A "more challenging" environment in China and higher than normal diamond inventories in the midstream contributed to more cautious diamond buying in De Beers' fifth sales cycle of the year, CEO Bruce Cleaver said on Tuesday.The value of De Beers' rough diamond sales decreased to $390-million in the fifth sales cycle of this year, compared with $581-million in the fifth sales cycl...Read More
RAPAPORT... Online retailer Enchanted Diamonds has gone into liquidation with liabilities of $1.7 million.The company, which also had a showroom in Times Square, Manhattan, filed for Chapter 7 bankruptcy in New York federal court on June 20. This follows a suspension of the company's Better Business Bureau (BBB) A+ accreditation, with BBB confirming it had received a spike in consumer complai...Read More
RAPAPORT... The government of Botswana is said to have expressedinterest in buying shares in Lucara Diamond Corp., the owner of the country'shigh-value Karowe diamond mine. "I have proposed...Lucara allow [the] government to invest inthe company," President Mokgweetsi Masisi told the Botswana Gazette. "Asa county we would benefit from such value." Lucara CEO Eira Thomas and Masisi met for a...Read More
Reuters reported this week that "a long-running criminal probe into diamond sales by Italian banks has uncovered what prosecutors say is further evidence of corruption by officials at UniCredit, Italy's largest lender, and smaller rival Banco BPM." Reuters wrote that "Italy's biggest banks are suspected of colluding with diamond brokers to scam their own customers ???,?" allegedly sellin...Read More
India, as the KP Chair for 2019, successfully hosted the KP Intersessional meeting in Mumbai. The meeting which started on 17th June concluded today, 21st June 2019. The KPCS is an international mechanism mandated by UN to reduce the flow of conflict diamonds which were being used to finance wars against legitimate governments. Mr. Alok Vardhan Chaturvedi, KP Chair and Director General of Foreign...Read More
The Diamond Council of America (DCA), a US accredited school that offers jewelers the opportunity to earn professional certifications in diamonds, colored gemstones and fine jewelry sales through distance education, announced that it has received a $25,000 grant from the Gemological Institute of America (GIA) to provide scholarships to DCA graduates to enroll in GIA online distance education cours...Read More
After a marathon twelve-hour auction, Christie's Maharajas & Mughal Magnificence auction achieved $109,271,875 with 93 percent sold by lot and 92 percent sold by value, establishing the highest total for any auction of Indian art and Mughal objects, and the second highest auction total for a private jewelry collection. Sale registrants came from 45 countries across five continents and the...Read More
The fourth edition of the Dubai Diamond Conference (DDC) will take place on September 26, 2019, at the Almas Conference Centre, Almas Tower, Dubai, United Arab Emirates. The one-day conference will gather global industry professionals to discuss the impact of technological innovation on the diamond industry, its supply chain and future prospects. Fluctuating prices and profitability combined with...Read More
Bank Windhoek, Standard Bank Namibia, RMB Namibia and South Africa's Absa Bank are reported to have joined Nedbank Namibia to raise around N$5,6 billion to finance the construction of Debmarine's new vessel, with Debmarine contributing N$1.4 billion. The investment is the biggest in the Namibian mining industry, and the biggest in the world's marine diamond mining sector. De Beers M...Read More
RAPAPORT... Online retailer Enchanted Diamonds has gone into liquidation with liabilities of $1.7 million.The company, which also had a showroom in Times Square, Manhattan, filed for Chapter 7 bankruptcy in New York federal court on June 20. This follows a suspension of the company's Better Business Bureau (BBB) A+ accreditation, with BBB confirming it had received a spike in consumer complai...Read More
De Beers' fifth sales cycle of its "Global Sightholder Sales and Auction Sales" of 2019 was reported to be as low as $390 million. Bruce Cleaver, CEO, De Beers Group, said: "While overall retail sentiment for diamond jewelry in the US remains solid, a more challenging environment in China and higher than normal polished diamond inventories in the midstream resulted in a cautious approach from...Read More
RAPAPORT... India's polished-diamond exports slid 15% year on year in May, reflecting a slowdown in the trade that's been evident for the past seven months. The last monthly increase was recorded in November, according to Rapaport records. The decline in May was the result of lower volumes, which outweighed an increase in the average price of goods, data from the Gems & Jewellery Export P...Read More
RAPAPORT... Swiss watch exports rose in May, boosted by demand for high-end wristwatches. Shipments rose 11% to CHF 2.04 billion ($2.09 billion), withwristwatch supply increasing 9% to CHF 1.88 billion ($1.93 billion). Exports of other products, which includesclocks, jumped 62%. Traditional timepieces are making a comeback following adownturn in the market during the 2018 holiday quarte...Read More
RAPAPORT... India's polished-diamond exports slid 15% year on year in May, reflecting a slowdown in the trade that's been evident for the past seven months. The last monthly increase was recorded in November, according to Rapaport records. The decline in May was the result of lower volumes, which outweighed an increase in the average price of goods, data from the Gems & Jewellery Export P...Read More
RAPAPORT... India's polished-diamond exports slid 15% year on year in May, reflecting a slowdown in the trade that's been evident for the past seven months. The last monthly increase was recorded in November, according to Rapaport records. The decline in May was the result of lower volumes, which outweighed an increase in the average price of goods, data from the Gems & Jewellery Export P...Read More
As the world gears up for the Fourth Industrial Revolution, African mines are embracing real-time information management systems to plug the gap left by the shortage of competent maintenance supervisors and mining equipment operators, Mining Equipment Manufacturers of South Africa CEO Ossie Carstens tells Mining Weekly. “The explosive growth seen in mechanised mining in the past 30 years or...Read More
Aim-listed Kefi Minerals on Friday reported that fieldwork had started at its Hawiah exploration licence, in Saudi Arabia.The fieldwork began with a modest cost but a potentially high-impact induced polarisation and resistivity geophysical survey aimed at better defining the large volcanogenic massive sulphide target for drilling.AdvertisementThis survey follows the previous self-potential (SP) ge...Read More
Sentiment weak as polished prices continue tosoften. Hong Kong fair opens with hope for better trading than Las Vegas shows.Outlook for Chinese local demand improves as luxury consumers shift to domesticspending, since weak yuan and trade war have reduced tourist shopping. Jewelersavoiding inventory buildup. Rough market cautious despite reported 4% to8% price cut on small rough during low-value D...Read More
Polished trading relatively quiet for this time ofthe year. Some companies reducing prices to boost activity and liquidity.Manufacturers cutting their rough intake, as they're maintaining low factoryproduction levels. Few overseas buyers in the market as focus shifts to HongKong for the show. Locals looking for 1 ct. and larger stones, as small sizesremain weak. RoundRead More
RAPAPORT... Gem Diamonds has sold its Ghaghoo mine in Botswana for $5.4million, following a two-year search for a buyer. Pro Civil, a Botswana-based company, will acquire the asset, which has been on care and maintenance since March 2017. The company will also take on environmental responsibility for the deposit, Gem Diamonds said Thursday. "This sale is in line with our strategic objective t...Read More