Sarine Joins HB Antwerp As Technology Partner

Sarine Technology, a leader in precision technology products for the planning, grading, and trading of diamonds and gems, announced it had joined HB Antwerp as a technology partner. The partnership aims to demonstrate that transparency and open collaboration can benefit all the stakeholders throughout the value chain.

Technology

Lucara Figures Demonstrate Strong Financial and Operational Q1 2021

Lucara Diamond Corp. released its Q1 2021 figures, demonstrating a strong performance in the first three months of the year. The total revenue, including diamonds sold through regular tenders, the Clara platform and the HB Antwerp agreement, equaled $53.1 million or $579 per carat sold from the sale of 91,760 carats, marking a 56% increase compared to the first quarter of 2020. 

Market AnalysisRough Market

Stable Demand for ALROSA High-Quality Rough

Russian miner ALROSA held auctions for special-sized rough diamonds, those exceeding 10.8 carats, at its main trading offices in April to meet their clients’ demands. In total the miner sold 608 diamonds with a total weight exceeding 9,120 carats. Overall revenue amounted to US$42.3million, Of which US$10.3 million In Antwerp.

They were able to host viewings in Antwerp, Dubai, Moscow, and Ramat Gan, with buyers coming from those hubs as well as India and China.

Rough Market

Israeli Banks Pulling Away from Local Diamond Industry

In his latest blog, industry analyst Edahn Golan details how Israeli banks are further cutting financing to the Israeli diamond industry. In 2020, diamond financing in the country fell below $500 million for the first time in 30 years, marking a 33% decrease. Shrinking activity is one of the obvious reasons but complicated admin due to money laundering-related regulations specific to the diamond industry seems to be a burden to most banks. It seems they don’t consider it worth their while anymore.

Finance and Trade

Lucapa sells 3,617ct Mothae Parcel via Antwerp for US$1.5m In 3rd Partnership Sale

Australian miner Lucapa and the Govt of the Kingdom of Lesotho have announced the third sale of 2021 of Mothae rough achieved US$1.5m or US$420/ct. All of Mothae’s diamonds are brough to Antwerp where they are prepared for sale and sold in Antwerp. The parcels that form part of Lucapa’s and the Govt of Lesotho’s partnership deal with Safdico are then studied and cut and polished in the city by a preeminent cutting facility.

Rough Market

Gem Diamonds Recovers Exceptional 245 Carat Diamond

Gem Diamonds announced the recovery of a 254 carat Type II, white diamond, from the Letšeng mine located in Lesotho. Letšeng is known for its production of large, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.

Mining and Exploration

Jewelry Brand Pandora Launches LGD Collection

Jewelry brand Pandora launches a new collection using lab-grown diamonds (LGD). According to the brand, the decision is part of their sustainability strategy which includes the plan to ensure its operations are carbon neutral by 2025. Pandora CEO Alexander Lacik stated the LGD collection stands as a testament to the company’s ongoing and ambitious sustainability agenda and proves “Diamonds are not only forever, but for everyone.”

And it’s especially the last part of the sentence that seems to be key in the brand’s decision.

Jewelry

LVMH Announces Free Gemstone & Jewelry Sustainability Platform

LVMH announced the launch of the Gemstones and Jewelry Community Platform, a joint venture inspired by the luxury group’s sustainability commitments. The Coloured Gemstones Working Group (CGWG), created to introduce positive change across the jewelry industry, has actively promoted responsible sourcing of raw materials for many years.

Sustainability

Ebay Introduces Escrow Service for Luxury Watch Sales

In 2020 close to 8 million luxury watches were listed on eBay, of which 200,000 were sold. As consumers expand their investment opportunities, platforms like eBay are trying to enhance the consumer experience by launching programs like the Authenticity Guarantee program; where each watch priced over US$2,000 is physically checked by an expert. As the company intends to expand its offerings, they have now introduced an escrow service for luxury watches to enhance consumer trust in high-end digital shopping.

Technology

Tiffany & Co. Launches Engagement Ring for Men

Tiffany & Co., the iconic New York Jeweler, will launch its first-ever engagement ring collection for men. Since 1886, when Charles Lewis Tiffany introduced the solitaire Tiffany Setting, the simple six-prong design became an industry standard. While its wedding rings cater to both men and women, Tiffany has never designed an engagement ring specifically with men in mind—till today.

