Archive | Diamond Mining

DeBeers CEO calls for ‘next evolution’ in relations between industry, Indigenous peoples – by Eric White (CBC News Sudbury – August 16, 2018)

Some on the James Bay still believe DeBeers will go ahead with mothballed Tango project

Kim Truter called it a “bittersweet” birthday party for Victor Mine.​The DeBeers Canada CEO gushed with pride at some moments during the 10th anniversary celebrations for Ontario’s first diamond mine on Wednesday, which come as the mine is set to shut down early next year.

And something else seems to have left a bad taste in his mouth as well. Truter says he is proud of the work DeBeers has done with the Mushkegowuk people of the James Bay Coast, with millions of dollars flowing to nearby communities through impact benefit agreements.

But it’s not hard to find someone on the coast who feels those deals were not fair. “Perhaps some of the communities felt that everyone would benefit directly and perhaps they haven’t seen that,” says Truter. Continue Reading →

Bittersweet milestone for Ontario diamond mine – by Len Gillis (Timmins Daily Press – August 17, 2018)

With more than 10 years in operation as Ontario’s first and only diamond mine, the chief executive at De Beers Canada said the company is now preparing for the closure of the Victor Mine located in the James Bay Lowlands next winter.

With more than 10 years in operation as Ontario’s first and only diamond mine, the chief executive at De Beers Canada said the company is now preparing for the closure of the Victor Mine located in the James Bay Lowlands next winter.

Kim Truter, who is also company president, said this week the Victor Mine was very well-run, but admitted there might be better ways in the future to run a mining project and keep the First Nations communities more satisfied. He said the time might be right to consider other forms of financial partnerships.

Truter made the comments to The Daily Press Wednesday as the company celebrated the 10th anniversary of the official opening which took place 10 years ago this summer. Continue Reading →

UPDATE 1-Russian miners explore payment schemes eschewing dollar – by Polina Ivanova (Reuters U.S. – August 15, 2018)

MOSCOW, Aug 15 (Reuters) – Two of Russia’s biggest mining companies said on Wednesday they were investigating rouble-based payments schemes, amid calls from Moscow to reduce the role of the U.S. dollar in Russian trade and so limit the impact of U.S. sanctions.

The Kremlin said on Monday that Russia favoured bilateral trade with all countries in their national currencies, rather than the dollar, but that the idea needed detailed work before being implemented.

Russia’s Norilsk Nickel, which vies with Brazil’s Vale SA to be the world’s biggest nickel producer and is the world’s top palladium producer, said on Wednesday it was discussing the possibility of settling payments in roubles with foreign customers that had signalled their readiness for such an arrangement. Continue Reading →

Death, Diamonds and Russia’s Africa Project – by Leonid Bershidsky (Bloomberg News – August 4, 2018)

The killing of three reporters in the Central African Republic pulls a private, pro-Kremlin military company out of the shadows. The murder of three Russian journalists last week in a remote area of the Central African Republic, the world’s poorest country according to the World Bank, has turned a spotlight on what looks like a big Kremlin play for influence and resources in Africa.

Where China has spent decades and billions of dollars trying to entrench itself there, Russia is offering its brute force and strong appetite for risk. It’s already making headway.

The three journalists, Orkhan Dzhemal, Alexander Rastorguev and Kirill Radchenko, were in the Central African Republic working on an investigative film about the Wagner private military company. That’s a secretive Russian contractor linked by news reports to Yevgeny Prigozhin, a St. Petersburg catering entrepreneur close to Russian President Vladimir Putin. Continue Reading →

Swedish royal jewels stolen by thieves who fled by speedboat – by Euan McKirdy, Joshua Berlinger and Rory Smith ( – August 1, 2018)

(CNN)Thieves stole priceless royal artifacts in a daring raid on a Swedish cathedral before escaping by speedboat, police said. The thieves made off with jewels belonging to former Swedish monarchs Karl IX and Kristina from the Strängnäs Cathedral to the west of the capital, Stockholm, on Tuesday.

