Gem of a find: KSA may have diamond mines

[al-Hasani]

A Zircon rock. Zircon is ubiquitous in the crust of earth. It occurs in igneous rocks (as primary crystallization products), in metamorphic rocks and in sedimentary rocks. – SPA
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Saudi Gazette report

JEDDAH – Besides oil and gold deposits the blessed land of Saudi Arabia may also have a treasure trove of diamonds.

According to President of the Saudi Geological Survey (SGS) Dr. Zuhair Nawab, diamonds are likely to be found in the volcanic, lava fields and stony areas as well as in ancient sedimentary rocks in the Kingdom, because of the presence of stones such as Olive Aquamarine, Alberob Stone, Garnet and Chrome. These minerals indicate the presence of diamonds, he said.
However, he said that it needs more geological studies.

In an interview with the Saudi Press Agency (SPA), Dr. Nawab said that work is underway to discover diamonds in the Kingdom.

He added that the mining investment regulation legalized by the Ministry of Petroleum and Mineral Resources stipulates that all deposits of natural minerals located in the Kingdom will be of the property of the State.

The precious gems specialist and advisor at the SGS, Engineer Mosbah Al-Arnaout, confirmed that the sites of precious gems in the Kingdom need to be studied in detail and an in-depth analysis should be carried out to know about mining sites of these stones that will have significant economic returns estimated at billions of dollars.

Globally, approximately 130,000,000 carats (26,000 kg) of diamonds are mined annually, with a total value of nearly US$9 billion, and about 100,000 kg (220,000 lb) are synthesized annually. Roughly 49% of diamonds originate from Central and Southern Africa, although significant sources of the mineral have been discovered in Canada, India, Russia, Brazil, and Australia.

Saudi Arabian Mining Company (Maaden) operates four gold mines and one processing plant – Mahd Ad Dahab, Bulghah, Al-Hajar Al Amar and Sukhaybarat, respectively, and is the Kingdom‘s sole gold producer.

The Al Amar mine produced the most in 2012 at 52,531 ounces, and also accounted for the largest share, at 39 percent, in terms of gold sold for the same period.

In late 2012, four exploration licenses were granted to Turkish-Saudi joint venture KEFI Minerals: Selib North, Hikyrin, Hikyrin South and Jibal Qutman.

KEFI Minerals, at 40 percent share in its joint venture with Saudi construction and investment group (ARTAR), anticipates to discover and develop over 1 million ounces of gold deposits in the ANS.

Gem of a find: KSA may have diamond mines | Front Page | Saudi Gazette

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We all knew that KSA is one of the richest countries in terms of natural resources and minerals but it is also worth noting that KSA, to be precise Hijaz, has the oldest and biggest gold mine in the Middle East, the Mahd ash Dhahab which has been in use for 5000 years.

Mahd adh Dhahab - Wikipedia, the free encyclopedia

@Arabian Legend @Yzd Khalifa @JUBA @Full Moon

 

[Falcon29]

Do not sell them to Israel.

 

[anonymus]

@al-Hasani

Diamond is one of the few stones whose value is illusionary and is based on clever marketing and hoarding practices.

Diamonds in Ancient times were truly scarce and mines were few and far between.They were mainly mined in India.But with opening up of Africa to the world, they ceased to be an exotic commodity.


When large Diamond mines were discovered in South Africa, it threatened to drive prices of Diamond into the ground and posed a threat to livelihood of diamond merchants and in response to this threat, they formed a cartel named DeBeers (1888 ) which acquires nearly the complete stock of raw diamonds mined anywhere and releases only few diamonds per year to open market.


Once the supply was secured, there was a need to market Diamonds. To this end Diamond cartel launced an ad blitz in 1940's by advertising various famous people and celebrities giving each other diamond rings on engagement and wedding in order to condition people to associate Diamonds with love and romance. This achieved two objectives. first, it further decreased supply of Diamonds in the market as people held on to their heirlooms and secondly, it increased demand of Diamonds as it became customary to exchange Diamond at weddings and engagements.

Thus an extraordinary market was created for an ordinary stone. A case study in psychological manipulation on large scale.

http://www.nature.com/scientificamerican/journal/v301/n3/full/scientificamerican0909-87a.html

HowStuffWorks "Diamond Marketing"

Lately Deebers, after being hit by anti-trust lawsuit has transferred it's inventory to another shell company in Russia with the name " alrosa".