Jewelry

Debswana to Invest Billions in Underground Mine

Debswana, the joint venture between the Botswana government and Anglo American’s De Beers unit, intends to invest US$6 billion to build the world’s largest underground diamond mine at Botswana’s Jwaneng. The mine is already considered the richest mine by value for the precious stones. The underground mine will have more than 360 km of tunnel development and is expected to hit full production by 2034, Debswana’s head of transformation and innovation, Thabo Balopi, said at a briefing in the capital, Gaborone, last Friday.

Mining and Exploration

WFDB Launches Diamond Aid Campaign For COVID Relief in India

As the covid situation in India worsens, the World Federation of Diamond Bourses (WFDB), through email and social channels, is asking diamond and jewelry industry members to donate to help their Indian colleagues and friends win the battle against the Virus. The campaign, Diamond Aid, organized with Bharat Diamond Bourse (BDB), will use the funds raised to purchase medical equipment and medication for hospitals in Surat and Mumbai.

World News

Grib Auction Garners US$40M in Antwerp

In their latest auction in Antwerp, Grib Diamonds sold over 580,000ct of rough diamonds for approximately US$40m. According to Grib demand continued to be strong for larger better quality rough, especially for 5-10ct, 2-4ct, 4-6GR, and even goods down to +11 showed robust prices. Results for smaller goods were weaker and saw decreases except for the -7+5.

Overall their production prices saw a low single-digit increase.

The next regular sale will be of new Angolan production containing rough from +10.8CT down to -7+5 with viewing starting in Antwerp from the 21st May.

Rough Market

Diamond Producers Sell Off Pandemic Stock Build-up

During the height of the pandemic, diamond producers faced stockpile build-ups when the world came to a standstill, stoking fears that gems amassed by miners could hurt the sector for years to come. In the ensuing months' excessive demand from manufacturers, traders, and jewelers have all but wiped out the stash. All this as demand for luxury sales, including diamond jewelry, jumped as consumers were unable to travel. Remarkably producers such as De Beers and Alrosa have since raised their prices for rough.

Rough Market

Alrosa’s 100.9 Carat Spectacle Heading to Christie’s

In Christie’s upcoming Magnificent Jewels auction in Geneva, “Tha Alrosa Spectacle Diamond” weighing an astonishing 100.94 carats, will be up for sale, the auction house announced on Instagram.

Manufacturing

Q3 FY 2021 Figures Foster Positivism at Petra Diamonds

Petra Diamonds’ Q3 FY 2021 figures (January – March 2021) are fostering cautious optimism at the diamond mining group, after some difficult times. Q3 revenues increased by 16% to 106 million USD in comparison with Q3 FY 2020. This increase was amongst others driven by improved pricing and the sale of a 299.3 carat exceptional diamond in Antwerp in February for 12.2 million USD.

Market Analysis

US Jewelry Sales More than Doubled in March

US Jewelry Sales are back on track since COVID-19 hit retail markets a year ago. According to Mastercard SpendingPulse, jewelry sales in the US increased 106% year on year in March. These figures are a result of government stimulus payments and a broader reopening across the country but also benefit from a strong base comparison with March 2020, when people first started social distancing which resulted in a dip in spending. However, in comparison with March 2019, jewelry sales rose by 30% which reflects a release of pent-up demand.

Jewelry

Lucapa Reports Strong Q1 2021

Lucapa’s quarterly activity report for Q1 shows the company had a strong first three months in 2021. Both operating mines (Lulo and Mothae) noted record performances and the continuing recovery of the entire diamond industry provided a robust pricing environment for rough and polished diamonds.

Market Analysis

Britain Approves Nirav Modi Extradition To India

Following a two-year-long legal battle, the British government has approved the extradition of Nirav Modi, 50, who allegedly defrauded Indian state-run Punjab National Bank (PNB) of $2 billion. The extradition order was signed on April 15," a spokesman for the United Kingdom's Home Office said in a statement on Friday.

World News

Tiffany and LV Winners as LVMH Sales Exceed $16.7B in Q1

LVMH, Moët Hennessy Louis Vuitton, recorded revenue of 14 billion euros (US$16.7 billion) in the first quarter of 2021, up 32% compared to the same period in 2020. The quarter marks the return to growth after several quarters of decline during 2020, a year that was severely disrupted by the global pandemic.

