Diamond Industry Organizations Call for Postponement of Hong Kong Trade Fair

Three leading diamond trade bodies have submitted a joint appeal for the postponement of the Hong Kong Gem and Jewellery Fair, September 2019, until there is a more stable climate in the city.

PolishedPolitics

Paul Zimnisky's In-Depth Look at Fortunes of Leading Diamond Jewelry Retailer, Signet

Signet Jewelers Limited claims to be the world's largest retailer of diamond jewelry and is clearly the largest specialty retail jeweler in the US, UK and Canada. It operates over 3,300 stores primarily under the name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda, and JamesAllen.com. Just over a year ago the company was among the S&P 500, but its share price and market cap have fallen hard.

JewelryIn-depth

India’s Polished Exports Down 18% in July, Decline of Rough Imports Steeper

India's cut and polished diamond exports declined by more than 18% year-on-year in July, representing the lowest level of polished exports since December 2018. India's exports reached only $1.50 billion last month as compared $1.84 billion during the same month a year ago, as manufacturing has slowed significantly and traders try to move goods from stock while facing the headwind of an existing glut on the market. 

Polished

Alrosa Reassesses 2019 Sales Expectations After Dismal Q2

Impacted by the persistent slump in the global rough diamond market, which has yet to show any signs of abating, Russian diamond giant Alrosa has reported a sharp decline in Q2 and first half 2019 profits and revenues, adjusting its anticipated sales for the year 2019 downward by 13-16% to 32-33 million carats from their anticipated 38 million carats, the miner announced on Monday. 

Rough Market

Macau Slated to Join Kimberley Process

The Legislative Assembly of Macau, or officially the Macao Special Administrative Region of the People's Republic of China, recently passed a government-initiated bill which will enable Macau to implement the Kimberley Process Certification Scheme (KPCS). This will allow the city to formally engage in the international trade in rough diamonds in line with international standards. The bill will take effect on October 1 and aims to help Macau develop a rough diamond trade sector. Its outline was passed during a plenary session of the legislature in April. 

Compliance

Fewer Large Stone Recoveries Impact Gem Diamonds’ H1 2019 Results

Replicating the first-half results of 2018 was always going to be a challenge for Gem Diamonds, and against that high bar the miner came up short in H1 2019.

Rough MarketMining and Exploration

Diamond Development Initiative Names New Executive Director

The Diamond Development Initiative (DDI) has appointed Ian Rowe as its new Executive Director, with effect from September 2, 2019. His appointment follows the impending departure of Dorothée Gizenga, who as DDI's founding ED has provided leadership and inspiration for more than a decade, and who will now take on a new role as Regional Director to lead DDI's expansion in Africa. She'll be based in Kinshasa, DRC.

Sustainability

The Spirit of the Rose: Alrosa’s Pink Diamond Poised to Earn Over $60 Million

A 14.83-carat pink oval diamond, cut from a rare 27.85 carat clear pink rough diamond mined in 2017 by Russia’s Alrosa could earn more than $60 million when it goes up for sale in November. Named The Spirit of the Rose (“Le Spectre de la Rose”) as a tribute to a legendary short Russian ballet that premiered in 1911, the preparation and cutting process was performed at the “Diamonds ALROSA” cutting factory in Moscow, and it will be the most expensive stone ever polished in Russia.

PolishedWorld News

Lucara’s Profit Tumbles as Production of Smaller Goods Rises

Despite higher production and sales volumes, Lucara Diamond recorded a much lower profit in Q2 2019 than the same period a year earlier, as the extended slump in the diamond trade demonstrates it offers no immunity. L Lucara reported net earnings of $700,000 for the quarter on revenue of $42.5 million, figures which compare unfavorably with a profit of $19.7 million on revenue of $64.5 million in the same quarter in 2018.

Mining and ExplorationRough Market

Alrosa’s Rough Diamond Sales Continue Downward Spiral in July

The persistent slump in the global rough diamond market showed no signs of abating in July, as Alrosa's rough sales fell to a low not seen in several years. The Russian mining giant sold $164.6 million in rough diamonds in July, falling another 25% below 2019's previous low in June ($219.3), and 51% lower than the $333.8 million earned in July. 2018. For the year to date, Alrosa's sales have declined 34% compared to last year, falling to $1.95 billion from $2.97 billion a year ago.

