Breaking News

Indian diamantaires pin hopes on Marange diamonds

by Melvyn Reggie Thomas, TNN
05 February 2013 | 2521 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



News Updates


Latest News

Grace Mugabe hints at new leadership for 2018 election

by Staff reporter | 27 November 2015 | 553 Views

G40 discounts Mphoko in Mugabe succession race

by Staff reporter | 27 November 2015 | 392 Views

Sekeramayi in Mugabe succession race? - DEFENCE minister Sydney Sekera...

by Staff reporter | 27 November 2015 | 472 Views

Security ministries gets lion's share from Chinamasa's budget - SECURI...

by Staff reporter | 27 November 2015 | 351 Views

Mnangagwa, Grace Mugabe in horse-trading

by Staff reporter | 27 November 2015 | 470 Views

Grace Mugabe courts Nigerian tycoon - First Lady Grace Mugabe has turn...

by Staff reporter | 27 November 2015 | 428 Views

Chivi councillors set conditions for villagers to access food aid - Si...

by Stephen Jakes | 27 November 2015 | 185 Views

ZLHR, ZHRC sign MoU to enforce human rights - Zimbabwe Lawyers for Hum...

by Stephen Jakes | 27 November 2015 | 176 Views

PSAf promoting the media's role in ending child marriages - As the int...

by Stephen Jakes | 27 November 2015 | 136 Views

Harare Residents Trust establishes 10m structures in Chitungwiza - The...

by Stephen Jakes | 27 November 2015 | 179 Views

Kango products rocked by massive salaries slash - WORKERS Treger Produ...

by Stephen Jakes | 27 November 2015 | 411 Views

Zanu-PF boots outs two more Mujuru allies - The Zanu-PF politburo has ...

by Staff reporter | 27 November 2015 | 1721 Views

Kereke loses Range Rover over debt - Bikita West MP Munyaradzi Kereke ...

by Staff reporter | 27 November 2015 | 1067 Views

Cabinet approves civil service cut - Finance minister Patrick Chinamas...

by Staff reporter | 27 November 2015 | 1680 Views

Chinese firms scramble for Zimbabwe infrastructure projects - Transpor...

by Staff reporter | 27 November 2015 | 765 Views

'Mboko slur' Mpkoko to be appeased with a live beast

by Staff reporter | 27 November 2015 | 2019 Views

Malema slams Mugabe's indigenisation policy

by Staff reporter | 27 November 2015 | 1591 Views

Joshua Nkomo's name erased from Harare Airport Road

by Clemence Manyukwe | 27 November 2015 | 1596 Views

Zimbabwe in Champions League dilemma - ZIMBABWE is unlikely to have a ...

by Sikhumbuzo Moyo | 27 November 2015 | 995 Views

Door to door HIV tests a hit

by Lisa Shirichena | 27 November 2015 | 1040 Views

Hospital stops ops over power cuts

by Walter Mswazie | 27 November 2015 | 554 Views

'I'm not Strive Masiyiwa,' man tells maintenance court

by Noleen Makhurane | 27 November 2015 | 1461 Views

The donkey is my girlfriend, man tells court

by Walter Mswazie | 27 November 2015 | 1255 Views

Tsholotsho FC in swim or sink match

by Takudzwa Chitsiga | 27 November 2015 | 644 Views

Zanu-PF staff salaries up to date, says Khaya Moyo

by Staff reporter | 27 November 2015 | 575 Views

Mugabe off to Paris

by Caesar Zvayi | 27 November 2015 | 850 Views

Govt to fire 1 200 Zisco workers

by Business Reporter | 27 November 2015 | 602 Views

'Fake pastors' jailed over fake wedding

by Staff Reporter | 27 November 2015 | 1609 Views

Grade 7 results out - The 2015 Zimbabwe Schools Examination Council (Z...

by Staff reporter | 26 November 2015 | 1963 Views


Bob Marley family confront Zimbabwe Music Awards

by Bongani Ndlovu | 25 November 2015 | 3696 Views

WATCH: Late Night show's analysis of Zanu-PF factional battles - LATE ...

by Staff reporter | 24 November 2015 | 2573 Views

Pregnancy won't stop me from flying, says Sandra Ndebele

by Bongani Ndlovu | 24 November 2015 | 3931 Views

Frustrated Hosiah Chipanga dumps Zimbabwe

by Staff Reporter | 24 November 2015 | 5158 Views

Miss Rural Goromonzi Crowned - It was a day to remember for the Goromo...

by Stephen Jakes | 24 November 2015 | 1517 Views

Heavily pregnant Sandy delays flight for an hour

by Staff reporter | 23 November 2015 | 7791 Views

Eutelsat to speed up Zimbabwe digitisation

by Staff reporter | 23 November 2015 | 1685 Views

Hp Omen 15-5116tx – The Next Generation Gaming Laptop

the hp omen 15-5116tx is being targeted at the performance hungry gamers. it comes in a single variant boasting an eye-catching attractive design. the notebook offers a slim, lightweight chassis and appears like a piece of art than an actual gaming... Read More
Sergey 11 June 2015 ago

Five Reliable Outlook Pst File Repair Tools

Outlook pst files can become corrupted -- and when that happens, work grinds to a halt. if your organization relies on outlook, one of these tools could save the day. outlook is the industry standard groupware tool. let's take a look at five that can... Read More
ITnews 04 May 2015 ago