Sergey Ivanov (37), the young CEO and Chairman of the Executive Committee of the world’s largest diamond miner, ALROSA, was in Antwerp for the company’s annual meeting with its 56 long-term clients. ALROSA is a traditional company in a traditional business, and still evokes the reputation of a state-owned giant despite the partial privatization (currently 34%) of the company a few years ago.
Swiss watch industry exports rose strongly at the beginning of 2018, boosted by substantial sales growth in Asia, reports the Federation of the Swiss Watch Industry. Year on year, total January exports of wristwatches rose by 12.6% to $1.7 billion (1.6 billion Swiss francs), as the trade benefited from the dynamic performance of previous months and a favourable base effect, the Industry body writes.
The Antwerp World Diamond Centre (AWDC), the industry organization representing the interests of 1,600 diamond companies in Antwerp, has appointed Nishit (Bali) Parikh as its new President, replacing outgoing President Stéphane Fischler. The Board of Directors also appointed Freddy Inzlicht and Samir Mehta as Vice-Presidents, respectively representing the bourses and the trade.
The De Beers Group today announced its annual results for 2017, showing high volumes of production and sales offset by a lower value mix of goods, leading to a 4% reduction in total revenue to $5.8 billion from $6.1 billion 2016.
On Saturday, February 17, 2018, India's Gem & Jewellery Export Promotion Council (GJEPC) released a statement on the incidents that have recently come to light with regards to the alleged fraud committed by two members of the Council. They state: "The Nirav Modi/Gitanjali Gems incident is of concern to the entire Gems & Jewellery industry. The Industry strongly condemns any sort of unlawful & illegal actions by any individual, trade or otherwise.
Botswana Diamonds (BOD) has commenced its first half exploration program on the Sunland Minerals joint venture (JV) with Russian diamond miner ALROSA in the Southern Africa country. The program will focus on previously identified geophysical targets in the Central Kalahari Game Reserve with the aim of turning them into drill targets. It will use soil samples and magnetic surveys to supplement the airborne gravity and airborne magnetic data obtained in earlier work.
Lucara Diamond achieved revenues of $220.8 million over the course of the full year 2017 (2016: $295.5 million) including the sale of the 1,109 carat Lesedi La Rona (LLR) for $53.0 million ($47,777 per carat). Including the sale of the LLR, the miner's 2017 average sales price was $847 per carat compared to 2016 average sales price of $824 per carat (including the sale of 813 carat Constellation diamond for $63.1 million).
ALROSA plans to hold two auctions of rough and polished diamonds at the Hong Kong International Diamond, Gem & Pearl Show, taking place from February 27 to March 3, 2018, the company writes in a press release. ALROSA's United Selling Organization (USO) auctions special size rough diamonds over 10.8 carats, and will be putting 121 gem-quality lots with a total weight of 1,949 carats up for sale during the show. The weight of the largest diamond is 47.08 carats.
India's polished diamond exports during the month of January 2018 rose to US$2.08 billion from US$1.62 bn in January 2017, a jump of 28.8% according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). Meanwhile, rough imports were up by 13.68% in value terms during the month to US$1.44 billion as compared to US$1.27 bn imported during the previous January. In volume terms, however, rough imports declined from 15.3 million carats during January 2017 to 13.3 million carats during January this year.
Petra Diamonds Ltd said Monday its earnings as well as revenue fell slightly in its first half as core earnings fell 8 percent, despite a rise in production, as the miner was hit by industrial action in the form of a Q1 strike in South Africa, the inability to sell the blocked Williamson parcel (71,654 carats still being held by the Tanzanian government) and the strengthening ZA Rand against the USD, which the company says had a combined impact of approximately US$18 million.
Israel's diamond trade decined in terms of the volume and value traded for the third straight year, according to Israel's Ministry of Economy and Industry as reported by Rapaport News. The industry's polished exports fell 4% on the year to just under $4.5 billion, while volume of polished exports fell 6% to 1.7 million carats. Rapaport further notes that exports to the US, the largest market for the Israeli diamonds, declined 7% to $1.69 billion, while shipments to Belgium bounced back, surging 20% to $420 million.