Two crowns and a golden orb adorned with a crucifix were taken from the cathedral, which dates back to the 12th century, according to a police report. The items date from the early 17th century.

A witness told Swedish media that he was eating lunch when he saw two people running toward a boat, which they sped away in. Continue Reading →

Heart in Diamond: The Company Reshaping the Funeral Industry – by Naomi Webb (TG Daily – July 30, 2018)

In recent years, man made diamonds have completely revolutionised the diamond industry. Unlike blood diamonds and conflict diamonds, man made diamonds are ethical and eco-friendly. They are also relatively easy and comparatively affordable to produce.

Heart in Diamond have taken the man-made diamond concept further to incredible success; creating diamonds from the ashes of both people and pets, creating unique memorials that people simply can’t get enough of.

As you will see here, memorial diamonds are just as beautiful as naturally formed diamonds, but with a wonderful and poignant meaning to them. You can choose to have these diamonds created from hair, ashes, or a combination of the two, and keep a piece of your loved one by your side always. Continue Reading →

Tiffany & Co. Has Built a Secret Lab to Crush Its Rivals – by Kim Bhasin (Bloomberg News – July 18, 2018)

At Tiffany & Co.’s new workshop in Manhattan, jewelers sit at wooden desks peering through magnifying glasses as they polish silver rings and twist bits of gold. They’re making prototypes of future products, one-of-a-kind experimental items that may never end up in a glass case.

Their marching orders come straight from Tiffany Chief Executive Officer Alessandro Bogliolo: Rev up the pace of new ideas. Under Bogliolo, the 181-year-old company has been trying to attract a younger clientele with revamped jewelry lines and punchier marketing.

Early results are positive. A rebound, which began just before he took over last year, is gaining momentum. Last quarter, Tiffany’s revenue growth was its highest since 2012. Continue Reading →

De Beers Canada acquires Peregrine Diamonds, to take over Nunavut diamond project (CBC News North – July 19, 2018)

De Beers Canada says it plans to take over the company behind the Chidliak diamond mining project in Nunavut. In a Thursday morning news release, the corporation announced it has entered into an approximately $107 million agreement to acquire all outstanding securities of Peregrine Diamonds Ltd. at $0.24 per share.

Peregrine owns and operates the Chidliak diamond exploration project, located 120 kilometres northeast of Iqaluit on Baffin Island.

De Beers Canada, which is headquartered in Calgary, previously declined to invest in the project in 2013 after signing an option agreement with Peregrine the previous year. If it had agreed to the joint venture, it would have invested almost $60 million in Chidliak over five years, operating and having majority interest in the project. Continue Reading →

De Beers Makes Rare Acquisition by Buying Canadian Diamond Mine – by Thomas Biesheuvel (Bloomberg News – July 19, 2018)

De Beers has made a rare acquisition, buying a Canadian company, as the world’s biggest diamond producer seeks to replace closing mines in the country.

The unit of Anglo American Plc agreed to buy Peregrine Diamonds Ltd. for about $81 million, giving it control of the Chidliak diamond resource in northern Canada, the company said in a statement Thursday. De Beers rarely buys assets, partly because it owns some of the best gem mines in the world.

The company has been seeking to increase its exposure to Canada to lessen its dependence on its traditional southern African assets. Continue Reading →

Millennials like their diamonds ethically sourced or man-made, and jewellers are responding – by Divia Harilela (South China Morning Post – July 7, 2018)

According to industry insiders, he is not the only one among his peers who is concerned about where diamonds are sourced from. While many have lamented that diamonds have lost their lustre for the new generation, the truth is that millennials view these precious stones differently from their predecessors.

In addition to colour and clarity, they are more likely to consider social and ethical concerns before they make a diamond purchase.

“New generations equally value what we call natural diamonds, but they are even more demanding about what they buy in this category, like in most of their consumption. Consumers, now more than ever, want to be assured of quality and integrity,” says François Delage, CEO of De Beers Diamond Jewellers. Continue Reading →

[Diamonds] Africa’s Blue Economy: An overlooked opportunity? – by David Thomas (African Business – July 16, 2018)

African Business

Honing in on a promising area using geophysical mapping, a crawler cuts and dredges the seabed, sucking some 60 tonnes of sediment per hour through a giant pipe and onto the vessel. Without any human contact, the sediment is washed and sorted for the glittering stones, which are sealed into small, barcoded containers for the first stage of their journey to the boutiques of Europe and Asia.

