Jeweler Held Responsible for Lost Diamond
A recent ruling by a Consumer Tribunal in Sydney, Australia has put the onus on the jeweler to pay for a lost 10,000 dollar diamond in a ring setting.
The client, Damien Jones from Sydney, purchased the ring for his fiancée early last year but only a month later the diamond was discovered missing from the ring and evidently droping out. Mr Jones then appealed to the Consumer, Trader and Tenancy Tribunal.
The Jeweler was then ordered to refund the cost of the ring by the Tribunal. Agnes Borsody, Tribunal member, stated, "It is more probable than not that the loss of the diamond was due to a defect in the setting of the diamond."
Jason Ghebar for Parade Jewellers maintained the quality of ring was fine and disagreed with the findings of the Tribunal.
This has some thoughtful implications for ring and diamond purchases and brings attention to the quality of the setting the stone is in.
It is vitally important that the setting is sufficient to hold the stone during normal use. Perhaps even a written statement by the jeweler that the setting is sufficient and adequate for the purpose should be obtained by a client, especially with the more expensive stones and setting.
Diamond Ornament for Sri Sundareswarar
The presiding deity of the Meenakshi Sundareswar Temple in the heart of Madurai City, India, Sri Sundareswarar, will be adorned with a diamond cluster called, 'NetriPattai', costing 3 million Rupees (3.2 Million USD) , from Mahashivarathri on February 26.
The Meenakshi Sundareswarar Temple administration has decided to adorn Lord Sundareswarar with a 25-carat `Vaira Netripattai' (diamond ornament to be placed on the forehead of the Lord) at a cost of 6 million Rupees.
The Jewel, containing 2001 diamond stones, each weighing three carats, and a original Burma ruby at the centre, has been paid for with funds from the temple fund and money from the donors, chairman, board of trustees and industrialists, T.Kannan told newsmen recently.
The deity will be adorned with the diamond ornament on important days. Kannan also said the Amoor Mayil Vangeeswarar temple, a 1000-year-old sub-temple of the Sri Meenakshi temple would be renovated at a cost of 4 million Rupees.
Indian and Canadian Potential Mining Agreement
A meeting between Shri Kamal Nath, Union Minister of Commerce and Industry of India and Joseph Cordiano, Minister of Economic Development and Trade, Province of Ontario, Canada, has resulted in an agreement to explore the possibility of a lucrative cooperation between the two countries.
Nah suggested that investing in diamond mines in Canada for rough diamonds which can be then cut and polished in India for export would be excellent for both countries and indicating that, as India is now the world top exporter of cut and polished diamonds, they could certainly work well with Canadian rough cuts.
India is the 37th largest source of direct investment in Canada and any agreement along these lines is sure to improve bilateral trade among the two countries.
De Beers Relaxes it's Grip
De Beers is relaxing it's grip on the diamond monopoly after 70 years. De Beers controls around 70 percent of the worlds diamond market but it seems is being forced to end that monopoly.
De Beers has agreed to halt it's buying of rough diamonds from it's main rival, the Russian Company, Alrosa.
This was in response to monopoly abuse charges by a Belgian diamond group, last year, claiming De Beers was breaking EU competition law by artificially limiting the supply of the gems on the market.
Be Beers also, agreed to settle lawsuits in the UD paying 250 million dollars to do so.
"This will result in more rough diamonds being available on the open market, paving the way for genuine competition," the European Commission said. "De Beers's long-running primacy can now effectively be challenged by its biggest competitor."
"Under the settlement, the companies will phase out all purchases of rough diamonds from Alrosa from 2006 to 2008 and end the sales in 2009, "the European Commission added.
Over a century ago De Beers was created to exploit the vast diamond mines in South Africa and in 1929 Ernest Oppenheimer, the founder of Anglo American took over and De Beers transformed itself into a monopoly starting.
Using long-term purchase contracts with rivals, it kept control of global diamond supplies and by the late 1990s had accumulated a stockpile of gems worth about $5 billion.
Since the influx of Australian, Canadian and Greenland diamonds De Beers hold on the market has been appreciably weakened
Diamond Trading Subject to Money Laundering Controls?
The Israeli Diamond Trading Center may, in future, be subject to stricter money laundering controls. The Ministry of justice is apparently looking at various ways it might apply anti-money laundering to Israel's diamond industry.
The Israeli diamond industry has a turnover in excess of five billon dollars a year and is now a recognized international diamond trading center. Over half the worlds diamonds now pass through the Israeli's diamond trading center.
In fact the World Federation of Diamond Bourses (WFDB) and International Diamond Manufacturers Association (IDMA) recently made the decision to hold the 32nd World Diamond Congress in Israel in June 2006.
The Former Ministry of Industry, Trade and Labor supervisor of diamonds Udi Sheintal recently told Globes that diamond merchants had an industry-wide arrangement with the Israel Tax Authority, under which merchants paid a tax rate of 1% of turnover. He said then that this arrangement was the only way to levy taxes on such a complicated industry, because it was difficult to assess the value of diamonds.
