US Holiday jewelry sales expected to skyrocket

According to Mastercard SpendingPulse, US jewelers can expect revenue from jewelry sales in the US between November 1 and December 24 will grow 59% compared to the same period last year.

17 september 2021

Australia becomes world’s biggest producer of gold for first time

Australia has become the world’s biggest producer of gold for the first time, having played second fiddle to China for the last decade. Australia unearthed 157 tons of gold in the first half of the year, pipping China by four tonnes.

17 september 2021

Nigerian minister mulls death penalty for gold smuggling – report

Nigeria’s deputy minister in charge of mines and steel development has called for the death penalty for gold smuggling in the West African country.

17 september 2021

Gemfields back to black

Gemfields is expected to register a net profit after tax of $23.8-million in the first half of the year compared with the net loss after tax of $56.7-million, a year earlier. Earnings per share are expected to be 2 US cents from a loss per share of 4...

17 september 2021

Debmarine Namibia's new diamond recovery vessel to arrive in SA next week

Debmarine Namibia’s new N$7 billion diamond recovery vessel, Additional Mining Vessel #3 (AMV3), is expected to arrive in Cape Town, South Africa next week ahead of commissioning early next year.

17 september 2021

Lessons from our past

03 july 2020
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The Marange Diamond Field in Zimbabwe                                                   Image credit: Zimbabwe Diamond Trust

(theindependent.co.zw) - One thing that we all have to bear in mind is that if you do not remember the mistakes of our past, you condemn us to making the same mistakes. This is true in life, true in business and in the life of nations. History is littered with examples of this truth. In the early months after the turn of the century, a De Beers geological team found evidence of diamonds in the alluvial sands of Marange in Zimbabwe. Previously, we had found diamonds on the banks of the Limpopo and lower down the Sabi River Valley. This discovery was nothing like those. It was alluvial in character and, in 2006, when the company decided to abandon its discovery; a small group of investors in London took over the claims and within weeks found gem quality diamonds. In days they fell afoul of the Ministry of Mines, the very agency that is supposed to protect our national interests. They were driven off their legally acquired claims and their discovery handed over to the people of the district. Well and good until those who were in power at that time discovered how rich the area really was. In 2008, the army moved in and forcibly removed thousands of small-scale miners who were making a living by excavating the sands by hand and sorting out the diamonds for sale. By 2012, half a dozen companies were on site and satellite images of the area showed over 60 000 hectares of alluvial deposits under exploitation. The same images showed an air strip with a control tower and heavy equipment on site. It was clear this was no small operation.