A trader at the Israeli diamond center has been barred from entering the diamond complex in Ramat Gan after allegedly operating a Ponzi scheme. On Wednesday, a $1.3 million lawsuit was filled against him, claiming a 'sting' operation.

The imposition of a 2 percent import duty on cut and polished diamonds on January 17 this year resulted in a dramatic reduction by 17.3 percent of India’s polished diamond exports for fiscal 2011-12 (April-March).

Diamond production by De Beers decreased to 6.2 million carats in the first quarter. This is a decline of 16 percent year-over-year and 4 percent compared to the fourth quarter of 2011.

Sales of precious metals, art and jewelry at Japan’s department stores have been on the rise in March, outpacing the growth of most other consumer categories.

U.S. diamond traders and buyers imported less diamonds in February and increased their exports during the month. At the same time, the focus is shifting to higher value goods.

Botswana's diamond exports surged forward in February for the first time since October 2011. The country's polished and diamond exports of $306.5 million are a 181.2 percent increase over January's exports.

Access to rough diamonds has always been an issue for diamond manufacturers, and the backdrop to much commercial and national strife. Last week this was exemplified when a Russian manufacturing association said they are "outraged" by an Indian appeal to formalize sales by a Russian diamond repository.

Rockwell said many factors played a role, including the low liquidity of the stock on the OTC Bulletin Board, the cost associated with preparing and filing periodic reports and the demands placed on management to comply with SEC reporting obligations.

Ankit Gems has launched a search toolbar that allows anyone to browse their diamond inventory. Pricing information, however, is only available to those who have company log ins.

A rise in rough diamond imports by India took place in February. India imported $1.33 billion worth of rough diamonds, increasing 21.3 percent, based on provisional figures published by the Gem &Jewellery Export Promotion Council (GJEPC).

A sharp decline in India’s polished diamond trade in February after an import tax started to be collected. India exported $1.44 billion worth of polished diamonds in February, a 53.7 percent drop compared to February 2011.

American luxury retailer Tiffany & Co. reported double-digit sales and earnings growth for fiscal 2011, ended January 31, 2012. Net sales rose 18 percent to $3.6 billion and net earnings rose 19 percent to $439 million.