(IDEX Online) - Zimbabwe's state-owned diamond company has reportedly been forced to fend off illegal mining. The Zimbabwe Consolidated Diamond Company, which has operations in the Chiadzwa area and in Chimanimani, has increased security during a 21-day coronavirus lockdown. A spokesman said they had to stop illegal miners intent on smuggling out gems across the Mozambique border to foreign b...Read More
(IDEX Online) - Baselworld has rescheduled the world's largest watch and jewelry event but has angered some exhibitors with its failure to offer full refunds.The event should have taken place from 30 April to 5 May but was canceled after Swiss authorities outlawed gatherings of over 1,000 people because of coronavirus.Organizers say it will now take place from 28 January to 2 February 2021.Th...Read More
RAPAPORT... Total diamond sales at Alrosa fell 59% to $152.8 million in March, as the coronavirus pandemic led to a slowdown in demand.Rough-diamond proceeds dipped 60% year on year to $148.7 million for the month, while polished revenue dropped 49% to $4.1 million. "March demand for rough and polished diamonds in all key markets demonstrated a steep decline," Alrosa deputy CEO Evgeny Agureev...Read More
RAPAPORT... The Hong Kong Trade Development Council (HKTDC) has rescheduled its trade shows for the second time, as coronavirus-related restrictions continue.The Hong Kong International Jewellery Show and the Hong Kong International Diamond, Gem & Pearl Show will now take place from August 3 to 6, the company said last week. The events, which were originally scheduled for March, had alrea...Read More
RAPAPORT... India's polished-diamond trade slowed inFebruary, reflecting lower demand from Hong Kong and China due to thecoronavirus. Exports dropped 41% to $1.38 billion, while rough imports rose, accordingto data from the country's Gem & Jewellery Export Promotion Council (GJEPC). India Trade Data for February 2020 Read More
RAPAPORT... Chow Tai Fook's sales slid in the fourth fiscal quarter amid sluggish consumer demand and store closures brought on by the coronavirus pandemic.Retail sales slumped 41% in mainland China in the three months ending March 31, while same-store sales - at branches open for at least year - plunged 50%, the jeweler reported last week. Both retail sales and same-store sales in Hong Kong...Read More
RAPAPORT... Chow Tai Fook's sales slid in the fourth fiscal quarter amid sluggish consumer demand and store closures brought on by the coronavirus pandemic.Retail sales slumped 41% in mainland China in the three months ending March 31, while same-store sales - at branches open for at least year - plunged 50%, the jeweler reported last week. Both retail sales and same-store sales in Hong Kong...Read More
RAPAPORT... Rough prices slumped at Petra Diamonds' March tenders as buyers sought discounts due to the slowdown in the market caused by the COVID-19 pandemic.Goods from Petra's South African mines sold for 27% less than in February on a like-for-like basis, the company reported last week. As a result, the miner chose to sell only 75% of its available volume and exported the rest to sell in A...Read More
RAPAPORT... Rough prices slumped at Petra Diamonds' March tenders as buyers sought discounts due to the slowdown in the market caused by the COVID-19 pandemic.Goods from Petra's South African mines sold for 27% less than in February on a like-for-like basis, the company reported last week. As a result, the miner chose to sell only 75% of its available volume and exported the rest to sell in A...Read More
Every mining environment poses different challenges but mining houses tend to prioritise the enhancement of mine health and safety procedures, and technology service provider In2IT Technologies CTO Vishal Barapatre says that the Internet of Things (IoT) is “a top choice” in this regard.He explains that sensor-based feedback was used in mines long before the term IoT had even originate...Read More
JOHANNESBURG (miningweekly.com) – Comment on when mining industry operations will resume is premature but what is certain is that when resumption does occur, it will not be business as usual, Minerals Council South Africa said on Thursday.Noting reports on the resumption of mining operations after 16 April, Minerals Council South Africa stated that resumption would depend on decisions that g...Read More
Following a “depressed and opportunistic” time for its diamonds at its fifth sales cycle of this year, LSE-listed Petra Diamonds has chosen to only sell a portion of its South African goods, representing about 75% by volume, and about 50% by value.The remaining goods were exported to Antwerp and of these, about 75% were subsequently sold at the company’s Antwerp marketing office,...Read More
(IDEX Online) - Queen Elizabeth's jewelry attracted almost as much attention as her message when she made an historic TV address on the coronavirus crisis.Keen royal observers were intrigued to see her wearing a rarely-seen turquoise and diamond brooch inherited in 1953 from her grandmother Queen Mary, widow of King George V and a keen jewelry collector.It was a gift from the new queen's...Read More
(IDEX Online) - Credit ratings on 70,000 jewelry firms will take account of the impact of coronavirus, says the Jewelers' Board of Trade.The non-profit organization says its reports will now include a business's rating as it stood before the Covid-19 crisis, for the sake of transparency."If a firm was highly rated prior to the crisis, that will be visible to the JBT member," said the boa...Read More
Aim-listed ldiamond producer BlueRock Diamonds’ good performance during the first quarter of 2020 has been overshadowed by the ongoing Covid-19 pandemic which has halted operations.The group, which owns and operates the Kareevlei diamond mine, in Kimberley, sold 3 267 ct during the first three months of the year, a surge of 77% compared with the 1 847 ct sold in the comparative quarter last...Read More
RAPAPORT... Can my company survive this crisis? How long will the shutdown last? Should I lay my workers off? Should I apply for government support? The coronavirus outbreak has left US jewelers with a string of questions. There aren't many definitive answers yet, as the outbreak has shown signs of worsening before it gets better, and estimates vary as to the severity of the economic impact....Read More
RAPAPORT... Pandora has hired two new marketing executives to head the global business units that it established recently as part of its strategic reorganization.Frederique Gouzard will lead the "moments" global unit, which includes charms and collaborations, the Danish jeweler said Monday. She was previously a global brand marketing director for De Beers Diamond Jewellers (now De Beers Jewel...Read More
RAPAPORT... Tiffany & Co. has donated $1 million to aid efforts to stem the spread of COVID-19, with a portion allocated toward providing essential medical supplies to New York.The jeweler will contribute $750,000 to the COVID-19 Solidarity Response Fund for the World Health Organization (WHO), it said Monday. Those funds will help countries around the world prevent, detect and respond to...Read More
RAPAPORT PRESS RELEASE, April 7, 2020, Las Vegas... Diamond prices fell in March as the spreading coronavirus led to a dramatic decline in the global economy. Diamond markets are under pressure and facing a severe liquidity crisis as jewelry retail, diamond manufacturing and trading shut down.The RapNet Diamond Index (RAPI?,,?) for 1-carat diamonds dropped 6.8% during the month and 8.7% in the fir...Read More
RAPAPORT... The Jewelers Board of Trade (JBT) will issue two parallel credit ratings for companies during the current crisis to reflect the impact of the shutdown on cash flow.The organization's credit reports, which score jewelers' debt history, will include one rating using its usual methods, mirroring the realities of COVID-19, and a second showing the situation before the downturn.The JBT offe...Read More