De Beers, the World’s largest diamond company, is taking several steps to withstand the economic recession that is now affecting the diamond industry as well. First, De Beers will borrow $50 million from Anglo American PLC and other shareholders to “withstand any shocks” after diamond and gem demand worldwide has fallen more than 50 percent.
Grace Mugabe, wife of Zimbabwe’s President Robert Mugabe, traveled to Hong Kong to invest in two ventures: a diamond polishing plant and a residential property in northern Hong Kong for $5.6 million. According to Partnership Africa Canada (PAC), the government of Zimbabwe was responsible for the killing of artisanal alluvial miners in order to remove them from the country’s diamond fields.
Two Midwest chain retailers have been issued a restraining order following a lawsuit filed by Merit Diamond Corp., which claims that the chains have been selling copyrighted designs and claiming them as their own.
Swiss watch maker Hublot teamed up with Bunter SA to create an unprecedented timepiece--and a million-dollar price tag to go with it. The watch, called the Hublot Black Caviar Bang, is made completely of white gold and black diamonds, but not one hint of gold is visible.
Two Israeli diamond dealers were arrested after claiming that a parcel of diamonds worth over one million dollars was stolen from them en route to London. The men, Jacob and Gil Eizeman—the father-and-son team who run Jacob Eizeman Diamonds—are thought to have claimed the theft in order to collect insurance money and begin to pay back the over $1.2 million dollars they owe to various companies, according to local press.
Worried that your jewelry isn’t safe? A company called Syba has just released an ultra-secure jewelry box that requires fingerprint authentication and a USB key.
A Diamond Trading Company event being held at the landmark Taj Mahal Palace was interrupted by a terrorist attack that targeted several buildings. The DTC was holding a reception at the hotel when the violence began.
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