OurBuzz
IIJS Tritiya 2024 opens in Bengaluru
IIJS Tritiya 2024 organised by GJEPC, opened at BIEC, Bengaluru today. The formal inauguration was done by Chief Guests Dr B Govindan, Chairman -Bhima Jewellery and Vinod Hayagriv, MD – C Krishna Chetty Group.Representing GJEPC were Vipul Shah Chairman-GJEPC, Kirit Bhansali, Vice Chairman – GJEPC and Nirav Bhansali, Convenor, National Exhibitions -GJEPC and other CoA members.
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.
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
GIA To Open London Campus In August, Enrolling Students For Classes Beginning In August 2026
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
Treasures By Tiara Unveils Mumbai Flagship and Café Concept At Cumballa Hill
-
National News16 hours agoHarit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection
-
GlamBuzz18 hours agoEkta Kapoor Turns Investor, Targets India’s $70 Billion Jewellery Opportunity With Ekatra Jewels
-
National News20 hours agoTreasures By Tiara Unveils Mumbai Flagship and Café Concept At Cumballa Hill
-
National News2 days agoGJC Addresses HUID Data Exposure Issue With BIS, Corrective Measures Are Currently Being Initiated
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.