Diamond-rich Namibia’s economy to shrink by 0.6 percent; mining slows in world economic crisis

October 1st, 2009 RAIPUR - Hundreds of local residents were illegally mining diamonds at a site in Chhattisgarh since July, when securitymen guarding it were removed, the state's main opposition party Congress alleged here Thursday. "A panel of Congress leaders made an on-the-spot visit last week to the diamond-rich Pailikhand area in Raipur district and found mass illegal diamond mining going on after securitymen deployed at the site for years were withdrawn by the state government," Congress state unit general secretary Ramesh Varlyani told IANS.

October 1st, 2009 ISTANBUL - The world economy has pulled out of its worst recession since World War II and will stage a sluggish recovery in the coming year, the International Monetary Fund (IMF) said in an economic forecast released Thursday. But the IMF warned the recovery was largely due to massive public spending by governments.

September 29th, 2009 JOHANNESBURG - South Africa's Cullinan mine, the source of the world's biggest diamond, has produced yet another unusually large, high-quality diamond, the mining company that made the find announced Tuesday. Petra Diamonds said the 507-carat gem was found alongside three more rough diamonds found at the mine Sep 24.

September 23rd, 2009 RAIPUR - The Congress party Wednesday alleged that Chhattisgarh's ruling Bharatiya Janata Party (BJP) was backing illegal diamond mining in Raipur district and said it had formed a panel to conduct an inquiry. "With reports coming of mass illegal diamond mining backed by the state government, Congress has formed a six-member party panel to visit the diamond-rich Pailikhand area in Raipur district to make an on-the-spot probe this week and report back to the party," Congress general secretary Ramesh Varlyani told IANS.

July 8th, 2009 WASHINGTON - The world is beginning to pull out of its first recession since World War II, the International Monetary Fund said Wednesday. In an updated economic forecast, the IMF said the global economy was already stabilising, the financial crisis has eased and the recession will end in the second half of this year.

July 5th, 2009 Zimbabwe vows to withdraw army from diamond fieldsHARARE, Zimbabwe — Zimbabwe's official newspaper says the coalition government has pledged to withdraw troops from the Marange diamond fields and meet international mining standards. The government has denied recent allegations by Human Rights Watch that said the troops had killed more than 200 people at the mines while beating villagers and forcing children to search for gems.

July 2nd, 2009 NEW DELHI - The Economic Survey tabled in parliament Thursday has sought the integration of diamond processing sector with jewellery manufacturing so as to boost exports. "Forward integration of the diamond processing sector to jewellery manufacturing, where the value addition achieved is the highest, will help in boosting the export performance once the existing economic downturn passes by, the survey said.

June 28th, 2009 SURAT - As the government gears up to present this year's union budget, the recession-hit diamond cutting industry is looking forward to some sops, which could bail it out from the economical rough waters. Traders in Surat, nation's diamond hub, said they are anticipating some tax relief in the budget.

June 24th, 2009 World Bank: Russian economy to shrink 7.9 pctMOSCOW — Russia's economy will shrink by 7.9 percent this year, plunging millions of Russians into poverty and pushing the unemployment rate to 13 percent, the World Bank said Wednesday. The contraction in gross domestic product has been "much larger" than anticipated, and growth is unlikely to pick up even with buoyant oil prices this year, said Zeljko Bogetic, the World Bank's lead economist for Russia.

April 27th, 2009 Japan says economy to shrink 3.3 pct this yearTOKYO — The Japanese government said Monday the economy is likely to shrink 3.3 percent this fiscal year, its worst contraction since World War II, as exports continue to plummet. "The global economic crisis and economic downturn is increasing in severity, and Japan's export market is rapidly shrinking," the Cabinet Office said in a statement.

April 27th, 2009 Japan says economy to shrink 3.3 percent this yearTOKYO — Japan's economy is likely to shrink 3.3 percent this fiscal year, its worst contraction since World War II, the Cabinet announced Monday as it submitted a massive supplementary budget to finance a new stimulus package. "Exports and production are falling drastically, while employment conditions are rapidly worsening.

April 27th, 2009 Japan says economy to 3.3 percent this yearTOKYO — The Japanese government said Monday the economy is likely to shrink 3.3 percent this fiscal year, its worst contraction since World War II, as exports continue to plummet. "The global economic crisis and economic downturn is increasing in severity, and Japan's export market is rapidly shrinking," the Cabinet Office said in a statement.

April 22nd, 2009 IMF says euro zone to shrink 4.2 percent this yearLONDON — The International Monetary Fund is warning that the countries using the euro currency will see their economies shrink 4.2 percent this year. It says next year will be tough as well but that the economy should start bouncing back sometime in 2010.

December 30th, 2008 BHOPAL - Rio Tinto India will soon set up a project for production of diamonds in Madhya Pradesh, the state government has said. 'The company has detected a diamond deposit in Chhatarpur district and will soon set up a diamond project for commercial production of diamonds,' Minister of State for Mineral Resources Rajendra Shukla told IANS.

December 25th, 2008 AHMEDABAD - The Congress party Friday accused Gujarat Chief Minister Narendra Modi of not taking enough measures to help the crisis-stricken diamond industry of the state. For four months the workers of diamond units were on the street crying for succour.