Innovation Comes to Antwerp Diamond Trade

Philippe Barsamian Elected President, Federation of Belgian Diamond Bourses

The Federation of Belgian Diamond Bourses (FDBD), the umbrella organization for Antwerp's four diamond bourses, has elected Philippe Barsamian as president. Mr. Barsamian has been a member since 1974 of the Antwerp Diamond Club. He became a member of the ADC's board of directors in 1998, serving as managing director from 2000 to to 2002, and as vice-chairman since 2002. He has also been a member of the Federation of Belgian Diamond Bourses since 2006, and was a member of the Antwerp World Diamond Centre's Board of Directors from 2008 to 2014.

Rough Market

Lucara Diamond Welcomes Decision of Botswana Gov’t, “No Impact” Expected

In response to a recent Reuters article (based on an Mmegi Online article) mentioned yesterday, Lucara Diamond Corp. - whose mining assets are located in Botswana - has issued a statement to "provide clarity" after the miner was mentioned specifically as a catalyst for a government decision to establish first rights to diamonds of "unusual" size or quality unearthed in the country.

Mining and ExplorationPolitics

Dominion Diamond Shareholders Approve $1.2B Takeover Deal

Dominion Diamond Corporation yesterday announced that its, "Shareholders overwhelmingly approved the previously-announced plan of arrangement pursuant to which Northwest Acquisitions ULC, an entity affiliated with The Washington Companies, has agreed to acquire all of the issued and outstanding common shares of the Company for US$14.25 per share in cash." In other words, shareholders are expected to receive $14.25 US per share in cash when the acquisition closes. The aquisition arrangement is worth a total of US$1.2 billion.

Mining and ExplorationFinance and Trade

Petra Diamonds Facing Labor Disruptions at South African Mines

As the company had already warned, Petra Diamonds is currently facing strikes from workers at two of its mines in South Africa prior to the finalisation of its new wage agreement for its operations in South Africa, the company announced in a press release. Petra confirms that since last night it is, "experiencing labor disruption at its Finsch mine and there is also disruption underway at its Kimberley Ekapa Mining JV operations." Reuters adds that members of South Africa’s National Union of Mineworkers (NUM) are on strike over pay, regional secretary Cornelius Manhe said, after mo

Mining and Exploration

Botswana Government Wants First Dibs on Exceptional Diamond Recoveries

The government of Botswana is amending the law to give the state the first option to buy ‘unusual’ diamond finds such as the historic Lesedi La Rona recovered at Karowe Mine two years ago, writes Botwanan news outlet Mmegi Online. A recently filed draft bill to amend the Precious and Semi-Precious Stones Act contains a new clause that compels any producer that comes into possession of an unusual rough or uncut diamond to notify the minister of mines within 30 days, following which the government shall have the right of first refusal to the stone.

Mining and Exploration

Gem Diamonds Recovers 115-Ct Beauty from Letšeng Mine

Gem Diamonds has recovered a 115 carat, D color Type IIa diamond from the Letšeng mine in Lesotho, of which it is 70% owner, with the Kingdom of Lesotho owning the remaining 30%. After a year of declining large diamond recoveries (5) and prices (-26%) in 2016, the company has recovered six +100 carat diamonds so far this year, achieving an average price of $1,779 per carat in the first half of the year, marking a 20% increase than the $1,480 per carat achieved for the prior six-month period (H2 2016). 

Mining and Exploration

I am bullish on the future of the diamond business. Three reasons for this optimism ... new discoveries, extending mine life and the increasing demand for diamonds.

- Martin Leake, independent diamond consultant, former head of sales at Grib Diamonds, interview @ Rough-Polished

India's Polished Diamond Exports Down in August

India's exports of cut and polished diamonds fell by 6.5 percent year-over-year in August, reports the Gem and Jewellery Export Promotion Council (GJEPC). The Indian trade exported $1.82 billion in August 2017, a decline of 6.5% as compared to the $1.94B in the same month a year earlier, according to provisional data. The $1.82 billion was however higher than the $1.67 billion exported in the month of July. For the financial year to date (April-August), India's polished exports are up by a half percentage point, currently sitting at $9.25 billion, compared to $9.20 billion a year earlier.

Polished

If You’ve Got it, Flaunt it… or Not?

“People have long bought flashy items because they made them feel good. Now some say those same items make them feel icky,” wrote JCK’s Rob Bates. According to a recent New York Times article a percentage of affluent consumers are moving away from the ‘If you’ve got it, flaunt it’ stereotype. Some even consider their wealth a burden, going as far as hiding the price tag of their recent purchases.

