Gem & Jewellery Export Promotion Council (GJEPC) retorted to the declaration of Anti-money laundering act. Chairman Bakul Mehta commented that the Indian gem and jewellery export production industry already worked under India’s strict anti-terrorism and anti-money-laundering laws and therefore the United States government might want to consider this when applying the USA-Patriot Act to gem and jewellery imports from this country.

Mehta also stated that GJEPC has appointed an agency and is developing a set of guidelines to ensure industry-wide compliance with the US Jewelers Vigilance Committee’s (JVC) handbook on anti-money-laundering rules. Once the compliance system is in place, the US Justice Department would be welcome to recommend if any further safeguards were required. The Commerce ministry has in turn, brought up this matter in talks with United States trade representative Rob Portman, who was in India along with President George Bush.

Indian exporters are already complying with the guidelines laid out in the JVC handbook and exports to the US were running smoothly. However, the GJEPC would not want legitimate exporters to be hampered by any ambiguities in the interpretation of the law.

Source: http://www.diamondworld.net/

A dedicated website for the Indian jewellery industry was recently launched by the Gemological Science International (GSI). The site - www.GSIIndia.net, http://www.gsiindia.net/ is also the first minisite to be created in GSI’s portfolio.

Information on the minisite serves the new professionals and the entire Indian jewellery industry as a whole, providing a list of Indian suppliers of equipment and services along with directories of Indian jewellery associations, trade publications, and retail jewellers all over the country. A free “Billboard” allows anyone to post a classified ad for their product or service or a listing for any needed help. GSI’s customers in India, or elsewhere, can view their actual reports online, rather than just as data and can track progress of their goods in the lab in real time.

The scale of the website has been made interesting as it invites both the trade and consumer audience. “Originally we envisioned the website as a B2B site, but in the end we decided on a B2B2C approach, because we believe that by offering free classifieds and information on trade organisations and publications, we’re facilitating wider public access and better understanding of the industry,” said CEO of GSI, Mark Gershburg. “We also believe that in this tough economic environment, it is a useful platform for many sectors of the Indian industry to reach out to each other. We’re grateful to members of the Indian industry for their help and support in development of the minisite,” he added.

GSI has been serving through Mumbai in India, since the summer of 2006, and its business now serves both export and local sectors. Mr. Gershburg said that “The minisite concept has been used by many non-jewellery companies. We believe this is its first application in the jewellery industry. This approach allows us to offer more Indian-directed services online without overcomplicating our main site. It also shows our dedication and strong belief in the future of the Indian jewellery industry.”

Source: http://www.diamondworld.net

ST. PETERSBURG, Florida (Reuters) - You may have lost your job or home but you can still get a Valentine’s Day gift for your sweetheart, thanks to a Florida jewellery store.

Diamonds Direct of St. Petersburg is giving away 100 sterling silver pendants worth $99 (68 pounds) each to anyone who comes into the store with a job termination or home foreclosure notice.

The store announced the offer on Tuesday and by Wednesday had given away 75 of the necklaces, according to marketing director Christine Joyner.

Joyner said many of those seeking the free jewellery had lost professional or technology jobs because of the poor economy.

“We’ve had so many heart-breaking stories,” she said in an interview.

Joyner said she knew of about 35 jewellery stores across the country that were making similar offers.

Source:  (Reporting by Robert Green; editing by Jim Loney and Bill Trott)http://uk.reuters.com/article/oddlyEnoughNews/idUKTRE51A83K20090211

Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV) — After completing key partnerships and investments in the alternative energy sectors during the past year, Blue Diamond Ventures, Inc., is poised for growth in 2009, the company recently announced.

In 2008, Blue Diamond Ventures, through its affiliate Blue Diamond Ventures Biofuels, LLC, was able to obtain exclusive rights to acquire majority interest in a biodiesel production facility on the Gulf Coast.

Blue Diamond Ventures has also signed agreements with the Ethiopian Ministry of Mines and Energy to utilize a minimum of 50,000 acres to grow industrial hemp, rapeseed and jatropha plants. In addition, Blue Diamond Ventures has formed partnerships with other African nations, which will allow for the control and diversification of feed stock produced from non-food crops. Blue Diamond Ventures, through its affiliate Blue Diamond Ventures Renewables, LLC, also formed partnerships during 2008 to develop wind energy projects throughout the United States, and in 2009, it is negotiating to develop waste-to-energy projects in the United States and Africa.

“We are excited about the achievements the company made over the past year,” said John Quincey Moaning, CEO of Blue Diamond Ventures, Inc. “We expect to generate revenues as well as build on the partnerships and investments we have made.”

About Blue Diamond Ventures, Inc.:

Blue Diamond Ventures, Inc. is an agricultural company, and through its affiliate, Blue Diamond Ventures Biofuels, LLC, conducts business as a biofuels company with operations in the U.S. and future endeavors in Belize and Ethiopia. The Company is working with Consolidated Energy to design and construct its facilities in the U.S. and abroad, with a focus on making biodiesel using non-food crops.

This press release contains forward-looking statements involving risks and uncertainties including statements regarding the Company’s future performance. Such statements are based on management’s current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to leverage our technology, manage our growth, protect our intellectual property rights, attract new customers and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

Contact:
Investor Relations
For Blue Diamond Ventures,Inc.
1-866-THE-APPL(E)

Source: http://money.cnn.com/news/newsfeeds/articles/marketwire/0473278.htm

The world’s largest platinum miner, Anglo Platinum, has announced that it plans to retrench 10,000 employees during the course of 2009 while maintaining its production at the 2008, 2.4-million-ounce level.

 Despite record 2008 earnings of R13.3-billion, CEO Neville Nicolau said that the company would not pay a second-half dividend and would lay off 8,000 people, mainly contractor employees, by mid-year and another 2,000 by the end of the year.

Nicolau noted that there has been a 36% rise in costs, driven mainly by escalated input costs but also by planned lower grade.

He added that when the platinum price had fallen to below $800 per ounce in the second half of 2008 in a market that was already out of control, the price was over-corrected on the downside.

However, on a positive note, Nicolau noted that there is evidence of demand returning, including in the purchase of platinum exchange-traded funds.

Anglo Platinum is owned by the mining conglomerate Anglo American. Anglo American, 45% owner of the De Beers diamond company, has slashed planned investment by more than 50% as a rout in metals prices slammed its $45 billion expansion into reverse. RBC Capital market has given the Anglo American diamond miner an Underperform, Average Risk rating, citing structural and strategic challenges facing the company’s management. 

The De Beers diamond mining company recently announced that it was postponing the transfer of diamond aggregation from London to Botswana. In addition, towards the end of 2008, De Beers Marine Namibia and the Namibian diamond producer, Namdeb, announced that they would reduce diamond production into early 2009. In January, De Beers announced that it intends to slash South African diamond production by a significant amount, and lay off about a third of its 3, 500 workers there. De Beers also announced cutbacks in its diamond mines in Canada.

By: Rachel Lieberman, Israel Diamond Industry Portal