Rough Market

Following Recovery of Best Mothae Diamond, Lucapa Earns $6M at Sale

Following the discovery of a 64-carat rough that the company considers the highest-quality diamond from the Mothae Mine to date, Lucapa Diamond Company has announced earnings of $6.2 million (AUS$8.8 million) from the latest sales of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho. The latest sales from Lulo and Mothae take total sales from both mines to US$35.5 million (A$50.2 million) for the year to date.

Mining and Exploration

Mountain Province Gets Boost from Canadian Dollar as Sales Dip in Q2

Mountain Province Diamonds reported a decline in carats recovered and sales in Q2 2019, but the miner's profit rose 61% to C$10.3 million (US$7.8 million) via foreign exchange gains resulting from the relative strengthening of the Canadian dollar versus US dollar. Mountain Province achieved production targets for the quarter and was ahead of plan at the end of the first half of the year despite a “very difficult rough diamond market”.

Mining and Exploration

AGD Diamonds Names Three Huge Rocks from Grib Mine

AGD Diamonds recovered three large diamonds weighing more than 100 carats between May and July 2019 at the Grib diamond mine in the Arkhangelsk Province of Russia and has now given them names. The largest of them, a unique diamond weighing 222.09 carats - touted by the company as the largest ever discovered in Europe - was named “Vladimir Grib” in honor of the former AGD chief geologist, an outstanding exploration pioneer. The stone was recovered on May 4, 2019 and is likely to be sold in Antwerp.

Mining and Exploration

Junior Miner Tango to Drop Coal Assets and Focus on Diamonds

Canada-based and South Africa-focused diversified junior mining company Tango Mining has announced it plans to sell off its stake in several metallurgical coal projects in order to focus solely on diamond extraction. Moving forward, the company’s attention will be centered on the Oena diamond mine in South Africa, which has proven lucrative for the miner. During the latest production period, 531.82 carats of gems were recovered from Oena. The 230 diamonds sold for an average price of US$1,382 per carat.

Mining and Exploration

Diamonds & Jewelry on U.S. List of Chinese Imports Subject to 10% Tariff, Starting Sept.1

President Donald Trump said Thursday that the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods, effective Sept. 1. This means that starting at the beginning of next month, every single good coming into the U.S. from China, except those with exemptions, will be subject to an import tax. Called the 'tranche four' tariffs, the list includes rough and polished diamonds (whether or not worked), loose 'synthetic ...

World NewsEconomyRough MarketJewelry

Rio Tinto Returns $3.5B to Shareholders, Takes Loss on Diamonds

Leading global consolidated miner Rio Tinto today (August 1) announced it would be returning $3.5 billion to its shareholders, including an interim dividend of $2.5 billion and a special dividend of $1.0 billion. The dividends decision followed a half-year performance where Rio earned $20.7 billion in consolidated sales revenue, a 9% increase over H1 2018, and ended with underlying EBITDA of $10.3 billion, a 19% increase over H1 2019.

Mining and Exploration

Sarine Expects Q2 Loss as Industry Downturn Impairs Results

Sarine Technologies is expecting its second straight quarterly loss as the "prevailing negatives in the diamond industry midstream" are hurting their financial results. Demand for their diamond-manufacturing equipment relies on the manufacturing sector and thus indirectly on the rough trade that supplies it - two segments in the midst of a slump. 

TechnologyManufacturing

Major Merger in Secondhand Jewelry and Watch Market

Mondiamo, an online buyer of pre-owned diamond jewelry, announced that it is merging with CIRCA, a global buyer of pre-owned fine jewelry and watches with 12 offices worldwide. The combination will create “the world’s leading buyer of pre-owned luxury diamonds, jewelry and watches,” enabling sellers to choose between shipping their pieces for evaluation or scheduling face-to-face expert consultations, according to a press release from Mondiamo. The two companies will continue to operate separately under their brands while merging their resources.

Recycled Diamonds and Jewelry

Dubai Diamond Exchange Holds Three Tenders in a Week

The Dubai Diamond Exchange (DDE), a subsidiary of the DMCC, completed three rough and polished diamond tenders in the week of July 16 - 23 while the DDE is under renovation. The three separate tenders were hosted by Rapaport, Stargems and Trans Atlantic Gem Sales (TAGS), with reportedly over 200 companies participating.

Rough Market

Alrosa Announces Departure of Executive Committee Members

Two members of Alrosa’s executive committee are leaving the Russian diamond miner: Deputy CEO Yury Okoemov, who has most recently supervised the work of Alrosa's diamond cutting complex, and Head of the Legal Department Alexander Matveev. The departures came about by mutual agreement, the company confirmed in a press release.

