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Water level in the shaft of Mir rose to -273.7 meters

A regular shift of the search and rescue operation at Mir started its work underground this Saturday morning and cleared 17 meters of mine workings from obstructions, according to the statement released by the press service of ALROSA. The rescue teams...

Yesterday

ALROSA starts to move Mir Mine workers to other jobs

ALROSA has started to implement its CEO’s order to move the workers of the Mir Mine to other jobs, the company's press service says. The heads of the diamond miner’s divisions in team with production, personnel and social departments of the company...

18 august 2017

Investor creates a rough and polished diamond cluster in Vladivostok

Eurasian Diamond Center (EDC), based in the Free Port of Vladivostok (FPV), creates an infrastructure cluster bringing together companies operating within the diamond industry and focused on export-import operations with Asia-Pacific...

18 august 2017

Diamond Tycoon arrested in money laundering investigation

Israel's Police has arrested Israeli diamond and mining tycoon Beny Steinmetz and four others in a money-laundering investigation case, involving real estate deals abroad, as per media reports.

18 august 2017

Gem Diamonds H1 revenue drops, receives offer for Botswana mine

Gem Diamonds said its revenue for the six months to June 30, dropped 14 percent to $93 million from $109 million a year earlier.

18 august 2017

Rough Supply Up, Polished Sales Down, and Stockpiles Created

11 august 2017
(ehudlaniado.com) - It was only a week ago when we discussed the disconnect between rough and polished diamonds, and it seems that the divide is only growing. Last week, I noted that De Beers’ rough diamond sales increased during the first half of 2017. My point was that rough diamond supply increased, while polished prices and demand declined.
De Beers reported that their diamond production in the second quarter of the year totaled 8.7 million carats, a 36% year-over-year increase. My research firm Mercury Diamond reported two weeks prior that the Mercury Diamond Global Tracker™ (MDGT™), an index of polished diamond prices, declined 0.6% year-over-year in June 2017. It was the 31st consecutive month of decline, a period of more than two and a half years of continuous eroding value. The disconnect, however, is less related to changing prices, and more to demand: if there is demand, the supply makes sense.
Last Tuesday, De Beers announced the results of its sixth cycle rough diamond sales. According to the press release, it sold $572 million worth of rough diamonds during the cycle though all of its different channels. This is $31 million more than the $541 million worth of rough diamonds it sold during the previous cycle, and $44 million more than the $528 million worth of rough diamonds it sold during the sixth cycle of last year. So, not only did rough diamond sales increase during the first half of 2017, but the trend of increased sales is continuing into the third quarter as well.

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