Petra Diamonds warns output to fall short, shares crash

Plans to sell a stake in 90%-owned Alrosa, the largest diamond supplier in the world, would make up a huge chunk of the $9.3 billion Russia hopes to generate from asset sales this year.

The 49-year-old boss of the world's largest mining company took home £9.8 million ($15.2 million) last year including bonuses, pension contributions and stock options.

The Qilalugaq Diamond Project includes the Qilalugaq kimberlite pipes and the Naujaat system of kimberlite dykes, and has been the focus of ongoing exploration and assessment work by Stornoway since it was optioned and subsequently acquired from BHPB Billiton Diamonds in July 2006 and July 2010.

Large double-digit declines in the value of rough diamond trade by the U.S. in April. Rough diamond imports of $29.7 million fell 24.7 percent year on year.

The South African diamond industry faces serious challenges upstream and downstream, where job creation, wealth creation and the beneficiation of raw diamonds are not concerns for regulatory authorities, says diamond polishing company African Romance CEO Mohseen Moosa.

Chemistry Professor Wuzong Zhou at the University of St. Andrews decided to unravel the mystery of candle light after a challenge from another scientist.

Diamond miner and retailer Harry Winston (TSX: HW) (NYSE:HWD) says its earnings for the first quarter of fiscal 2013 tripled to $11.6 million, as sales in both its rough diamond and luxury goods segments had more lustre than a year earlier.

The IIED report urges the sector to move from improving its standards in principle to actually implementing them in practice.

Consulting firm says the top 40 global mining firms earned a record profit of $133 billion last year driven mainly by iron ore, however their market capitalization fell by 25%.