Real is a Diamond partnered with The NBCU Content Studio on new custom video content launching during the live on-air and digital broadcast of the 2018 Winter Olympics in Pyeongchang. “The Making of a Gem” video shorts were developed to showcase the striking similarities between the unique journey of an athlete on the rise, and a diamond - tapping into the emotional context of a diamond’s symbolic meaning.
Peregrine Diamonds, a Vancouver-based junior miner with exploration projects in Canada and Botswana, announced its Resource Development Program has resulted in a 58% increase in the Inferred Mineral Resource at the high-grade CH-6 kimberlite pipe at its 100%-owned Chidliak Diamond Project, Nunavut, Canada. Their inferred resource at CH-6 jumped from 11.39 million to 17.96 million carats after testing. This brings the company's total Phase One Diamond Development resource at the CH-6 and Ch-7 pipes to 22 million carats.
The Antwerpsche Diamantkring (Kring), the world's only rough diamond bourse, concluded a busy 9th edition of the Antwerp Rough Diamond Days, bringing together traders from Antwerp, Israel and India, among others. Kring President, Freddy Inzlicht; "This 9th edition underscores once again what the figures - US$ 46 billion worth of goods traded in 2017 - confirm, that Antwerp is and remains the number one hub in our industry.
The Nirav Modi bank fraud investigation in India appears to have spread its wings, as three more major Indian jewelers - Gitanjali, Ginni and Nakshatra - have also come under the gaze of various investigating agencies following the Punjab National Bank's (PNB) declaration of nearly $1.8 billion (Rs 11,400 crore) fraud, committed allegedly by Nirav Modi.
Zimbabwe is on the brink of clinching a deal with Botswana to start processing its diamonds at the world renowned Diamond Trading Company (DTC), writes The Herald - Zimbabwe. Following Zimbabwe's new President Mnangagwa's two-day official visit to Botswana, where he continued to emphasise his theme that Zimbabwe is 'Open for Business', it was announced that the arrangement will see Zimbabwe shipping its diamonds to Botswana for processing, cleaning and polishing before the gems are placed on the market. It is anticipated that taking advantage of Botswana’s expertise will benefit Zi
The Bank of Israel has agreed to open a $285 million (Nis 1 billion) credit line to diamond traders in the form of government-backed loans in response to calls from the industry to alleviate a credit crunch that is hurting their competitiveness.
Sergey Ivanov, CEO of ALROSA, held a working meeting in Moscow today with Deputy Prime Minister and Minister of Foreign and European Affairs of the Kingdom of Belgium Didier Reynders, and President of the Antwerp World Diamond Centre (AWDC) Stephane Fischler. The parties discussed issues related to the development of bilateral cooperation in the field of diamond trading, as well as cooperation within the framework of industry international organizations. ALROSA and AWDC made a joint presentation focusing on their excellent trade relationship and expressed their willingness to enhance their
Mountain Province Diamonds, with a 49% share in a joint venture with De Beers Canada to operate the Gahcho Kué diamond mine in Canada’s NWT, has recorded its most successful rough sale to date as higher prices, together with robust customer demand in Antwerp, led to record results. The company rode a 47% increase in average value per carat compared to December, US$78 per carat from US$53 per carat, to achieve a 43% increase in total value: US$27.3 million, obtained from 351,000 carats.
Russian diamond miner ALROSA's rough diamond sales achieved $499 million in the first month of 2018, in yet another signal that the rough market is booming to start the year. January sales jumped 39% y-o-y compared to the $358.2 million in sales in the same period a year ago. Polished diamond sales reached $5.5 million for the month, down from $7.28 million in 2017. Total sales for the month were $504 million, good for a 38% rise overall compared to the same month a year ago.