Mining and Exploration

De Beers Lets Clients Defer Purchases, Sight 6 Down 50%

De Beers today announced that its sales of rough diamonds at its sixth 'sight' of the year in July earned a total of $250 million, a 53% decline from the $533 million sold in July 2018. It is the smallest amount earned from a sale since December 2015, as the miner gave its clients the opportunity to buy fewer goods without repercussion - an uncommon though not unprecedented move. De Beers CEO Bruce Cleaver says this flexibility is part of their effort to work with its clients to help them ride out the storm currently raging in the rough diamond market.

Rough Market

Anglo American's Biggest Shareholder Cashes Out

Two years after becoming the biggest shareholder of the firm that owns De Beers diamonds, metals tycoon Anil Agarwal announced an exit from Anglo American by divesting his near 20 percent stake. Agarwal, the founder and controlling shareholder in Indian resource giant Vedanta Resources Plc., in March 2017 paid $2.5 billion for a 12.43 percent stake in Anglo American, and then bought a second tranche in September 2017, bringing his stake in the mining group to 19.3 percent. The bonds were to mature next year but Agarwal decided to exercise a call option and take profits on his investment.

Finance and Trade

$1 Million Prize For Cleaning Up Artisanal Gold Mining

Mercury Free Mining (MFM), a recently-established nonprofit organization, is hoping to offer a $1 million prize to anyone (individual, team or organization) that discovers an affordable and reliable alternative to mercury in artisanal a small-scale gold mining. MFM founder chief executive officer Toby Pomeroy is organizing this challenge in response to the severe global health and ecological impacts resulting from the use of mercury by artisanal gold miners (ASGM).

Mining and ExplorationSustainability

Gem Diamonds Digs Up Another +100ct. Beauty at Letšeng Mine

Gem Diamonds recovered a 123.5-carat high-quality Type II white diamond at its Letšeng mine in Lesotho on Saturday, 20 July, the company announced this week. This find brings to three the number of white diamonds weighing more than 100 carats the miner has unearthed this year, and it is its second in the month of July. Gem recovered a similar 'high-quality white diamond' weighing 140 carats July 6, 

Mining and Exploration

De Beers H1 Earnings Fall along with Consumer Demand

The De Beers Group recorded a 27% decline in first-half earnings to $518 million (2018: $712 million) due to the challenging midstream trading environment and slowing consumer demand growth, parent company Anglo American stated in their interim financial results. The difficult market has led to a decrease in rough diamond prices and has put pressure on the margins of those in the trading business, the company said.

Finance and TradeMarket AnalysisRough Market

With Funding Approved, Tongo Construction Set To Commence

Following a positive Final Investment Decision (FID) for its flagship Tongo Diamond Mine Development in Sierra Leone, Newfield Resources says that construction is now set to commence. The company says it will complete it box cut excavation, and the first blasts for the underground portal entrance and decline construction are expected to occur over coming weeks. 

Mining and Exploration

Firestone's Solid Q4 Secures 2019 Production Goal, Ending 'Tough Financial Year'

Firestone Diamonds achieved solid fourth quarter production to hit the lower end of its FY 2019 guidance, but the miner's year was made 'tough' by a market that eschewed the smaller, lower value goods that make up the bulk of the output at the Liqhobong Diamond Mine in Lesotho. Firestone produced 208,572 carats during Q4 ended 30 June 2019, representing an 34% increase compared to 155,206 carats in the previous quarter.

Mining and ExplorationRough Market

De Beers Receives Boost in Efforts To Achieve Carbon-Neutral Mining

The De Beers Group’s carbon-capture research at the Gahcho Kué mine in Canada has received a funding boost following the award of a C$675,000 (US$514,000) grant from Natural Resources Canada’s Clean Growth Program.

Sustainability

Canadian Junior Tango Mining Earns Nearly $1,400/Carat from Oena Mine Diamonds

Canadian junior miner Tango Mining recently sold at tender a parcel of 230 diamonds weighing 531.82 carats, achieving an average price of $1,382 per carat. The sale included a 19.87-carat diamond which sold for $4,358 per carat, a 49.6-carat diamond which sold for $2,561 per carat and a 24.97-carat diamond which sold for $1,101 per carat. The diamonds on tender were recovered during the most recent production period at its Oena project in South Africa, May 9 to July 7 2019.

