Jan 25
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The decision of the United States’ government to ban two Marange diamonds related Zimbabwean companies has resulted in a formal response from the Finance Minister of the African country. As per reports, Tendai Biti, the Financial Minister of Zimbabwe, wrote a formal letter to the U.S. government to express his country’s protests at the ban of the companies, Mbada Diamonds and Marange Resources. The two companies are closely related to the highly controversial Marange Fields in Zimbabwe as they are partners with the Zimbabwean government for the mining of diamonds from the fields. Continue reading »
Jan 24
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According to the statistics for the month of November, the imports of polished diamonds in the US showed a marked increase when looked at in terms of year on year basis. However, while the country showed an increase in the imports of polished diamonds in terms of value, it also recorded a significant decrease in the same in terms of volume. Continue reading »
Jan 11
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The Aussie diamond industry, as per recent analyses from research consultancy group IBIS World, is going to show a tremendous jump of 36 percent in the coming year. The reasons cited for this expected tremendous growth rate are two. Continue reading »
Dec 27
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Peregrine Diamonds has taken its partial stake in the Chidliak diamond exploration project and maximized it. The company that only had 49 percent stake in the diamond exploration project now has full ownership of it as it has acquired the balance stake of 51 percent from its joint venture partner BHP Billiton Limited. Continue reading »
Dec 19
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Zimbabwe’s aims of becoming an economic giant on the back of proceeds from the sale of its diamond stockpiles seemed to have hit a major obstacle with the United States of America putting sanctions on two of its biggest diamond mining firms. The United States recently added the publicly held Mbada Diamonds and the state controlled Marange Resources to its list of companies against which sanctions have been imposed. The move to list these companies in the sanctions list is seen as the country making amends against the Kimberley Process’s decision that was taken earlier this year. Continue reading »
Dec 16
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Graff Diamonds’ bid to launch an IPO in Hong Kong is in full swing, and the latest development in the whole process is that the London based diamond retailer has taken on the services of four different banks for handling the IPO launch. The banks that have been roped in for the launch are all well known in the world. The banks chosen are Credit Suisse, Deutsche Bank, Goldman Sachs and Morgan Stanley. The four banks will be handling the USD 1 billion worth IPO which is due to be launched in the first half of next year i.e. 2012. Continue reading »
Dec 07
Global Witness, a name that has become synonymous with protests against blood diamonds, has decided to pull out from the Kimberley Process on the back of the system deciding to allow the sale of diamonds from the Marange Mines in Zimbabwe. The decision to pull out from the Kimberley Process is particularly significant because Global Witness was one of the few human rights groups that sparked off a campaign against blood diamonds back in the 90s. Now that one of the most crucial players in the founding of the Kimberley Process has pulled out, the effectiveness of the whole system has been put to question. Continue reading »
Nov 22
Blue Nile, one of the major premiere jewelry sellers on the internet, has come out and stated that it has begun searching for a new CEO. The need for the new CEO was announced by Blue Nile along with the news that the company’s current CEO Diane Irvine would be leaving the company. While the news of Diane Irvine has taken precedence in the last few days, the company also announced its third quarter earnings simultaneously. Continue reading »
Nov 15
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The world’s biggest jeweler, in terms of revenue, is all set to join the Hong Kong IPO bandwagon mainly to take advantage of the luxury goods and premiere jewelry market which is being driven by demand from the Chinese economy. The Chow Tai Fook Jewellery Group is expected to launch an IPO in the Hong Kong markets which would have a base value of around USD 3 billion. The IPO which may be launched during the next month i.e. December 2011, is one of the biggest in the world since Spain’s Bankia SA launched its IPO in the month of July. Continue reading »
Nov 10
Graff Diamonds, the jeweler for the rich and famous of the world is all set to become increasingly more accessible in the Asian market in the coming years. The diamonds jewelry giant has decided to take the first step towards making a foray in the greater China region and Asia. This first step comes in the form of an impending IPO in the Hong Kong market that will be launched in the coming year. As per reports, the company has plans to have a whopping 1 billion American dollar listing in Hong Kong and has already begun preparations for the same by starting the procedure for hiring the required underwriters. The planned IPO of 1 billion American dollars is expected to take the total equity value of the company to around 5 billion dollars. Continue reading »
