Diamonds are no longer forever, says De Beers

London, Apr 26 (ANI): The diamond supply in the world is coming to an end, according to De Beers, the world’s biggest miner of the gem.

Beers has said that it will reduce its production to extend the life of its mines.

Des Kilalea, a diamond analyst at RBC Capital Markets, has said that owing to the moderated output, diamond prices could rise by at least 5 per cent a year for the next five years.

In 2008 De Beers produced 48m carats and the company will cut production to 40m in 2011.

In the last two decades the industry has found no new diamond deposit to match the two biggest mines in Africa, owned by De Beers, or the best Russian mines of Alrosa, the other big diamond producer.

“Do we want to ramp production back up to 48m carats, given the lack of availability in the future?” the Telegraph quoted Gareth Penny, managing director of De Beers, as telling the Financial Times.

De Beers accounts for 40 per cent of global rough diamond sales. (ANI)

Diamonds are no longer forever, says De Beers

London, Apr 26 (ANI): The diamond supply in the world is coming to an end, according to De Beers, the world””””s biggest miner of the gem.

De Beers has said that it will reduce its production to extend the life of its mines.

Des Kilalea, a diamond analyst at RBC Capital Markets, has said that owing to the moderated output, diamond prices could rise by at least 5 per cent a year for the next five years.

In 2008 De Beers produced 48m carats and the company will cut production to 40m in 2011.

In the last two decades the industry has found no new diamond deposit to match the two biggest mines in Africa, owned by De Beers, or the best Russian mines of Alrosa, the other big diamond producer.

“Do we want to ramp production back up to 48m carats, given the lack of availability in the future?” the Telegraph quoted Gareth Penny, managing director of De Beers, as telling the Financial Times.

De Beers accounts for 40 per cent of global rough diamond sales. (ANI)

Archaeologists discover gemstone carrying portrait of Alexander the Great

Washington, September 16 (ANI): An archaeological team, during excavations in Israel, has discovered a gemstone that has a portrait of Alexander the Great engraved on it.

The excavations at Tel Dor were carried out by an archaeological team, which was directed by Dr. Ayelet Gilboa of the University of Haifa and Dr. Ilan Sharon of the Hebrew University of Jerusalem.

“Despite its miniature dimensions – the stone is less than a centimeter high and its width is less than half a centimeter – the engraver was able to depict the bust of Alexander on the gem without omitting any of the ruler’s characteristics,” said Dr. Gilboa, Chair of the Department of Archaeology at the University of Haifa.

“The emperor is portrayed as young and forceful, with a strong chin, straight nose and long curly hair held in place by a diadem,” he added.

The Tel Dor researchers have noted that it is surprising that a work of art such as this would be found in Israel, on the periphery of the Hellenistic world.

“It is generally assumed that the master artists – such as the one who engraved the image of Alexander on this particular gemstone – were mainly employed by the leading Hellenistic courts in the capital cities, such as those in Alexandria in Egypt and Seleucia in Syria,” according to the researchers.

“This new discovery is evidence that local elites in secondary centers, such as Tel Dor, appreciated superior objects of art and could afford ownership of such items,” they added.

The significance of the discovery at Dor is in the gemstone being uncovered in an orderly excavation, in a proper context of the Hellenistic period.

This tiny gem was unearthed by a volunteer during excavation of a public structure from the Hellenistic period in the south of Tel Dor, excavated by a team from the University of Washington at Seattle headed by Prof. Sarah Stroup.

Dr. Jessica Nitschke, professor of classical archaeology at Georgetown University in Washington DC, identified the engraved motif as a bust of Alexander the Great.

This has been confirmed by Prof. Andrew Stewart of the University of California at Berkeley, an expert on images of Alexander and author of a book on this topic.

Alexander was probably the first Greek to commission artists to depict his image – as part of a personality cult that was transformed into a propaganda tool. (ANI)

Taliban using Swat emerald money to fund terrorism

Peshawar, May 4 (ANI): The money earned from mining and selling gemstones in Swat and Shangla district of Pakistan is used by the Taliban for terrorism, according to local entrepreneurs.

Entrepreneurs in a Gem Bazaar, organised by the Pakistan Gems and Jewellery Development Company at Namak Mandi, said that the Taliban were using the money for terrorist activities in Swat, Buner and Dir districts of Malakand division.

