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The Zimbabwe Independent reported that De Beers Consolidated Mines, the diamond group’s South African unit is one of the seven potential suitors eyeing the takeover of part of Rio Tinto’s 78 percent stake in Murowa diamond mine in Zimbabwe.
Diamond mining year in review In 2012, ALROSA Group preserved the world leadership in diamond mining in terms of volume achieved in the period of economic crisis.
The decision by the Chinese authorities to clamp down on advertising luxury products is a red flag for the diamond industry. While China represents the primary growth opportunity for the trade, the government’s restrictions are presenting hurdles even if its intentions may be pure.
The diamond theft at Brussels’ Zaventem Airport is more a cautionary tale than a story of financial harm.
There is a close connect between advertising and spending, says Aasha Gulrajani Swarup writing for the Diamond World at www.diamondworld.net. Neither a global economic slowdown nor a recession could restrict worldwide spending on personal luxury goods, estimated to touch US $275 billion in 2012, and growing in double digits.
Belgium irked the hell out of Global Witness, a world monitoring group on conflict diamonds, when it said last week that the European Union (EU) should lift sanctions imposed on the Zimbabwe Mining Development Corporation (ZMDC), which mines diamonds in Marange.
Among the many significant developments that evolved in the diamond industry in 2012 was a growing awareness about price differences between tinted and non-tinted polished stones. Diamond dealers have come to recognize stones with a greenish-brownish tint as having originated from Zimbabwe’s Marange mines.
De Beers’ profits for 2012 fell 49 percent year-on-year to just $506 million. The sharp drop in profit comes on as sales fell 16 percent to $6.1 billion. Rough diamond sales decreased 15 percent to $5.5 billion.
The debate about investing in diamonds in the popular and economic press mostly considers investment in 1-carat white goods, the kind considered the “bread and butter” of diamonds.
Hardly anything trumps bad news, especially if it’s full of blood and gore. Everyone rubbernecks to see the damage when passing a car accident. Serious twisted wreckage makes us slow down even more to get a longer look at the disaster.
While the majority of diamonds appear colorless or have only a slight yellow tint, the world’s most famous diamonds — among them, the blue Hope diamond and the Moussaieff red diamond — are colored, Charlotte McLeod says in an article posted on resourceinvestingnews.com.
The recent proposals made by the Gem and Jewellery Export Promotion Council (GJEPC) for the 2013-2014 Union Budget are a step in the right direction but are not far-reaching enough.