''You value what it means to be a sightholder of the De Beers Group of Companies. It is a signature of confidence for your clients, partners and lenders. We therefore have a shared responsibility with you to protect the reputation and goodwill of De Beers and our sightholders,'' he said.
Highlighting the main points, Mellier confirmed that all rough diamonds sold by De Beers are natural. De Beers also has the technology to detect all synthetics. ''De Beers has invested heavily over decades to develop technology that enables us, and you, to detect all types of synthetics. And we are continuing to invest to ensure we remain several steps ahead of synthetic production technology,'' Mellier said. Leading laboratories have De Beers synthetic detection equipment, he reminded sightholders.
De Beers is currently testing a new Automated Melee Screening (AMS) machine that it expects to roll-out in the first half of 2014; meanwhile, sightholders can test samples of melee parcels with DiamondSure to reduce the risk of purchasing undisclosed synthetics, Mellier added.
While the diamond firm's best practice principles (BPPs) prohibit the sale of undisclosed synthetics, expect De Beers to enhance these measures  to ensure appropriate systems and controls are in place to protect sightholders from inadvertently trading in undisclosed synthetics.
''De Beers will work with industry bodies to identify entities that have sold undisclosed synthetics. This will help discourage non-disclosure,'' Mellier said. ''Selling one product by misrepresenting it as another, as in the case of undisclosed synthetics, could be illegal and may be a criminal offense in some jurisdictions to be addressed by law enforcement authorities.''
De Beers expects to create a sightholder advisory panel with a mandate to develop clear and pragmatic guidance on operations to mitigate risk and protect the business from nondisclosed stones.
Until the panel is announced,  De Beers reminded sightholders that synthetic rough diamonds are easily identifiable, so the focus turns to polished goods. Purchased polished diamonds from primary source manufacturers and request assurances that the diamonds are natural. ''However, the longer the pipeline the bigger the risk. Purchases from secondary sources (i.e. not the polisher of the goods), increases the opportunities for synthetics to be substituted for natural diamonds or spread across parcels sold to unsuspecting clients,'' Mellier warned.
Testing all diamonds inhouse or sending them to a lab, will provide greater confidence in purchasing. ''Once assured or tested and in your possession, your diamond stock is vulnerable to 'swapping' on the factory floor. Effective security and monitoring processes will protect the value and integrity of your stock,'' Mellier added.
Should undisclosed synthetics appear, De Beers warns firms to take immediate action,  report it to relevant organizations, including bourses, trade associations and potentially law enforcement agencies. De Beers sightholders are contractually obligated not to sell undisclosed synthetics and doing so is a material breach of the BPPs and places the contract at great risk. ''Ignorance cannot be an excuse and we must all take the necessary steps to protect our reputations.
''More needs to be done and the technologies team at De Beers is producing more screening equipment like the AMS and will launch further technology in the years ahead. I would like to thank you for your support thus far and would value direct engagement with you to get your views and discuss ideas on how we can continue to safeguard consumers’ confidence in diamonds,'' he concluded.

DCLA has checked every stone ever certified for natural origin. 

Wednesday, November 13, 2013

Petra future sparkles thanks to more exceptional diamonds

A year after its listing Petra made significant new kimberlite discoveries in Angola, before later identifying a sizeable kimberlite field in the country at Alto Cuilo. As a result of its rapid success the company entered into a joint venture in 2004 with BHP Billiton to continue the exploration of its Angolan projects.
In the years that followed Petra would go on to merge with ASX-quoted Crown Diamonds, operators of three producing diamond mines, and would acquire assets including the Koffiefontein mine and the Kimberley Underground mine in South Africa, as well as the Williamson mine in Tanzania. In 2013, the company’s production has increased to 2.7 million carats.
In acquiring a total of five of the world’s most important diamond mines Petra has compiled for itself a major diamond resource of more than 300 million carats. With this base behind it the company has set out a transparent growth plan that is expected to see production rising from its current levels to approximately five million carats by the end of the 2019 financial year.
Everything that the company has achieved to date has been with the aim of becoming a diamond mining group of global significance. Through its strong and responsible leadership, Petra is investing in the expansion and optimisation of its world-class assets in order to deliver significantly increased production in the years to come. Underpinning Petra’s strategy is a focus on safety and sustainability, thereby driving value for all stakeholders.
Petra operates an integrated and transparent business, with commitment to its values being present at every step of the production cycle. At the forefront of said cycle is the company’s exploration programme, which is presently focused in Botswana, where modern exploration techniques offer the potential to make new discoveries in previously explored areas. Meanwhile, from a mining and development perspective Petra operates both underground and open-pit operations in South Africa and Tanzania, with expansion plans in plans for each of its core assets.
Following the processing phase, where ore material is disaggregated to extract the rough diamonds, the cycle moves into the sorting process where, once cleaned and acidized, the rough diamonds are sorted by in-house experts who assign them to parcels according to their shape, size, clarity and colour. Last but not least, Petra’s internal marketing team sells the rough diamond parcels by competitive tender in the key markets of Johannesburg and Antwerp, Belgium.
Over the years the company has invested significant capital in order to extend the lives of its mines. Such an approach has helped reaffirm the fact that it is a business very much focused on value as opposed to volume production, with Petra going to great efforts to meticulously plan its mining and processing operations to capture a mine’s optimal rough diamond profile.
Petra is committed to the responsible development of its assets and as such corporate social responsibility is integral to the way that the company structures and operates its mining, development and exploration projects.
In its own words, Petra strives to make a lasting contribution to the “triple bottom line” of people, profit and planet. This involves enhancing the local environment to the benefit of employees and communities, and is achieved through various initiatives that aim to stimulate local socio-economic development, as well as by upholding high standards of environmental stewardship.
As well as endeavouring to create a zero harm environment for its employees to work in, the company also works to ensure that these same men and women are empowered and accountable for their own actions, something it believes encourages them to work to the very best of their abilities at all times. Furthermore, Petra has tried to foster a culture in which innovation and creativity in the workplace is encouraged and rewarded. The company believes that no-one knows its operations better than its own employees and accordingly it looks to leverage its internal skills-base wherever possible.
When it comes to its end product, Petra believes in the responsible mining and sale of its diamonds, and will only operate in countries which are members of the Kimberley Process. As a legitimate diamond miner operating in South Africa, Tanzania and Botswana, 100 percent of Petra's production is fully traceable and conflict-free.
As is the case with any forward thinking business, Petra is always looking to generate efficiencies across its operations and has applied a “back-to-basics” approach designed to review and assess areas for improvement at all times. Key focus areas at present include power and water usage, security and the effective use of labour. All of this is conducted in the knowledge that using past experience to improve future performance is integral to the company’s long-term success.