In an effort to increase the amount of information on potential money laundering in the diamond industry, the Ministry of Justice is reportedly considering requiring diamond merchants to report all cash transactions and identify customers.
No word from the diamond trading merchants has yet been supplied about this proposal.
Diamonds from Greenland
Greenland is shaping up to be a viable source of diamonds.
The Malmbjerg deposit in East Greenland appears ready for progress as announced by the International Molybdenum Plc (InterMoly).
Commenting on the resource upgrade, Graham Mascall, Chief Executive Officer of InterMoly, said:
"We are very pleased to report the resource upgrade at Malmbjerg to Measured and Indicated status. The new resource estimate further confirms the very large tonnage and grade of this world-class deposit and, encouragingly, the existence of a substantial higher-grade zone. In addition, the new resource estimate increases the contained in-situ mineral resources at Malmbjerg by 50%, from 630 million lbs to 950 million lbs MoS2 at the lower cut-off."
This on top ofthe Hudson Resources announcment in December last year (2005) of significant diamond recoveries from four locations on the Sarfartoq Exploration Licence in West Greenland.
"We believe that this new area significantly increases the likelihood of finding an economic diamond deposit and demonstrates that there are likely to be more areas like this on the property. In the short term, we are planning to conduct a seismic survey over the Garnet Lake region as a means of imaging the dike," noted James Tuer, President of Hudson."
Prior diamond and other gem sites have opened up Greenland to more prospecting resulting in the excellent finds above.
It is expected that further significant finds will emerge as 2006 marches on.
25 Million Dollars Worth of Diamonds Sold!
The Russiaan Diamond company ALROSA has reported selling over 25 millin dollars worth of diamonds by auction at a diamond auction recently. The auction was organised as a joint venture between ALROSA and the Russiam Diamond Chamber and was considered highly successful.
Diamond dealers from seven countries including the United States attended the auction and bid on the diamonds.
931 gems were offered with a total weight of 15,000 carat one of which weighed over 300 carat and several weighed in at over 50 carats each.
The Russian company ALROSA produces about 23% of the worlds diamonds and in 2005 it sold 2.83 billion dollars worth wwith 142.6 million of them being cut diamonds.
Gemological Research Conference
The Gemological Institute of America (GIA) is hosting a Gemological Research Conference in August the 26th and 27th later this year (2006) in San Diego, California, in conjunction with the 4th International Gemological Symposium.
This conference will provide an international forum for scientists and other specialists to exchange information and gain a better understanding of modern gemological research. The conference will continue to be held in subsequent years on a regular basis.
The following six general conference themes (scheduled in two parallel sessions) are planned for Saturday, August 26 (8 am to 5 pm) and for Sunday, August 27 (8 am to 12 pm):
Geology of Gem Deposits
New Gem Occurrences
Gem Characterization Techniques
Diamond and Corundum Treatments
Laboratory Growth of Gem Materials
A scientific advisory committee consisting of leading experts in the field has been assembled. Together with these committee members, we have developed a list of questions for each theme that we hope will be addressed by conference participants.
Each session will feature invited lectures, submitted oral presentations, and opportunities for participant discussions. In addition, a poster session will take place on August 27 (12 pm to 2 pm).
During the poster session, there will be facilities for interested presenters (oral or poster) to show their research samples to others, using gemological microscopes if necessary.
The primary goal of the conference is to maximize the exchange of information among participants.
Further information can be obtained from the The Gemological Institute
De Beers Price Hike
De Beers has announced the first price hike in rought diamonds for eight months. It stated the increase would be less than two percent starting at it's Monday sale.
De Beers stated, in response to a recent query, "The increase is due to growth in consumer sales of polished diamond jewellery last year that is expected to continue in 2006"
DTC Sales Director Des Cavanagh said in a statement, "In line with the estimated 6-7 percent growth achieved in 2005 in these markets and the current 2006 growth forecast of 7 percent, we are re-balancing our prices from the February sight, the overall effect of which will be an increase of under 2 percent," A spokesperson for De Beers said.
"We have carefully taken into account current market fundamentals and the medium to long-term view, which we see as positive,", He continued,
De Beers has increased prices of rough diamonds both in January and in June last year (2005) and earlier this month, De Beers recorded a 15 percent rise in rough diamond sales to $6.54 billion for the year 2005.
Trade Winds Ventures Inc.
Diamond drill results from recently discovered North Walter Lake Zone on Trade Winds' optioned block a at Detour Lake, Ontario
Vancouver, British Columbia CANADA, Feb 14, 2006 (M2 PRESSWIRE via COMTEX) --
Trade Winds Ventures Inc. (TWD - TSX Venture), is pleased to report diamond drilling results from the North Walter Lake Zone on the Company's Detour Lake Block A Project. The Block A claims are located immediately west of the Placer Dome Detour Lake Mine property, which historically produced 1.7 million ounces of gold and is currently being actively explored by Pelangio Mines Inc. (TSX: PLG). An exploration drift from the mine at the 560-metre level extends over 800 metres into the Block A Claims.
