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Rio Tinto may reconsider investment in Zimbabwe
Rio Tinto may reconsider investment in Zimbabwe
Awaits the implementation of the Bill
According to Antwerp Facets News Service, Rio Tinto which had earlier planned to withdraw its investments in a new project in Zimbabwe, says that it may reconsider the U.S. $60 million investment, provided the Mugabe government implements its Indigenization and Economic Empowerment Bill. The Bill now awaits the signature of the President Robert Mugabe, although it has been approved by the Zimababwian Legislation. The Bill states that all foreign owned companies would have to inclulde a local as a majority shareholder. Rio Tinto holds 56 percent of Rio Tinto Zimbabwe, which owns and operates the Murowa diamond mine.
The Zimbabwe parliament is also considering the Mines and Minerals Amendment Bill, which will authorise the government to purchase 51 percent staked in foreign companies’ holding in local mines, which produce ‘strategic fuels and minerals’. Up to 25 percent of the 51 percent could be taken without money changing hands, and the remaining would be paid under a five-year plan.
Rio Tinto has also expressed concern about Zimbabwe’s foreign exchange regulations, which requires mining companies to source foreign exchange at the official rate, which currently is Zim. $30 000 to one U.S. dollar, reported AFNS. The rate available on the open market is more than Zim. $2 million to one U.S. dollar.
http://www.diamondworld.net/newsroom/news.asp?newsid=1879
Read Full Post | Make a Comment ( None so far )Macau Fair – a launch pad for China
Macau Fair – a launch pad for China
Will allow global diamond companies to gain from the growing demand of China’s markets
China hosted its first jewellery show ‘Macau Jewellery and Watch Fair’, at The Cotai Strip Convention and Exhibition Center at The Venetian Macao-Resort-Hotel. The four day show was inaugurated on January 10, and accommodated more than 500 exhibitors across 24 countries, with most of them being from Hong Kong and the Israeli diamond industry.
The fair was co-hosted by CMP Asia and the Israeli Diamond Industry. According to CMP’s CEO Mr. Jime Essink, there was immense growth potential within the new markets opening in the Far East, mentioning that the trade events in Macau and likewise in Shenzhen and Shanghai, will be a strong ground for exhibitions and business interactions with companies across the globe.
Alissa Goren, the Israel Diamond Institute’s Director of Marketing and Trade Events, noted that the show, which is the first high-profile jewelry event to take place in Macau, provides an excellent opportunity for first-time exhibitors in the Asia-Pacific to establish themselves in the rapidly developing regional markets. Celine Lau, director of jewelry fairs at CMP Asia said “Macau is becoming the newest hot spot for business and entertainment in Asia. Because of these trends, the Macau Jewellery and Watch Fair is being held to provide an unprecedented marketplace for both Asian and international exhibitors, and represents a milestone in Asia’s emergence as a crucial trading platform for the world’s jewelry business.”
One amongst the many unique displays at the show was a 136-carat Colombian emerald exhibited at the Hatta New World booth in the Fine Design Pavilion.
http://www.diamondworld.net/newsroom/news.asp?newsid=1880
Read Full Post | Make a Comment ( None so far )Astronomers discover largest diamond in galaxy
Astronomers discover largest diamond in galaxy
Lucy weighs 10 billion trillion trillion carats
According to a report by the Antwerp Facets News Service, astronomers at Harvard University have discovered what they claim as the largest diamond till date ever to be found, over and above what exists on earth. The diamond is the planet called ‘Lucy’, which is 50 light years from the Earth. This diamond planet weighs at least 10 billion trillion trillion carats and is the remianing hot core of an extinct star. The astronomers explained that Lucy is a crystallised white dwarf. They also claim that within five billion years, the Sun will also die and turn into a similar diamond in the solar system.
http://www.diamondworld.net/newsroom/news.asp?newsid=1876
Read Full Post | Make a Comment ( None so far )DTC implements its BPP
DTC implements its BPP
Bans suplpies to six companies, two have lost sights for the current year
The Diamond Trading Company (DTC), under the leadership of Varda Shine seems to be projecting a strict image as far as implementing its Best Practice Principles (BPP) is concerned. Recently, it suspended six sightholders due to a criminal case filed against them in Antwerp. The case is filed with the Antwerp criminal court, which ruled on December 6, 2007, that the companies were involved in smuggling of diamonds based on fake invoices. The case had occurred a decade ago.
Pending the results of further due diligence into this matter, the DTC reserves its right to take all appropriate action in respect of its supply to the businesses involved, in connection with both the current Transitional Supply Contract, and (where relevant) the 2008-2011 Supplier of Choice Contract including, but not limited to, suspension or termination of supply. Most of the suspended companies were Indian firms based in Belgium, of which two are sightholders who have lost their contract for the current period. They plan to appeal to the DTC that the case occurred before the DTC introduced its best practice principles.
http://www.diamondworld.net/newsroom/news.asp?newsid=1882
Read Full Post | Make a Comment ( None so far )US polished imports grew by 8.6% in value
US polished imports grew by 8.6% in value
Polished imports from india gre in value by 10.7%
According to reports, the American polished diamond gross imports grew overall in value but declined in volume across all countries. The overall polished import increase was of 8.6% to amount to $15.1 billion, during January to October in 2007. Polished imports from India also surged by 10.7% to value at $3.16 billion. Year-to-date polished imports from Israel escalated by 10.3% to $7.9 billion, while that from Belgium was up by 5.4% to $2.46 billion.
However polished imports in volume plummeted by 11% to 13.35 million carats, or an average of $1,131/ct. Polished imports from India also fell in volume by 11.3% to amount to 7.85 million carats. The average value of India’s polished shipments was $403.51/ct. The polished imports from Israel dropped by 4.4%, to 3 million carats, with an average value of $2,630/ct. Polished diamond imports from Belgium also dipped by 10.1% to 1.26 million carats, averaging $1,952/ct.
http://www.diamondworld.net/newsroom/news.asp?newsid=1881
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Diamond Gem and Jewelry 