A diamond mine in northern Australia, known to be the second largest trove of gems in the country, will soon be recommissioned, after funders were found to bankroll the operation, Mining.com reports cited by Israelidiamond.co.il. The Merlin mine in Australia's Northern Territory will be reactivated by the diamond company formerly known as North Australian Diamonds, which has now renamed itself Merlin, as well, after the resource.
Merlin the firm managed to secure the $16 million require to bring Merlin the mine into active duty from five separate sources: a $7.5 million convertible note agreement and another $8.5 million from four separate share agreements. All of Merlin's financial backers are non-Australians.
In addition to its large size, the Merlin diamond mine is known for its stones high quality, white luster and large size, according to Mining.com. The largest diamond ever discovered in Australia, a 104.73-carat gem valued at $525,000 a decade ago, was harvested at Merlin.
Exclusive
Vladimir Pilyushin: The jewelry market is not stand-alone and moves by the same laws as other markets
Vladimir Pilyushin is editor-in-chief of Russian Jeweler, a leading magazine about the jewelry industry in Russia. He told Rough&Polished about his view on the evolution of the jewelry industry in Russia and touched upon some of its problems.
16 september 2024
Sarine’s David Block: Diamond Industry at Standstill Until Chinese Demand Returns
David Block is CEO of Israel’s Sarine Technologies and has served in the position since 2012. In this exclusive interview for Rough and Polished, Block gives his opinion on the leading issues affecting today’s diamond trade.
11 september 2024
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