Mining and Exploration

Is the Diamond Industry Really in a Crisis?

For months now, the news emerging from across the diamond industry has been colored various shades of sombre, with each analysis referring to some version of the same list of issues ailing the trade: falling polished prices combined with excessive polished inventories, a financing squeeze on Indian manufacturers and a lack of profitablity, low demand for rough, economic uncertainty generated by an unstable geopolitical climate ... take your pick. The question Paul Zimnisky examines is whether this all adds up to a 'crisis'.

Market AnalysisOpinion pieceRough MarketPolished

Petra's FY2019 Revenue Comes Up Short in Weak Market

Petra Diamonds reported full-year revenue below analysts’ estimates on Monday and said it expects next year’s production to be slightly lower, as it struggles with a diamond market hit by weak demand and lack of easy credit. The London-based miner with operations in South Africa and Tanzania said that revenue decreased 6% to US$463.6 million (FY 2018: US$495.3 million) for the year ended 30 June 2019, reflecting a weaker diamond market.

Rough MarketMining and Exploration

Social Unrest, Trade War Weigh on Hong Kong Jewelers' Q1 Results

Chow Tai Fook Jewellery Group (CTF) has reported higher sales and continuing expansion of their POS (points of sale) during Q1 FY 2020 (three months ended 30 June 2019), as sales in mainland China stores continued to grow at a strong rate while those in Hong Kong and Macau declined for the second time in the past three quarters. Retail sales grew by 24% in mainland China during the period, with same-store sales (SSS) improving by 11%, the jeweler reported. Retail revenues in Hong Kong and Macau fell by 6%, while SSS dropped further, down 11%.

JewelryRetail and Consumer Confidence

Lower Recovery Grades Impact Mountain Province's Q2 Production

Canadian miner Mountain Province Diamonds has reported a 10% decline in output during Q2 from the Gahcho Kué diamond mine located in Canada's Northwest Territories. While Mountain Province mined 10.8 million tonnes of material during the quarter, 6% higher than the same period last year, a 9% decline in the recovered grade kept their overall recoveries down, but still ahead of plan. The miner produced 847,772 carats in Q2 (49% of the ouput shared with De Beers Canada). Diamond sales remained stable, particularly in the larger sizes (5 carats and up).

Mining and Exploration

Lucara Selects Name for 1,758ct Diamond: Sewelô ("Rare Find")

World Jewellery Federation Defends SMEs at UN SDG Forum

Speaking at a meeting of the World Business Council for Sustainable Development (WBCSD), which took place during the UN’s 2019 "High-Level Political Forum (HLPF) on Sustainable Development", The World Jewellery Confederation (CIBJO) president Gaetano Cavalieri advocated for the position of small and medium-sized enterprises. Sustainable economies rely on the contribution of SMEs, he said, but too often they find themselves operating at a severe disadvantage when compared to larger companies.

Sustainability

Hong Kong Protests Denting Luxury Sales

The impact from the Hong Kong protests is spreading to global luxury retailers, with jewelry - including Swiss watches - taking a hit as shoppers and big-spending travelers stay away. Unrest has forced many stores to close and sparked widespread social disruption. Luxury brand Richemont - which owns several of the world's leading luxury goods companies including Cartier, Piaget, Van Cleef & Arpels and Jaeger-LeCoultre - is the latest firm to say its business is being impacted by the ongoing protests.

Retail and Consumer ConfidencePolitics

Alrosa's H1 Diamond Production Grows While Sales Slump

Russian diamond-mining giant Alrosa increased its rough-diamond output in Q2 and H1 2019, but the miner's sales have fallen to a low not seen since Alrosa started publishing monthly results in 2016 as rough and polished diamond market saw weak activity and very poor demand. Alrosa pointed to changing retail practices such as consolidation and increasing online sales as reasons for a reduction in polished diamond stocks across the retail sector. As businesses embrace more efficient stock management practices, cutters and polishers reduce the volumes of their rough diamond purchases. 

Mining and ExplorationRough MarketJewelry

De Beers Lowers Production in Response to Subdued Demand

De Beers decreased its rough diamond production in Q2 by 14% to 7.7 million carats and revised its full-year guidance downwards to ~31 million carats in response to a backlog of polished diamond inventories in the midstream and weaker trading conditions. The overall decline was mainly driven by reductions in Botswana (Debswana) and South Africa (DBCM). The miner's H1 production fell by 11% to 15.5 million carats from 17.5 million carats during the same period a year ago.