Retail and Consumer Confidence

Mountain Province Holds Largest Rough Diamond Sale To Date

Canadian miner Mountain Province Diamonds Inc., a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories, today announced its recently completed seventh diamond sale in Antwerp was the largest to date in terms of volume and value.

Rough MarketMining and Exploration

Petra's 2017 Production & Sales Up, Profit Down, Restarts Tanzania Mine

Petra Diamonds Ltd., the London-based diamond miner with mining operations in South Africa and Tanzania, reported its FY 2017 revenue up 11% to $477.0 million (FY 2016: $430.9 million), though its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $157.2 million from $164.3 million in the year before due to delayed ramp-up of the expansion programs and higher cash costs. The miner's net profit after was down 69% to $20.7 million (FY 2016: $66.8 million).

Mining and ExplorationRough Market

Alrosa’s Debut to the FTSE4Good Index

ALROSA has been included on the FTSE4Good international rating, an index series designed to support investment in companies based on their environmental, social and governance criteria, for the first time. The rating system serves as an indicator of compliance with internationally recognized standards of the above mentioned criteria.

Sustainability

Dominion’s Fiscal Results Q2 2018 in Line with Expectations

Dominion Diamond Corporation reported their financial and operational results for the second quarter fiscal 2018 which ended on July 31, 2017. The results were in line with expectations, consolidated carats produced increased 72% to 2.6 million carats in the second quarter from 1.5 million carats for the same period a year earlier due to higher tonnes processed and a focus on high-grade Misery Main ore at the Ekati mine, with steady performance at the Diavik Diamond Mine.

Mining and Exploration

Asia Instrumental in Richemont Sales Jump

Richemont, the second largest luxury goods company in the world, announced sales had jumped during the April-to-August period as a result of Asia's strong performance.

Finance and Trade

De Beers Insight Report 2017: Changing Role of Women Creating New Diamond Jewelry Demand

According to industry insight data published today by De Beers Group, the shifting dynamic of women’s expanding roles in society and changing perceptions of femininity are creating new motivations of diamond jewelry acquisition. Social and economic changes have expanded the symbolism of diamond jewelry, women are now more empowered which has led to record levels of self-purchase, as well as the establishment of a new consumer type.

Retail and Consumer Confidence

HRD Antwerp Unveils D-Scope+ at Hong Kong Trade Fair

HRD Antwerp, Europe’s leading authority in diamond certification, released its new D-Scope+ at the Hong Kong Jewellery and Gem Fair. “The D-Scope has been the indispensable analysis tool for all types of diamonds and gemstones since 2001. Our research and development team has worked very hard to further optimize every aspect of our microscope to create the D-Scope+. With this tool we now offer not only the best, but also the most innovative diamond analysis experience on the market”, said Michel Janssens, CEO of HRD Antwerp.

Technology

Co-operation agreement signed: Five Star Diamonds and I.Henning

Five Star Diamonds, a Canadian mining company listed on the TSX Venture Exchange, signed a co-operation agreement with I.Henning, the world’s leading international diamond broking and consulting group. Five star is making significant progress on its kimberlite drilling program at its 100% owned Jaibaras Diamond Project in Para State, Brazil.

Mining and Exploration

Petra Diamonds Hits Valuation Snag in Tanzania, Shipment Seized, Mining Suspended

Government authorities in Tanzania have seized a shipment of diamonds belonging to London-based Petra Diamonds, saying the miner under-declared the value of its mineral exports. On August 31, customs seized a parcel containing 71,654 carats rough gems at the Dar Es Salam airport as they were being exported to Antwerp by Williamson Diamonds, in which Petra holds a 75% stake and the Tanzanian State 25%.

PoliticsEconomyWorld NewsMining and ExplorationRough Market

Russia’s Strategy to Compete with Indian Manufacturers

The Russian government wants Alrosa to offer more favorable terms to local cutters so they are able to compete in a market that’s dominated by Indian manufacturers.

Alrosa has chosen to focus on mining, where it can get bigger margins, leaving Kristall Production Corp. and other cutters to buy stones at similar terms as overseas competitors. They are struggling to compete with centers like India, the largest polishing center, due to manufacturing being cheaper - it manufactures 90% of the world’s diamonds - and a workforce of 1 million.

