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.
KRC Research conducted an online survey on behalf of the Diamond Producers Association (DPA) regarding US millennial women’s views on luxury goods. The results highlighted three major trends: Long term value both financially and emotionally, Pride in legitimacy of the goods purchased and the expression of self-confidence.
Chow Tai Fook launched CHOW TAI FOOK T MARK, a new jewelry brand with diamonds exclusively from their ‘T Mark’ collection. Each stone is inscribed with the brands patented technology enabling customers to track the stones journey from sourcing - processing, cutting, polishing, authentication, design - to production.
Gem Diamonds, which owns 70% of the Letšeng mine in Lesotho - famous for the production of large, high quality, exceptional white diamonds - and 100% of the Ghaghoo mine in Botswana, reported a 14% drop in revenue for H1 2017, to $92.9m from $109.1m a year earlier. The poor results from Letšeng were reportedly due to a 12% fall in carat recovery (50,478), as well as a decline in average diamond prices, which fell to $1,779 from $1,899 y-o-y.
In July 2017, ALROSA Group sold US$293.5 million worth of rough and polished diamonds. Rough diamond sales by value amounted to US$286.1 million, its lowest sales month for the year, while polished diamond sales achieved US$7.4 million. For the year thus far January-July 2017, ALROSA’s rough and polished diamond sales amounted to US$2.79 billion. The Russian miner has sold US$2.728 billion in rough diamonds on the year, while earning US$62.3 million from polished diamonds. “In July, there was a seasonal drop in demand on the market in the run up to August holidays.
ALROSA's search for the eight missing miners at its Mir mine in Yakutia continues for the sixth day. Citing an Interfax update, Rough & Polished details the harrowing complications with the search efforts. "The water level at the Mir mine in Yakutia continues to increase, while rescue and search operation for the eight missing miners continues for the 6th day in a row. Groundwater gradually fills the mine workings.
Signet Jewelers Limited has been recognized for its corporate social responsibility and sustainability efforts by being named as a component of the FTSE4Good US and Global Indices in 2017. Signet joins this group of other publicly traded companies with strong environmental, social and governance (ESG) practices. “Signet is proud of our commitment to reducing our energy consumption and raising our efficiency levels across our business.
Reuters news agency reports that Patrick Evans, the former chief executive of Mountain Province Diamonds, will become the new CEO of Dominion Diamond Corp once a deal to purchase the Canadian diamond company closes later this year, he said on Wednesday. Dominion, the world's third largest diamond producer by market value, has been looking for a CEO since January when its former head, Brendan Bell, quit. Last month Dominion agreed to a $1.2 billion takeover offer from U.S. billionaire Dennis Washington that will take private the Canadian-based diamond miner.
Let’s talk about the Lesedi [La Rona, 1,109-ct rough diamond]. I use this analogy. Everybody [on the call] knows one or two wealthy people who could go out and buy a Lamborghini at $250,000. What we’re asking for the stone is for somebody to go out and spend the equivalent of 280 Lamborghinis. And I use that as an example because I don’t think people quite understand the quantum of money we’re looking at here.
Mountain Province Diamonds - a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories - reports strong interest in Antwerp for Gahcho Kué Diamonds in Q2 2017 (ended June 30, 2017), despite a challenging rough diamond market. For the three months of Q2, MPD reported a net income of US$6 million (C$7.6 million) or US$0.39 (C$0.05) per share.
Canadian junior miner Kennady Diamonds reports a collective average price of US$109 per carat from its bulk sampling program of diamonds recovered from the Faraday kimberlites at the 100 percent-controlled Kennady North project located in Canada’s Northwest Territories. Valuation results included a 7.78 carat sawable diamond recovered from Faraday 3 valued at US$2,967 per carat. A total of 1,259.16 carats (+0.85mm) recovered from the 2017 bulk sampling program was sent to WWW International Diamond Consultants (‘WWW’) in Antwerp for valuation.
ALROSA issued the following press release this morning concerning the search for eight missing miners after a flood in the Mir mine in Yakutia: Mine rescuers teams, 60 people in each, started the morning stage of the search operation. The pace and scope of their work will depend on the weather conditions and geological situation in the open-pit mine. More than 330 people and over 30 units of equipment are involved in the search.
The Zimbabwe Consolidated Diamond Mining Company (ZCDC) has suffered a major blow after the High Court ordered it to immediately shut down its mining operations amid reports its activities do not meet Environmental Management Authority (EMA) regulations, writes The Zimbabwe News Live. This decision comes as part of an ongoing investigation in to the Marange alluvial diamonds operations, with the Court ordering the state-owned company to stop diamond mining in Chiadzwa with immediate effect until it has been granted an Environmental Impact Assessment (EIA) certificate.
