Star Diamond acquires Buffalo Hills project in Alberta
Located approximately 400 kilometres northwest of Edmonton, the Buffalo Hills project includes 21 mineral leases covering 4,800 hectares.
In a move meant to curtail fake diamond exports and the round tripping of funds and diamonds indulged in by some nefarious diamond merchants, India’s central bank, the Reserve Bank of India, has reduced the term of letters of credit for the import of diamonds into the country.
An immediate consequence of reducing the term, to 90 days instead of one year, will ensure that diamond importers cannot earn interest arbitrage on their packages.