CHART: Metals, mining stocks outperforming all others

In a move meant to curtail fake diamond exports and the round tripping of funds and diamonds indulged in by some nefarious diamond merchants, India's central bank, the Reserve Bank of India, has reduced the term of letters of credit for the import of diamonds into the country. An immediate consequence of reducing the term, to 90 days instead of one year, will ensure that diamond importers cannot earn interest arbitrage on their packages.

Sotheby’s reported a net income of $2.4 million in the first quarter ended March 31. Traditionally the auction house posts a loss […]

Blue Nile’s first quarter net sales increased 8.3% to $80.2 million, a record first quarter sales level. Net income totaled $2.4 million, inching up from last year.

BHP Billiton is moving forward with the Misery open pit project at its Ekati diamond mine in Canada, expecting to start producing […]

Mountain Province Diamonds Inc. (TSX: MPV, NY-AMEX: MDM) today announced the results of an updated independent valuation of the diamonds recovered from the Gahcho Kué Project. The valuation was conducted by WWW International Diamond Consultants Ltd. and took place at the London offices of the Diamond Trading Company in early April, 2011. All diamond values presented below are based on the WWW Price Book as at April 11, 2011. Importantly, for the first time, the Gahcho Kué diamonds were grouped into larger parcels, each parcel representing diamonds from the Hearne, Tuzo and the separate lobes of the 5034 kimberlite. In the opinion of WWW, grouping of the diamonds into larger parcels increased the accuracy of the diamond valuation. Image by Mountain Province Diamonds

Canada's Globe and Mail newspaper reports that BHP Billiton, 80%-owner of the Ekati mine in the Northwest Territories, will make a $400 million investment to expand the mine. The Australian mega-miner says its decision was based on higher diamond prices buoyed by healthy demand. Mining at the Misery deposit would start in late 2015 and last for two years.

De Beers announced that it will sell the Namaqualand diamond mine in South Africa to Trans Hex for 225 million Rand ($33.5 million). The sale joins a number of low producing diamond mines the company has sold in South Africa in the past few years. No details about the transaction were made available, and it’s not clear if this is a cash-only agreement. The timeline of the agreement is not known either, though in the past the approval of the South African government was needed, which may determine the ownership transfer.

De Beers Consolidated Mines ("DBCM") today announced that it has entered into an agreement to sell Namaqualand Mines to Trans Hex in a transaction valued at R225 million. The agreement to sell the mine to Trans Hex follows an open and rigorous selection process that evaluated prospective bidders on a number of criteria determined by DBCM as critical to ensuring the long-term sustainability of Namaqualand Mines community.

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NY-AMEX: MDM) today announced the results of an updated independent valuation of the diamonds recovered from the Gahcho Kué Project. The valuation was conducted by WWW International Diamond Consultants Ltd. and took place at the London offices of the Diamond Trading Company in early April, 2011. All diamond values presented below are based on the WWW Price Book as at April 11, 2011. Importantly, for the first time, the Gahcho Kué diamonds were grouped into larger parcels, each parcel representing diamonds from the Hearne, Tuzo and the separate lobes of the 5034 kimberlite. In the opinion of WWW, grouping of the diamonds into larger parcels increased the accuracy of the diamond valuation.