Angola H1 diamond revenue falls

Angola’s diamond revenue has dropped in the first half of the year, according to the governor of the National Bank of Angola, José de Lima Massano.

Today

ALROSA’s Severalmaz cuts production

PJSC Seralmaz, part of the ALROSA Group, will reduce production at its Lomonosov Division in 2020 due to the closure of the Group’s key sales markets and a slump in demand for diamonds amid the coronavirus pandemic.

Today

Titan to record decreased profit for 1H due to COVID-19

Tata Group company Titan recently announced that the company’s operating cash flow was negative in the last two months due to virtually zero sales in the first six weeks of lockdown.

Today

Mountain Province Diamonds Inc. announced changes to its board of directors

The Company announced the addition of Ken Robertson to its board of directors.

Today

Russian Far East is of interest to Indian diamond cutting companies - report

Indian companies see the Russian Far East as a center for creating diamond-cutting enterprises.

Yesterday

Why diamond mining in Africa is a double-edged sword

14 february 2020
expert_14022020.png
Image credit: Debswana


(spearswms.com) - When Botswana gained independence from Britain in 1966, it was one of the poorest countries on the planet. Per capita income was around $80 a year – just 15 per cent of the global average, according to World Bank figures. But the following year, the southern African nation’s fortunes began to transform. A vast diamond deposit was discovered in Orapa, a small town in the country’s Central District. It is now the largest diamond mine in the world. By 2018, Botswana’s GDP per capita had risen to $17,948. The country is now one of the wealthiest in sub-Saharan Africa. Elsewhere in Africa, the way the proceeds of the industry are used remains the subject of controversy. In 2003 the Kimberley Process Certification Scheme was established to prevent proceeds from diamonds being used to fund violence. Today, however, various groups argue that the scope of the process is too narrow, and that any sanctions are too easy to circumvent.