In 2015, CAP Conseil, a sustainable development consultancy based in Belgium, presented the Antwerp World Diamond Centre (AWDC) an idea for a fully ethical and traceable diamond jewelry project from small-scale origin. Two years later, the first MY FAIR DIAMOND collection has become a reality.
Since 2012, CVD synthetic diamonds have been tested and identified by National Gemstone Testing Center (NGTC) in Beijing, typically in sizes above 0.20 ct. Since 2015, a large number of melee-size colorless and near-colorless synthetic diamonds have been detected in daily screenings at NGTC labs.
Signet Jewelers announced its results for the 13 weeks ended October 28, 2017 (Q3 Fiscal 2018): total sales were $1,156.9 million, down $29.3 million or 2.5%, compared to a decrease also of 2.5% in the 13 weeks ended October 29, 2016. The retailer's same store sales ("SSS") were down 5.0%, including an estimated 120 basis point negative impact that they attributed to weather-related incidents and systems and process disruptions associated with outsourcing of the credit portfolio.
Interest in mining Namibian waters for diamonds is running hot, as yesterday (Nov. 20) Canadian miner Diamond Fields International (DFI) announced it is set to resume its mining activities off the coast of Namibia in 2018, while Norwegian shipbuilder Kleven signed an MoU with De Beers Marine Namibia for building an offshore vessel purpose-designed to support seabed mining operations.
Lucapa Diamond Company and its partners, Endiama and Rosas & Petalas, have completed their eighth sale in 2017 of alluvial diamonds from the Lulo Diamond Project in Angola, earning gross proceeds of US$7.3 million (A$9.6 million), representing an average price per carat of US$1,770 (A$2,332) from 4,126 carats. The latest sale brought gross proceeds from Lulo diamond sales to date in 2017 to US$31.6 million at an average price per carat of US$1,668.
According to a survey of more than 14,000 engaged or recently married individuals undertaken for the 2017 Jewelry & Engagement Study by popular wedding planner The Knot, the average spend on engagement rings is $6,351, up 25 percent from 2011 ($5,095). Nearly 1 in 3 (29%) grooms report spending more than planned on the engagement ring.
Results from survey work conducted at Botswana Diamond's Free State project, located between Bloemfontein and Kimberley, had indicated that sizes of kimberlites there ranged from 0.3 hectares to 1.15 hectares, the board of Botswana Diamonds announced on Friday. Following their announcement regarding the re-discovery of eight Group 1 kimberlites, Geofocus undertook detailed ground geophysical survey work aimed at determining the surface area of these kimberlites.
ALROSA President Sergey Ivanov signed an order on disciplinary sanctions to the company management who committed violations of industrial safety requirements that conduced to the disaster at Mir mine on August 4, 2017. Director and Chief Engineer of ALROSA’s Mirny Mining and Processing Division are suspended from their positions with subsequent dismissal from the company. On the financial side, net income fell 51% year on year to $219.6 million (RUB 12.95 billion) for the three months ending September 30.
The latest fraudulent twist on the synthetic diamond landscape has profound implications for the efforts to keep natural and synthetic diamonds separate, if the incident in question is not an isolated one. The Gemological Institute of America (GIA) recently recieved a round brilliant cut diamond (image, left) submitted for an updated diamond grading report. Its girdle was inscribed with an actual GIA report number (image, right), identifying the stone as a natural, untreated diamond. After testing, however, it turned out that the newly submitted diamond was an HPHT-grown synthetic diamond.
The Diamond Producers Association (DPA) launched its new “Real is Rare” advertising last night (Nov. 16) on the 18th Annual Latin Grammy Awards on Univision. The second phase of trhe campaign focuses on real, intimate moments within relationships. “The Reveal” is one of two new videos presenting a modern take on love and diamonds.
Russian diamond-mining giant ALROSA and its partners may commence commercial production at the Luaxe diamond deposit in Angola after 2020, "The test drilling is slated for late 2018 - early 2019. However, if we are talking about industrial production, it will certainly happen after 2020," said ALROSA President Sergey Ivanov. “Typically, the development of any major deposit from the project stage to the industrial production stage takes about between four and seven years”, Ivanov said.
The African Diamond Conference (ADC), a joint initiative of Belgium's Federal Public Service (FPS) Foreign Affairs and the Antwerp World Diamond Centre (AWDC), took place yesterday at the Egmont Palace in Brussels. With nearly 400 in attendance, the ADC featured a broad range of speakers from across the entire diamond pipeline - from mine to finger - as well as diamond industry stakeholders.