Australian junior miner Lucapa Diamond Company has recovered the first diamonds from its 70% owned Mothae kimberlite mine in Lesotho, the company reports in an ASX announcement. The diamonds were recovered through the existing bulk sampling plant and infrastructure at Mothae, which has been refurbished ahead of schedule, as part of the previously announced bulk sampling program (BSP).
The Israel Diamond Exchange is turning to digital currencies to inject new life into a marketplace, in the hopes that the introduction of virtual currency will make trading more efficient and less opaque. The two new cryptocurrencies are backed by gems: the first, called Cut, was launched last week for use between dealers in the diamond market. Citing a recent report by Israel’s Justice Ministry, Reuters writes that current transactions are “often carried out anonymously, with the shake of a hand and minimal documentation”.
Indian federal agents launched an investigation into billionaire jeweller Nirav Modi, one of the country’s richest men, over accusations that he and others defrauded a state bank of $44 million.
Zimbabwe appears ready to consider applications from companies mining platinum or diamonds to be exempt from a requirement that they be at least 51% owned by black citizens of the country, provided they can show they have a plan to achieve compliance, mines minister Winston Chitando said in an interview in Cape Town on Wednesday.
The "On a roll" collection by Nadine Ghosn must have some special sauce, as it has gained some big-time attention: notably, from McDonald's. The fast-food giant approached the designer and asked her to collaborate on a project in honor of the Big Mac’s 50th anniversary this year, writes Ashley Davis for National Jeweler.
Namdeb Holdings, a 50/50 joint venture between the Government of the Republic of Namibia and De Beers Group, today (Feb. 9) announced it is to seek a buyer for its Elizabeth Bay mine to secure its long-term future, according to a De Beers Group release. The mine was commissioned in 1991 and is located along the south-western coast of Namibia near the town Lüderitz. It employs around 160 people and produced around 200,000 carats in 2017.
Stornoway Diamond Co. has announced the attainment of full Completion Certification at the Renard Mine in Quebec, Canada. Construction on the project commenced on July 10, 2014, and commercial production was declared on January 1, 2017. "Completion" entails the delivery of certificates for the mine’s physical facilities, the attainment of certain sustained production targets and operating cost efficiencies, certification on the performance of the corporation’s diamond marketing activities, and certification of compliance with the terms of the corporation’s material finance agreements.
Russian diamond miner ALROSA held an annual meeting with its long-term clients in Antwerp on February 7. It was the first meeting of the new three-year client period, which started in January 2018, and the choice of Antwerp as its setting was a logical one, as the majority of ALROSA's long-term clients are based in the diamond capital, and about half of the miner's entire business - some $2 billion per year - is conducted in Antwerp.
Rio Tinto rode the wave of higher commodity prices and saw results from its cost cutting drive to record a 90% increase in net profit to $8.8 billion in 2017, and their diamond operations got in on the party, with profits climbing 96% to $92 million. Revenue jumped 15% to $706 million from $613 million, as demand for rough diamonds heated up following the normalization of the Indian market post-demonitization - the currency shift the government initiated in November 2016. Earnings before interest, tax, depreciation and amortization (EBITDA) grew 20% to $287 million.
Many laboratory-grown diamond companies describe their diamonds as being green or eco-friendly and use words such as ‘greenhouse’ or ‘foundry’ to try and influence opinion. [Consumers] are also being told that [synthetic] diamonds are real diamonds without the human or environmental impact. This is a misrepresentation. They deceive the consumer, because a synthetic diamond is not worth much at retail value. Millennials are being fed lies, because the gap between reality and marketing is huge.
Sahag Arslanian, Arslanian Group, speaking at the Mining Indaba, from "Millennials being lied to by synthetic diamond manufacturers".
Angola produced 9.44 million carats of diamonds last year, a 5 percent increase from the 9.02 million carats produced in 2016, based on data presented by the country’s Ministry of Mineral Resources, reports Rough & Polished from the Mining Indaba in South Africa. Rough diamond sales earned $1.102 billion in revenue, a 2 percent increase from 2016, as the average price per carat dropped 2.4 percent to $116.76 per carat compared with $119.65 per carat in 2016.
