(IDEX Online) - Israel's government is facing calls to set up an international free trade facility to kickstart the recovery of the country's crisis-hit diamond industry.A delegation from the Israel Diamond Exchange (IDE), led by its president Yoram Dvash, presented its case for increased government aid at a special hearing of the Knesset Economics Committee.The committee is calling on t...Read More
(IDEX Online) - The IDEX Polished Diamond Price Index was flat throughout July, closing just a fraction up on the start of the month. It rose by 0.29 per cent, compared with a slight fall of 0.35 per cent in June. May was another straight-line month, down by a negligible 0.04 per cent. The index rose by 0.7 per cent in April, prompting hopes of a post-COVID recovery, but there has been little...Read More
RAPAPORT... Indian industry leaders have renewed their calls for limits on rough imports during the Covid-19 crisis, noting that diamond demand remained uncertain.The Gem & Jewellery Export Promotion Council (GJEPC) and four other trade bodies have told members to "maintain self-discipline" and only to buy rough in line with current demand. They also urged them to "exercise great caution"...Read More
RAPAPORT... Dubai has embarked on an eye-catching campaign to attract the global diamond industry to the emirate - and has lit up the world's tallest building to mark the launch.The story of a diamond's creation recently appeared on the side of the 830-meter Burj Khalifa skyscraper, promoting the city as a future hub for the trade, the Dubai Multi Commodities Centre (DMCC) said Friday. The di...Read More
RAPAPORT... Diamcor's average selling price rose to just under $112 per carat at its latest rough tender as demand shifted to higher-value goods, the miner reported last week.The company garnered $271,263 from the sale of 2,427 carats it produced at its Krone-Endora at Venetia mine in South Africa, which has been on care and maintenance since March. The price was 4.7% higher than the $107 per...Read More
Prices for round polished diamond were largely static for the "bread and butter goods" - sizes between 0.70-1.99 cts - in July. Fancies under four carats sustained a number of losses. There wasn't a single movement among one-carat rounds (1.00-1.24 cts) and slightly larger and smaller stones - 0.90-0.99 cts and 1.25-1.49 cts - barely moved. But there were discernible trends among some ot...Read More
(IDEX Online) - Alrosa is to auction 2,300 carats of special-size rough diamonds online.The Russian state-owned miner is increasingly trying alternatives to physical sales, as COVID-19 continues to depress markets and restrict travel.Its total rough and polished sales for June totaled just $31.3m, down from $222.4m for the same month last year.Alrosa said it was offering buyers unprecedented flexi...Read More
(IDEX Online) - The French luxury conglomerate LVMH says it still plans to buy Tiffany & Co, despite a plunge in profits because of COVID-19.First-half operating profits for LVMH Mo?? <
(IDEX Online) - Jewelers are invited to submit creative design concepts on the theme of "Collision and Fusion" in the IGI's 2020 JEWEL Jewelry Design Contest.The first prize is $1,140 cash and a scholarship to coursework at one of IGI's International Schools of Gemology, and there are two second prizes. In the wake of the COVID-19 pandemic, organizers aim to help young designers con...Read More
RAPAPORT... De Beers suffered heavy losses in the first half of the year due to Covid-19, and cautioned that substantial challenges would remain for the diamond market.The diamond miner fell into the red for the six months ending June 30, with an underlying loss of $214 million compared to a profit of $187 million a year earlier. Earnings before interest, tax, depreciation and amortization (E...Read More
RAPAPORT... A necklace featuring a 115.83-carat diamond was the top seller at Christie's in New York on Wednesday, bringing in $6.3 million at the live Magnificent Jewels auction.The pear brilliant-cut, F-color, VVS1-clarity diamond hangs from a chain of 31 pear brilliant and pear modified brilliant-cut diamonds ranging from 0.97 to 5.50 carats. The price achieved was within estimates. Total...Read More
RAPAPORT... Revenue at Gem Diamonds fell in the first half of the year amid a temporary shutdown of its mine and weak demand due to the coronavirus.Sales of rough diamonds from the Let??eng mine in Lesotho dropped 22% to $74 million by value, and also fell 22% by volume to 43,384 carats in the six months ending June 30, the miner reported Thursday. The average price inched up slightly to $1,7...Read More
RAPAPORT... Hong Kong's retail market took a turn for the worse this month amid the coronavirus's resurgence, reversing a slight improvement in June, the government cautioned Thursday.The municipality has entered a third wave of infections, prompting authorities to shut parts of the economy this week in an effort to contain the outbreak. "With inbound tourism remaining at a standstill and loc...Read More
Sentiment weak as trading centers reinforce Covid-19 restrictions. Supply shortages supporting polished prices as cutters refrain from rough purchases. Manufacturing profit margins better than pre-pandemic, resulting from select rough buying that aligns with polished demand. Focus on online trading. D, IF investment demand improving. Miners building rough inventory as sales slump. De Beers 1H reve...Read More
RAPAPORT... Revenue at Gem Diamonds fell in the first half of the year amid a temporary shutdown of its mine and weak demand due to the coronavirus.Sales of rough diamonds from the Let??eng mine in Lesotho dropped 22% to $74 million by value, and also fell 22% by volume to 43,384 carats in the six months ending June 30, the miner reported Thursday. The average price inched up slightly to $1,7...Read More
RAPAPORT... Hong Kong's retail market took a turn for the worse this month amid the coronavirus's resurgence, reversing a slight improvement in June, the government cautioned Thursday.The municipality has entered a third wave of infections, prompting authorities to shut parts of the economy this week in an effort to contain the outbreak. "With inbound tourism remaining at a standstill and loc...Read More
RAPAPORT... Nine De Beers sightholders have committed to becoming carbon-neutral, aiming to align the manufacturing sector with environmental standards present elsewhere in the diamond industry.The participants will begin by assessing their current emissions, and will then develop a plan to reduce them in a sustainable way. They expressed their intentions in a virtual meeting Monday held by D...Read More
RAPAPORT... Weak rough demand and a devaluation of assets pushed Rio Tinto's diamond division further into the red in the first half of the year, the miner reported Wednesday.The unit recorded a net loss of $40 million for the six months ending June 30, compared with a loss of $5 million a year ago. Diamond sales fell 48% to $141 million for the period."The Covid-19 pandemic has significantly...Read More
RAPAPORT... Kering reported weak jewelry sales during the first half of 2020 as a slowdown at its Europe-focused brands outweighed stronger figures in Asia.The group's Boucheron and Pomellato brands suffered from their exposure to the Western European market during Covid-19, Kering reported Monday. However, sales at Qeelin grew for the six months as demand recovered in mainland China when the...Read More
RAPAPORT... The Diamond Club of Antwerp has reelected Thierry Polakiewicz as its president and named 13 other officers and board members.The club, founded in the 1890s, is one of the city's four bourses, and is primarily for traders of polished diamonds. It held its latest election earlier this month, confirming the following officers:President: Thierry PolakiewiczVice president: Philippe Bar...Read More