Breaking News

Indian diamantaires pin hopes on Marange diamonds

by Melvyn Reggie Thomas, TNN
05 February 2013 | 3046 Views
Diamantaires in world's biggest diamond cutting and polishing centre in Surat are looking at Zimbabwe for the required supplies of rough diamonds during the year as diamond production of mining companies like De Beers has decreased phenomenally.

Two of the largest diamond mines in the world -- Canada's Ekati and Diavik mines -- have exhausted open pit resources and now both are underground mines. The need to convert a mine from an open pit operation to an underground operation typically results in curtailed production given the geology of Kimberlite pipes -the geologic formation of the resource is shaped like a carrot -- and gets narrower at depth.

Ekati's production declined 28 per cent year-over-year in 2012 and Diavik's output is estimated to fall 17 per cent year-over-year in 2013. Three more of the world's largest mines are set to go underground over the next few years as Russia's Udachny mine is expected to be converted to an underground operation in the next two to four years and Botswana's Jwaneng and Orapa mines are expected to follow suit.

Rough diamonds achieved record prices in the summer of 2011, but have since slipped back to 2010 levels on global macroeconomic worries. However, current prices are still higher than historic levels of summer 2008, and supply is estimated to fall short of new demand over the next two decades, which could take prices back to new highs.

The rough diamond demand in India is pegged at $15 billion per annum since the last three years with the increased production following the rising demand of polished diamonds.

According to a recent report published by Zimbabwe government, the country expects diamond production from its Marange fields to double to 16.9 million carats in 2013 as the mining companies' ramp up production in the region where human rights groups have flagged concerns over rights abuses.

The Zimbabwe government through its mining firm Zimbabwe Mining Development Corporation (ZMDC) operates five joint venture mines in Marange, which produced 8 million carats in 2012 and generated $685 million in exports.

Diamond analyst Aniruddha Lidbide told TOI, "As the rough diamond production in world's leading mines are on a decline, Zimbabwe is the only hope for Indian diamantaires. It is only Surat, which has the skill to cut and polish the Zimbabwe stones."


Diamantaires Diamonds Marange

Source: timesofindia.indiatimes.com

Should Mujuru skip the border and fax her resignation?

Yes
15.51%
No
82.12%
Tough choice
2.37%
1180

Comments

News Updates

Email:

Latest News

Chinamasa 'rubbish' Khampepe report condemning 2002 elections and yet ...

by Wilber Mukori | 22 November 2014 | 654 Views

The Danger of Hungry Women Delving In Zimbabwean Politics - Anger, Ven...

by Ryton Dzimiri | 22 November 2014 | 1836 Views

ZPC Kariba dominates soccer star finalists - ZPC Kariba have dominated...

by Staff reporter | 22 November 2014 | 1876 Views

Mujuru not on Zanu-PF Politburo Agenda

by Staff reporter | 22 November 2014 | 5475 Views

Mujuru's only political option - THE allegations against the Vice Pres...

by Qhubani Moyo | 22 November 2014 | 5186 Views

Mugabe back from E. Guinea, met by Mujuru and Mutasa - President Robe...

by Staff reporter | 22 November 2014 | 4567 Views

Bulawayo doctor embroiled in another messy divorce - PROMINENT Bulawa...

by Staff Reporter | 22 November 2014 | 3588 Views

Mujuru's moment of truth has arrived - President Robert Mugabe will to...

by Staff reporter | 22 November 2014 | 4485 Views

Six die in kombi, truck accident - Six people died, four of them on th...

by Staff reporter | 22 November 2014 | 1766 Views

Grade 7 exams marking fiasco unearthed - A SHAMEFUL plot to discredit ...

by Ray Bande | 22 November 2014 | 2675 Views

Bogus war veteran exposed as a Rhodesian war veteran - ZANU-PF Manical...

by Cletus Mushanawani | 22 November 2014 | 2731 Views

Woman successfully sue Mohadi, Chihuri and ZRP for $3,000 - A FORMER M...

by Liberty Dube | 22 November 2014 | 1736 Views

Marriage-wrecker trapped, caught pants down - RESIDENTS of Hobhouse hi...

