(IDEX Online) - Chinese mining giant Anjin has officially resumed operations at Chiadzwa, Zimbabwe, almost five years after all the country's diamond mining was consolidated into a single government-run corporation.The Mugabe administration forced the closure of seven mining companies, including Anjin, and went on to merge their assets into the Zimbabwe Consolidated Diamond Company (ZCDC).But...Read More
RAPAPORT... The World Diamond Congress will take place in a virtual format beginning September 14, giving industry leaders an opportunity to brainstorm ways of navigating coronavirus-related challenges. The biennial event, a joint meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), was originally scheduled to take plac...Read More
RAPAPORT... The numberof jewelry pieces being sent to the International Gemological Institute (IGI) forgrading and authentication continues to increase, indicating a faster-than-expectedrevival among jewelers, according to CEO Roland Lorie."I think that the problems come more from production andmanufacturing than the consumer side,"Lorie said on episode 31 of the Rapaport Diamond Podcast. "I'...Read More
RAPAPORT... US polished-diamond imports fell again in June, but the rate of decline eased as the economy reopened following lockdowns. Shipments were down 34% to $822 million for the month, according to the Commerce Department, compared with drops of 61% in March, 98% in April and 87% in May. US Trade Data for June 2020Read More
RAPAPORT... The New York Stock Exchange (NYSE) has told Birks Group it is no longer compliant with its listing rules, after the Canadian jeweler incurred losses for four consecutive fiscal years.NYSE American, the exchange's submarket for smaller companies, requires its members to maintain stockholders' equity - the value of assets minus liabilities - of at least $4 million. A company breache...Read More
RAPAPORT... The World Diamond Congress will take place in a virtual format beginning September 14, giving industry leaders an opportunity to brainstorm ways of navigating coronavirus-related challenges. The biennial event, a joint meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), was originally scheduled to take plac...Read More
RAPAPORT... Lucapa Diamond Company, owner of the Lulo mine in Angola and Mothae in Lesotho, has restructured its debt, allowing it more freedom to focus on navigating the weak diamond market. "The refinancing arrangements will give Lucapa and Mothae more flexibility to navigate the pandemic-affected diamond and investor markets, and the support to continue driving the company's strategy on it...Read More
RAPAPORT... US retail sales recorded their third consecutive increase in July, government data showed, as stores gradually resumed operations and devised ways of serving customers during the pandemic.Revenues of $536 billion for the month were 1.2% higher than in June and 2.7% above July 2019, according to figures the US Census Bureau released Friday. Sales outside of retail locations - such...Read More
RAPAPORT... Jewelry manufacturer Nancy Brewer died in early August, according to a statement by the Gemological Institute of America (GIA), where she had been a board member for 10 years.Brewer was the founder and CEO of jewelry-design company Nancy B. & Co. The firm was acquired by jewelry manufacturer B.A. Ballou in 2005, and is now a division of the Carla Corporation. She served on the...Read More
(IDEX Online) - Australian miner Lucapa has restructured $13m of loan repayments after the pandemic saw rough sales plunge by 80 per cent.It said major financiers and shareholders, Equigold, New Azilian, and the Industrial Development Corporation of South Africa had deferred loan repayments from 2020 to 2022 and beyond.Managing director Stephen Wetherall said the amendments reflected an understand...Read More
RAPAPORT... US retail sales recorded their third consecutive rise in July, government data showed, as stores gradually resumed operations and devised ways of serving customers during the pandemic.Revenues of $536 billion for the month were 1.2% higher than in June and 2.7% above July 2019, according to figures the US Census Bureau released Friday. Sales outside of retail locations - such as v...Read More
(IDEX Online) - India's exports of cut and polished diamond fell 39 per cent in July to $918.4m, as the COVID-19 pandemic blighted the industry.And the figure for April to July plunged 46.5 per cent, compared with the same period last year, down to $2.7bn, according to the country's Gems and Jewellery Export Promotion Council.Overall gross exports of gems and jewelry in July were down 38...Read More
(IDEX Online) - Jaeger-LeCoultre has released two new high-jewelry watches featuring its iconic Calibre 101 - still the world's smallest mechanical movement after more than 90 years. Snowdrop and Bangle are both made of pink gold set with around 20 carats of IF to VVS stones, and both feature the Calibre 101, which measures 14 mm x 4.8 mm, with a thickness of 3.4 mm and weighs barely one...Read More
(IDEX Online) - Alrosa's Q2 profit slumped by 98 per cent, to just $3.6m, as the COVID-19 pandemic saw demand for diamonds all but evaporate.The release of its results came days after the Russian state-owned miner, and the world's biggest producer of diamonds by volume, reported a 79 per cent drop in sales (rough and polished for July were just $35.8m).Despite the disappointing performan...Read More
RAPAPORT... Alrosa has predicted a return to pre-pandemic rough sales levels in October, observing a promising combination of midstream shortages and growing retail demand. Executives made the forecast Friday following the release of the miner's second-quarter results, which showed a heavy slump in profit and revenue as the coronavirus froze the diamond market."There's real demand for rough b...Read More
RAPAPORT... Fana, a New York-based bridal and fine-jewelry brand, has appointed three senior staff members to shore up its sales operations and interactions with retail partners.Shelby Sterrett, who joined the company in February, will lead sales development for the west region, which covers Colorado and all other west-coast states, the company said last week. Steve Rumanoff will hold the sam...Read More
Sentiment improving after relatively good trading in July-August. Shortages supporting prices. Fewer dealers active in the market. Suppliers with the right goods that meet selective demand gaining market share. Manufacturers considering higher rough purchases as they assess 4Q inventory requirements. Rough buying limited due to travel restrictions and inflated De Beers and Alrosa prices. Alrosa Ju...Read More
RAPAPORT... Dutch bank ABN Amro will close its Hong Kong diamond business in a major trimming of its global operations.The company is shutting the branch from which it lends to the local polished market, as part of a retreat from all trade-finance activities outside northwest Europe, a company spokesperson told Rapaport News Thursday. The decision leaves ABN Amro with just its Belgium office...Read More
(IDEX Online) - A Chinese billionaire living in the USA has ordered the world's most expensive COVID-19 face mask - costing $1.5m.Teams of jewelers are working in shifts to set 3,608 natural black and white diamonds (weighing 210 carats) into 270 grams of pure 18k gold.The anonymous customer from Shanghai is having the mask designed and made by Orna and Isaac Levy, owners of the Yvel luxury j...Read More
RAPAPORT... Ask a De Beers or Alrosa contract client about the biggest problems with the miners' age-old systems for selling rough, and the answer will probably include a comment on prices. High rough prices relative to polished have squeezed diamond manufacturers' profit margins for years. But there's a more complex issue behind the complaints: the lack of customization.The two mining giants...Read More