OurBuzz
GJS Diwali Edition to be inaugurated by Maharastra Governor on 30 Sept. 2023
The Chairman, Vice Chairman, Committee of Administration& GJS Exhibition Committee of All India Gem & Jewellery Domestic Council (GJC) announced details of the opening of the GJS Diwali Edition.
The inauguration will take place on 30th September 2023 at 10.30am at Jio World Convention Centre, Mumbai.
The Chief Guest at the inaugural event is Shri Ramesh Bais, Honourable Governor of Maharashtra. The Guests of Honour are TS Kalyanaraman, CMD, Kalyan Jewellers and Joy Alukkas, Chairperson- Joy Alukkas
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.
WGC Gold Market Commentary: Hiking Up A Volcano
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
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National News1 day agoHarit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection
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GlamBuzz1 day agoEkta Kapoor Turns Investor, Targets India’s $70 Billion Jewellery Opportunity With Ekatra Jewels
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National News1 day agoTreasures By Tiara Unveils Mumbai Flagship and Café Concept At Cumballa Hill
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International News4 hours agoWGC Gold Market Commentary: Hiking Up A Volcano
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