De Beers upbeat on diamonds outlook, despite sales drop

South Africa's ruling party, the African National Congress, appears to be moving away from nationalization of the mining industry to reassure foreign investors but is considering new taxes and "targeted interventions" in the sector, particularly platinum mines.

Stornoway Diamond Corp. (TSX:SWY) will make it a priority during 2012 to obtain all the permitting and financing needed to get its northern Quebec Renard Project in construction by mid-2013, according to company officials.

Gem Diamonds on Thursday reported record annual production at its flagship Letšeng mine in Lesotho and continued to polish its reputation as the world’s richest source of exceptionally large diamonds, but prices per carat fell 23% compared to a year ago.

With revenues of $60 billion last year and operations at the ends of the earth, few companies are in a better position to take the pulse of the global economy and the resource sector than Caterpillar. But what is it saying about the outlook for 2012?

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2012) - Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) has completed its analysis to determine the most efficient way to advance the 8,580 square kilometre Chidliak project ("Chidliak" or "the Project"), located 120 km from Iqaluit, Baffin Island, Nunavut, Canada. This review was prompted by the Company's opportunity to increase its interest in the Project to 100% by acquiring BHP Billiton's 51% interest, as announced on December 20, 2011.

A vulcanologist at the University of British Columbia may have cracked the riddle on how kimberlite magma, and the valuable diamonds it sometimes carries, pushes its way up from deep underground.

Originally touted as a 'model of successful resource diplomacy' Korea's successful 2010 bid for a diamond project in Cameroon now appears to have been an elaborate scheme that netted company insiders and senior government officials at least $70 million in stock trading profits.

IDEX News reports BHP Billiton's Ekati diamond mine produced 481,000 carats in the last quarter of 2011, a 29% decline compared to a year ago. 80%-owner BHP Billiton wants to sell the mine, but Ekati could fetch only $300 million to $500 million a new report shows.

The Calagary Herald tracked down Shane McClure, a gemologist, for his opinion of the world's largest emerald that is being auctioned in Kelowna this month, and McClure is wondering if the emerald is actually dyed beryl, a mineral that is relatively worthless.