The tax regimes in the four major diamond midstream trading centers - Antwerp, India, Dubai and Israel - have been the topic of great discussion and significant change in recent years. The beginning of this year saw the tax policies in both Belgium (Antwerp) and Israel (Tel Aviv) change. These countries levied a minimum tax on diamond companies, which was levied as a percentage of the turnover. While this was termed as a “turnover-based tax”, it was never truly a turnover-based tax.
According to figures released by the Antwerp World Diamond Centre, the Antwerp diamond trade experienced an increase in activity nearly across the board in November comparatively, likely tied to events in India and U.A.E. The volume of rough diamond exports surged by 107% compared to October and 142% year-on-year, reaching 14.6 million carats during the month. The value of those rough exports also spiked by 55% compared to last month and 22% year-on-year, achieving $1.28 billion.
DDA Trading Bvba has announced its fourth sale of Namibian Marine rough diamonds. DDA will be offering approximately 22,000 carats of full run-of-mine, original marine goods of gem quality. Viewings will take place by appointment in Antwerp at DDA Trading’s office in the Antwerp Diamond Bank from November 28 to December 6 with the sale closing on Wednesday 6.
Check out the entire December schedule of rough diamond tenders in Antwerp here.
“We have the diamond,” said Leora Halfon of tender house Koin International on the sidelines of the African Diamond Conference, showing us a photo of the 476-carat, Type IIa, D-colored diamond just unearthed by Meya Mining in Sierra Leone. “It’s already in Antwerp.”
Mountain Province Diamonds, a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories, earned $19 million from their ninth tender of rough diamonds in Antwerp. It was the lowest haul in terms of overall value since their fourth sale of the year in May, but prices remained stable to firm, generally averaging about 2% higher than the eighth sale across the full assortment profile.
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.
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.
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.
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.
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).
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.
High jewelry houses are increasingly going straight to the source to acquire rough diamonds that they will turn into their beautiful creations, writes Ming Liu in a feature for CNN. Typically, the larger category of rough diamonds are obtained by specialist diamond cutters and polishers who analyze each stone to determine the ideal cut in which to shape them, and only after this process are the polished gems usually presented to high jewelry houses.
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.
Stornoway Diamond Corporation has released its third quarter production and sales results from its Renard Diamond Mine in Quebec, with better ore grades leading to higher carat recoveries; the junior miner also saw growth in carats sold and an improving price per carat, though the issue of diamond breakage has yet to be solved. During the quarter, 506,380 tons of ore were processed compared to the plan of 540,000 tons (-6%).
The trend of high volumes of lower-priced rough diamond exports from Antwerp that started in full force during May continued to define the rough trade through the third quarter (July-Sept.), while the diamond capital’s polished trade recorded somewhat soft results. According to figures published by the AWDC, on a year-over-year basis, the volume of rough diamond exports during the quarter increased nearly 12%, totaling over 27 million carats, while their value actually declined by 13% to $2.7 billion. The volume of rough imports also increased 1.5% while their value also tumbled by 13%.
According to The Economic Times, Indian diamond traders that participate in rough diamond auctions at Mumbai's Indian Diamond Trading Centre (IDTC) are complaining that taxation issues are reducing their activity to mere window shopping. "Diamantaires can see the rough diamonds they bid for at the IDTC, but the delivery doesn't happen locally .. despite their successful bids at Bharat Diamond Bourse", the newspaper writes.
Last week, a delegation of leading jewelers and diamond traders from across Europe spent three days getting acquainted with their counterparts in Antwerp, enjoying a behind-the-scenes look at the diamond capital and doing business at high-level networking events.
Firestone Diamonds sold a total of 195,330 carats at their latest tenders in July and September 2017 in Antwerp, netting total sale proceeds of US$13.5 million, including the sale of the company's second >US$1 million stone. Nonetheless, the average value per carat fell to $69 from $107/ct.
The Antwerp World Diamond Centre today organized a festive launch of the Diamond Year celebrating 570 years of unbroken diamond trading in the city, sealing its place as the diamond capital of the world. The celebration was attended by Belgium's Secretary of State for Foreign Trade Pieter De Crem, fifteen ambassadors from diamond-related countries and featured 57 cakes - one for each decade of diamond trading in Antwerp, and, coincidentally, one for each facet of a brilliant cut diamond.
The Diamond Loupe team wishes all our Jewish friends a healthy, prosperous and happy 2017.
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.
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.
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%.
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 email@example.com.
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.
This week, the Antwerp World Diamond Centre and the University of Antwerp hosted an “Innovation and Diamonds” conference at the Antwerp Diamond Bourse, featuring specialists from across the entire spectrum of the diamond trade, from mining to blockchain tech.
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.
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.
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.
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".
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.
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.
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.
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.
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%.
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.
Last week, a leading diamond grading and certification lab HRD Antwerp detected two large topaz stones fashioned to imitate rough diamonds in an apparent attempt to fool a trader. "Two large, near-colourless rough stones weighing 50.08 and 38.18 ct were submitted to our research department to determine their quality," HRD's statement reads. "The results indicated that the gemstones, believed to be diamonds, were actually topaz.
Innovation is the key to sustained success, even for a traditional industry such as the diamond trade. Successful innovation, however, starts with questioning what we do and why we are doing it.