In honor of Antwerp’s celebration of its 570-years of unbroken diamond trading, the Antwerp World Diamond Centre (AWDC) is hosting an African Diamond Conference. The 3-day conference commenced last night with an exclusive gala welcoming African mining ministers and key members of the global diamond industry to Antwerp.
Following the unearthing of the 476.7-carat diamond, dubbed the Meya Prosperity, at the Meya deposit in the Kono District of Sierra Leone, Meya Mining announced the appointment of Koin International as the marketing and sales agent for the exceptional diamond.
Australian junior miner Lucapa Diamond Company and its partners, recovered a 129.58 carat rough diamond from the Lulo Diamond Project in Angola, the eight stone above 100 carats since commercial production started in 2015.
Anglo American’s De Beers’ rough diamond sales for the 9th cycle saw a 21% increase from the previous cycle, which CEO Bruce Cleaver says is due to “an uptick in demand from our customers as retail orders increase ahead of the Christmas season.”
Miners in Sierra Leone have unearthed a 476.7-carat diamond, reports the country's National Minerals Agency. Mining company Meya, owned by Namibia's Trustco Resources (51%) and Germinate Sierra Leone Ltd., discovered the stone in the diamond-rich eastern district of Kono.
De Beers Group and United Nations (UN) Women, in collaboration with Botswana’s Ministry of Nationality, Immigration and Gender Affairs, today announced a $758,000 (BWP8 million), three-year investment in capacity-building programmes to support women micro-entrepreneurs in select villages in the Okavango Delta and Kweneng District, the company stated in press release. The announcement was made at today’s W Summit in Gaborone, convened by De Beers, which focuses on the advancement of women business leaders in Botswana and southern Africa.
Russian diamond-mining giant ALROSA's rough diamond sales figures in October totaled $326.7 million, which represents a $20 million increase over September but still lags far behind the $430.8 million sold in October 2016. Including polished diamond sales, good for $10.9 million in October, overall revenue for the month was $337.6 million.
In the midst of a five-day Belgian State visit to India, the Antwerp World Diamond Centre (AWDC) - umbrella organization for the Antwerp diamond industry - joined hands with its Indian counterpart, the Gem and Jewellery Export Promotion Council (GJEPC), to host a roundtable discussion today (Nov. 9) in Mumbai concerning the contributions of the diamond industry to social and economic development.
ALROSA today announced the recovery of several large rough diamonds from Jubilee (Yubileynaya) pipe at Aikhal Mining and Processing Division in October.
Production from the Grib diamond mine, the source of the stones sold in Antwerp by Grib Diamonds, is expected to reach 4.4 million carats in 2017, representing a 16% increase over the 3.8 million carats last year. This is according to Alexey Genkin, general manager of Grib Diamonds in Antwerp, who informed Rapaport News of the increase during a recent visit to the Israel Diamond Exchange. "The plan is to raise production to 4.9 million carats in 2018, he said in the interview", and indicated that sales should increase in parallel with production.
The scarcity of blue and pink fancy color diamonds on the market is driving prices higher, writes the Fancy Color Reasearch Foundation (FCRF). The Fancy Color Diamond Index for the third quarter of 2017 increased slightly compared to Q2, with a 0.2% total rise for yellow, pink and blue fancy color diamonds in all sizes and saturations. The best performers with regard to prices in Q3 were fancy blue and pink color diamonds, which appreciated 0.4% and 0.3% respectively.
BlueRock Diamonds plc, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, achieved record monthly sales in October 2017 of US$226,400 (ZAR 3.25 million), also achieving a record monthly number of carats sold at auction of 609.84. The October parcel was sold at an average of US$371.25 per carat, compared with the average price realised for the first 9 months of 2017 of US$336.65 per carat. The diamonds produced and included in October’s sales tender resulted in a grade of 2.64 cpht.
Following reports surfacing just over a week ago that Indian resource conglomerates Vedanta (controlled by London-based Indian Anil Agarwal) and Adani (controlled by Gautam Adani) might bid for a $9 billion diamond project in the country that was abandoned by Rio Tinto this year, Reuters is now reporting India’s state-owned miner NMDC Ltd plans to place a $9 billion bid for the diamond project.
