The main factor determining the current state of the diamond market is the global financial crisis. The situation on the leading financial and stock exchanges is still fairly dramatic. The labour markets in the US, Europe and Japan are also not in the best shape. Under these circumstances the availability of credit for diamond market players has declined drastically.
Alexander Matveyev, Member of the Federation Council of the Russian Federal Assembly, First Deputy Chairman of the Federation Council Committee on Northern Territories and Indigenous Minorities, Mining Engineer, Academician of the Russian Engineering Academy, Doctor of Economic Sciences, Professor, worked as Chief of Industry Department of the Yakutsk Region Committee of the CPSU, Chairman of the Yakutia Planning Committee, Vice-President and First Vice-President of ALROSA.
Valery Vladimirovich Rudakov – chairman of the Board of Directors of CJSC Polyus, chairman of the Committee for precious metals and precious stones of the Chamber of Commerce and Industry of the Russian Federation. In 1999-2002 - Deputy Minister of Finance of the Russian Federation and head of the State Repository for Precious Metals.A parcel of 222.71 carats of diamonds from the Kareevlei project of Australia’s Tawana Resources NL was placed on tender in Kimberley, South Africa in order to obtain a realistic fair market value based on actual offers by diamond buyers, Tacy reported. Though the parcel was withdrawn from the sale after the close of the tender, the average value obtained was US$169 per carat, including one stone of 3.741 carats that was valued at US$2,800 per carat.
Some 3 years ago, a parcel of 95.3 carats from Kareevlei kimberlites KVW01 and KVW02 was valued at US$110 per carat by two independent valuers. Due to the small parcel size the valuers were optimistic that the value of the stones would increase to US$120 to US$150 per carat for a larger parcel. Subsequently, a parcel of 33.2 carats from kimberlite pipe KVW03 was valued at US$170 per carat and a parcel of 18.3 carats from KVW05 was valued at US$90 per carat, also by the independent valuers.
The average 2005 value of the diamonds from the combined kimberlite parcel was US$121 per carat. The August 2008 value derived from the tender process was US$169 per carat, marking a 40 percent increase over the 2005 valuation.
“This is an exciting upgrade to anticipated diamond prices as Tawana prepares to undertake a significant trial mining project on this highly prospective deposit,” says a spokesman for Tawana.
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