(IDEX Online) - DelGatto Diamond Finance has received a $100 million facility from Crestline Investors, Inc., a credit focused institutional alternative asset manager. The finance provider said the investment increases its ability to meet growing financing demand across all major diamond and jewelry markets. "We are delighted for our partnership with Crestline as we continue to finance the mi...Read More
(IDEX Online) - The World Jewellery Confederation (CIBJO) has produced a special Gemmological Commission report ahead of its annual congress in Bahrain next month. This is the seventh in a series of reports prepared for the congress.Separating science from commercial interests and empirical facts from opinions addresses the measures necessary to ensure that anyone reading a laboratory report under...Read More
RAPAPORT... Jewelry sales declined at Indian retailer TitanCompany after a hike in gold prices dampened consumer appetite. Revenue for the category dropped 2% year onyear in the second fiscal quarter ending September 30, Titan reported in arecent trading update. Salesslumped in July, before picking up in August and September as the companyintroduced promotions to attract customers. "The divisionwi...Read More
(IDEX Online) - JVC has unveiled a kit to help jewelry retailers protect their natural and lab-grown diamond supply chains. The Diamond Supply Chain Protection Kit is designed to give clarity on the diamond-related directives of the Federal Trade Commission's revised Jewelry Guidelines and encourages best practices.The kid includes a handout that breaks down the exact wording that can and can...Read More
RAPAPORT... Swiss watchexports jumped 10% to CHF 1.82 billion ($1.84 billion) in September, as orders from the UScontinued to grow.Shipments to the US rose 15% year onyear to CHF 214.8 million ($217.4 million), making it Switzerland's largest export market for timepieces for the third month this year, the Federation of the Swiss Watch Industry said last week. Exports to China jumped 26% toCHF...Read More
RAPAPORT... Jewelry sales declined at Indian retailer TitanCompany after a hike in gold prices dampened consumer appetite. Revenue for the category dropped 2% year onyear in the second fiscal quarter ending September 30, Titan reported in arecent trading update. Salesslumped in July, before picking up in August and September as the companyintroduced promotions to attract customers. "The divisionwi...Read More
Aim-listed Firestone Diamonds recorded a solid operational performance at its Liqhobong diamond mine, in Lesotho, in the quarter ended September 30 – the first quarter of its 2020 financial year.However from a market perspective, pricing remained subdued, CEO Paul Bosma said on Wednesday.AdvertisementHe indicated that the company continued to engage with its debtholders to ensure it was able...Read More
RAPAPORT... The US jewelry trade contracted in the third quarter, withthe rate of downsizing gaining speed after a slowdown over the past few months,data from the Jewelers Board of Trade (JBT) revealed. In the three months ending September 30, 286 jewelrybusinesses exited the market, a 27% jump versus the same period a year ago.Retailers constituted 229 of those - 19% more than last year, whi...Read More
RAPAPORT... DeBeers' production dropped in the third quarter as the miner responded to a declinein rough demand that has left it with an inflated stockpile of diamonds. Outputfell 14% to 7.4 million carats for the period amid planned mine closures andthe transition from open-pit to underground mining at its Venetia project inSouth Africa, parent company Anglo American said Tuesday. "We continue to...Read More
RAPAPORT... Alrosa's sales fellin the third quarter amid a drop in the average price as the miner sold alarger proportion of small stones, it reported Thursday.Sales decreased 37% to $611 million for the three months ending September 30, asproceeds from both rough and polished diamonds declined. Rough sales slipped37% to $601 million, while the average price for gem-quality diamonds slid 32%to $13...Read More
RAPAPORT... The Gemological Institute ofAmerica (GIA) has committed $1.3 million to deploying its free gemology guidefor artisanal miners across multiple countries in Africa. The kit will be available to 10,000 miners over four years inMadagascar, Nigeria, Rwanda and Zambia, GIApresident and CEO Susan Jacques said Tuesday. It follows a successful pilot project in Tanzania, which the institute comm...Read More
RAPAPORT... Belgium's diamond trade slowed in September, continuing adownward trend for the year. A 25% decline in polished exports reflected lowervolumes and a fall in the average price. Read More
(IDEX Online) - Petra Diamonds announced a 23-percent drop in revenue to $61.6 million in Q1 2020 compared to $80.2 million in the same quarter of 2019. By volume, the number of carats fell from 626,541 to 603,626. The company said the drop in revenue resulted from lower diamond prices and volumes and a poorer product mix at Finsch, Williamson and Koffiefontein.Production increased 1 percent...Read More
(IDEX Online) - Diamcor Mining sold over 4,000 carats at its first Q3 tender and sale. With proceeds totaling $424,072.44, sales resulted in an average price of $105.15 per carat. Diamcor has been processing historical tailings and stockpiled materials at the Krone-Endora at Venetia Project, which led to an expected lower average price per carat. The company said price weaknesses in certain c...Read More
(IDEX Online) - Anglo American today (Tuesday) announced that De Beers' Q3 production dropped 14 percent to 7.4 million carats compared to Q3 2018 (8.7 million carats). The company said the lower figures were expected with the Victor mine in Canada coming to the end of its life and the transition of Venetia in South Africa to underground production. Year-to-date, De Beers' diamond p...Read More
RAPAPORT... The US jewelry trade contracted in the third quarter, withthe rate of downsizing gaining speed after a slowdown over the past few months,data from the Jewelers Board of Trade (JBT) revealed. In the three months ending September 30, 286 jewelrybusinesses exited the market, a 27% jump versus the same period a year ago.Retailers constituted 229 of those - 19% more than last year, whi...Read More
Diamond miner De Beers has maintained its full-year production guidance at about 31-million carats, despite subdued demand for rough diamonds.The company on Tuesday reported that it had sold 7.1-million carats of rough diamonds on a consolidated basis in the third quarter of this year, compared with the five-million carats sold in the third quarter of 2018.AdvertisementIt pointed out, however, tha...Read More
RAPAPORT... The Gemological Institute ofAmerica (GIA) has committed $1.3 million to deploying its free gemology guidefor artisanal miners across multiple countries in Africa. The kit will be available to 10,000 miners over four years inMadagascar, Nigeria, Rwanda and Zambia, GIApresident and CEO Susan Jacques said Tuesday. It follows a successful pilot project in Tanzania, which the institute comm...Read More
London-listed Petra Diamonds is on track to achieve its full year production target of about 3.8-million carats, despite a challenging diamond market.CE Richard Duffy on Monday stated that the company’s cashflow would benefit from the sale of an exceptional 20.08 ct Type II blue diamond recently recovered from its mine in Cullinan, South Africa, and implementation of the company’s Proj...Read More
(IDEX Online) - Sarine Technologies has released a preliminary update for Q3 2019 in which it says it has returned to nominal profitability. The company said despite ongoing negative conditions in the mid-stream, revenues for the third quarter will be 20 percent better than those of the second quarter, hitting $14 million. This will allow for a nominal net profit. To keep expenses down,...Read More