Retail and Consumer Confidence

10 Carat Diamond Ring Sold Through Social Media

The pandemic forced luxury goods companies to use social media, video, and virtual showrooms to woo customers in Europe and keep them shopping at a time when tourists, especially from China, have been absent for more than a year. Analysts believe the government-imposed lockdowns have left wealthy Europeans with money to spend, and designer brands are keen to capture some of that cash.

Retail and Consumer Confidence

GIA Wins Trademark Infringement Suit In Belgian Court

Citing recognition of the Gemological Institute of America (GIA) for gemological report services and education, a Belgian court has ordered AIG Belgium to immediately cease using ‘AIG’ alone or in conjunction with other marks. AIG operated as both the American International Gemological Laboratories and Antwerp International Gemological Laboratories. If the lab fails to do so, they risk significant penalty payments.

Laboratories

Trio Colored Diamonds Lead Christie’s Auction at $8.4M

Christie’s Magnificent Jewels auction in New York amassed US$35 million in sales, US$8.4 million of which came from a trio of colored diamonds, entitled “The Perfect Palette.” The diamonds were each set in a ring and auctioned as separate lots.

Jewelry

Tanzania Assumes Chair of African Diamonds Producers Association

Last week Tanzania assumed the chairmanship of the African Diamond Producers Association (ADPA) from Namibia. The minerals minister Dotto Biteko accepted the chairmanship on behalf of the country, saying that in their term as leader, "Tanzania will make sure that it improves ADPA systems so as it can bring positive benefits to member states just as intended."

Mining and Exploration

Q1 Antwerp Diamond Trade Underscores Rebound and Leadership

While the pandemic continues to affect the world, among others forcing India’ s Bharat Diamond Bourse to temporary close operations, Antwerp’s Q1 figures further confirm the industry’s recovery, set in motion in Q4 2020. According to the Antwerp World Diamond Centre (AWDC), releasing the figures, the data demonstrates Antwerp’s dominant position as the world’s most important rough diamond trade hub.

Market Analysis

ALROSA Sales Exceed $1.1B in Q1

Russian miner Alrosa records a strong performance, with total sales of rough and polished diamonds in March amounting to US$357 million, including proceeds from rough diamond sales of US$345 million and polished diamond sales of US$12 million. 

Rough Market

Signet Acquires Jewelry Subscription Platform Rocksbox

Three years ago Signet Jewelers, the world's largest retailer of diamond jewelry, launched “Path to Brilliance,” the official name of its business growth strategy. By acquiring Rocksbox, the subscription-based jewelry rental platform, Signet can expand the retail group’s services, reach a younger demographic, and offer customers new ways to enjoy jewelry without the pain of buying it.

Jewelry

Lucara and HB Antwerp Extend Large Stone Deal For 2 Years

Lucara Diamond Corp, owner of the Karowe mine in Botswana and HB Antwerp, the diamond trading and manufacturing company based in Antwerp have agreed to extend the exclusive deal on all of Lucara's +10.8ct diamonds, which account for approx. 70% of Lucara's total revenue, for 24 months. HB Antwerp will continue to get exclusive access to purchase the miner's specials until the end of 2022, for a price determined on the projected polished outcome, and an additional true up, minus handling fee and manufacturing cost, once the diamond is actually sold.

Market AnalysisRough MarketManufacturing

Diamond Polished Prices Increased Year-on-Year

Idex reported a 3.9% increase in polished diamond prices year-on-year, the biggest surge in over two years. Prices have consistently been on the ruse since the low point of April 2020, when the price was down by 4.8%. The March increase was more than double the February rise of 1.9 %.

Month-on-month prices recovered slightly, which are up by 0.2% in March, after a slight drop in February. This follows January's 1.4% leap, the biggest rise for at least three years.
November was down 0.2% and December was up slightly, at 0.3%.

PolishedMarket Analysis

Lucapa Recovers 23rd +100 Carat Diamond at Lulo

Lucapa has announced it has recovered another large stone, 144 carat Type IIa D-colour diamond, from Mining Block 08 (MB08). The diamond is the sixth +100 carat diamond recovered in 2021 so far and the 23rd +100 carat stone recovered at Lulo since exploration and mining operations began.

