This is what a $16.3 million yellow diamond looks like

Australian stocks are set to open higher on Tuesday, following a firm finish on Wall Street, on growing optimism that Greece will avoid a debt default. Stock index futures rose 1.1 percent to 4,491.0, a 29.2-point premium to the underlying S&P/ASX 200 index . The benchmark fell 1 percent on Monday.

Nasdaq reports farmers want so much fertilizer to meet demand for agricultural products that potash producers are raising their prices on an almost constant basis now. Back in January 2010, German potash producer K+S was charging 285 euros – roughly $407 – per ton of potash. As of now, bulk clients are buying potash at 363 euros or $520 per ton, a 27% net increase over the last 18 months.

The World Diamond Council has expressed its regret about the inconclusive end to the Kimberley Process Intersessional Meeting in Kinshasa last week. The main goal of the meeting was to finally resolve the issue of diamond exports from Zimbabwe. This did not happen.

The World Gold Council (WGC) produced a draft framework of standards designed to combat gold that enables, fuels or finances armed conflict. The standards, which were compiled together with the WDC’s member companies and leading gold refiners are designed to enable miners to produce a stream of newly-mined gold that is certified as “conflict free” on a global basis. Image of Ethiopian soldier is from Wikipedia.

In less than a year from now Chelopech aims to break the mould in continuous improvement of underground mining bringing world-leading underground operating practice to Bulgaria. John Chadwick will report in detail in the magazine about the attention to detail, reliable and innovative communications, some of the latest trackless mining technology, commitment and passion that are all coming together at the Chelopech copper-gold mine in Bulgaria (IM, October 2006). Read more

The Financial Times reports Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks. Pledges by socialist prime minister George Papandreou that his government would “save the country” have been widely discounted by the public.

Russian mining and metals giant Mechel listed in New York where it has a market capitalization just shy of $11bn, reported on Tuesday winning the auction for the subsoil license for Pionerskoye iron ore deposit, sending its ADRs up 3.5% in midday trade. Pionerskoye's estimated reserves as of January 1, 2010 were 137m tonnes of iron ore with high iron content, which will enable the company to produce iron ore concentrate at the early stages of development without the need to use complex beneficiation technologies.

Russian news agencies report Uralkali, Russia's largest potash miner, is not planning to buy Belaruskali, a major Uralkali shareholder said on Friday. Last week it was speculated that the cash-strapped ex-Soviet republic Belarus is negotiating the sale of its most prized asset under the terms of a bail-out loan agreed with Russia. Responsible for one-third of the worlds potash fertiliser production, Belaruskali could have been worth as much as $20bn and a merger with Uralkali owned by billionaire Suleiman Kerimov would have created a group with annual production of 21m tonnes, dwarfing current number one Canada’s Potash Corp's 12m tonnes/year.

India's Tata Steel on Thursday agreed to sell its 26 percent stake in Australia's Riversdale to Rio Tinto for $1.1 billion, giving the Anglo-Australian giant full control of the coal miner. Tata, the world's No 7 steelmaker, will sell shares in an open offer at A$16.5 each. Riversdale shares closed little changed at A$16.50 in Sydney on Thursday before Tata Steel's announcement.