 

[al-Hasani]

Do not sell them to Israel.

We will give them away for free to our cousins.

@anonymus

In that way most resources are a it overrated but the point is that it's interesting news and just a confirmation of the blessings that KSA has been given in terms of natural resources and minerals.

I am by no means an expert when it comes to the sale of diamonds but you cannot ignore the revenue they give you. Not that KSA is lacking money.

It's more of a curiosity. KSA does not depend on its sale of gold anymore like the people of Hijaz once did (partially) for thousands of years.

I mean frankincense was one of the most expensive commodities for a little over 1000 and made Yemen and Oman and parts of Southern KSA very rich and prosperous but today it has little value. Same with the pearls that the people of UAE etc. relied on once.

Incense Route - Wikipedia, the free encyclopedia

 

[anonymus]

@anonymus

In that way most resources are a it overrated

But not in a way Diamonds are...

Of all the cartels, whether it is oil cartel, coffee cartel or Banana cartel; diamond cartel is most successful and effective.No other cartel has been able to get their chockhold on a resource in as complete a manner as Diamond cartel and most of other resources have their values based on market principles like coffee cartel.

@anonymus

but the point is that it's interesting news and just a confirmation of the blessings that KSA has been given in terms of natural resources and minerals.

I am by no means an expert when it comes to diamonds but you cannot ignore the revenue they give you. Not that KSA is lacking money.

It's more of a curiosity. KSA does not depend on its sale of gold anymore like the people of Hijaz once did (partially) for thousands of years.

The post i have made was to bring out the risk associated with treating Diamonds as investment. Their value is based on ability of Diamond cartel to hoard all supplies in face of growing weight of litigation, an act which fell foul of trust laws of most of the countries.

Gold could survive as a store of value even in bad times ( short of apocalyptic ) since it is backed by central banks but bottom off Diamond prices would fall in case of a real recession.

 

[Jf Thunder]

WELL SHOOT, AND I WAS HAPPY, NOW KSA WILL RUN OUT OF OIL, AND NOW DIAMONDS?

 

[al-Hasani]

WELL SHOOT, AND I WAS HAPPY, NOW KSA WILL RUN OUT OF OIL, AND NOW DIAMONDS?

KSA has tremendous natural riches outside of just oil and gas. Especially when it comes to minerals. A very big potential for alternative energy sources as well. Wind and solar in particular especially when the latter gets more developed and cheaper. For thousands of years KSA had 3 of the most valuable commodities of the ancient world in abundance. Gold, incense and pearls.

Let alone when it comes to shale gas.

UPDATE 2-Saudi Arabia to join U.S. as shale gas producer| Reuters

In any case the economy is being less reliant on natural resources for each year and that's the only way forward.

@anonymus you are right. Do you have any data of the income countries like Brazil, South Africa and India get from their diamond sales and industry? Too lazy to investigate that myself.

 

[anonymus]

@anonymus you are right. Do you have any data of the income countries like Brazil, South Africa and India get from their diamond sales and industry? Too lazy to investigate that myself.

India:

Imports= {14.472 ( cut and polished ) + 15.163 (rough) } = $29.653 Billion

Export= { 23.356 ( cut and polished ) + 1.772 (rough ) } = $25.129 billion

page 10 http://commerce.nic.in/publications/Report_Task_Group_Diamond_Sector_11thFeb2013.pdf?id=25


South Africa

Net Revenue : $1.5 billion

Diamondfacts.org - Economic Impact

Do not sell them to Israel.

Isreal is a major player in Diamond business and if you count Antwerp Jews, they have virtual monopoly over retail Diamond trade.

You cannot ignore Israel if you want to sell diamonds.

 

[al-Hasani]

India:

Imports= {14.472 ( cut and polished ) + 15.163 (rough) } = $29.653 Billion

Export= { 23.356 ( cut and polished ) + 1.772 (rough ) } = $25.129 billion

page 10 http://commerce.nic.in/publications/Report_Task_Group_Diamond_Sector_11thFeb2013.pdf?id=25


South Africa

Net Revenue : $1.5 billion

Diamondfacts.org - Economic Impact




Isreal is a major player in Diamond business and if you count Antwerp Jews, they have virtual monopoly over retail Diamond trade.

