RAPAPORT... A new fund for diamond companies is set to launch, aiming to provide an easier way for firms to obtain credit."The diamond industry is in a major state of flux, with all the major commercial banks exiting the space," Chris Del Gatto (pictured), creator of the Delgatto Diamond Fund, told Rapaport News. "There is an unprecedented shortage of working capital among dealers, wholesalers, an...Read More
RAPAPORT... Manufacturing Jewelers & Suppliers of America (MJSA) hasappointed Joel McFadden director of its Council of Custom Jewelers. The New Jersey-based jeweler will be responsible forcultivating and developing group members' expertise into articles, educationalmaterials and promoted content. "Joel is a passionate member of the jewelry-makingcommunity, and as someone who has spe...Read More
JOHANNESBURG (miningweekly.com) – The conversion of boiler houses and power plants to alternative fuels is expected to reduce the operating expenses of Russian miner Alrosa by about 5.3-billion roubles over the next ten years.In an update on Monday, Alrosa said that it would build a gas boiler-house in Almazny settlement in the Mirny district of Yakutia and that it would modify the diesel po...Read More
RAPAPORT... De Beers has terminated the sightholder status of Gitanjali Gems following fraud allegations against the Indian jeweler's managing director,Mehul Choksi. De Beers took the decision in February, meaning Gitanjalican no longer make any purchases from the company, a spokesperson for the roughproducer confirmed in a statement to Rapaport News Monday. "De Beers has introduced more rigorous...Read More
RAPAPORT... Manufacturing Jewelers & Suppliers of America (MJSA) hasappointed Joel McFadden director of its Council of Custom Jewelers. The New Jersey-based jeweler will be responsible forcultivating and developing group members' expertise into articles, educationalmaterials and promoted content. "Joel is a passionate member of the jewelry-makingcommunity, and as someone who has spe...Read More
RAPAPORT... Bonhams's spring jewelry sale in Hong Kong will spotlight a 4.01-carat Burmese "pigeon'sblood" ruby ring with diamonds, carrying an estimate of $445,000 to $635,000.Other notable pieces going under the hammer at the Mayauction include a ring featuring a step-cut, 8.88-carat Colombian emerald. The stone,which has not been treated with oil, has trillion-cut diamond shoulders, with the to...Read More
RAPAPORT... A grading laboratory in China has discovered a synthetic diamond masquerading as a natural stone, complete with a forged inscription and a falsified report.The National Gemstone Testing Center (NGTC) in the city of Shenzhen received a round-brilliant, 3.1-carat diamond ring, which it subsequently graded as F or G color and VSclarity, it said last week. However, when gemologists checked...Read More
RAPAPORT... Lucara Diamond Corp. has recovered a 472-carat rough diamond, thethird largest from its Karowe mine in Botswana. The stone is "top light brown," meaning it has a relativelylow color grade. "In 2018, mining at Karowe is focused in the high-valuesouth lobe, which consistently delivers large, high-quality diamonds in excessof 10.8 carats in size," CEO Eira Thomas said last week. Luc...Read More
RAPAPORT... Michael Hill will close all its US stores by April 30 andpull out of the American market entirely, the company said. In January, the retailer announced it was looking for abuyer for the nine stores it operates in the US, noting the outlets wereconsistently losing money. However, the jeweler has not been able to find apurchaser, it said last week. The brand estimated the cost of the clo...Read More
(IDEX Online) - The De Beers Group's Forevermark diamond brand has been launched in Indonesia in its latest expansion. Forevermark said it is partnering with Indonesia's premier jewelry company, Central Mega Kencana (CMK), which will sell Forevermark in its retail brands, Frank & Co., The Palace and Miss Mondial. Forevermark will initially be sold in 12 stores in the CMK ne...Read More
RAPAPORT... Bonhams's spring jewelry sale in Hong Kong will spotlight a 4.01-carat Burmese "pigeon'sblood" ruby ring with diamonds, carrying an estimate of $445,000 to $635,000.Other notable pieces going under the hammer at the Mayauction include a ring featuring a step-cut, 8.88-carat Colombian emerald. The stone,which has not been treated with oil, has trillion-cut diamond shoulders, with the to...Read More
RAPAPORT... Lucara Diamond Corp. has recovered a 472-carat rough diamond, thethird largest from its Karowe mine in Botswana. The stone is "top light brown," meaning it has a relativelylow color grade. "In 2018, mining at Karowe is focused in the high-valuesouth lobe, which consistently delivers large, high-quality diamonds in excessof 10.8 carats in size," CEO Eira Thomas said last week. Luc...Read More
RAPAPORT... A grading laboratory in China has discovered a synthetic diamond masquerading as a natural stone, complete with a forged inscription and a falsified report.The National Gemstone Testing Center (NGTC) in the city of Shenzhen received a round-brilliant, 3.1-carat diamond ring, which it subsequently graded as F or G color and VSclarity, it said last week. However, when gemologists checked...Read More
VANCOUVER (miningweekly.com) – Quebec’s sole diamond mine owner and operator Stornoway Diamond Corp has reported higher prices during the first quarter ended March 31 for its diamonds produced from the Renard mine, which is increasingly showing a tendency to produce large diamonds.A stronger diamond market in general and the sale of the most valuable diamond the Renard mine has produce...Read More
Over the past two years, local mining engineering consultancy Ukwazi has registered an increase in demand of between 20% and 30% for its service offering across Africa.The demand can mostly be attributed to the openpit operations across South Africa and Africa, but also to openpit operations transitioning to massive mining-type underground mines, says Ukwazi MD Jaco Lotheringen.Advertisement&ldquo...Read More
VANCOUVER (miningweekly.com) – The Resources for Future Generations conference (RFG2018) is scheduled to make its debut on the Canadian resource conference circuit between June 16 and 21, in Vancouver, and is shaping up to be an event unlike the myriad of competing forums held in Canada throughout the year.RFG2018 chairperson John Thompson points out to Mining Weekly Online in an interview t...Read More
(Bloomberg) - Top diamond miner De Beers increased prices for a second consecutive sale, according to people familiar with the matter, even as an alleged $2 billion fraud continues to send shockwaves though the industry.De Beers lifted prices between 1 percent and 2 percent, according to the people, who asked not to be identified as the information isn't public. The company raised prices a simila...Read More
Lucara Diamond recovered a 472 carat, top light brown gem diamond from its 100% owned Karowe Diamond Mine located in Botswana. "In 2018, mining at Karowe is focused in the high value south lobe, which consistently delivers large, high quality diamonds in excess of 10.8 carats in size,"said CEO Eira Thomas. "The 472 carat is the third largest diamond ever recovered from the mine and will be sold al...Read More
Optimistic mood as trading resumes after spring break.Polished prices stable, with 1 ct. RAPI -0.1% in March. Chinese dealers buying stockahead of potential yuan devaluation that may raise local prices if China-UStrade war emerges. European high-end market mixed, with large luxury housesdoing better than smaller niche players: LVMH 1Q jewelry & watch sales +9%to $1.2B; De Grisogono to cut arou...Read More
(IDEX Online) - The official website of the 38th World Diamond Congress has gone live, allowing participants to register for the June 19-21 biennial gathering of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), the WFDB said. The three-day gathering, organized by the Israel Diamond Exchange, will take place at the Hilton Hotel in...Read More