Stornoway Diamond’s Net Income $19.6

Toronto: Stornoway Diamond Corporation reported net income of $19.6 million for the year ended December 31.

President and CEO Matt Manson commented, “Stornoway’s FY2016 results confirm the final completion of the Renard Mine well below our original budget estimates and ahead of schedule. With the capital period now over and the attainment of commercial production, we are continuing our processing ramp-up and steadily increasing the volume of goods offered at our diamond sales.

Swarovski to Flaunt Created Diamonds

New York: Swarovski, which ventured into the lab-grown diamond business last May, is going to cut a wide swath this coming Sunday at the Academy Awards ceremony showing off synthetic diamond jewellery created by its subsidiary, Atelier Swarovski specially for the occasion. The move will be underpinned by Suzy Cameron’s Red Carpet Green Dress initiative featuring eco-friendly gowns for the Oscars red carpet.

GJF Seeks 1.25% GST for Gems & Jewellery Sector

Patna: The All India Gems & Jewellery Trade Federation (GJF) East Zonal Chairman Mr. Sankar Sen, Immediate Past Chairman G V Sreedhar, Director - Manoj Jha, Zonal Committee Member Srimal Dholakia and office bearers of Patliputra Sarafa Association Binod Kumar and Bharat Mehta met Honourable Finance Minister of Bihar Mr. Abdul Bari Siddiqui ji and Commercial Tax Minister Mr. Bijendra Prasad Yadav ji and submitted the representation on GST.

Brazil Heading for Large Diamond Production

Nordestina: There’s a new, silent diamond rush going on in Brazil. In late 2016, a new mine was discovered in the city of Nordestina, in the state of Bahia. It could increase Brazil’s diamond production by up to ten times and place the country among the world’s top 11 producers.

Stage Set for Gold Spot Exchange in India

Mumbai: The much talked about exchange for spot trading in gold might be allowed soon after market participants found a way out in a closed-door meeting late this week, reports Business Standard.

GJSCI Announces Winners of Design Revive Contest

Mumbai: Gem & Jewellery Skill Council of India (GJSCI) announced winners of Design Revive Contest 2017 during the 3rd edition of Jewel Talks, an interactive knowledge forum, in Mumbai’s on 23rd February 2017. Ms. Mahima from Institute NIFT, Mumbai won the first prize, Ms. Vipula Ayare from Institute SNDT College, Mumbai won the second prize and Mr. Sankesh Surana from institute GIA, Mumbai won the third prize.

Israel Denies Work Permit to Human Rights Watch

Tel Aviv: Human Rights Watch reported that Israeli authorities denied its application for a work permit submitted by the organization’s Israel and Palestine director on the grounds that it is not a real human rights group, reports Rough&Polished.

Stellar Agrees to Operate Sierra Leone Mine

Freetown: Stellar Diamonds has entered a subcontracting arrangement to operate the Tonguma mine in Sierra Leone, after opting out of a deal to acquire the deposit.

Under the arrangement, Stellar will run the mine and sell the resulting diamonds, paying a percentage of revenues to the project’s owner, Octea Mining.

AWDC's Pavilion with 83 Companies at HK Show

Antwerp: The Antwerp diamond industry is readying to send a large delegation to the Hong Kong International Diamond, Gem & Pearl Show next week, February 28 - March 4. The Antwerp Diamond Pavilion, organized by the Antwerp World Diamond Centre (AWDC), will host over 80 companies and occupy nearly 1,200 square meters of the Diamond Hall at the AsiaWorld-Expo.

Dominion Reports Sharp Drop in Q4 Sales

Toronto: Dominion Diamond Corporation reports fourth fiscal quarter diamond sales of $129.9 million from the sale of 1.4 million carats compared with $178.1 million from the sale of 1.1 million carats in the year-earlier quarter.