Mining and ExplorationRough Market

AWDC Discontinues Funding for Diamond Research Center

The Antwerp World Diamond Centre (AWDC) has decided to discontinue its unrestricted funding of the independent Belgian research center WTOCD (Scientific and Technical Research Center for Diamond), citing the downturn in the diamond market and the sharp decline of diamond manufacturing in the city. “The current market situation has led us to take this decision,” says Margaux Donckier, AWDC spokeswoman.

Technology

Exceptional Recovery at Grib Mine: 48ct., Deep Lemon Yellow Diamond

Rio Tinto Diamond Output Down 10% in H1 2019

Rio Tinto's rough diamond production fell by 10% during the first half of the year despite improved output in the second quarter compared to the first three months of 2019. Production at its Argyle mine in Australia actually increased by 18% compared to Q1, but the nearly 3.3 million carats recovered in Q2 was 5% fewer than during the same period in 2018 due to lower recovered grade, partially offset by stronger mining rates. Output at the Argyle mine reached 6.1 million carats in H1 2019, a 13% decline compared to the same period last year.

Mining and Exploration

Gem Diamonds Recovers 140ct. White Stone at Letšeng Mine

Gem Diamonds has unearthed a 'high-quality white diamond' weighing 140 carats from its Letšeng mine in Lesotho, making it the second white diamond larger than 100 carats recovered this year as well as the fourth of this magnitude in 2019.

Mining and Exploration

ALROSA Signs Joint Venture Agreement in Zimbabwe

Alrosa, the world's largest diamond mining operation, and Zimbabwe's national diamond miner Zimbabwe Consolidated Diamond Company (ZCDC) have signed a joint venture agreement to develop diamond deposits in Zimbabwe. The Russian miner made certain to emphasize that its developmental work and any future mining activities would not take place in the troubled Marange region: "We would also like to note once again that ALROSA does not plan operations in Marange."

Mining and Exploration

Lucapa Diamond Targeting Operational Profit in 2019

Lucapa Diamond Company is expecting to start turning an operational profit this year after achieving exceptional prices for its rough diamonds at its H1 tenders in Antwerp. The miner says it has also delivered on key operational goals at its Lulo (Angola) and Mothae (Lesotho) diamond mines in the June 2019 Quarter as well as in the first half of 2019. In H1 2019, the company recovered 20,504 carats and banked $US29.4m (AUS$41.9m) from sales.

Mining and Exploration

Alrosa Unearths Large Diamond at Verkhne-Munskoye Deposit

Russian diamond mining giant Alrosa has recovered one of the largest rough diamonds to date from the Zapolyarnaya pipe of its Verkhne-Munskoye deposit, which officially opened in the autumn of 2018. The stone is a gem-quality rough weighing 63.15 carats of an octahedral shape with small chips on the edges and tops. The diamond is transparent with a yellow hue, the miner adds.

Mining and Exploration

ABN Amro To Rein In Rough-Diamond Financing Citing Lack of Profitability

ABN Amro sent a letter to several of its diamond clients stating that it would be limiting finance for rough purchases "in view of the continued lack of profitability in the purchase of rough goods." The letter, which was obtained by JCK and IDEXonline, was sent last week from an Antwerp branch of the Dutch bank to a number of its clients declaring a moratorium on rough loans, pointing implicitly to the industry's reckless behavior in writing, "We recommend you to show constraint [sic] and only consider purchasing rough when there is sufficient profitability." In other words, the b

Rough MarketFinance and Trade

India Introduces New HS Codes For Synthetic Rough Diamonds

India has introduced a specific, 8-digit HS (Harmonized System) code for synthetic rough diamonds in an attempt to maintain the integrity of the diamond pipeline, an issue for which the Indian diamond industry has been subject to criticism in recent years.

Rough Market

Rio Tinto Reveals One of Final Collections for Argyle Pink Diamonds Tender

Rio Tinto has unveiled the collection of diamonds on sale at what may be one of its last tenders of the world's rarest pink and red diamonds, as the life of the Argyle mine in Western Australia is winding down. The mine produces more than 90 percent of Australia's diamonds, and is one of the only known sources of pink diamonds in the world.