The Trade Winds' drilling on the North Walter Lake Zone between May and December 2005 completed 30 NQ size diamond drill holes for a total of 7,250.50 metres. Drilling was conducted on sections 80 metres apart with at least three holes completed per section at 20 to 40 metre heights between section 16820E and 16340E. The purpose of the program was to determine the near-surface potential over a 500-metre strike length on Block A of the North Walter Lake Zone, which was discovered in 2004.
Assay results have been received from the first 11 of the 30 holes. This initial drill program obtained potentially economic gold mineralization from 5 of the first 11 holes, results of which are summarized in Table # 1. Table # 2 provides details on the location, orientation and final depth of each hole.
Company geologists have completed an initial lithologic and mineralization model of the North Walter Lake Zone and have divided the gold mineralization into four separate zones. The zones as labelled in Table # 1 are the North Walter Upper Zone (NWUZ), North Walter Lower Zone (NWLZ), Plagioclase Porphyry Intermediate Intrusive Zone (PPIIZ) and Sericitic Felsic Intrusive Zone (SRFIZ). The initial interpretation has the zones striking westward between 260 and 280 degrees, with a near vertical dip and a flat to gentle westerly plunge.
Free Diamond Seminars
The Gemological Institute of America is offering Free Diamond Cut & Grading Seminars around the country in an effort to upgrade the industries understanding of how diamonds are cut and graded.
Included in the workshop seminar is, judging the brightness, fire and pattern of diamonds, being able to assess the proportions and, importantly, being able to explain these to customer.
All attendees would need to have some experience in grading diamonds and a working knowledge of GIA's International Diamond Grading System would be expected.
Seminars are being held in Carlsbad, Calif., Los Angeles, and New York as well as other cities in the US and more details are available at GIA Seminars
Since Jan. 1, 2006, the GIA Diamond Cut Grading System has been implemented on every GIA Diamond Grading Report and GIA Diamond Dossier® for standard round brilliant diamonds on the GIA D-to-Z color scale and Flawless-to-I3 clarity scale. The cut grade system has also been incorporated into GIA Education curriculum.
61 Carat Diamond Recovered!
A 61.7 carat diamond has been found at a South African mine owned by Petra Diamonds.
This is in addition to a 76 carat diamond recovered last Novemmber which was eventually sold for over 460 thousands US dollars.
Petra boss Johan Dippenaar said, "Recoveries such as this, combined with the production growth being achieved from the South African mines in an environment of stringent cost control, give a sound platform for Petra’s operating results going forward."
"Whilst such recoveries cannot be guaranteed on a regular basis, the improvements to the mining methods put in place over the last six months increase our expectation of further such recoveries."
The Cushette Diamond is actually a new cut of diamond with a patented Rosetta "Portals of Light" cut. Instead of the normal 58 facets the Cushette has 77 facets thereby highlighting the brilliants of the diamond as more light can pass through it.
The trademark holders of the cut, VisionCut of New York, recently signed an exclusive agreement with the Gem Certification & Appraisal Lab (GCAL) for grading certificates.
"The Cushette is one of the best types of diamond cuts for white light return and therefore, when we perform our direct light performance analysis, this cut of diamond yields superior results," stated Don Palmieri president of GCAL. "We are pleased to become the exclusive grading lab for Cushette diamonds and provide our Five Star Diamond Certificate on this beautiful stone that will no doubt satisfy many buyers in the marketplace."
The Cushette Cut has 77 facets. 33 on the crown and 44 on the Pavilion. The color grades of the stones range from D to J, with clarities from IF to 11. The stone is offered in weights from .25 to 10 carats. Table sizes range from 62 to 72 percent. Total depth range is 65 to 74 percent. All Cushette Cut diamonds are branded and numbered.
Diamond Based Economy under threat.
The Botswana diamond based economy is under threat from the IMF (international Monetary Fund).
The IMF recently abberatively equated having a diamond based economy with the proliferation of HIV/AIDS in an attempt to bring Botswana into line with the IMF harnessing policy on economic reform.
The IMF stated, 'Notwithstanding Botswana's strong track record of macroeconomic performance, the plateauing of diamond production and spread of HIV/AIDS are undermining past achievements.'
The International Monetary Fund's IMF Country Report No. 06/66, released yesterday states:
'One of the key challenges facing Botswana is to facilitate the transition away from diamonds-which account for over one-third of GDP, 75 percent of exports, and 45 percent of government revenue-to a diversified economy that harnesses private sector initiative and makes more rapid progress in employment creation and poverty reduction while preserving macroeconomic stability.'
The Response from Botswana has not been noted.
Information on Botswana diamond economy can be found here Diamond Based Ecomony.