Gemfields postpones emerald auction over India’s ‘demonetization’

Clive Cowdery, the Resolution Ltd. founder who made about $240 million buying and selling insurers, is betting on diamonds after prices rose five times faster than gold this year on surging demand from China and India. Cowdery, 48, is among startup investors in Diamond Capital Ltd.’s $20 million fund that will manage a portfolio of the polished gems valued at as much as $400,000 apiece.

South Africa's role in getting Zimbabwe's diamonds back into international trade is being slammed as "dangerous", amid revelations that government officials there have helped export millions of dollars worth of Zim diamonds. South Africa's State Diamond Trader officials admitted in parliament last week that they had helped Zimbabwe export diamonds from Chiadzwa, despite an international ban on the trade.

De Beers Diamond Jewellers, the ultimate destination for diamond jewellery, is delighted to announce the opening of its new store in Almaty, Kazakhstan. The De Beers store is located on Bogenbai Batyr, 125 in Almaty – the premier shopping location for luxury brands. The Almaty store will be operated by Premier Metro Group, whose core business is the retail and distribution of luxury goods including jewellery, watches, cars, high-end mobile phones as well as fine wines.

The newest Fair Trade standard, gold and associated precious metals, made its debut a little more than a year ago. It promises to improve social and environmental conditions for millions of small and artisanal gold miners around the world.

A treasure of gold, jewelry and diamonds worth over $24 billion by some estimates has been unearthed from the vaults of a temple in India. Image is from YouTube news report on the same story.

Quebec's first diamond mine took another step forward today, with the launch of the federal environment assessment process, The Montreal Gazette reports: The Canadian Environmental Assessment Agency is accepting public comment on the project, along with suggestions of environmental issues that should be considered in the comprehensive study of the project. Image of the Renard project, by Stornoway Diamond Corp.

Investigators plan to pry open the final vault hidden deep under a centuries-old Indian Hindu temple as police guarded round the clock the shrine where billions of dollars worth of treasure has been discovered. Over the last week a seven-member team of investigators has broken into five of the six secret subterranean vaults piled high with jewels that have lain untouched for hundreds of years.

AFP reports the Antwerp diamond industry, world capital of the gem, on Monday announced an investment deal with leading Chinese bank ICBC, which could act as an intermediary to provide finance for diamond transactions in Antwerp. Around 80% of the trade in uncut diamonds and half of world trade in cut stones transits through the Flemish town, which is facing increasing competition, including from India.

Diamond prices continue to soar, with rough prices up 27pc in 2010 to levels higher than before the crisis. Prices have continued to rise this year, but high prices may now be putting buyers off. Anecdotal evidence of this "demand destruction" has started to emerge. On Thursday, sector observer Rapaport noted that, although demand is still strong, caution had entered some markets.