June 24, 1998 Russia announces it is prepared to develop two new diamond mines.  The Archangel mine is located North of Moscow, on the White Sea.  It is estimated the mine will produce diamonds worth $12 billion over the next 40 years.  The average stone is likely to be less than one carats and whitish in color.
The second site is the Grib Pipe in the Verkhotina concession which is about 185 miles north of Lomonosov.  Development is still in the preliminary stages.

June 24, 1998 Heavy rains in April, attributed to El Nino destroyed tanzanite mines in the Meralani region of Tanzania.  Tanzanite stones measuring in excess of 6 mm. will likely be difficult to get.  Stones smaller in size we be scarce but available.  Tanzanite prices are likely to increase over the next several months.

June 24, 1998  A representative of the Australian Opal and Gem Industry Association reported that black opal deposits in White Cliffs, Andamooka, and Mintabie are about exhausted.  Lightening Ridge still remains active.  Over the next decade while demand will remain high, supply of black opals will likely be limited.

June 25, 1998  Australian business interest are behind a effort to mine gold from the ocean floor.  A preliminary test of the site indicated there is an ounce of gold and seven ounces of silver per ton.  The site is located about a mile below the surface in the eastern territorial waters of Papua New Guinea.  Nautilus Corp is seeking investment capital to begin mining.
Critics counter that there is approximately a 200 year supply of gold remaining at traditional sources.  Cost of production continues to fall.  Under these conditions ocean mining can not be competitive.

RWS 548