Alrosa diamond sales picked up in November

Stornoway Diamond Corporation involved in the discovery of over 200 kimberlites in seven Canadian diamond districts will join S&P/TSX SmallCap Index at the end of the week, a move which should increase the appeal of the counter among institutional investors. It's a new milestone for Stornoway which flourished under the leadership of Eira Thomas, the renowned diamond explorer whose spectacular success in the 90s transformed Canadian diamond mining. Thomas left in August following the acquisition of Stornoway's lead asset – the 100%-owned Renard Diamond Project – on track to become Quebec's first diamond mine.

Guinea's parliament adopted a new mining code that more than doubles the share the West African state can take in mining projects to 35 percent and toughens procedures for acquiring development permits, the government said on Saturday.

Authorities in Belgium are investigating a case that may turn out to be the country's largest ever fraud. De Tijd this week published some of the names from a list of 170 of Antwerp diamond traders who it claims are being investigated by authorities for spiriting almost $1 billion (€700 million) in unpaid taxes into secret Geneva bank accounts. Approximately 80% of the total world production of rough diamonds is traded by the 185 gem companies operating in Antwerp (pictured) and 50% of the globe's polished diamonds pass through the Flemish town. The Antwerp traders are among a much larger roster of at least 24,000 HSBC Private Bank clients from Canada, India and Germany under investigation by French authorities since 2009.

Australians believe that the mining industry is much larger than it actually is, according to a study by the Australian Institute. In the study released on Thursday, Australians were asked to estimate what percentage of the nations workers are employed by the mining industry. The average response was around 16 per cent, when according to the Australian Bureau of Statistics (ABS) the actual figure is 1.9 per cent. The survey also found Australians believe that mining accounts for more than one third (35%) of economic activity. However, ABS figures show that the mining industry accounts for around 9.2 per cent of GDP.

The deal-making frenzy in the global mining sector during the first half of the year was followed by a dramatic drop in activity in July and August, according to a new report by consultants PricewaterhouseCoopers. Figures from the report titled Riders on the Storm show that in July and August the value of global mining deals fell by 49% and deal volumes declined by 25%. The sharp reversal came after a record first half when 1,379 deals worth $71bn were announced even though Chinese entities, firmly focused on value, retreated from iconic western takeovers. Buyers were also willing to pay over the odds for large publicly listed targets – for $500 million+ acquisitions, the average premium was 37%. For sub-$500 million deals, premiums averaged a mere 8%.

VANCOUVER, Sept. 6, 2011 /CNW/ - Rockwell Diamonds Inc. ("Rockwell" or the "Company") (TSX: RDI) (JSE: RDI) (OTCBB: RDIAF) announces that its board of directors has approved the capital investment to install high throughput (or bulk) x-ray technology at Saxendrift. This represents another positive step in implementing and entrenching its diamond value management programmes which are focused on sustainably enhancing diamond recoveries.

The DRC's Ambassador to Belgium says the country wants to ramp up diamond production and become a "continental hub" for the precious stones. In an interview with Rapaport Magazine, Henry Mova said the country could become an entrepot for Africa-sourced diamonds. His comments were made following the graduation of 15 Congolese citizens from the International Gemological Institute’s (IGI) School of Gemology in Antwerp.

Commodity markets were hit this week by shock news that the United States created no jobs in August, sparking speculation that the world's biggest economy could be heading for a double-dip recession. Analysts said the data bolstered expectations that the US Federal Reserve could soon decide to implement another round of quantitative easing -- dubbed QE3 by traders -- to help breathe new life into the struggling economy.

Business Day reports De Beers expects its South Africa unit to produce 6.5 million carats this year, 1 million less than last year as the effects of mine disposals filter down. De Beers has since 2007 sold several of its South African mines including Cullinan, Jagersfontein, Namaqualand and Finsch. The board is expected to sign a potential R15bn ($2 billion) investment to extend the life of its flagship Venetia mine when a feasibility study ends next year – it would be the company’s biggest South African investment in decades.