Babu Khan, an entrepreneur from Swat who had displayed emeralds in the bazaar, said that Taliban had started extensive mining through hired labourers and were selling the precious stones in the black market.

He said plunderers had also taken over several mines of high quality gemstones, one of which had earned the government about Rs 90 million in a single auction in the past.

Another entrepreneur from Swat, Muhammad Ali, said that the Taliban had also taken over the Mingora emerald mine.

The Shamozai emeralds mine, and the Gujaro Killay emerald mine in the adjacent district of Shangla, are also under the control of the Swat Taliban, the Daily Times reported.

Stones extracted from these mines are auctioned in the premises of the Mingora mine every Sunday, where dealers from all over Pakistan come to shop, he said.

The federal and provincial governments have not taken any action over “this looting and plunder of state property,” Muhammad Ali said.

Imran Inam, a senior official of the Gems and Jewellery Development Company, said that the US is also concerned over the Taliban occupation of emerald mines in Swat and Shangla and had talked to the Pakistani government. (ANI)

Boycott of Swat’s ‘blood emeralds’ urged

Lahore, Apr 28 (ANI): A campaign is already afoot to boycott the purchase of Swat’s famous emeralds, because the money could be used to buy mortars, roadside bombs and suicide belts for the Taliban.

The “blood emeralds” have joined the Afghan opium as a source of Taliban lucre.

Swat is rich in orchards, timber – and gems. The Taliban have seized two of the emerald mines, declared them a trust and are mining them round the clock.

The profits are split between the Taliban and the miners, making these coveted jobs in an area where fighting has destroyed the tourism industry and much else, the Daily Times reports.

Estimates differ as to the quality of Swat emeralds. Some Pakistanis claim they are magnificent.

Jean Claude Michelou, the emerald dealer who advises the World Bank on developing Pakistan’s gemstone sector, says that most are tiny and used mostly for what jewellers call “baguette accents” to ornament rings or watches.

The smaller they are, the harder it is to trace their origin. But the bottom line is that Swat emeralds can net the Taliban about 2 million pound a year.

There is a proposal now to extending to emeralds the international Kimberley Process of verification, which it is claimed curbed Africa’s diamonds-for-guns trade.

The Responsible Jewellery Council formed by industry leaders in 2006 has also boycotted Burmese rubies and jade and has just finalised a code of practice for gem mining. (ANI)

‘Stacation’, ‘social notworking’ “words to watch” for 2009

London, January 12 (ANI): The new Collins dictionary could include new words like ‘Staycation’-a holiday spent at home, especially due to straitened financial circumstances.

Also under consideration are the words ‘brickor mortis’-used to explain a period of difficult times in the housing industry-and ‘bad bank’-meaning a state-owned financial institution created to alleviate a financial crisis.

The three words have already made it to the list of “words to watch” for 2009.

Last year, Collins’ official list of new words included credit crunch, sub-prime, and downturn. And the new shortlist also reflects the economic gloom.

The new words, released on the publication of the latest edition of the Gem dictionary, will be monitored over the coming months to see whether they deserve an entry.

The judgement as to their inclusion will be made on the basis of where and how often they are used, and in how many texts they appear over the course of the year.

Besides the economic downturn, the trend in social networking has also been recognised, with the word ‘social notworking’-the practice of spending time unproductively on social networking websites, especially when one should be working-being on the shortlist.

“We’ll be keeping an eye on these rather gloomy expressions. With a bit of luck most of these will have slipped off the radar this time next year, but my money’s on bad bank and staycation to stay the course,” the Telegraph quoted Collins head of content Cormac McKeown as saying. (ANI)

Jeweller designs $27k black gem ring for Britney’s Grammy night

Washington, Jan 9 (ANI): A leading jeweller has designed a black Chinese agate rock ring for Britney Spears which she will wear to the Grammy Awards in February.

Worth 27,000 dollars, Dara Dubinet started work on the huge gem after she spotted Spears wearing a Tourmaline ring she had created and sent to the pop star when she appeared on U.S. morning show Good Morning America on her 27th birthday in December last year.

The designer tells Life&Style magazine she was told Spears “loved” her birthday gift, reports Contactmusic.

And a source tells the publication, “She”s worn it several times, She says it has a positive energy, and it just makes her smile.” (ANI)