The fourth quarter of 2017 saw a slight rise in fancy color diamond prices over the previous quarter, thanks to continued appreciation from blue stones, writes The Fancy Color Research Foundation (FCRF) in a press release. The significant increases in prices of fancy blue diamonds were offset by continued softness in fancy yellow diamonds and stagnation in fancy pink diamond prices. The Fancy Color Diamond Index in Q4 2017 indicates an overall rise of 0.1% over Q3 2017 for fancy yellow, pink and blue diamonds in all sizes and saturations.
The Indian government has raised import duty on cut and polished diamonds and coloured gemstones from 2.5% to 5% in the Union Budget 2018-19, and the country's diamond trade is not pleased. Announcing the 2018 budget, and in an attempt to protect the local industry Finance Minister Arun Jaitley doubled the import duty on cut and polished diamonds, coloured gemstones and lab-grown diamonds and also raised customs duty on imitation jewelry from 15 to 20 percent.
The Antwerp diamond trade booked stable results overall in 2017, according to a press release from industry representative body the Antwerp World Diamond Centre (AWDC). They note that after a very difficult 2015, the Antwerp diamond trade stabilized in 2016, and this trend continued over past year as the industry traded a total of $US46 billion in diamonds ($US48 billion in 2016). In 2017, a total of 233.6 million carats of diamonds were imported to and exported from Antwerp.
We believe that South Africa is a prime exploration destination. We have had 52 exploration applications outstanding for a long time and now we’ve had 16 of those 52 licences granted and we are working hard to get the others approved. One of the strengths that we’ve got is that we have a database with fairly reliable information from about the mid-1950s onwards. Using that database we then apply the latest thinking and the latest technology. So a lot of our focus is around Kimberley where we used to mine. All the easy diamond deposits around the world have been found and that’s why you need to use new technology."
- Phillip Barton, chief exec. De Beers’ South African operations, speaking from Mining Indaba in S.A.
Australia's Lucapa Diamond Company has announced their Q4 and final 2017 results, with fewer large diamond recoveries and lower prices achieved leading to a 38% decline in annual sales. The company earned $31.6 million in revenue from diamond recovered at their Lulo Diamond Project in Angola, compared to $51 million a year ago. Last year's figures include the 404 carat "4th February Stone", which sold for US$16m in February 2016. Even without the earnings from that big diamond, however, sales would still have been 10% lower than the $35 million earned in 2016 excluding the big stone.
London-based miner Gem Diamonds recently rocked the diamond world with the announcement of its latest remarkable recovery from the Letšeng mine in the Kingdom of Lesotho: a 910-carat, D color Type IIa diamond. It is the fifth-largest gem quality diamond ever recovered and is of the highest quality. The Diamond Loupe had the opportunity to sit down with Gem Diamonds CEO Clifford Elphick and Commercial Director Glenn Turner at the Gem Diamonds office in Antwerp. (see a photo of the diamond in annex below)
With marriage rates falling and divorce rates climbing, the diamond industry is facing a challenge to win over Chinese millennial consumers, Ruonan Zheng writes for Jing Daily.
According to statistics from the Bank of Botswana, Botswana’s rough diamond exports fell by 13 percent in 2017 to $3.48 billion compared to $4.02 billion a year ago due to weak prices comparative to 2016, and weaker demand particularly in the second half of the year. While Botswana’s Okavango Diamond Company (ODC) - which sells 15% of Debswana's production - posted a 4 percent jump in sales to $567 million in 2017, De Beers’ rough diamond sales fell 5% to an estimated $5.31 billion last year.
