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India Should Focus on Incremental Changes in KP
Mumbai (By Suresh Chotai): More than two decades after the Kimberley Process (KP) was born, the diamond industry still faces an uncomfortable truth: the global system designed to keep “Conflict diamonds” out of the market is stuck in the past. The Kimberley Process defines conflict diamonds narrowly—stones used by rebel movements to finance wars against legitimate governments. That definition made sense in the early 2000s, when conflicts in Sierra Leone and Angola shocked the world. But today, violence linked to
India Should Focus on Incremental Changes in KP
Mumbai (By Suresh Chotai): More than two decades after the Kimberley Process (KP) was born, the diamond industry still faces an uncomfortable truth: the global system designed to keep “Conflict diamonds” out of the market is stuck in the past. The Kimberley Process defines conflict diamonds narrowly—stones used by rebel movements to finance wars against legitimate governments. That definition made sense in the early 2000s, when conflicts in Sierra Leone and Angola shocked the world. But today, violence linked to
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India Cuts Import Tariff on Gold, Silver
New Delhi: India Thursday further slashed the import tariff value of gold to $376 per 10 grams and of silver to $498 per kg due to weak global prices. For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg. The import tariff value is the base price at which
De Beers First-Half Sales Fall 26 Percent
Gaborone: De Beers—which became the star unit of parent company Anglo American following soaring sales in 2014—reported a 26 percent drop in sales in carat terms for the first six months of this year. The company sold 14 million carats in the first half of 2015, compared to 16 million in 2014. De Beers’ rough prices also fell 4 percent
Rio Tinto Q2 Production Increases to 4.7 Mln Carats
Perth: Rio Tinto announced that production increased to 4.696 million carats in the second quarter, compared to 3.832 million carats in the same quarter of 2014. Rough diamond production in the first half of the year totaled 8.851 million carats, up from 7.482 million carats in 2014. The company said that production at the Argyle mine in Australia was 37-percent
33% of De Beers’ Goods Rejected
Gaborone: De Beers’ customers declined to buy about a third of the diamonds offered for sale this week by the world’s biggest producer, according to two people familiar with the process, reports Bloomberg. The buyers, or sightholders, exercised the right granted by De Beers this month to defer purchasing about 25 percent of the stones on offer and rejected about
India Cuts Import Tariff on Gold, Silver
New Delhi: India Thursday further slashed the import tariff value of gold to $376 per 10 grams and of silver to $498 per kg due to weak global prices. For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg. The import tariff value is the base price at which
De Beers First-Half Sales Fall 26 Percent
Gaborone: De Beers—which became the star unit of parent company Anglo American following soaring sales in 2014—reported a 26 percent drop in sales in carat terms for the first six months of this year. The company sold 14 million carats in the first half of 2015, compared to 16 million in 2014. De Beers’ rough prices also fell 4 percent
Rio Tinto Q2 Production Increases to 4.7 Mln Carats
Perth: Rio Tinto announced that production increased to 4.696 million carats in the second quarter, compared to 3.832 million carats in the same quarter of 2014. Rough diamond production in the first half of the year totaled 8.851 million carats, up from 7.482 million carats in 2014. The company said that production at the Argyle mine in Australia was 37-percent
33% of De Beers’ Goods Rejected
Gaborone: De Beers’ customers declined to buy about a third of the diamonds offered for sale this week by the world’s biggest producer, according to two people familiar with the process, reports Bloomberg. The buyers, or sightholders, exercised the right granted by De Beers this month to defer purchasing about 25 percent of the stones on offer and rejected about