Tuesday, November 12, 2013

Sarin North America, NY DDC Sign Collaboration Deal

Singapore Exchange Mainboard listed Sarin Technologies Ltd., (U77:SI), a worldwide leader in the development, manufacturing, marketing and sale of precision technology products for the planning, processing, evaluation and measurement of diamonds and gems, today announced the signing of a strategic agreement between the New York Diamond Dealers Club (DDC), the leading diamond trade organization in the U.S.,  and Sarine North America.

The two entities have entered into a 5 year collaboration, where Sarine North America will provide the group's latest rough and polished diamond technology for the use of DDC's members and the DDC will exclusively promote and market those solutions to the U.S. diamond industry. Sarine's newest products and services for rough and polished diamonds will be showcased this week during Israel Diamond Week between November 11 and 14 in New York in a special exhibition area.
Reuven Kaufman, the DDC’s president, commented, “This agreement with Sarine perfectly captures the two goals that we strive for as a bourse, providing top-notch services to our members and working towards the betterment of our industry as a whole. By signing this agreement, not only will we be providing our members with the top of the line systems to analyze and plan their diamonds, we will also be working with Sarine to bring the benefits of their industry leading diamond technology into the hands of New York’s diamantaires.”
Ohad Axelrod, Sarine North America's vice president for business development, said, "We are excited to have signed the strategic alliance with the DDC. As leading organizations in our respective fields, we believe that the collaboration will benefit the diamond industry community in the U.S., allowing them direct access to our latest technologies that improve diamond sourcing, increase manufacturing yield, assess and grade the resultant polished stones and aid in the online and retail trade.”
Axelrod also noted that Sarine North America will be opening new offices in the just-completed International Gem Tower on New York's 47th Street (Diamond Way) between Fifth Avenue and the Avenue of the Americas shortly after the New Year. The new offices will serve as the base for direct marketing in North America of the group's various product lines both for rough diamonds (e.g., inclusion scanning, planning, etc.) and polished diamonds (e.g., cut and symmetry grading, the Sarine LightTM for Light Performance grading and the Sarine LoupeTM for polished diamond imaging for the online and retail trade). The facilities will also house North America's first inclusion mapping center.
About the New York Diamond Dealers Club (DDC):
Established in 1931, the DDC has grown into the largest diamond trade organization in the United States and one of leading diamond exchanges in the world. Over the years, the Diamond Dealers Club has changed dramatically to keep pace with expanding foreign markets and rapid technological advancements. The DDC is also intensively involved in the representation and administration of the international diamond trade, being a founding member of the World Federation of Diamond Bourses, when it was created in 1947. Today the DDC provides a vast array of services necessary for members of the industry to participate and compete in the contemporary world market.