You cannot ignore Israel if you want to sell diamonds.

That's not a little export. But of course diamonds are not going to make a state rich unless you have it in abundance. Thanks a lot for the data.

Funny that you mention Antwerp. When we lived in Paris we visited it with some relatives and they told about Jews dominating the trade of diamonds in Antwerp and other luxury goods and antiques.

There is a whole district in Antwerp:

Antwerp diamond district - Wikipedia, the free encyclopedia

The Jews of the Benelux countries are descendants of the Sephardic Jews that got thrown away from Spain and Portugal in the 1500's after nearly 1000 years of Muslim control ended.

 

[OrionHunter]

WELL SHOOT, AND I WAS HAPPY, NOW KSA WILL RUN OUT OF OIL, AND NOW DIAMONDS?

Some people have all the luck in the world! First it was oil. Now diamonds! What next? Others have just sand and stones!! Jeeez! Unfair to say the least!!

 

[al-Hasani]

@OrionHunter

Life is unfair. Africa is the richest continent on earth in terms of resources, animal life etc. and look where they are? Exploited, divided and in a very bad state compared to their very big potential. They do not lack anything in terms of resources.

Then look at other countries who are much less fortunate and see how far they have gone.

It's not just oil, gas and diamonds. Look at my post number 1, 4 and 7.

Besides being blessed with a rich country is not always a good thing. It has many ill effects too. Such as a false feeling of security and lack of need to diversity ones economy. You tend to work less hard as well because all the richness is around you.

 

[Jf Thunder]

@OrionHunter

Life is unfair. Africa is the richest continent on earth in terms of resources, animal life etc. and look where they are? Exploited, divided and in a very bad state compared to their very big potential. They do not lack anything in terms of resources.

Then look at other countries who are much less fortunate and see how far they have gone.

It's not just oil, gas and diamonds. Look at my post number 1, 4 and 7.

Besides being blessed with a rich country is not always a good thing. It has many ill effects too. Such as a false feeling of security and lack of need to diversity ones economy. You tend to work less hard as well because all the richness is around you.

you tend to depend on others to put food in your mouth and get fat, and you also tend to look to others for protection

 

[al-Hasani]

you tend to depend on others to put food in your mouth and get fat, and you also tend to look to others for protection

Are you sure about that? KSA is nearly 90% reliant on its own agricultural products and even exporting abroad but investing abroad like all developed countries do is just a wise step to secure a future food security when your population is growing and water security is unstable everywhere in the ME.

Who are those others? We did not need any other people to create 3 of the 11 largest empires the world have ever seen. More empires represented by one people (Arabs) than any other ethnic group in the top 15. Nor to unite our country.

Anyway none of this has anything to do with the topic so please troll somewhere else.

 

[Jf Thunder]

Are you sure about that? KSA is nearly 90% reliant on its own agricultural products and even exporting abroad but investing abroad like all developed countries do is just a wise step to secure a future food security when your population is growing and water security is unstable everywhere in the ME.

Who are those others? We did not need any other to created 3 of the 11 largest empires the world have ever seen. More than any other ethnic group in the top 15. Nor to unite the country.

Anyway none of this has anything to do with the topic so please troll somewhere else.

dude, were you able to get the terrorists out of the Kaaba, and btw nothing personal, its just for your posts in the other threads where you were like "Its our Masjid, we can do whatever we want"

 

[al-Hasani]

dude, were you able to get the terrorists out of the Kaaba, and btw nothing personal, its just for your posts in the other threads where you were like "Its our Masjid, we can do whatever we want"

What is wrong with cooperation? The Grand Mosque Seizure was a very serious thing and it was unprecedented to hijack the biggest pilgrimage site on earth with 500 highly armed and trained fanatically cult militants. Many Muslim countries had dozens of their countrymen either killed or hijacked and many expressed an desire to join the effort to remove the terrorists. At that time it was one of the biggest hostage crisis ever in terms of sheer numbers let alone it happening in the most holy place for Muslims.

Actually as early as yesterday I thought about making a thread about it so a bit funny and strange that you mention it today.

In any case I do not see what this has to do with the thread?!