Leading diamond industry organizations The World Federation of Diamond Bourses (WFDB), The World Jewellery Confederation (CIBJO) and the International Diamond Manufacturers Association (IDMA) have fulfilled the final stage of an agreement, by which the nomenclature used by the International Diamond Council (IDC) will now be harmonised with that of CIBJO’s Diamond Blue Book, creating a single standard for diamond and jewelry nomenclature.
The Antwerp diamond industry had a solid month of trading in October, particularly on the export side, as the value of rough and polished exports both took a turn for the better despite soft midstream demand for rough and a seasonally slow polished landscape. Furthermore, according to figures published by the AWDC, the trend of high volumes of low-value rough exports abated for the first time in months, as the increase in the value of rough exports (+15%) nearly kept pace with the increase in volume (+19%) on a year-over-year basis.
Vancouver-based Lucara Diamond with operations in Botswana made several announcements yesterday (Nov. 2), starting with news of its positive Preliminary Economic Assessment for taking its Karowe Mine underground, which would extend the life of the mine another ten years to approximately 2036.
ALROSA held an international auction for the sale of special size rough diamonds (+10.8 carats) in the Eurasian Diamond Centre in Vladivostok from October 16 to 27. The company sold 66 stones with the total weight of 1,084 carats, out of a previously-announced 72 gem-quality lots with the total weight of 1,170 carats. The total sales revenue amounted to $9 million.
Dominion Diamond Corporation and The Washington Companies yesterday announced the completion of the latter's takeover of the Canadian diamond miner, officially acquiring all of the issued and outstanding common shares of Dominion for US$14.25 per share in cash. In total it amounted to a $1.2 billion acquisition. Dominion will operate as a standalone, private company, and Patrick Evans has been appointed Chief Executive Officer, effective immediately.
"Diamond prices softened slightly in October amid slow trading as businesses closed for Indian and Jewish holidays," according to Rapaport's latest press release. "Polished inventory levels dropped during the month, but remain higher than usual for this time of year, exerting downward pressure on prices." They note that the number of unique diamonds listed on RapNet has increased 18% since January to 1.4 million, as dealers are holding large volumes of hard-to-move goods and seeing shortages of select in-demand categories, such as RapSpec A3+, SI-clarity diamonds.
Brilliant Earth, the online diamond jewelry company whose USP is socially and environmentally responsible sourcing and complete chain of custody transparency, has resolved its defamation suit against Jacob Avital, reports JCK's Rob Bates. The videos have been removed from YouTube. Last summer, Avital published two widely-viewed videos on YouTube of his hidden-camera 'exposure' of Brilliant Earth as a scam, whose practices do not match its claims to transparency of origin for their diamond supply chain.
The Victor diamond mine in northern Ontario, Canada, will reach the end of its mining and production activities in the first quarter of 2019, once the current open pit is depleted and in line with the original feasibility study and current mine plan, De Beers Group announced Nov. 1. Production at Victor mine commenced in July 2008.
Russia mining giant ALROSA recently confirmed the company’s Sales Policy Concept for 2018-2020 as the new contract period approaches; long-term contracts for the sale of rough diamonds with large trading, cutting and jewelry companies for up to three years will remain the cornerstone of ALROSA’s sales, though some changes have been introduced. Namely, ALROSA is planning to switch over to annual mutual approval of the volume and assortment within three-year contracts.
DDA Trading, part of the DDA Group, has announced its third sale of Namibian Marine rough diamonds, which can be viewed in Antwerp from Monday the 6th to Tuesday the 14th of November. The sale will close on Tuesday, 14 November. DDA Trading will be offering approximately 15,000 cts of full ROM, Original Marine Goods of gem quality. The goods are from the underwater concessions of Samicor.
According to a De Beers spokesperson, the diamond miner is set to bring the Damtshaa Mine in Botswana - closed since 2015 - back into operation during the fourth quarter, reports Rapaport News. Opened in 2003, Damtshaa Mine was placed into care and maintenance in December 2015. De Beers is now set to recommision the mine and expects to be back at full production by January. Just over 300,000 carats were recoverd there during its last full year of operation in 2014, making it one of De Beers smaller mines, and more than 31 million have been produced since the mine opened.