Manufacturing

Dominion Diamond Announces Auction of Fancy Yellow Rough Diamonds in Antwerp

Dominion Diamond Corporation has announced an auction of fancy yellow rough diamonds in cooperation with I. Hennig Tenders. The auction viewings will take place in Israel and Antwerp. The auction will commence with viewings in Israel from October 29 to November 1, 2017 and will conclude in Antwerp from November 6 to 10, 2017. Participation in the viewings and the auction is by appointment only. For more information and to arrange a viewing request email tenders@ihennig-tenders.com.

Rough Market

Lucapa Diamond Co Earns $7.4M at Seventh Sale of 2017

Australian junior miner Lucapa Diamond Company has completed the seventh sale for 2017. The company earned US$7.4 million from the tender of 3,214 carats of rough alluvial diamonds from the Lulo Diamond Project in Angola. This represents an average price of $2,298 per carat, and brings gross proceeds from Lulo diamond sales in 2017 to US$24.3 million, for an average of US$1,640 per carat. The company notes that diamond recoveries and grades have improved at Lulo since the return to the high-value Mining Block 8 and 6 areas, after the Angolan wet season.

Mining and Exploration

Alrosa Specials Auction Fetches US$14.8m

Alrosa today announced the results of its rough specials and polished diamond auctions, held at the Eastern Economic Forum. The rough specials of 10.8+ carats, 1,293cts total achieved a total sales price of USD14.8 million, while 33 of the 36 polished stones, 2 to 12 carats were sold for a total sales value of USD 1.7 million. According to Alrosa VP Okoyomov the auctions were attended by some 50 companies from the US, India, Israel, Belgium and the UAE.

Finance and TradeRough MarketPolished

Antwerp Denounces Global Witness Zim Accusations

In response to Global Witness’ recent report, “An Inside Job”, the Antwerp World Diamond Centre (AWDC) stated  today it denounces the NGO’s accusations that European sanctions may have violated by the sale of Zimbabwean diamonds, originating from the Chinese-owned Anjin mining company, in Antwerp between December 2013 and September 2014.

Compliance

Dominion Diamonds Considering Ekati Extension to 2042

Canada's Dominion Diamond Corporation, is considering an investment to extend the Ekati mine by going underground at the Fox pit. According to a preliminary economic assessment (PEA) the expansion is expected to extend mine operations by seven years. The current mining plan accounts for Ekati to operate till 2035, with production coming from six open pits and two underground operations.

Mining and Exploration

Alrosa’s President Joins Diamond Producers Association Board

Alrosa’s President, Sergey Ivanov, has joined the board of the Diamond Producers Association (DPA), the Russian miner announced on Monday. Ivanov will replace the position vacated by the former Alrosa VP, Andrey Polyakov, before he left the company.

Retail and Consumer Confidence

Antwerp's Polished Diamond Exports Jump 7% in August

The value of polished diamond exports from Antwerp jumped by 7% y-o-y as their volume surged by 30% in the month of August. The sharpest value increase was in exports to Switzerland (+84%), while those to the US remained flat and those to Hong Kong fell by 10%. Polished imports fell by 14% in volume but only 3% in value. Meanwhile, the volume of rough diamond exports from Antwerp remained comparatively high in the holiday month of August as the industry took a three-week break.

Rough MarketPolished

ALROSA Rough Sales $258M in August, to Close Mir Mine Indefinitely

In August 2017, Russia's ALROSA Group rough diamond sales by value amounted to $255.7 million, a 5% increase over August 2016. The company's polished diamond sales for the month amounted to $1.9 million, a sharp decline from the $6.3 million sold in August 2016, bringing overall sales for the month to $257.6 million. For the first eight months of the year (Jan.-Aug.), ALROSA's rough sales remained flat, with $3 billion in sales this year compared to $3.1 billion for the first eight months a year ago.

Mining and Exploration

Lab-created Diamonds: Where to Go from Here

Independent analyst and consultant on diamonds and the mining industry, and publisher of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky has published an in-depth article on the current state of lab-created diamonds and where the industry goes from here. Reprinted from Paul Zimnisky Diamond Analytics, courtesy of Paul Zimnisky.

Retail and Consumer Confidence

De Beers Rough Diamond Sales Fall in Cycle 7

According to yesterday’s media release, De Beers’ rough diamond 7th sales cycle fell by 12% to $505 million, from July’s $576 million. This represents a 21% decrease over rough diamond sales valued at $539 million at Sight 7 a year ago. For the first six cycles of the year to date, De Beers' rough diamond sales are valued at $3.50 billion, a 1.5% decline compared to the $3.56 billion sold during the first six cycles of 2016. 

