Alrosa’s May sales drop 85%

According to the Chamber of Mines of South Africa, illegal miners in the country usually belong to organised crime syndicates.

Miner posted a net loss of $984,928, compared to a $663,145 loss a year earlier, due to an increase in costs of developing its Tongo-Tonguma diamond project in eastern Sierra Leone.

Figures takes proceeds from Lulo diamonds sales so far this year to $10.8 million, at an average price per carat of $1,731.

Angola is one of the world’s top 5 diamond producers, but much of the territory remains under-explored due to 27 years of civil war.

Funding for the project has not been secure yet, though the miner is in talks with Newfield Resources over a possible offer.

Very few of the 150 companies who expressed interest in investing in the Mining Arc actually presented concrete offers.

Together with naming new top execs. the Canadian miner is acquiring Clara Diamond Solutions, which uses blockchain technology to trace diamonds as they move through the supply chain.

The global economy is booming and demand for precious jewels, particularly colored gemstones, has never been higher.

A test sale was conducted and, according to the Minister of Mines, it was a total success.