Mining and Exploration

Bharat Diamond Bourse Closes As Covid Cases Surge

The Bharat Diamond Bourse is fully closing as of 8PM tonight until further notice as the Maharashtra Govt declared a state-wide lockdown and curfew after the official number of Covid cases peaked to over 57.000 in the state, 11k in Mumbai alone on Sunday. 

World News

HRD Antwerp Launches Authenticity Report for Polki Diamond Jewellery

HRD Antwerp launched the first report for traditional and authentic Polki diamond jewellery: 'Authenticity Jewellery Report – Your Blueprint of Assurance'.

The unique Polka jewellery, handcrafted and inspired by fauna, flora and architectural elements, symbolize a critical element of the traditional cultural diamond heritage of India and have gained popularity on the international market. With this report, HRD Antwerp aims to bring additional value to these timeless jewels.

LaboratoriesGrading

Big, Beautiful and Blue: Petra Recovers 39.34ct Exceptional Diamond

Petra Diamonds has recovered a 39.34 carat Type IIb blue diamond of exceptional quality in terms of both its colour and clarity at the Cullinan mine in South Africa. The Company anticipates that the diamond will be sold via a special tender.

Mining and ExplorationRough Market

162.66ct Rough Sold in Antwerp For +US$3M

First Element Bv today  announced that they have sold the 162.66Ct exceptional stone on their tender last week held in Antwerp, Belgium. The stone was viewed by over 100 companies during the tender period and received extremely strong interest from the Antwerp market, First Element said, which reflected in the highly competitive bidding for the stone. The stone sold for a total price of well over $3 Million

Rough Market

How To Be a Sustainable Champion in Luxury

With Generation Z becoming adults and thus consumers, the sustainability decade is underway. It's widely known Gen Z is willing to reward brands that have a positive impact on the environment and society and disconnect from those that do the opposite. So luxury brands have to step up their game if they want to be agents of change when it comes to sustainability and they should act now. Bain & Company collaborated with sustainability specialist Positive Luxury to paint a picture of what a leading luxury brand might look like in 2030.

SustainabilityRetail and Consumer Confidence

Kim Jong-mok to Head South Korea’s National Retailer Association

Last week, Diamond and jewelry industry veteran Kim Jong-mok was inaugurated during as the 32nd president of the Korea National Retailers Association, the largest and one of the oldest organizations in the Korean jewelry industry. In his opening address, Kim spoke about his ambition to boost the Korean jewelry industry and the opening of the SNDGE (Seoul Natural Diamond Gem Exchange) and online platform (SNDGE App).

Polished

Lucapa: New Large Diamond Recoveries Confirm Potential Lulo (Angola)

Lucapa announced the recovery of an additional three +100ct and two +50ct diamonds, now totalling six rough diamonds over 100ct discovered in the last three months alone at Mining Block 46 or one +100ct for every 20k cubic meters of gravel. These statistics and recoveries support the potential of the adjacent Canguige catchment and kimberlites close to the Lulo alluvial mine. 

Mining and ExplorationRough Market

AGD Diamonds (GRIB) Recovers 72.94ct Rough

AGD Diamonds, the Russian miner that sells its goods via Antwerp-based GRIB Diamonds, announces the recovery of a large, 72.94ct rough diamond from its Grib diamond field, continuing the trend of 2020, a year in which 7 50ct+ stones were brought to surface. On a more global level, in recent years more and more large rough diamonds are found, thanks to technological developments in mining processes.

Mining and Exploration

ALROSA Specials Auctions Revenue Totals Nearly US$24m

Alrosa today announced that the combined results of its recent specials auctions in honor of the miners’ 100th auction, totaling US$23.9m. Of that number, US$10.7m came from the sales in Antwerp, US$5.5 from its digital auctions and US$7.7m was achieved from the sale of three large stones (242.31ct, 190.74ct and 136.21ct) at the 100th “Jubilee Auction”.

Rough Market

Lucapa’s Mothae Diamonds Fetch US$5.9m in 2nd Antwerp Sale

Lucapa announced a parcel of selected Mothae stones including a 213ct white diamond and 11ct pink, was prepared, analyzed and sold successfully in Antwerp for US$1,050/ct or a total of US$5.9m to the miner’s purchasing partner. The sale was conducted under the partnership agreement with the Kingdom of Lesotho, maximizing revenue for the country through a share in the final sales outcome of the (selected) stones from the parcel, once they are polished in Antwerp. 

Mining and ExplorationRough Market

Trade Shows To Get Back On Track After Pandemic?