Rough Market

ALROSA To Spend $4 Million in Assistance To Educational Institutions in 2017

On September 1, Russia celebrated the Day of Knowledge, a state holiday and traditional beginning of the school year for students. This year ALROSA has helped to prepare for school more than 1,100 first-graders of Mirny district. In total, ALROSA will spend RUB 220 million (about $4 mln) for charitable assistance to educational institutions in 2017. The company presented gift school sets and conducted local charity events, where they provided support to schools and material aid to multi-child families with schoolchildren.

Mining and ExplorationSustainability

Currently, the Federal Trade Commission is considering letting the term 'cultured' be added to these currently accepted descriptions of man-made versions, such as 'lab-created' or 'laboratory grown'. The mined-diamond industry is fighting this addition tooth and nail, while the man-made producers are intent upon dropping any reference to 'laboratory created' or 'laboratory grown' in favor of 'cultured' alone ... In the end it's marketing that is going to make or break the cultivated-diamond industry’s potential to disrupt the natural-diamond market ... It’s likely to all come down to a battle over words: cultured vs. man-made, cultivated vs. laboratory-grown. In marketing, perception is reality. The future potential for cultivated diamonds will largely depend upon what the FTC allows them to be called.

- Pamela N. Danziger, market researcher, speaker and author.

HRD Antwerp Discovers Yet Another Rough Diamond Imitator

Last week HRD Antwerp, a leading diamond grading and certification lab, detected two stones fashioned to imitate rough diamonds in an apparent attempt to fool a trader. This following a similar discovery of two large topaz crystals, fashioned as rough imitators, in July. The two rough stones were submitted to the lab, and in this case the stones “felt” like rough diamonds, however the density measurement identified the imitations as moissanite.

Laboratories

Rough Diamond Mix, Strong Ruble Send ALROSA's H1 Profit Tumbling

Russian diamond mining giant ALROSA announced that its revenue in H1 2017 fell by 17% in current value terms to $2.66 billion (RUB 155.6B), while net profit tumbled by 46% to $840M (RUB 48.9B).

Mining and ExplorationRough Market

DIAMONDS ALROSA To Hold Two Polished Auctions at Hong Kong Show

DIAMONDS ALROSA will auction its own polished diamonds during the Hong Kong Jewellery & Gem Fair in September, the company announced in a press release. The first auction will take place on September 13-17, introducing large colorless diamonds, as well as certified fancy colored diamonds, including yellow, green, orange and purple colors. The second auction will be held on September 19-22. Diamonds of small and medium sizes as well as brown diamonds will be introduced there. “We’ve chosen this assortment in accordance with demand on the Asian market.

Polished

Bonhams Fine Jewelry Sale: 16.90 Ct. D-Flawless & $8 Garage Sale Brooch

Magnificent diamonds, Kashmir sapphires, Colombian emeralds and signed jewelry all feature in Bonhams New York Fine Jewelry sale this September with 180 lots set to go under the hammer. "A Superb Diamond Ring" will be leading the sale. The 16.90 carats step-cut diamond is set with round brilliant-cut diamond shoulders and is estimated at $1,600,000-2,200,000. The diamond is certified as D color, Internally Flawless and classified as Type IIa, meaning that it has been recognized as the most chemically pure and with exceptional optical transparency.

Jewelry

Botswana Diamonds Goes Exploring for Kimberlites ... in the Library

Leave it to Botswana Diamonds' managing director James Campbell to find a groundbreaking approach to diamond exploration.

Mining and Exploration

De Beers to Make Largest Marketing Investment in a Decade

The De Beers Group today announced it will invest more than $140 million in marketing this year - its biggest spend since 2008, when the Group was spending an estimated $100 million annually. The increased investment will be focused on generating further consumer demand for diamond jewellery in the leading markets globally, with the greatest spend targeted in the US, China and India, the company states.

Rough Market

Sarine Tech To Offer Fully Automated Diamond Grading

Sarine Technologies has announced it is, "expanding its services, adding 4Cs grading and diamond identification to its Sarine Profile Report." Using proprietary tools including its automated clarity, color, cut and light performance grading technologies along with advanced synthetic diamond and treatment detection methods, Sarine claims it will be able to, "deliver an unmatched level of accurate, repeatable and automated diamond grading with less subjectivity and far fewer human errors.

