OurBuzz
GJIIF 2023 opens in Chennai; inaugurated by top leaders and dignitaries of jewellery industry
GJIIF 2023, the largest exclusive B2B jewellery tradeshow for South India opened in Chennai today.The formal inauguration was conducted by chief guests Nirav Bhansali,IIJS Convenor, GJEPC, Surendra Mehta, National Secretary IBJA, Paul Alukka MD Jos Alukkas, S Shantakumar, Gen Sec MJDTA, BA Ramesh, MD Thangamayil Jewellers, Jayantilal Challani, President -MJDTA, B Sabarinath, President TNJF, A S Sriram, Immediate Past President TNJF.
GJIIF is jointly organised by MJDTA and TNJF and supported by NGJCI The supporting associations are IBJA, APBGSDMA, AKGSMA. United Exhibitions is the GJIIF Show Manager
GJIIF has become the platform for jewellery sourcing in Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, Maharashtra and International buyers from Bangladesh, Sri Lanka, Singapore, UAE and Malaysia
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
Harit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection
Ekta Kapoor Turns Investor, Targets India’s $70 Billion Jewellery Opportunity With Ekatra Jewels
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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.