WD Lab Grown Diamonds, based in Maryland in the US, has announced the creation a 6-carat round laboratory-grown diamond, which it says, "now stands as the world's only known lab-made CVD diamond of its size and shape." The company says the large synthetic diamond, made using Chemical Vapor Deposition (CVD) technology, was "grown in just a few months, as opposed to the millions of years it takes to form a diamond in nature." The company's facility, located just outside Washington, DC, produces synthetic diamonds for the jewelry market as well f
Gem Diamonds, the London-based miner operating the Letšeng mine in Lesotho, recovered more carats, more large diamonds and sold them at a higher price in 2017 than in 2016, the company announced in their Q4 2017 Trading Update. They have also started 2018 on a roll, announcing on 15 January 2018 the landmark recovery of an exceptional quality 910 carat, D Colour Type IIa diamond - the largest diamond to be mined to date at Letšeng and also believed to be the fifth largest gem quality diamond ever recovered.
The Bharat Diamond Bourse (BDB) will be organizing an India Diamond Week from April 23-25 in Mumbai, the first ever such trade fair in India, writes industry organization GJEPC. About 200 booths for polished diamond companies will be set up within the bourse, and Indian as well as international traders will be invited to apply for them. “All booths will be standardised and be of the same size,” explained Mehul Shah, Vice President of BDB.
Russian diamond mining giant ALROSA teamed up with GfK (Growth from Knowledge), consumer research company, to examine the purchasing trends among diamond consumers. The US is the world’s largest consumer market of diamond jewelry, and China is the most rapidly growing market, and the study shows why. The research was conducted in the autumn of 2017, surveying more than four thousand people from the US and China who had bought or received diamond jewelry as a gift within the last 12 months, and targeting men and women aged 25 to 55 years with average or above average income.
Nine of the leading diamond industry organizations and jewelry associations have jointly released the Diamond Terminology Guideline, containing recommendations for describing diamonds and synthetic diamonds, announced the Antwerp World Diamond Centre (AWDC) and CIBJO the World Jewellery Confederation in a press release. The Guideline, based on ISO standards and the CIBJO Diamond Blue Book, is intended to set the universal standard for communicating about diamonds and their laboratory-grown counterparts.
"In recent years the diamond industry has been battered by falling prices and the growing threat from synthetic, lab-grown stones", writes Jon Yeomans for The Telegraph. "But it is alert to the problems in its supply chain and the reputational threat these hold.
The Belgian Embassy in Tokyo was the setting for the launch of a new initiative to bring certified, Antwerp-sourced diamonds to the Japanese retail market under the quality label: "Diamonds & Antwerp" (DnA).
De Beers' rough diamond sales (Global Sightholder Sales and Auction Sales) for the first sales cycle of 2018 spiked to $665 million, making it the highest sales figure since the first cycle of 2017 as companies restocked following the holiday season. Actual sales for Cycle 10 of 2017 were adjusted upward to $455 million from the provisional sales figure of $450 million.
Mountain Province Diamonds and Kennady Diamonds have entered into a friendly and definitive agreement whereby Mountain Province will acquire all the issued and outstanding shares of Kennady, at a premium. Kennady shareholders will receive 0.975 of a Mountain Province share from each Kennady share they hold. That represents a value of $3.46 per Kennady share, and a premium of 26% to Kennady’s closing price and a premium of 15% based on the 20-day volume- weighted-average-price of Mountain Province Shares on the TSX and Kennady Shares on the TSX-V, both as of close on January 26, 2018.
At its first sale of 2018 that closed on Friday, January 26 in Antwerp, Canadian miner Stornoway Diamond Corp. sold 138,687 carats for gross proceeds of US$14.4 million at an average price of US$104 per carat. This is the highest price achieved to date. The company says the result reflects a strengthening diamond market at the beginning of the year and appreciable improvements in breakage levels, size distribution and quality mix.
Petra Diamonds announced in a trading update (unaudited) for the six months ended 31 December 2017 (H1 2018) its production was up 10% to 2,208,056 carats (H1 FY 2017: 2,015,087 carats), in line with H1 guidance of 2.2 - 2.3 Mcts. This represents record production for any six month period for the company. Revenue, however, was down 1% to US$225.2 million (H1 FY 2017: US$228.5 million), mainly due to the Government of Tanzania confiscating a parcel of stones from the Williamson mine (ca. 71,000 carats), claiming Petra had undervalued the goods.