TechnologyGrading

India Launches First Ever Diamond Futures Exchange

The Indian Commodity Exchange (ICEX), a screen-based online derivatives exchange for commodities, went live on August 28. ICEX commenced operations with the launch of Diamond Futures, which will be the world’s first futures exchange in diamonds. It is intended to help Indian polishing companies better hedge price risks. The diamond contracts launched by ICEX initially is in size of 1 carat with compulsory delivery. “Indian manufacturers most require this type of financial product,” said managing director and CEO Sanjit Prasad.

Finance and Trade

Back to School in Antwerp: Diamond Industry Kicks Off University Program

The University of Antwerp and the Antwerp World Diamond Centre, together with the Belgian Federation of Diamond Bourses and the Syndicate of the Belgian Diamond Industry (SBD) this morning kicked off a two-week summer school program - "From Mine to Finger: A deep dive into the world of Diamonds".

Sustainability

Israel's Polished Diamond Exports Tumble in Q2 2017

After bouncing back strongly in the first quarter of 2017, Israel's polished diamond exports slowed significantly in the second quarter, according to data from the Economy and Industry Ministry. Rapaport News writes that Israel's exports of polished diamonds for the half-year ended June declined 3% to $2.55 billion excluding returned goods, while volume fell 6% to 919,422 carats.

Polished

India's Polished Diamond Exports Steady in July, Up 2% on Year

India's polished diamond exports showed little movement during the month of July, a traditionally slow period in the diamond and jewelry industry. According to figures published by the Gem and Jewellery Export Promotion Council (GJEPC), July exports remained flat at $1.65 billion despite a notable 25% increase in the volume of carats exported, jumping to 3.14 million from 2.5 million carats, continuing the ongoing trend toward high volumes of small, lower-quality goods. The price per carat fell accordingly to $524 from $660.

Polished

ALROSA Calls Off Search for Missing Miners

"The search and rescue operation has been stopped at Mir underground mine. On August 26, at 9:10 am local time, the water volume accumulated in the open pit mine was 37,400 cubic meters. The danger of uncontrolled instantaneous inrush of the water into the mine shaft makes any rescue works underground impossible." So begins ALROSA's unfortunate but anticipated press release concerning the search for the eight miners who went missing three weeks ago when the underground Mir mine flooded. Another 134 miners were rescued at the time of the flood. 

Mining and ExplorationWorld News

Tiffany & Co. Beats Q2 Expectations Despite Same Store Slump

An increase in wholesale sales of diamonds, strong growth in e-commerce sales and new store openings help Tiffany & Co. beat earnings estimates despite the fact that same-store sales declined for the seventh straight quarter. For the second quarter (ended July 31, 2017), the renowned luxury retailer reported a 9% rise in net income to $115 million, up from $105.7 million during the same period a year earlier, on net sales of $960 million. Analysts had expected the company to earn revenue of $930.3 million.

Retail and Consumer ConfidenceJewelry

Paul Zimnisky: Natural versus Lab-created Diamond Price (1ct)

Paul Zimnisky

Diamond Development Initiative Honors Mobile School Graduates in DRC

The Diamond Development Initiative, which works to formalize the Artisanal and Small-scale mining (ASM) sector and improve the lives and working conditions of artisanal and small-scale miners, their families and communities, honored 110 children from remote mining communities in the Democratic Republic of Congo that attended DDI's mobile schooling program. They have completed their remedial primary education program, passed their state exams, and are now participating in their local graduation ceremony. The goal of the mobile schooling program is to provide access to remedial education to c

Sustainability

Peregrine Diamonds Confirms Expansion of CH-6 Pipe at Chidliak Project

Canadian junior miner Peregrine Diamonds announced that it has completed drilling of three diamond holes at its 100%-owned Chidliak Diamond Project near Iqaluit, Nunavut, Canada. The total number of metres drilled was 1,474. Tom Peregoodoff, Peregrine’s President and CEO, commented: “We are extremely pleased with the drill results to date. It is especially encouraging to see that DD38 confirms the result from DD33 and that the CH-6 kimberlite is expanding in size with depth.

Mining and Exploration

Signet's Sales Up 2% in Q2 2018, To Acquire Online Retailer James Allen

Signet's total sales for the Second Quarter of fiscal 2018 were $1.4 billion, up $26.2 million or 1.9%, compared to a decrease of 2.6% in the 13 weeks ended July 30, 2016 (Q2 2017). However, the jeweler’s first-half sales fell 5% to $2.8 billion, with profit sliding 25% to $171.9 million. The company also announced that it has agreed to acquire R2Net for $328 million in an all cash transaction.