by Ray Bande | 22 November 2014 | 3123 Views

Didymus Mutasa responds to assassination plot claims - UNDER-fire Pres...

by Staff reporter | 22 November 2014 | 3599 Views

Ousted Zanu-PF executive wipes out party bank account - AT LEAST $8 20...

by Abel Zhakata | 22 November 2014 | 1964 Views

'Didymus Mutasa must go now' - MINISTER of Presidential Affairs Didymu...

by Cletus Mushanawani | 22 November 2014 | 1896 Views

'Kaukonde's O' Level certificate fake,' claims Grace Mugabe - GRACE Mu...

by Staff reporter | 22 November 2014 | 2746 Views

White farmers must sue the filthy rich occupying the seized farm and n...

by Wilbert Mukori | 22 November 2014 | 1058 Views

Help Zimbabwe or expect more refugees, Chinamasa tells SA - FINANCE Mi...

by Staff Reporter I Agencies | 22 November 2014 | 1243 Views

Man bashes mum over 'too little' food - A 27-YEAR-OLD man from Bulaway...

by Nokusa Masuku | 22 November 2014 | 786 Views

Mugabe 2002 Presidential 'Victory', was flawed, said SA Judicial inqui...

by Lft Gen Simbarashe Mujeye | 22 November 2014 | 852 Views

Church robbers jailed - Three robbers who broke into the Glen Norah B ...

by Court Reporter | 22 November 2014 | 666 Views

HIV+ boss 'rapes' employee - A MARRIED HIV positive businessman from ...

by Sukulwenkosi Dube | 22 November 2014 | 1243 Views

Robbers arrested after a shoot-out with cops - Police arrested eight r...

by Felex Share | 22 November 2014 | 1162 Views

Mzilikazi high pupils caught indulging in sex in classroom

by Staff Reporter | 22 November 2014 | 3319 Views

Landlord bashes up tenant over unpaid rent - A MAN from Makokoba subur...

by Thubelihle Mabhena | 22 November 2014 | 890 Views

Zimbabweans welcome Obama's immigration plan - WASHINGTON DC - Zimbabw...

by Gibbs Dube | 22 November 2014 | 1866 Views

'Zanu-PF infighting normal party politics,' says EU Ambassador - The ...

by Irwin Chifera | 22 November 2014 | 888 Views

Entertainment

Zanu-PF youths release album - ZANU-PF youths in Nyanga have recorded ...

by Talent Simbi | 22 November 2014 | 817 Views

Tuku tribute dinner postponed - With all the preparations at a very ad...

by Tuku Music | 21 November 2014 | 2045 Views

Promoters, bouncers clash

by Staff Reporter | 21 November 2014 | 1682 Views

Joy as Mthwakazi artists Unite - 5:03am, Nov 21 - ‪+27 7* *** ****: ...

by Paul Masuku | 21 November 2014 | 1207 Views

Mafikizolo billed for Zimbabwe show - South African music duo Mafikiz...

by Staff reporter | 21 November 2014 | 2051 Views

Miss Zimbabwe's bid for Miss World pageant doomed - Miss Zimbabwe Tend...

by Staff reporter | 20 November 2014 | 1767 Views

Victory for Alick Macheso

by Staff reporter | 20 November 2014 | 5550 Views

Vimbai a 'professional gold digger' - HOTSHOTS: Idris, Macky2 and JJ ...

by Staff reporter | 20 November 2014 | 5063 Views
iBlog

Time To Kiss Zimbabwe Goodbye Forever.

By israel dubethings fall apart at zanupf. brother turns against brother, sister betrays sister. the center cannot hold anymore. as the walls of oppression and discrimination collapse, matebeles must make sure that they do not find themselves lost i... Read More
myAfroTube 03 November 2014 ago

Advanced Systemcare Free To Optimize The Os Still Support Xp

the update systemcare free 7.3.0.456 (a set of tools to optimize the operating system) – now available.advanced systemcare is a free package to optimize, tweak, fix bugs and improve the overall performance of the operating system.the program anal... Read More
ITnews 02 June 2014 ago