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The change, proposed by the former Labour government, to save the Royal Mint between £7 million and £8 million a year by abandoning the use of copper & instead using nickel has caused quite a stir. It has been revealed that 5p & 10p coins are going to start being made from steel with a nickel coating which is known to cause a skin allergy problems, hence the reason it not being used in jewellery any more. The ‘silver’ 5p and 10p coins have always been made from a metal known as cupronickel, an alloy made of 75 per cent copper, 25 per cent nickel. Another issue raised with the change in metal coating used for 5p & 10p coins is that the coins are going to be thicker, meaning they may not work in hundreds of thousands of machines around the country causing far too many problems. It’s been said that the change will cost the vending industry £42 million & the coin industry nearly as much as £100 million.

Nickel is Legally Banned from Jewellery & Should Not be Used in Coinage

Why is nickel regulated?

Nickel is known to be one of the most common causes of skin allergies with it affecting 10% of the UK adult population. Nickel sensitive patients develop dermatitis which is caused by nickel permeating through the skin of their hands causing a long-term disability. Avoiding nickel is almost impossible as it is found in hundreds of thousands of substances. The most common sensitisation caused by nickel is through body piercings & is perpetuated by prolonged contact with nickel.

The change in metal for the use of 5p & 10p coins is due to take place from January 1st of next year.

Elin Nordegren, ex-wife to Tiger Woods, is reportedly selling off diamond jewellery he gave her, including a diamond engagement ring.

The ex-wife of Tiger Woods is said to be auctioning off the diamond jewellery that was given to her by the golfer.

Elin Nordegren, who separated from Woods after he cheated on her, has reportedly asked auction house Sotheby's to set up the sale of the items, according to US celebrity website janetcharltonshollywood.

According to the Daily Express, among the items that will go under the hammer is an antique diamond engagement ring, as well as a set of diamond earrings with matching necklace.

Speaking to the newspaper, a friend of Ms Nordegren was quoted as saying: "The jewellery reminds her of the marriage and she is over that."

The auction could fetch as much as £1 million, with the diamond engagement ring said to be worth around £200,000.

Woods, who was on the losing side in the recent Ryder Cup, separated from his wife after admitting he had been unfaithful to her.

The Bharat Diamond Bourse - the largest of its kind in the world - has opened in India.

The world's biggest diamond trade centre has opened in India, approximately two decades after plans were first put forward.

The Bharat Diamond Bourse (BDB), located in Mumbai, is part of the country's bid to rival places such as Antwerp as a major trading hub for diamonds.

President of the BDB Anoop Mehata said traders will have finished moving in to the new site by December and one highlighted the numerous benefits over the previous offices, which were spread across three buildings in the south of the city.

"All segments of the diamond business will get streamlined by coming under one roof, ensuring economy of trade and better work conditions," remarked Darshan Lakhani of Mahima Gems.

Traders, banks, investors and a customs department will all be housed in the new facility, which features a secure room for storing diamonds that are due to be exported.

Elsewhere in the country, it recently emerged Alrosa, the Russian diamond mining firm intends to open an office in India and sign supply deals with three companies.

A growing demand by consumers for polished diamonds has made the rough diamond prices go up by 16% since the beginning of the year.
The Diamond Trading Company (DTC) formerley DeBeers, made an announcement about the annual price rise on Thursday, however it did not announce any price increase for its current August sighting. The DTC announces changes in price at every diamond sight, where diamond traders gather and buy ‘boxes’ of rough directly from the company every six weeks or so.

The strong demand for high-end polished diamonds has ensured that more sight holders, who buy either from De Beers or the DTC, have had to bear the brunt of ‘‘regular” price hikes.

Diamonds with a higher quality and carat, i.e. above SI clarity and 1 carat plus, are highly sought after. These stones command a premium especially in the US and UK markets. The DTC price prices in 2008 have resulted in a 13% price increase from the start of the year.

DiamondGeezer.com also draw UK customers attention to the new strength of US$ currency, which sees the British Pound dropping against the dollar. Diamonds are traded internationally in US dollars which means the increased cost of the dollar when bought with British pounds, will compound prices rise.

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