Gem Diamonds found this high-quality 80-carat rock in Lesotho

South Africa took a step closer on Thursday to create a standalone mining company that will take charge of the government's role in the country's rich resources and with ambitions of becoming involved in the continent's mining sector.

Japan imported $72.3 million worth of polished diamonds in January, starting the year with a decline compared to January and signaling the end of a nine-month long rise in diamond demand.

Anglo American (LON:AAL) can officially take over De Beers as the European Commission granted the global miner authorization to proceed with its acquisition of the world's biggest diamond company, announced in November.

Major Drilling posted quarterly revenue of $182.2 million, up nearly 70% from the $107.7 million recorded for the same quarter last year. This represents the highest level of third quarter revenue in the Company's history.

A new survey by The Economist Intelligence Unit finds when institutional investors interested in frontier markets were asked to choose two regions out of five, two-thirds see Africa – projected to be the fastest growing region on the planet this year – as holding the greatest opportunity.

Russia's diamond manufacturing industry is slowly but surely emerging from the severe crisis it experienced since 2009, when polished diamond production fell to an unprecedented low of US$350 million.

Canadian Shore Gold (TSX:SGF) shares fell dramatically Thursday after the Saskatoon-based company announced it had failed to secure a deal to fund their Star-Orion South diamond project near Prince Albert.

After five years of declines, primarily attributed to low production, poor prices, and a high Australian dollar, IBISWorld’s “Industries to fly and fall in 2012” report forecasts a “revenue rebound” for Australia’s diamond and gemstone mining industry that will involve five years of growth with industry revenues climbing to $947.3 million by 2016-17.

The future of about 160 workers at BK11 diamond mine in Botswana is in the balance after UK-based owner, Firestone Diamonds (LON:FDI), suspended operations yesterday.