It appears that Indian resources conglomerates Vedanta (controlled by London-based Indian billionaire Anil Agarwal) and Adani (controlled by fellow billionaire Gautam Adani) are considering bidding for a $9 billion diamond project in the country that was abandoned by Rio Tinto this year, reports Reuters. The central state of Madhya Pradesh was likely to invite bids in the first week of November to explore the deposit, which is estimated to have 32-34 million carats of diamond reserves, a senior state government official said. “We’re advertising only for that area in which (Rio Tint
Gem Diamonds, which owns 70% of the Letšeng mine in Lesotho, reports they recovered 30,774 carats during Q3 2017 (July 1 - Sept. 30 2017), up 23% from 24,999 carats in Q2 2017 and up 26% YoY, as the grade of recovery increased 14% to 1.88 cpht. This is a welcome return to form for Letšeng. During the three month period, the junior miner achieved an average price of $1,858 per carat, up 4% from $1,779 per carat in H1 2017. This included an average price of $2,397 per carat for the July tender, making it the highest achieved US$ per carat for a tender since September 2015.
Lucapa Diamond last week adopted a new development plan for the high-value Mothae kimberlite diamond project that foresees increases in targeted production, cash flows and mine life. The improvements to targeted production and cash flows include: a 22% increase in diamond production to 498k carats, a 30% increase in kimberlite material mined to 25 million tons and a 12% increase in mine life to 13.5 years.
Namdeb, a 50/50 joint venture between the Namibian government and Anglo American’s diamond unit De Beers plans to close four mines by 2022 in the southern African country, reports Reuters following a statement made by a union official in a local newspaper. The Namibian Sun quoted Mineworkers Union of Namibia Oranjemund branch chairperson Mbidhi Shavuka as saying “We understand that it is the nature of the resource; diamonds are finite." The mines affected are Elizabeth Bay Mine, which will be shut down at the end of 2018, Daberas at the end of 20
According to a Delaware bankruptcy judge, the Exelco - KBC case is "a mess", and he encouraged the diamond wholesaler and the bank to try to disentangle their disputes before proceeding any futher. U.S.
In the framework of the City of Antwerp's economic mission to Canada this week, the Antwerp World Diamond Centre paid a visit to one of the Antwerp diamond industry's major trade partners, Stornoway Diamond, at the miner's new Renard Mine in Quèbec.
Karelian Diamond Resources has been informed that TUKES (The Finnish Mining Authority) has granted Karelian Diamonds an exploration permit in the Kuhmo region of Finland, where it discovered a green diamond at the start of the year. The permit covers an area of 601.68 ha surrounding the location where the Company discovered a diamond in till (31 January 2017). The permit has been granted for a period of four years.
According to a new report from consultancy Bain & Co., after stalling in 2016, revenues from personal luxury goods are set to rise 6 percent in 2017 to 262 billion euros ($308 billion), thanks to thriving demand from Chinese and Millennial shoppers, writes Reuters. Earlier projections were for a growth rate of 2 to 4 percent, but as Bain opens its summary statement, "Luxury is back in fashion.
Canadian miner Mountain Province Diamonds, a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories, announced in its third quarter Production Report it is well on its way to exceeding its full-year 2017 production guidance. In the third quarter of 2017, the GK Mine treated approximately 823,000 tons of ore through the process plant (14% greater than current forecast) and recovered approximately 1,825,000 carats on a 100% basis (19% greater than current forecast) for an average grade of approximately 2.22 carats per ton which, according
According to Rapaport News, based on figures from the Ministry of Economy and Industry, Israel's diamond trade as a whole has slowed in 2017, as exports of polished diamonds to the US, Israel’s largest market, declined 15% to $1.26 billion during the nine-month period. Exports to Hong Kong are also down, but only by 3% to $1.01 billion. Rapaport writes: "The country’s exports of polished diamonds fell 12% year on year to $3.38 billion during the first nine months of 2017, while the volume of goods sent out dropped 11% to 1.297 million carats.
HRD Antwerp today launched its new diamond ID CARD: a highly affordable grading report for diamonds that weigh between 0.08 and 0.998 carats. "With this new product, we aim to bring a comprehensive solution to one of the diamond market’s main current challenges: ensuring confidence in small-sized diamonds," says Michel Janssens, CEO of HRD Antwerp.
Koin International will hold a rough diamond tender in Antwerp from 7-16 November, featuring a wide variety of African goods. They will present an enlarged original production of Meya Minings (Sierra Leone) as well as, for the first time, the original Allotropes Run of Mine (Sierra Leone).