JewelryRetail and Consumer Confidence

'Roadmap' To Aid Russian Diamond Polishers Could Impact ALROSA

According to an article in The Kommersant Daily, Russia's Ministry of Finance has prepared a 'roadmap' for the development of Russia’s diamond manufacturing industry, which could become one of the biggest reforms in its history. "In particular", the news agency writes, "it is said to be aimed at serious mitigation of state regulation and reducing the tax burden on Russian diamond manufacturers, as well as at expanding their access to raw materials. This threatens to revise the marketing and investment policy of ALROSA and add to its financial burden.

Mining and ExplorationRough MarketManufacturing

Koin International To Tender Merlin Diamonds in Antwerp

Merlin Diamonds Ltd has shipped a parcel of rough diamonds to Koin International (Koin) following the receipt of the requisite Kimberley Process Certificate for an auction commencing on August 30. The Merlin diamond mine in Australia’s Northern Territories is famous for producing large, high clarity, white, high value diamonds, including the largest diamond ever unearthed in Australia, at 104.73 carats.

Mining and ExplorationRough Market

The 'Money Belt': 3,360 diamonds, 600 sapphires, 300 emeralds, 1.5 kg 24K gold, alligator leather. Very classy!

Laurelton Diamonds Holding Polished Tender in Antwerp

Laurelton Diamonds, a wholly owned subsidiary of Tiffany & Co., will be holding the viewings of its next Tender of Polished Diamonds at the Laurelton Diamonds offices in Antwerp, Belgium. The Tender will include a selection of single GIA certified stones and grouped lots of GIA certified and non-certified polished diamonds. These include rounds ranging in size from caraters to melee. The tender is scheduled from Tuesday 22nd August to Tuesday 29th August in Antwerp. Viewing appointments can be booked. 

Polished

ALROSA Appoints Rough Sales Management Team

Russian diamond mining giant ALROSA recently announced that it has renewed the contract of Vice President Yury Okoyemov, who has been in charge of the Russian diamond miner's sales policy for eight years. Okoyemov is one of the authors of ALROSA's current system of selling rough diamonds, focused on long-term contracts. This system was introduced after the financial crisis of 2008-2009, when the auction sales that ALROSA previously focused on virtually stopped.

Rough Market

Swiss Watch Exports Continue Fragile Recovery in July

Driven by strong increases in exports to Hong Kong and China, and even modest 1.4% growth for the U.S., July marked the third straight month of growth for Swiss watch industry exports, according to the Federation of the Swiss Watch Industry FH.

Retail and Consumer Confidence

Botswana’s Rough Diamond Exports Slow in H1 2017

Botswana's exports of rough diamonds produced at the major mines the country fell in the first half of 2017 by 8.6% compared to the same period a year earlier, and 25% compared to the second half of 2016, according to statistics from the Bank of Botswana. In total, the country exported rough diamonds valued at $1.65 billion during the most recent six month period, down from $1.81 billion in H1 2016 and $2.21 billion in H2 2016. First quarter sales during the year were strong, but tapered off in the second quarter, falling to only $105.9 million in June.

Rough Market

Bonhams To Feature Fancy Intense Blue Diamond at September Auction

Canadian Miner Stornoway Diamond Achieves Higher Prices in Q2

Despite ongoing breakage issues during processing, Canadian junior miner Stornoway Diamond experienced an uptick in prices for rough diamonds from its Quebec mine during the second quarter of 2017. At its two tenders held in Antwerp during the period, Stornoway achieved average diamond pricing of US$87 per carat, compared to US$81 per carat in the first quarter. “We are particularly encouraged by the steady increase in pricing for Renard diamonds as the market familiarises itself with our production,” said company President and CEO Matt Manson.

Mining and ExplorationRough Market

Costco Ordered to Pay $19 Million for ‘Tiffany’ Rings

Costco owes Tiffany & Co. more than $19 million for selling 2,500 generic diamond rings falsely identified as "Tiffany" rings, a federal judge ruled Monday. Judge Swan ruled in favor of Tiffany, saying the brand was entitled to $11.1 million as profits for trademark infringement, plus interest, as well as an additional $8.25 million in punitive damages, which had been awarded by a jury in October. Costco was also permanently prohibited from using “Tiffany” as a stand-alone term when selling its products.

Legal