Following publication of their Q2 Interim Results, shares in Pandora, the Danish maker of charm bracelets, slumped 8 percent "after the company missed analyst expectations for revenue and profits in the second quarter", writes Financial Times, adding that this makes it currently, "the worst performing stock in Europe." Despite revenue improving 12% to $767 million (DKr 4.83 billion) in the second quarter, it fell well shy of analysts’ expectations of $780 million (DKr4.91bn.
Firestone Diamonds, the AIM-listed junior mining company operating the Liqhobong Diamond Mine in the Kingdom of Lesotho (ownership Firestone 75%, Lesotho 25%), has revised its production guidance for the year to 30 June 2018 (FY 2018) to between 800,000 and 850,000 carats from previously-stated 1.0 million carats.
Palllinghurst Resources, following its recent takeover of Gemfields, has appointed Sean Gilbertson as new CEO for the colored gemstone miner as it commences the acquisition process. The move follows the resignation of Gemfields' non-executive directors, including that of CEO Ian Harebottle, who has held the position for the last eight years. Harebottle, as well as the resigning board members, was highly crititical of the takeover, saying it "significantly undervalued" the company.
The Botswana Government, through the Ministry of Investment, Trade and Industry, today signed a Memorandum of Understanding (MoU) with Anglo American, Debswana and De Beers Global Sightholder Sales to underpin the continued expansion of the Tokafala Enterprise Development program, according to a De Beers Group press release. The partnership to implement a 3-year program builds on Anglo American’s extensive experience and successes in enterprise development, tailored to the specific Botswana context.
Analysis of pricing data by the Fancy Color Research Foundation (FCRF) for the second quarter of 2017 indicates overall pricing stability across all categories over the same quarter in the previous year, FCRF states in a press release. While flat overall for all shapes and sizes, blue fancy color diamond prices continued to appreciate, climbing 5.5% over last year, while yellow fancy color diamond prices declined by 2.5% for the year. According to RAPI™ during the same period, most white diamond categories experienced meaningful price declines.
Synthetics are mass-produced in factories, made in a matter of weeks and primarily used for industrial purposes. None of these qualities is commonly associated with the rarity, beauty and luxury that embody a diamond. Many have raised concerns about the long-term value of synthetics because, as a manufactured product, their potential supply is unlimited. Furthermore, synthetics are not eco-friendly... Diamonds are of the earth, made billions of years ago, as old as the stars. They are an authentic, scarce product in an increasingly artificial world.
As first reported Friday, August 4, rescue teams are searching for eight workers missing in the Mir underground mine owned by Russian diamond miner Alrosa after water leaked into an underground shaft on Friday morning, the company said. A total of 133 miners had been brought to the surface after the flood, Alrosa said in a statement citing its CEO Sergey Ivanov. There were 142 workers underground when the accident happened. No casualties have been reported so far and there was no word from Alrosa on the chances that the nine missing miners could still be rescued.
Botswana Diamonds has raised $1.13 million (£868,000) from directors and existing subscribers with funds to be used to progress its flagship Vutomi project in Frischgewaagt, South Africa, to inferred resources status and to continue its exploration activities. The funds were raised through the placing of 79,484,300 new ordinary shares. Botswana issued 31,244,300 ordinary shares of 0.25p each at the exercise price of 0.85 pence per new share for a total of £265,576 ($346,000).
The trend of high volumes of rough diamond exports from Antwerp continued in July, while the diamond capital’s polished trade showed signs of life among persistently soft results. According to figures published by the AWDC, on a year-over-year basis, the volume of rough diamond exports increased significantly (20%) for the third month in a row (+55% May, +53% June), totaling nearly 11 million carats, while their value actually declined by 4% to $1.1 billion. The volume of rough imports also increased 15% while their value tumbled by 14%.
Lucara Diamond Corp. the Canadian junior diamond miner whose key asset is its 100% owned, state-of-the-art Karowe Mine in Botswana reports strong Q2 results despite a decline in mined ore volumes and carats recovered, as higher value recoveries compensated for lower grades. Q2 revenue was $79.6 million or $1,336 per carat from 62,434 carats total, which compares favorably to Q2 2016, where Lucara sold $77.7 million at $1,017 per carat from 107,801 carats total (figures exclude the 2016 sale of the 813-carat Constellation diamond for $63.1 million, for a more accurate comparison).
Brazilian engineering company Odebrecht SA, a conglomerate selling off assets in the wake of a corruption scandal - allegedly paying hundreds of millions of dollars in bribes in association with infrastructure projects in 12 countries, including Brazil, Argentina, Colombia, Mexico, Venezuela and Panama between 2002 and 2016 - has agreed to sell a 16.4 percent stake in the Catoca mine in Angola.
De Beers Group announced in a press release today that its Auction Sales business will run further polished diamond auctios in August, following the success of the initial events in late June. The events marked a new departure for De Beers, auctioned polished stones from their own rough diamonds, as well as auctioning off third-party diamonds. They say that customer response to the initial auction events in June was positive, with the auction featuring diamonds polished directly from De Beers-mined rough diamonds representing the majority of lots successfully sold.