PolishedWorld News

Australian Jeweller Michael Hill To Reimburse Underpaid Staff Up to $17.5 Million

Australian jewelry chain Michael Hill says it underpaid staff by as much as A$25 million (US$17.45 million) over the past six years, and will pay out a sum in the range of A$10-25 million (US$7-17.5 million) to redress its error. The Brisbane-based chain is the latest in a string of organisations to admit to staff underpayments, and will face questions from the Fair Work Ombudsman (FWO), writes the Australian Broadcasting Corporation (ABC). The jeweler discovered the discrepancy on its own but did not inform the FWO about it.

Jewelry

Namibia Assumes Chair of African Diamond Producers Association

Namibia this week assumed the chairmanship of the Association of African Diamond Producers Association (ADPA), assuming the leadership of the group from Guinea.

Mining and Exploration

Global Market Downturn Impacts Antwerp’s H1 2019 Diamond Trade

A combination of factors has led to widespread uncertainty and a global downturn in the diamond industry during the first half of 2019. Antwerp - the world’s leading diamond trade centre - has not escaped its impact, particularly in the rough diamond trade. Economic uncertainty generated by an unstable geopolitical climate has also fostered a heightened sense of caution among the banks that finance the trade, as well as diamond brokers and consumers of luxury goods.  

Market AnalysisRough MarketPolished

Rough Diamond Market Slump Continues as Alrosa's Sales Slide Again in June

The unrelenting slump in the global rough diamond market showed no signs of letting up in June, as Alrosa's rough sales fell to a low not seen since the miner started publishing monthly results in 2016. The Russian mining giant sold $219.3 million in rough diamonds in June, falling another 16% lower than 2019's previous low in May ($261.1 million), and 43% lower than the $383.7 million earned in June 2018.

Rough Market

Stornoway Diamonds' Higher Sales Volumes Mitigate Soft Prices in Q2 2019

Canadian miner Stornoway Diamonds delivered a strong performance in rough sales as well as production in Q2 2019, but ever-softening diamond prices in a market that continues to be challenging kept proceeds level with those achieved in Q1.

Mining and Exploration

Alrosa Earns $3M from 20 Polished Diamonds at New York Tender

Alrosa held a tender for polished diamonds in New York this June, earning $3 million from the sale of 20 polished diamonds with total weight of 140.4 carats for an average value of approximately $21,430 per carat. The diamonds on tender included 8 gemstones of standard color and 12 fancy colored polished diamonds, most of them with Fancy Yellow and Fancy Intense Yellow characteristics.

Polished

WDC's Kaninda Among 100 Most Influential Women in Africa

Forbes Afrique has listed Marie-Chantal Kaninda, Executive Director of the World Diamond Council (WDC), as one the continent’s 100 most influential women. Kaninda ranked number 14 on the annual list from Forbes Afrique, the French-language version of the influential economic periodical that focuses specifically on African affairs,

World News

BlueRock Diamonds Achieved Record Production (3,516 cts) in Q2

UK-based and AIM-listed junior miner BlueRock Diamonds on Monday announced it achieved record production at its flagship Kareevlei mine in South Africa during the second quarter of 2019. During the three-month period to June 30, the diamond miner produced a company record 3,516 carats, more than four-times greater than the 875 carats produced in the end of the second quarter in 2018.

Mining and Exploration

Angola Considering Privatisation of State Diamond Firm Endiama

According to Angola's Natural Resources and Oil Minister Diamantino Azevedo, the national diamond company Endiama will be privatized and its capital will be partially floated on the stock exchange, the Portuguese news agency LUSA first reported. "The improvements that we are making are in the governance of the sector," Azevedo said.

Mining and Exploration

Global Diamond Production Falls 2% to 148.2M Carats in 2018, Value Rises

Global rough-diamond production fell to 148.2 million carats in 2018, a decline of less than 2% from the 150.9 million carats recovered in 2017; however, a 4% rise in the average price per carat led to a 2.4% increase in the value of the world's rough diamond production, according to Kimberley Process (KP) data. Global diamond production was worth $14.47 billion in 2018 compared to $14.12 billion in 2017, as the average price per carat rose to $97.5 from $93.6. 

Rough Market

India Raises Import Duty on Gold & Precious Metals

To the chagrin of the gem & jewelry industry in the county, the Indian government last Friday (July 5) announced it would increase the import duty on gold and precious metals to 12.5% from current level of 10%. The move will raise the price of gold, silver and other precious metals on the domestic market, with concerns that smuggling may rise and tourists may seek to purchase their gold elsewhere. India is one of the largest gold importers in the world, arising mainly from demand from the jewelry sector. India imported gold worth $32.8 billion during 2018-19. 

Jewelry