De Beers Weighs Taking Jwaneng Underground
RAPAPORT. De Beers is considering underground mining at its Jwaneng open-pit deposit in Botswana as a “likely approach” to extending the life of the world’s most valuable diamond mine beyond the mid-2030s.
“The underground mining project is still in the study phase and is yet to be approved,” a De Beers spokesperson said Tuesday in an email to
Rapaport News. “If approved, it would have the potential to significantly extend Jwaneng’s life of mine beyond Cut-9.”
Debswana, a 50:50 joint venture between De Beers and the Botswana government, unveiled the Cut-9 expansion in March 2019 to extend the life of Jwaneng until 2035. Back then, the company said the project would cost Debswana about $2 billion and was likely to produce an estimated 53 million carats of rough diamonds.
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Diamond Club West Coast Reelects President RAPAPORT. The Diamond Club West Coast (DCWC), an affiliate of the World Federation of Diamond Bourses (WFDB), has reelected Moshe Salem as its president.
Kalpesh Jhaveri and Antranig Ayvazian have been voted in as vice presidents of the Los Angeles-based trade group, which was founded in 1946 and has a membership of about 275 merchants. The DCWC selected Rahul Parikh as treasurer and Vatche Shirkjian as secretary.
The eight elected members of the board are Doron Auslander, Charles Carmona, Sean Gamliel, Stanley Horowitz, Ruth Raviv, Ran Warcel, Lisa Wiener, and Ramin Zar.
Image: Moshe Salem (LinkedIn)
Jewelry-Rental Club Raises $26M to Fund Expansion
RAPAPORT. Vivrelle, a club that provides its members with a shared closet of luxury goods, has raised $26 million to finance its multipronged expansion plans.
The Series-A venture-capital funding will help enlarge the company’s product offering, amplify marketing initiatives, and scale up operations, Vivrelle said in a statement on Monday.
The club, established in 2018 by newlyweds Blake and Wayne Geffen, lets paid members experience closet items including designer handbags, jewelry and diamonds for as long as they would like, or swap them out monthly. It also offers the try-before-you-buy model, with discounts available for those who purchase items from the closet.