To many, subsea diamond mining may sound like a far-off vision of the future, a fanciful innovation on a par with asteroid mining. But with 1m carats recovered from the seabed in 2015 alone by global mining giant De Beers, the technology is already well into its infancy.

For the firm, which has made a vast fortune sifting the soils of Southern Africa for 130 years, heading to the oceans is not just a technological luxury but also an economic necessity. Continue Reading →

A Diamond Giant Plays Up Its Russian Ties to Appeal to Americans – by Andrew E. Kramer (New York Times – July 11, 2018)

Alrosa is not a household name, but it is a dominant force in mining and wants to increase its sales in the United States.

MIRNY, Russia — Shoppers want to know where their coffee is grown, where their clothes are made and where their iPhones are assembled. The world’s biggest diamond miner is now betting that they will also care where the jewels on their engagement rings are dug up.

Alrosa, the mining company, is mounting a campaign to tell the tale of its stones’ journeys from mines deep beneath the ground on to the fingers of betrothed couples around the world. Its one barrier? The diamonds come from Russia.

The company is not a household name. In fact, most people who buy a diamond ring at a jewelry store have probably never heard of it. Continue Reading →

First there were blood diamonds. In India, there are suicide diamonds (South China Morning Post – July 10, 2018)

Investigations spread over a year in the western Indian state of Gujarat found a pattern of suicides – many shrouded in silence – in the industry that cuts and polishes 90 per cent of gems sold globally, with many workers paid per stone

After polishing diamonds destined for luxury stores from New York to Hong Kong for nearly 10 hours in a cramped workshop in western India, Vikram Raujibhai went home, waited for his family to leave, and locked the front door. Raujibhai doused himself in kerosene and lit a match.

His family returned to find the 29-year-old’s charred body, his case the latest in a series among workers with low wages and poor work conditions in India’s booming diamond industry, as uncovered by a Thomson Reuters Foundation investigation.

Investigations spread over a year in the western Indian state of Gujarat found a pattern of suicides – many shrouded in silence – in the industry that cuts and polishes 90 per cent of gems sold globally, with many workers paid per stone. Continue Reading →

Cree see benefits from Quebec’s first diamond mine, built on their territory – by Kevin Dougherty (CBC News Canada – July 8, 2018)

Cree leaders negotiated to have guaranteed jobs, contracts and a share of the royalties from the Renard mine

Quebec’s first diamond mine — the $774-million, Stornoway Diamond Corp.’s Renard mine — sits on Cree territory, about 800 kilometres from Montreal in northern Quebec.

In operation since January 2017, the mine would not have happened without a unique agreement reached between the company and the Cree, who are guaranteed jobs, contracts and a share of the royalties, once the mine is profitable.

For more than a year now, the mine has been producing diamonds, some of which are sold at Montreal’s Birks jewellery store. They bear a fleur-de-lis inscribed by a laser, and come with a certificate that says they’re officially, “Diamants du Québec.” Continue Reading →

SA missing a gem of an opportunity for creating jobs, wealth – by Allan Seccombe (Business Day – June 25, 2018)

A short drive from the edge of the gold belt west of Johannesburg lies one of the world’s biggest alluvial diamond deposits, stretching deep into the Atlantic Ocean. But onerous, costly regulations, corruption and nit-picking officials are destroying a once-vibrant junior mining sector, say a diminishing number of diggers.

Digger after digger talks of how difficult it has become to operate small mines that dig into ancient riverbeds more than 100-million years old, and an even older seafloor.

These deposits should lend themselves to small-scale mining, wealth creation and employment across hundreds of kilometres stretching through farmlands, impoverished towns and settlements where unemployment is rife and work opportunities outside agriculture are slim. But that isn’t the case. Continue Reading →