De Beers eyes prospects in Zimbabwe, Congo
De Beers would be interested in exploring for diamonds in Zimbabwe across the border from its $2 billion Venetia mine if it can get the necessary approvals, Phillip Barton, chief executive of the gem-producer’s South African unit, said in an interview. “Why would it be just on the one side?”
The company would also consider resuming exploration in Congo, if the political situation improves. “If the situation is right in a number of criteria, then we would go back,” Barton said.
© 2018 Bloomberg – Day 2 at the Mining Indaba 2018
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Diamond trading lingo:
A ‘mazal u’bracha’, which means ‘luck and blessing’ is a traditional Jewish expression used at the conclusion of an agreement of buying and selling of diamonds. Usually, the expression is accompanied by a handshake. It is a way in which the seller wishes the buyer good luck and it further preserves a sense of continuity and commitment to the business ethics.
The term “Mazal” is used across the international diamond trading community to indicate the completion of a deal and agreement on price. The breaking of a “Mazal” is seen as extremely serious as it is construed as a breakdown of trust, the bedrock of the diamond industry.
The term Appro refers to a process whereby a client is permitted to take goods to his or her offices/premises for further inspection. Some diamond trading centres allow this process on the basis of trust. Others go to the extent of issuing a receipt or commission slip.
Holding in the diamond industry applies when a client has inspected the goods but has not yet made a decision to purchase. The goods are kept under seal at the trading premises and cannot be shown to any other client.
A Broker’s Note is a statutory document which indicates the passing of ownership from one party to the other. Failure to produce a valid Broker’s Note, when transporting rough diamonds, can result in a penalty being imposed by the SADPMR
Jewelry Industry Rallies to Raise Funds for Hurricane Harvey Victims
Hurricane Harvey, the devastating storm that’s claimed 38 lives and displaced upwards of 32,000 people in Houston (according to The New York Times), has prompted a growing number of jewelry brands and industry entities to garner donations to help relief efforts.
Jewelers of America, the Diamond Council of America, and National Jeweler
The trio of jewelry organizations has created a GoFundMe page to collect donations for independent jewelers within the Houston area that are hardest hit by Hurricane Harvey. “We are asking the jewelry community to band together and help fellow jewelers in their recovery efforts,” reads the page. “All funds raised will be dispersed equally and directly to independent jewelry stores, regardless of affiliation.”