Diamond Dealers Club (DDC) of New York has moved to the International Gem Tower on West 47th Street in New York City, from its longtime home at 580 Fifth Ave, debuting its new trading floor on the occasion of the seventh India Diamond Week. More than 60 exhibitors and several hundred buyers were on hand for the event, organizers said. It was organized by DDC in conjunction with India’s Gem & Jewellery Export Promotion Council.
While out on North Arrow Minerals' Mel diamond property on Nunavut's remote Melville Peninsula, prospectors made a welcome discovery: a 62 kilogram surface sample of diamond bearing kimberlite. The sample returned 23 micro-diamonds. This prompted North Arrow to significantly increase the size of its 100% owned Mel Diamond Project from 7,500 ha to 56,075 ha. Claim staking was initiated as a result of North Arrow’s September 2017 discovery of a new diamond bearing kimberlite field at Mel, located within 20 km of tide water on the Melville Peninsula, Nunavut.
The Sociedade Mineira de Catoca (Catoca) mining company in Angola intends to mine 7 million carats of diamonds next year, said Russian CEO Sergei Amelin. In November this year, the company announced it expected to mine 8 million carats of diamonds by the end of the year (2017), so their forecast for coming year represents a 6 percent step back comparted to 2017. The information was released on Tuesday in Saurimo City, eastern Lunda Sul Province, by the company’s general director, Sergei Amelin, who did not add the expected profit for this year.
The second edition of The World’s Premier Diamond Event, CARAT+, will open at the Antwerp Expo Belgium on May 6, introducing new show features and welcoming leading industry professionals from across the globe. Launched for the first time in 2017, CARAT+ won the praise of exhibitors and visitors alike with its glamorous trade show floor and 130 leading exhibitors from 13 countries.
Russian diamond miner ALROSA Group’s FY 2017 diamond production totalled 39.6 million carats, up by 6% year-on-year from the 37.4 million carats mined in 2016, the company announced today. Indicatively, ALROSA Group reports that it sold 41.2 million carats of diamonds in 2017 compared to 40.1 million carats in 2016, though the revenue from those sales fell by approximately 4.5% to $4.3 billion from $4.5 billion. Rough diamond sales amounted to $4.2 billion ($4.4 billion in 2016) while polished diamonds sales achieved $96.9 million ($122.3 million in 2016).
Brisbane-based retail jeweler Michael Hill has announced, "The complete exit of the loss-making retail operations in the US" as part of a set of strategic actions across its global retail network. The company, which "entered the U.S.
Russian diamond giant ALROSA has announced plans to open an office in India to monitor the local market, tagging Jim Vimadalal, who previously worked at Indian offices of Rio Tinto and Swarovski, as Director of ALROSA's representative office in Mumbai. The representative office won't be engaged in trading activity, but will rather focus on cooperating with local industry organizations and advising current clients of the company on different technical issues, the company said. He will also negotiate with potential clients and monitor the condition of Indian diamond market.
According to an interview with Diamond Producers Association (DPA) CEO Jean-Marc Lieberherr, the Antwerp-based category marketing organization set up by seven leading diamond mining companies (ALROSA, De Beers, Dominion Diamond, Gem Diamonds, Lucara Diamond, Petra Diamonds and Rio Tinto) in 2015 expects to have $70 million to spend in 2018, up from $57 million in 2017. Having focused mainly on the U.S.
De Beers Group and parent company Anglo American announced rough diamond production for Q4 2017 increased five percent to 8.1 million carats from 7.7 million carats, bringing their annual production to 33.4 million carats, a 22% increase over 2016 (27.3m ct). They say the fourth-quarter rise reflects stronger trading conditions as well as the contribution from the ramp-up of Gahcho Kué in Canada, where production doubled to 993,000 carats due to the ramp-up of the mine, which reached nameplate capacity in Q2 2017. Q3 production, however, was notably higher at 9.2 million carats.