Financial

Excelsior Capital Ventures (ECV) LLC is to provide "substantial liquidity" to the mid-stream diamond and jewelry industry.

Two economists have urged Botswana to undergo a second economic transformation. In a report compiled by Econsult Botswana, economists Dr Keith Jefferies and Sethunya Sejoe warned that diamond mining is unlikely to drive economic growth in future, but rather a foundation for current economic activity and income levels.

Yoram Dvash, the President of the Israel Diamond Exchange (IDE) is calling for more credit to finance the diamond industry globally.

Dvash said the global diamond trade must work together to bring more financing to the diamond sector.

His comments come after a recent report that London-based Standard Chartered Bank, which has around 2 billion in exposure to the diamond industry, was requiring more loan protection from diamond trade customers.

Zimbabwe plans to make the Chinese yuan legal tender in the African country in return for Beijing agreeing to cancel $40 million in debts.

Finance Minister Patrick Chinamasa said the decision follows Zimbabwe's move to increase trade with China.

It's not clear yet how the decision will be implemented, although Chinamasa said use of the yuan “will be a function of trade between China and Zimbabwe and acceptability with customers in Zimbabwe."

Rio Tinto’s 2015 Pink Diamonds Tender collection of 65 rare pink and red diamonds from its Argyle diamond mine produced excellent results "reflecting global demand and sustained price growth," the firm said.

Achieving the highest average price per carat since the tender began in 1984, the tender continued its double-digit price growth trajectory.

This year's tender featured diamonds weighing a total of 44.14 carats and included four fancy red diamonds.

The shekel fell against the dollar to 3.95 shekels, with analysts saying the fall was due to concerns that the Israeli government could collapse after less than two years leading to a new election in three months.

The shekel also fell against the euro, with the exchange rate declining 0.5 percent to 4.86 shekels to the euro.

The shekel has been falling against the dollar for the past two months, and has been hitting new peaks on an almost daily basis.