Two leading Hong Kong-based jewelry retailers, Chow Tai Fook and Luk Fook, delivered strong results in the second quarter of their respective financial years ending September 30 2017, signalling the sustained recovery of the Greater China market after a prolonged slump. Chow Tai Fook reported a 15% increase in retail sales in Mainland China and a 12% rise in Hong Kong and Macau compared to the same period a year ago. Luk Fook, reporting only same-store sales (SSS), reported 17% growth year on year, including a 16% increase in gem-set jewelry.
India's exports of cut and polished diamonds gained nearly 6% in value year-over-year in September, reports the Gem and Jewellery Export Promotion Council (GJEPC). The Indian trade exported $2.65 billion worth of polished diamonds in September 2017 compared to $1.82 billion in the same month a year earlier, according to provisional data. For the first half of the financial year to date (April-September), India's polished exports are up by 1.7% in value terms, currently sitting at $11.9 billion, compared to $11.7 billion a year earlier.
Firestone Diamonds reports 199,007 carats were recovered Liqhobong Diamond Mine in Lesotho (owned 75% by Firestone and 25% by the Gov't of Lesotho) during the quarter ended 30 September 2017, ending the period, "slightly above all our anticipated production targets", said CEO Stuart Brown. Included in the recoveries were the largest diamond recovered to date, a 134 carat light yellow stone, as well as 45 specials (larger than 10.8 carats). This compares to 54 specials in the previous quarter. The 134 carat yellow diamond will be included in its next sale in Antwerp.
With De Beers leading the charge by increasing rough production 46% in Q3 and 29% for the first nine months of the year, as ALROSA increased production 6% thus far in 2017, the two diamond mining giants together have churned out 54.8 million carats in the first nine months of 2017, a 15% increase over the 47.5 million carats during the same time frame last year.
A legendary 19.07 carat pink diamond of historic Royal French provenance will be offered for sale at Christie’s Magnificent Jewels auction in Geneva on 14 November 2017, the auction house reports in a press release. The magnificent stone has been in the collection of four kings, four queens, two emperors and two empresses, starting with the Sun King, Louis XIV. It is one of France’s most storied gems, with three centuries of royal provenance.
Petra Diamonds Ltd., the London-based diamond miner with five mining operations in South Africa and Tanzania, has reported that Q1 FY 2018 (for the period from July 1 to Oct. 20 2017, covering production and sales from July 1 to Sept. 30 2017) production was down 4% to 1,053,817 carats (Q1 FY 2017: 1,097,523 carats) mainly due to a planned reduction in tailings production at Finsch and Kimberley Ekapa Mining Joint Venture (“KEM JV”).
ALROSA’s affiliate Almazy Anabara has extracted a large 34.17-carat yellow diamond. It is the largest fancy-colored rough diamond extracted by the company this year, writes the Russian mining giant. The rough diamond, extracted from Ebelyakh alluvial deposit, measures 20.17 х 19.65 х 15.1 mm. It is a transparent intense yellow crystal with a small inclusion in the intermediate zone. Before the end of October, it will be delivered to the United Selling Organization ALROSA (USO ALROSA) in Moscow, where the company specialists will give it a more detailed and accurate assessment.
Next week, on October 26, HRD Antwerp is planning to launch a brand new product that it says will be a revolutionary concept on the diamond grading landscape, the HRD Antwerp diamond ID Card for diamonds smaller than 1 carat. While the details have yet to be released, HRD Antwerp says their new product will help keep the European gemological lab at the cutting edge of diamond grading technology.
With the Antwerp diamond industry facing a host of challenges, and developing multiple initiatives, when it comes to financing, it appears that one bank recognizes an opportunity. Avi Krawitz of Rapaport News today reported that the National Bank of Fujairah (NBF) from the United Arab Emirates (UAE) is planning to open a representative office in Antwerp. Davy Blommaert, head of diamond lending at NBF, told Rapaport News on the sidelines of the Dubai Diamond Conference, “I’ve been pushing for the move for a long time because there’s an opportunity to cherry-pick some clients.”
The National Association of Jewellers (NAJ), considered the UK’s leading jewelry association, has appointed Simon Forrester as its new CEO, replacing Michael Rawlinson, who resigned from the NAJ in May. Forrester will assume his new role after spending seven and a half years as chief executive of the British Pest Control Association. Forrester has previously won the award of Trade Association Chief Executive of the Year in 2016 and, under his leadership, The British Pest Control Association received several awards and nominations.