Production will cease at the De Beers Victor mine in Canada in 2019, the company announced Wednesday.
The Diamond Mine in Ontario started production in July 2008 will continue to operate until the open pit is exhausted. This is in line with the company’s original study of mine and the plan for the project.
The mine has yielded 7 million carats of rough exceeding the forecast of 6 million carats predicted for its life of mine.
De Beers discovered the Victor kimberlite cluster in 1987 the first economically viable mine in Canada.
Due to resources dwindling Beers’ joint ventures will close four diamond mines by 2022.
Namdeb is a DeBeers project with the government of Namibia, Will close the Elizabeth Bay mine at the end of 2018 followed by the Daberas deposit at the end of 2019 and Sendelingsdrif in 2020. The main asset Southern Coastal will close in 2022.
Production saw a shift to offshore assets this past year. For the first nine months of 2017, Debmarine’s production surged 22% to 1.1 million carats.
Subdued world economic growth will make the next few years challenging, mainly due to negative impacts forecast in exchange rates and other indices.
De Beers’ October sight closed with a value of $370 million as rough-diamond buying slowed due to holidays and sightholders reported a sluggish dealer market.
Proceeds from the miner’s eighth sales cycle fell 27% from $507 million in the previous sight in August, and dropped 25% compared with the equivalent period a year ago, according to Rapaport records. Rough prices were largely unchanged from the previous sight, sightholders noted, with many dealers on the secondary market struggling to make a profit on the goods or even cover costs.
De Beers offered fewer rough diamonds for sale during the month as last week’s sight occurred during a period when polishing factories in India and Israel were closed for religious holidays, the company’s CEO Bruce Cleaver explained Tuesday.
“Sales were in line with expectations, at what is a seasonally slower time for rough-diamond demand,” Cleaver added.
The Indian cutting industry is preparing to close for Diwali, which occurs this Thursday. Buyers brought rough purchases forward to the July sales cycle because of the relatively early date of the festival this year, De Beers noted at previous sights. The last two sights have both been significantly smaller than a year ago as a result.
Sightholders were optimistic about the end-of-year holiday season, even as De Beers’ rough sales have declined 7% to $4.38 billion for the year to date, Rapaport records show. Russian miner Alrosa echoed this positive outlook, also noting that the timing of Diwali had weakened sales in September.
“We expect the traditional revival of the market situation in the fourth quarter, as the industry starts to prepare for the winter holiday season,” Alrosa vice president Yury Okoyomov said last week.
Source: diamonds.net
Sotheby’s Auctioneers announced the upcoming auction of the Raj Pink diamond.
Weighing 37.30 carats the Pink diamond is the largest Fancy Intense Pink Diamond, according to Sotheby’s.
The Pink Diamond will feature at the auction house’s Magnificent Jewels in Geneva next month, and is estimated to fetch $20 million to $30 million USD.
The Original Rough Diamond was studied for over a year before the master cutter finished the polished Raj Pink Modified Cushion Brilliant cut
More trouble for diamond miner Petra Diamonds yesterday after it warned it is heading into financial trouble with its lenders.
Petra has borrowed heavily to expand its operations in the country. The company is now likely to breach its banking covenants at the end of the year, because of the row with the government in Tanzania. As well as strikes at three of its mines in South Africa.
Petra diamonds is known for the size and quality of the diamonds produced at the famous Cullinan mine outside of Pretoria in South Africa.
The emerald cut diamond weighing 163.41 carats will be the largest D colour flawless diamond to appear at an auction.
The 404.20 carat “4 de Fevereiro,” alluvial rough diamond that Lucapa Diamond Company recovered is the largest rough diamond in history originating from Angola.
The Rough Diamond was recovered at Lulo mine in Angola in February 2016, and sold for $16 million USD later that month by Lucapa.
The auction will take place on November 14, in Geneva at the Four Seasons Hotel des Bergues .
Geologists have discovered what they refer to as young diamonds, after analyzing a number of rough diamonds.
It now appears the creation of rough diamonds, may have occurred later in the Earth’s history than was previously thought. Diamond requires extreme temperatures and pressures to form. Geologists though these conditions only existed in the early formation of Earth.
Small impurities in the diamonds could indicate the conditions in which they are formed. So 26 diamonds donated by the De Beers Group where analyzed by a research team in Amsterdam.
Sm-Nd isotope techniques are used by researchers to analyzed the sampled garnet inclusions, Which are a common mineral found in Earth’s mantle and sometimes within the diamonds.
The scientists discovered two sets of diamonds, one of Archaean age 2.95 billion years old thought to be the original source of the diamonds. And then surprisingly the other of Proterozoic age 1.15 billion years old.
The world’s second largest 1,109 carat rough diamond discovered two years ago, has prompted the Botswana government to amend the law giving it first option to buy unusually large diamonds.
Botswana’s success has been due to the rough diamond mines.
An official told a local newspaper that it referred to stones that were unusually large, were particularly clear or had a rare colour.
The price will agreed between the government and the producer, both parties with the current market price of the rough stones.
A US slowdown in demand for polished diamonds is gradually building up inventories at Indian jewellery manufacturing companies, leading to a decline in diamond prices by as much as seven percent this month.
The US usually orders bulk for the holiday season, but this year the volumes are down.
Inventories have started piling up at the manufacturing units. It will become a matter of worry if this continues for long. We do not expect manufacturing activities to be cut down due to this slowdown in export markets. Manufacturing companies may reduce rough purchases.
Diamond markets in Belgium and Israel are also quiet. Rough diamond trading has slowed.
There are a number of ways to verify that your diamond matches the diamond certificate it is purchased with. If you purchased a diamond that is laser inscribed, ask your jeweller to show you the laser inscription under magnification. This way, you will always be able to identify the diamond as your own.
DCLA also performs a verification service, for both DCLA certified diamonds and for diamonds certified by other internationally recognised laboratories. Bring or send your diamond, together with the diamond grading certificate, to the DCLA laboratory and the diamond will be conclusively matched against the certificate. DCLA can then cold laser inscribe the diamond with either the diamond grading certificate number, or with a personalised message.