DCLA uses Sarin Technology

Monday, November 11, 2013

Mark Ingram Buys $120,000 Rare Black Diamond Jewelry

New Orleans Saints running back Mark Ingram Jr. scored big while expanding his fine jewelry collection.
The former Heisman Trophy winner is redefining men’s jewelry with his taste in black diamond jewelry. His most recent purchase through New York City jeweler Avianne & Co. is a black diamond chain set, which includes a bracelet, chain and ring, and retails for $120,000.
His 36-inch black diamond chain features more than 300 carats in diamonds, each of which is five carats. Avianne & Co. has seen a rise in purchases of jewelry that features the more rare black diamond.
“A lot of time goes into preparing a black diamond to be set in a piece,” said Joe Avianne. “Black diamonds are typically more difficult to cut than normal diamonds and they create an air of elegance and prestige because so few people own black diamonds.”
Other celebrities enjoy jewelry featuring black diamonds in their pieces. Recently, Anthony "Romeo" Santos who bought a $30,000 black diamond necklace with a 117 carat total diamond weight from Avianne & Co.
Ingram’s purchase also includes a Cuban link chain created with 14-karat yellow gold for $25,000. The Cuban link was popular in the 1980s and 1990s and has increased in popularity as more and more celebrities add them to their wardrobes.
“Items such as Cuban link chains are seeing a significant resurgence as a result of contemporary tastes,” said Avianne. “Being the jewelers of choice for many celebrity fashion icons, we always must ensure that our designs remain at the forefront of en vogue styles.”
Ingram completed his purchase with a mini rope chain and a customized Jesus pendant.

Sunday, November 10, 2013

Marange diamonds running out

The quality and quantity of diamonds mined at the controversial Chiadzwa diamond fields has been on a decline since 2012, casting doubts over the possibility of the diamonds sector bailing the country out of the current quagmire.
Zimbabwe will never be a colony, errhh of China again. Mugabe touring Marange diamond mine with the Chinese who are said to be having access to the resource in exchange for arms of war.
Mugabe with the Chinese who are said to be looting diamonds from Marange
While many have held their breath on the hope that the country’s diamonds would take Zimbabwe out of the woods, the Financial Gazette can reveal that currently the diamond producers themselves need bailing out to enable them to acquire the equipment needed to mine the gems underground.
Despite official claims that the diamond fortunes are still as glittering as before, the Financial Gazette is reliably informed that the shine has been waning since last year because the alluvial (surface) diamonds are fast running out at the Chiadzwa minefields.
Because there is now insignificant diamonds in the alluvial ore, the little that is found is of poor quality than before.
While there is hope that economic grade diamond deposits exist underground, the companies operating in Chiadzwa need equipment to get to the gems, which is costly. As such, there is need for them to invest in state-of-the art equipment for them to extract the gems below the surface.
The biggest challenge is that some of the companies have no financial wherewithal to invest in the equipment. The country got the most from diamonds in 2011 and thereafter production has been on the decline in terms of quality and quantity, according to the Zimbabwe Mining Development Corporation (ZMDC), which has an interest in all the companies operating in Chiadzwa.
In 2011, diamonds were contributing to the fiscus between US$ 23 million to US$33 million a month.
“Currently contributions of such magnitude are not possible, but that is not to say that it won’t happen again in the future. It can again. Just that we were mining alluvial diamonds but now we need to mine conglomerates. We have to go deeper and we need equipment for that.
“We also need to expand and explore further. There is a lot of untapped land and we need to establish what we have under the ground,” said Florence Gowora, acting board chairperson for ZMDC.
“Government is currently looking at ways to enable the diamond companies to acquire capital to expand their operations so that we can unlock the value we have underground. The future is bright for the mining sector. We are focusing on how we can grow it (the sector).”
Gowora said while it was nothing unusual for the nation to look at the diamond sector expectantly, capitalisation challenges were affecting production while the companies operating in Chiadzwa are also desperate to plough back what they are earning into their operations.
Mines and Mining Development deputy minister, Fred Moyo was quoted recently saying that surface ores have exhausted but expressed hope that the country still has opportunities to explore further for more alluvial diamonds.
“It is naturally expected in mining that surface ores will exhaust first, specifically for diamonds. It is important to note that the area of Chiadzwa is not explored, really. We cannot exhaust deposit of this nature with five years of operating… the diamond area is not well explored, meaning we still have more of the surface diamonds,” Moyo said.
Although reluctant to say much, Marange Diamonds corporate affairs manager, Muriel Nqwababa, confirmed that surface gems were getting exhausted.
“Our position is the same as that of the deputy minister,” Nqwababa said.
Compounding the situation are poor prices being fetched on the international market at a time when Zimbabwe is still trying to gain a foothold on the mainstream market following years of bickering with the Kimberly Process.
“We have not been participating in the international space and prices of our diamonds have also not picked up,” Gowora said, although she expressed optimism that the recent mission to Zimbabwe by Antwerp would result in better fortunes for the local diamond industry.
“Antwerp is promising to get better value for Zimbabwe,” she said.
Meanwhile the Minister of Mines and Mining Development, Walter Chidhakwa has said that government is mulling options for an international bond to be used to raise money for development of the country’s mining sector.
Chidakwa is yet to meet with Minister of Finance Patrick Chinamasa to devise a plan for the bonds within a month’s time. Zimbabwe is billed as the fourth largest diamond producer in the world.
The nation’s total diamond production from Marange increased from 8,7 million carats in 2011 to 12 million carats last year. This year, production is expected to rise further reaching over 17 million carats. But for this to occur, capital and equipment are needed.