Mountain Province Diamonds, a Canadian junior miner and 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories, sold 290,000 carats of rough diamonds valued at $20.9 million at its sixth tender sale of the year in July.
ALROSA has unveiled The Dynasty, the lead stone in a unique collection of five diamonds created from a 179-carat rough diamond (The Romanovs) and manufactured at its cutting and polishing facilities. The centerpiece of the collection, a 51.38-carat traditional round brilliant-cut diamond, is the purest of all large diamonds manufactured throughout the Russian jewelry history, according to the company. The Romanovs was recovered from Nyurbinskaya kimberlite pipe in the Republic of Sakha (Yakutia) in 2015.
The Women’s Jewelry Association’s mission is to help women in the diamond, jewelry and watch industries advance and develop professionally through networking, education, leadership and the provision of member services. Programs include grants, interactive workshops, mentorship programs and awards of excellence. The Diamond Loupe had the opportunity to sit down with Ayelet Lerner, one of the women involved with setting up the WJA chapter in Antwerp.
The Diamond Loupe: Tell us a little bit about yourself in the business.
Today we have announced total cash returns to shareholders of $3 billion. By driving performance, focusing on cash and allocating it with discipline we are delivering superior cash returns to our shareholders. These are strong results: operating cash flow was $6.3 billion and we met our $2 billion cash cost reduction target six months early. We are now shifting gear to focus on the untapped value from our productivity programme and continue to strengthen our portfolio to build higher returns for the future.
Karelian Diamond Resources, the Ireland-based, AIM-listed diamond exploration company focused on Finland has received a Preliminary Economic Assessment (PEA) on its Lahtojoki diamondiferous kimberlite pipe in the Kuopio-Kaavi district in south eastern Finland, which recommends an open pit mining operation. It estimates a total of 2.11M carats recoverable with a gross value of US$211M over a nine year life of mine, with payback for the Lahtojoki mine - estimated to cost about $22 million to build, after two years. It would be the first ever European diamond mine outside of Russia.
CEO of the Zimbabwe Consolidated Diamond Company (ZCDC), Dr. Moris Mpofu, last week described plans for reversing the resource curse in the country's tumultuous diamond industry with the creation of a multinational diamond park in Mutare - Zimbabwe's fourth-largest city situated on its eastern border.
De Beers rough diamond sales at Sight 6 (Global Sightholder Sales and Auction Sales, July 24-28) provisionally totalled $572 million, according to today's media release. This represents an 8% increase over rough diamond sales valued at $528 million at Sight 6 2016, and a nearly 6% increase over the latest sales Cycle 5 (June 12-16, 2017). 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.
Rio Tinto created a signature piece of jewelry featuring champagne and cognac diamonds from its Argyle diamond mine, which they havee showcased in New York in celebration of their unique Australian provenance and the diamond ties that bind Australia and the US. The Origins of Argyle statement necklace features more than 45 carats of cascading champagne and cognac diamonds and a 3.55 carat white diamond from the Argyle diamond mine.
India's recently-adopted goods & services tax (GST) of 3% on polished diamonds, 5% service tax and 0.25% on imported rough diamonds is making life challenging for the country's 50,000 small and medium diamond manufacturing units in Gujarat, employing up to 200,000 workers. The Economic Times, citing Praveen Shankar Pandya, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), reports that due to increased compliance requirements and uncertainty over when they will get input credit refund, the viability of many of these small units is uncertain.
Tiffany & Co. launched their fall advertising campaign, “There’s Only You”, a celebration of personal style and individuality with the faces of the campaign being 6 individuals with various backgrounds in the creative fields. The pieces in the campaign are a combination of past and present, classic Tiffany as well as pieces from the new Tiffany HardWear line.
Australian junior miner Lucapa Diamond Company earned US$15.5 million from the sale of 2,070 carats of rough alluvial diamonds from the Lulo Diamond Project in Angola during the sixth sale of 2017. This represents an average price of US$710 per carat, and brings gross proceeds from Lulo diamond sales in 2017 to US$17 million, for an average price of US$1,485 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.
Jewelers of America has elected Pittsburgh jeweler John Henne, president of Pittsburgh-based Henne Jewelers, as its next board chairman, succeeding Ryan Berg. Henne has managed Henne Jewelers, which his great-grandfather opened in 1887, since 1998. He oversees all aspects of the business, including diamond procurement, accounting, sales and marketing. JA President and CEO David J.
From the India International Jewellery Show (IIJS) in Mumbai, GemKonnect reports on the formation of the International Diamond Monitoring Committee (IDMC), an initiative intended to ensure the separation of natural diamonds from synthetics as they pass through the diamond pipeline to the retail counter.
Namibian rough diamonds are known for their high quality; mining these quality goods also costs a premium.
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 the diamond industry as it heads into the second half of 2017. Reprinted from Paul Zimnisky Diamond Analytics, courtesy of Paul Zimnisky.