Covid-19 had a dramatic impact on trade shows and many companies tried replacing them by virtual meetings. Even though companies’ turnovers were unaffected because exhibitors saved money – booths, hotels, travel, etc. - by not participating, virtual meetings lack attendee engagement compared to the live events and face-to-face meetings still prove to be most successful in networking. Furthermore, companies have to be where competitors are, so when trade shows get back on track, companies that ignore them will fall behind.

Finance and TradePolished

Lucara Financing for Karowe Underground Expansion On Track

Lucara Diamond Corp announces five leading international financial institutions, including ING Bank NV, Natixis, Société Générale London Branch, Africa Finance Corporation and Afreximbank, are mandating +US$200m senior debt facilities for the underground expansion of the company's 100% owned Karowe mine in Botswana, extending the mine's lifespan until at least 2040, expected to generate over US$4bn in revenues. Total capital cost for the expansion is estimated at US$514m over a period of five years.

Mining and Exploration

Lucapa Mothae Production Expansion (+45%) Project Completed

Lucapa announces its Mothae expansion project, the re-commissioning of the upgraded processing plant, was completed successfully, expanding processing capacity at the Lesotho kimberlite mine by 45%, to 1.6 million tonnes per annum starting Q2 2021. Lucapa's Mothae production is sold via tender in Antwerp, alongside partnerships with manufacturing companies in accordance with the marketing agreement the company made with the Government of Lesotho, to maximize on the added value generated by the cutting and polishing and final sales of its precious resources.

Mining and ExplorationRough Market

Diamonds – a Fashion Symbol For Chinese Men

Luxury male accessories are traditionally tie clips, cufflinks and belt buckles, or for those with a more edgy look, gothic rings or rapper-inspired chains. But for China’s growing segment of young, fashion-fluent men, those style conventions are not enough. Although in the West Millennials and Gen Zers associate diamonds with a romantic notion such as a proposal or marriage, Chinese consumers do not. In China the cultural detachment allows more young men to buy diamonds as a fashion statement instead.

Jewelry

Are lab-grown diamonds a threat to the jewellery supply chain? Let’s get real.

Roy Safit (Everledger) provides good reasons why the natural diamond industry is robust enough to cope with the growth of synthetic alternatives.

Lab-grown diamonds have been portrayed as a juggernaut that’s gathering pace in the fast lane of the precious stone freeway. The demise of the natural pearl industry, following the introduction of cultured pearls during the first decades of the 20th Century, provides a stern warning for the diamond industry.

Opinion piece

Grib Sells 620k+ Russian and Angolan goods for US$50m+ in Antwerp

Grib Diamonds sold over 620K carats of Grib and Angolan production on Thursday 18th March in Antwerp Belgium via its online Ascending Clock Auction. Total revenues were over $50M.

Prices in Specials and +4Gr goods showed continued strength, whilst goods were predictably weaker in the smaller and cheaper areas, Grib commented. The next sale for Grib will start on April 14th

Rough Market

Angola's Path to Sustainable Diamond Industry Takes Shape

A recent clip from Euronews spotlights Angola's efforts to build a transparent and sustainable diamond industry, part of President Lourenço's reform agenda, at the development site of Saurimo, Lunda Sul. 

Mining and Exploration

RJC & WDC Sign Strategic Partnership

The World Diamond Council (WDC) and Responsible Jewellery Council (RJC) have entered a cross-membership partnership and signed mutual codes of conduct. The two leading diamond and jewelry industry organizations are dedicated to the adoption of responsible business practices across the supply chain.

Sustainability

Antwerp Industry Organises Diamond Polishing Course

In a press conference earlier today, the Antwerp World Diamond Centre, together with the City of Antwerp, announced they would (re)organise a diamond polishing course.

Manufacturing

Breitling Embraces Try-Before-You-Buy Through Subscription Service

Consumers don’t like feeling rushed when making luxury purchases, and brands like Breitling have found a suitable solution. #BreitlingSelect allows subscribers to try up to three Breitling watches in a year from a dedicated portfolio of timepieces. Part of the offer is that the subscribers will then be able to purchase one of the three watches at a special price.

