WINDHOEK – Five African commercial banks have partnered in a $375-million financing deal to build a new diamond mining vessel for a subsidiary of Anglo American's diamond unit De Beers.Nedbank Namibia, RMB Namibia, Standard Bank, ABSA and Bank Windhoek agreed to provide 80% of the funding for the ship, which will be the world's largest of its type.AdvertisementDebmarine Namibia - a 5...Read More
RAPAPORT... Jewelry is one of three categories in the luxury sectorexpected to see solid growth in 2019, as domestic consumption in China and theUS increases, according to Bain & Company. Leather goods and handbags will also see sustained growththroughout the year, while watches will begin to show recovery in specificregions, including Europe. However, Hong Kong, the largest consumer mark...Read More
RAPAPORT... Royal Asscher has launched two new patented diamond cuts internationally,in honor of the brand's 165th anniversary, it said Monday. The Royal Asscher Oval and the Royal Asscher Cushion jointhe Netherlands-based jeweler's other two cuts, the Royal Asscher RoundBrilliant and the Royal Asscher, which has become a widely used generic diamondcut. Royal Asscher sells its diamond-jewelr...Read More
De Beers Group Institute of Diamonds is partnering with the International Institute of Gemology in India (IIG) to deliver diamond education courses throughout that country.The IIG has been operating for more than 50 years and is entrenched in gemology and in diamond and jewellery education in India.Advertisement“As the major player in the global diamond cutting and polishing industry, India...Read More
RAPAPORT... Transparency is a growing goal for wholesalers, but there'sanother "T" word that may be even more important: trust. In an industry definedby long-abiding relationships, assurances of ethical sourcing depend heavily ona seller's reputation for integrity. Opening up Transparency is now a "definite trend," according to EricMor, president of New York-based wholesaler Abe Mor Diamond Cutter...Read More
RAPAPORT... Business Botswana called out De Beers for failing to providesubstantial opportunities for the country's businesspeople, ahead of the miner'sforthcoming negotiations over a new sales agreement. "The benefits deriving from the diamond industry haveunfortunately not been enjoyed by Batswana entrepreneurs," Gobusamang Keebine,president of the employers' advocacy group, said in a speec...Read More
RAPAPORT... Tango Mining sold a 5.28-carat rough diamond for $7,730 per carat, boosting sales from it Oena project in South Africa. The diamond was one of 190 stones totaling 333.25 carats, which the miner sold at a tender at the Kimberley Diamond Exchange in the third quarter ending May 31. The miner achieved an overallaverage price of $1,198 per carat for rough at the sale. The miner...Read More
RAPAPORT... HRD Antwerp has launched a new drop-off center in London'sHatton Garden, its first foray into the UK market, it said Tuesday. The location, which is part of an effort to combat theaccidental mixture of natural and lab-grown stones, will serve as a deliverypoint for UK jewelers sending diamonds and jewelry in for grading. Itemssubmitted to the center will then be shipped to HRD's g...Read More
BidFair USA, an entitywholly owned by Drahi, will pay $57 per share of common stock to all Sotheby'sshareholders, the auction house said Monday. The deal, which has already received board approval, is a 61%premium over the auction house's closing price on June 14. Drahi, an avid art collector and Sotheby's patron, has along-term vision for enhancing the company's value, CEO Tad Smith explain...Read More
Shamiso Mtisi, the Zimbabwean lawyer who heads the Kimberley Process (KP) Civil Society Coalition (CSC), was one of the three speakers who addressed the Opening Session of the Kimberley Process Intersessional Meeting (KPI) on June 17, in Mumbai, India. In his address Mtisi noted that this year is the KP's last chance, in the current reform cycle, to cut the diamond sector's ties to what...Read More
The June Hong Kong Jewellery & Gem Fair announced it will feature a dedicated Gemological Laboratories Zone that" industry stakeholders cannot afford to miss," the show organizers said. Scheduled for June 20 to 23 at the Hong Kong Convention & Exhibition Centre (HKCEC), the June Fair will bring together the major names in the world of gemology, including the Asian Gemmological Institute a...Read More
RAPAPORT... Jewelry appraisers will become more important than ever, with a new wave of recycled estate pieces expected to become available. "We want to get a better understanding about what the appraiser community should do as millions of Americans will be selling their jewelry," Martin Rapaport, chairman of the Rapaport Group, said in a recent town hall meeting at the JCK Las Vegas sho...Read More
Bain & Company, a leading advisor to the global luxury goods industry, published the "Bain Luxury Goods Worldwide Market Study, Spring 2019," and said that the global personal luxury goods market reached a "new normal" pattern of growth, following back-to-back years of strong performance in 2017 and 2018. In 2018, 6 percent global growth (at a constant exchange rate) led to ???EUR? ?260 billi...Read More
U.S. retail sales improved in May 2019, putting at rest expectations that the US economy would be shrinking following poor reports from the job market in recent months. monthly jobs report. Various American news sources quoted a Commerce Department report that said that retail sales had risen 0.5 percent last month in May, while what had initially been reported as a 0.2 percent decrease in A...Read More
BidFair USA, a company owned by the French-Israeli collector and entrepreneur Patrick Drahi, has taken ownership of Sotheby's, the 275-year-old auction house. Drahi, who paid $3.7 billion for the auction house, is planning to take the publicly traded company private, which means that Sotheby's will no longer be traded on the New York Stock Exchange (NYSE). The acquisition may have a sign...Read More
RAPAPORT... A Botswana employers' advocacy group has called out De Beers for failing to providesubstantial opportunities for the country's businesspeople. "The benefits deriving from the diamond industry haveunfortunately not been enjoyed by Batswana entrepreneurs," Gobusamang Keebine,president of Business Botswana, said in a speech during the fifthregional High Level Consult...Read More
A road map to finalise agreements that will enable Aim-listed Vast Resources to mine for diamonds on the Heritage concession, in Zimbabwe, has been established.This follows after meetings between the company’s senior management, local community leaders and parastatal Zimbabwe Consolidated Diamond Company (ZCDC), in Harare, last week.AdvertisementThe agreements concerning the Heritage concess...Read More
RAPAPORT... World Diamond Council (WDC) president Stephane Fischlerurged Kimberley Process (KP) member governments to reach an agreement on trade-reform issues, including expanding thedefinition of a conflict diamond. "We are relying on each of you, during this final year of the review and reform process, to show the consumers of diamonds that the Kimberley Process can unite around a program...Read More
RAPAPORT... The US polished-diamond trade slowed in April, with importsdeclining and exports stable. The drop in import value reflects both a lower volumeand average price.US Diamond Trade Data for April 2019 Millions unless stated otherwiseRead More
RAPAPORT... The US jewelryindustry sees social media as instrumental in overcoming digital challenges, a recent report by JCK found. Ofthe 500 respondents surveyed in the JCK's 2019 State of the Jewelry Industry Report, 46% identified connecting with clients viasocial media as their top digital strategy. Some 39% chose non-traditionaladvertising as the most effective approach and 37% consider...Read More