A group of Venezuelans that moved to the US to "start a new life" are suing a $30 million cryptocurrency Ponzi scheme that allegedly backed its coins with real diamonds. Last month, a group of Venezuelans submitted a lawsuit claiming they were fraudulently promised massive returns on investments into the supposed diamond-backed cryptocurrency, Argyle Coin, Law360 reports. The perpetrators, Jose An...Read More
On September 1, 2019, diamonds, gems and jewelry imports from China will be slapped with a 10 percent tariff, affecting some $13 billion worth of goods that are expected to be imported toward the holiday season. US jewelry industry leaders have been trying to avert the verdict but in spite of their efforts, which included a high-brow delegation led by David Bonaparte of Jewelers of America (JA) to...Read More
The De Beers Group published the following announcement on Friday August 16: "De Beers Group is shocked and saddened by the sudden death of Albert Milton, Managing Director, Debswana, the 50/50 joint venture between the Government of the Republic of Botswana and De Beers Group. Albert became unwell in Johannesburg on Thursday evening. He was admitted to hospital but died early this (Friday) morni...Read More
RAPAPORT... De Beers will allow sightholders to refuse more rough diamonds than usual at thisweek's sight, aiming to ease pressure on the market without reducing prices. Clients will be free to turn down 50% of available goods amid a slump in rough demand, a broker told RapaportNews on condition of anonymity. The company will also buy back up to 20% ofcustomers' purchases, compared with the standa...Read More
RAPAPORT... Albert Milton, managing director of De Beers'Botswana joint venture, has died, the company said Friday. Milton passed away early Friday morning after becomingunwell Thursday night in Johannesburg, where he was admitted to the hospital. "De Beers is shocked and saddened by the sudden death ofAlbert Milton," the miner said. "We extend our deepest condolences to Albert'sfamily, rela...Read More
The global push for ever-increasing technological advancement in the mining industry means that it needs to readdress the way it builds and sources competences, with a focus on breaking down skills silos to create more multidisciplined professionals, according to Wits Mining Institute director Professor Fred Cawood.Speaking to delegates at the SA GeoTech 2019 conference, in Kempton Park, last mont...Read More
Diamond miner De Beers Group on Friday said it was "shocked and saddened" by the sudden death of Debswana MD Albert Milton.Milton had become unwell while in Johannesburg on Thursday evening. He had been admitted to hospital, but died early on Friday morning.Advertisement"We extend our deepest condolences to Albert’s family, relatives and friends. Our thoughts are with them at...Read More
Low expectations for Sep. Hong Kong show due to slowdownin Chinese demand and escalation of political protests. Trade war affectingconfidence. US jewelers likely to raise local manufacturing as 10% tariff ondiamond and jewelry imports from China takes effect Sep. 1. Weak Macy's 2Qresults reflect struggling malls and drop in tourist spending. Devalued yuanadds price pressure for Chinese diamond imp...Read More
IIJS show sees slowdiamond trading, but steady gold inquiries ahead of festival and weddingseason. Jewelers waiting for gold-price stability before making orders.Polished production reduced by estimated 30%, with cutters shifting tolower-cost goods to keep workers. Large volume of 0.30 to 0.70 ct.available; suppliers selling in parcels to save on grading costs. Steady demandfor better-quality SIs...Read More
RAPAPORT... Stornoway Diamond Corporation has given a stern warningabout its ability to remain in business, after failing to find a buyer for the company. The miner had until July 15 to find an investor for its Renard operation as part of a bridge-loan agreement it signed. While lenders extended the deadline to September 16, the company has been unable to find an interested party, and feels i...Read More
RAPAPORT... Pandora and Warner Bros. will partner on a HarryPotter-inspired collection, featuring iconic characters and symbols from thefilms. The line will comprise 12 hand-finished products, includingcharms, pendants and a bracelet, designed by Francesco Terzo and FilippoFicarelli, Pandora's vice presidents and creative directors. It will launch onNovember 28 in Pandora stores globally, as...Read More
Yahoo News reported that China is taking on the world's diamond miners, using sophisticated technology to offer increasingly cheap and real-looking knockoffs that threaten to upend the lucrative fine jewelry market. The technological disruption seen in medicine, autos, banking and countless other sectors is spilling over into diamonds, where an oligopoly of just four miners controls more than...Read More
RAPAPORT... The Hong Kong Jewelry Manufacturers' Association (HKJMA)is asking the organizers of the September show for a 25% discount for itsmembers, citing difficult market conditions due to the trade war and socialunrest in the city. Many overseas exhibitors and buyers are likely to skipthe Hong Kong Jewellery & Gem Fair following government warnings about visitingthe municipality, the HKJMA...Read More
Some 18 months into its four-year business transformation programme, diamond miner Gem Diamonds is on track to deliver its targeted $100-million in incremental revenue, productivity improvements and cost savings by the end of 2021.Since implementation, the LSE-listed group has achieved $42-million in cost savings, net of implementation costs and fees.Advertisement“It is pleasing to report th...Read More
As part of its efforts to advance professional skills in jewelry making and design, the MJSA Education Foundation recently awarded a total of $10,000 in scholarship funding to five students. That amount includes a $2,500 scholarship provided by the Rhode Island-based Providence Jewelers Club Foundation, for students attending eligible schools in that state. The five winners range from an undergrad...Read More
Asian gem lab group AIGS is organizing a five-day cultural trip to the ruby mining area of Mogok in Myanmar in mid-October coinciding with the ICA (International Colored Gemstone Association) Congress. The trip, which has been organized by AIGS (Asian Institute of Gemological Sciences) on several occasions in the past, is available to those who wish to find out more about the remote mining origin...Read More
Junior miner Stornoway Diamond Corp, the owner and operator of the Renard mine in Quebec, has extended the deadline for bid submissions for a buyer or major investor by two months to September 16.This comes as the company, which is relying on bridging finance to operate, has failed to receive an acceptable nonbinding indication of interest by its initial deadline of July 15.AdvertisementStornoway...Read More
RAPAPORT... Pandora is set to repurchase DKK 500 million ($74.7 million)of unsold inventory from retailers that stock its products, the company said. The Danish jeweler believes this will reduce the quantity of goods its clients keep in stock for long periods. The company plans to smelt and recycle the old jewelry to make new collections, a company spokesperson told Rapaport News&nb...Read More
RAPAPORT... Mountain Province has been given six months toraise its share price or it will no longer be eligible to list on the Nasdaqstock exchange, it said Tuesday. The Canada-based miner's stock is currently valued at$0.97, below the minimum bid price of $1 per share required for maintaining aspot on the exchange. It received the warning because its price had fallen below that level for mo...Read More
RAPAPORT... Jewelry imported into the US from China will attract an extra levyof 10%, despite the Trump administration's decision to postpone tariffs onother goods due to the upcoming holiday season. While certain health-and-safety products are being removedfrom the prospective tariff list, other items - including toys, computer equipment, video games andclothing - havereceived a temporary re...Read More