JewelryTechnology

First Element to Tender 162ct White in Antwerp

The Diamond Loupe

Antwerp’s Rough Trade Continues To Boost Recovery

Antwerp figures, released by the AWDC, indicate the trade in rough diamonds continues to boost recovery from the pandemic year, as rough trade even surpassed the February figures of 2020. January and February 2020 were the last months before the global outbreak of the COVID crisis, now exactly one year ago, when strong performances were recorded across the board and the industry seemed to finally rise from the dip of 2019.

Finance and TradeRough MarketPolished

Vaccine Optimism Boosts Demand for Luxury

Although the pandemic has continued to dominate headlines, a year after the outbreak in the US and Europe, an Israeli study has underscored the effectiveness of the vaccine in preventing infection. This, along with news of the Biden administration accelerating the vaccine rollout in the US, and the UK’s successful vaccination program, has given consumers hope that there is light at the end of the tunnel.

Retail and Consumer Confidence

Alrosa Starts 2021 with Strong Sales

Russian miner Alrosa records a strong performance, with total sales of rough and polished diamonds amounting to over US$800m in January and February 2021. Rough sales totaled US$782m, compared to US$732.5m in 2020, while polished sales rose from US$18.9m in 2020 to US$21m this year (2021). “The recovery in demand for diamond jewelry in key markets well continued in early 2021 thus providing a good support for rough diamonds sales. We believe the current supply and demand balance is comfortable for both miners and buyers of rough diamonds,” said Evgeny Agureev, Deputy CEO of ALROSA.

Rough Market

55.55-Carat Diamond Necklace to Celebrate Chanel No.5 Perfume

For a century Chanel No.5 has been the house’s signature scent. To commemorate the occasion a necklace was crafted with a D flawless emerald cut, octogonal diamond, that evokes the shape of the scent’s signature bottle — cut to weigh exactly 55.55 carats.

The D flawless diamond is surrounded by 104 round diamonds and 42 baguette diamonds. The necklace re-creates the profile of the perfume bottle stopper and the bottle’s shape, before spilling into a cascade of pear-sharped diamonds of varying sizes, lending an abstract style to the piece.

Jewelry

Petra's 299ct Sells for US$12.18m at Antwerp Tender

Petra Diamonds has successfully sold the 299ct Type IIa white rough diamond, recovered from the Cullinan mine in January this year, at its recent Antwerp tender, for US$40,701 per carat or US$12.18 million to Stargems. 

Rough Market

Kering Invests In Resale Platform Vestiaire Collective

French luxury group Kering, the parent company of Boucheron and Pomellato, has purchased a 5% stake in Vestiaire Collective, a pre-owned luxury e-commerce platform. With this latest move, the company is betting on the booming resale market to help woo younger and more environmentally conscious shoppers.

The investment is part of a 215m USD financing round announced on Monday which valued Vestiaire Collective at more than 1bn USD, the company said. Existing shareholders include Conde Nast and the French private equity firm Eurazeo.

Retail and Consumer Confidence

ALROSA’s Q4 2020 Softens Pandemic Year Losses

Alrosa, the Russian diamond mining giant reports that despite a strong Q4 2020, with especially strong sales volumes of smaller diamonds, total revenue for the year fell 7% to US$3bn, output fell 22% to 30m cts and net profit dropped 49% to US$440m, a direct impact from lower sales, as the miner upheld maximum flexibility throughout the pandemic, to avoid stockpiling, as well as a weaker rouble.

Mining and ExplorationRough Market

Lucapa Recovers 3rd 100+ct At Lulo MB46 Block

Lucapa has announced it has recovered another large stone; a 114ct top white diamond, the 19th +100ct recovered at Lulo, and the third 100+ct rough from the MB46 block, close to the Canguige catchment and priority kimberlites. The frequency of the recovery of three large, high quality stones in barely 8 weeks underscores the potential of the Cacuilo valley and Canguige catchment area. Recently the 16km haul road from the Canguige catchment was finished and Lucapa says it will start bulk sampling the priority kimberlites as soon as the wet season is over.

Mining and Exploration

De Beers New Contract to Track Sightholders' Polished

To enhance the use of data and ensure customers create value from the rough they buy, De Beers wants to introduce a tracking program for the diamonds it supplies to sightholders. In its new supply contract the company will ask manufacturers to share the outcome of the polished yield, reports Rapaport News. This would allow the miner to verify that the rough sold to manufacturers had been polished by them, rather than sold to a third party. Additionally, it would enable source verification and market intelligence.

Rough Market