Swarovski Introduces New Collection of Colored Synthetic Diamonds

Swarovski, the famous producer of precision-cut crystals, this week launched a new collection of lab-grown diamonds in 16 colors at the Paris Haute Couture Fashion Week, a clear challenge to De Beers' Lightbox brand of synthetic gemstones. The company in 2016 launched its Diama collections in the US, using synthetic diamonds, and entered the lab-grown market as producers in 2018 with its Swarovski Created Diamonds.

Jewelry

Indian Manufacturer M.Suresh Opens Facility in Vladivostok

One of the larger Indian diamond manufacturers, importer/exporter and De Beers Sightholder M. Suresh has opened a diamond cutting and polishing center equipped with high-end technology in the Free Port of Vladivostok, says the Ministry for the Development of the Russian Far East. Russian miner Alrosa will supply them with rough diamonds for polishing. 

Manufacturing

Lower Prices Dent Solid 2019 Performance by Mountain Province Diamonds

Mountain Province Diamonds turned in a very strong production performance at the Gahcho Kué mine in Canada, particularly in the fourth quarter, but a 15% decline in the average price achieved for their rough diamonds over the course of 2019 dragged their proceeds down. A slightly lower recovery grade also curtailed their carat recovery, which ended just below 2018 levels.

Mining and ExplorationMarket Analysis

HB Company: The Antwerp Manufacturer Tasked to Cut Sewelô Diamond for Louis Vuitton

Press release, Antwerp: The HB Company, the leading, cutting-edge diamond manufacturer from Antwerp, today announces its collaboration with Louis Vuitton and Lucara Diamond Corp.

Manufacturing

Alrosa Raises 2019 Diamond Output 5% to 38.5Mcts Despite Q4 Slowdown

Russian diamond miner Alrosa, the largest rough producer in the world, raised its output 5% to 38.5 million carats from 36.7 million carats in 2018 despite lower market demand which pushed their total diamond sales down 12% to 33.4 million carats. The combination of more production and softer sales increased their rough inventories by 5.6 million carats (+33%) to 22.6 million carats. The Russian giant's 2019 rough sales fell 26% to $3.27 billion as the average realised prices for gem-quality rough fell 19% to $133 per carat from $164 per caat last year.

Mining and Exploration

500,000 Carats of DRC Rough Diamonds to be Tendered in Antwerp

Following the tremendous success of the first ever direct tender in Antwerp of rough diamonds from the Democratic Republic of the Congo (DRC), a second tender of 500,000 carats will be held in the coming weeks. Featuring rough stones from SACIM SARL (Anhui-Congo Mining Investment Company) mined in the Province of Kasaï Oriental, with 10-15% of gem-quality, the tender is being organized by Samir Gems and hosted by the Antwerp World Diamond Centre (AWDC) in its Antwerp Diamond Tender Facility. The tender takes place from 6 - 12 February 2020.

Rough Market

De Beers Q4 Output Falls 15% on Soft Demand, 2019 Avg. Diamond Prices Down 20%

De Beers Group Q4 rough diamond production decreased by 15 percent to 7.8 million carats from 9.1 carats a year earlier, driven by lower production levels in South Africa and Botswana, the company announced this morning.

Mining and Exploration

Regional Gov't Has Backup Plan for Alrosa: up to $1B in Sales to Gokhran

The government of Russia’s Yakutia region, a major shareholder in diamond producer Alrosa, has proposed that precious metals and gems repository Gokhran buy $0.5-$1 billion of the firm’s rough diamonds in the event of diminished demand, Interfax news agency reported. Based on reporting from Reuters, the proposal was made to President Vladimir Putin and Russia’s finance ministry, which is responsible for Gokhran within the government, Interfax quoted Aysen Nikolaev, the head of Yakutia region, as saying.

Rough Market

BlueRock Diamonds Rides Strong Q4 to First Ever Profit

London-based BlueRock Diamonds, which operates and owns 74% of the Kareevlei mine based in Kimberley, South Africa, achieved profitability for the first time in the second half of 2019 after more than doubling its diamond output and revenue. The junior miner made good on its September prediction that it would achieve profitability in H2 2019 through enhanced production.

Mining and Exploration

European Jewelry Sales Bolster Richemont's Q3 Results

Richemont Group's sales in Q3 (the three month period ended 31 December 2019) increased by 4%, with growth in all regions except Japan, the luxury goods group announced last week. The Jewellery Maisons division recorded a 6% increase year-over-year at constant exchange rates versus the prior period and 9% at actual exchange rates. Sales in Europe during the period grew by 9% to €1.26 billion ($1.40 billion) benefiting from favourable comparative numbers and strong sales in most markets. European sales for the nine months of the fiscal year have risen 8% to €3.5 billion ($3.9).

JewelryRetail and Consumer Confidence

Luanda Leaks: ICIJ Releases Documents on Isabel dos Santos’ Exploitation of Angola

Luanda Leaks, a new investigation by the International Consortium of Investigative Journalists (ICIJ) and 36 media partners, exposes two decades of unscrupulous deals that made Isabel dos Santos Africa’s wealthiest woman and left oil- and diamond-rich Angola one of the poorest countries on Earth. Ms.

In-depthWorld News

GIA Suspends Diamond Sealing Services After Tampering Fraud

"Effective immediately, GIA [Gemological Institute of America] will suspend diamond sealing services," the organization said in press release last Friday. The statement continues, "The Institute is taking this action after recently encountering a small number of GIA sealing packets that had been compromised by third parties after the sealing packets left GIA." The organization discovered "that the diamonds originally enclosed in the compromised packets had been replaced with HPHT (high-pressure, high-temperature) treated natural diamonds."

PolishedGrading

Alrosa Starts Investigating Feasibility of Reopening Mir Mine

Russian diamond miner Alrosa has started drilling at the Mir kimberlite pipe as part of the company's investigation into the safety and economic feasibility of restarting production at its unique diamond deposit, the miner announced last week. The company said it will commence its studies at the depth of 1,200 – 1,600 meters below the surface in an effort to define more precisely the pipe’s dimensions, its position, diamond quality and grades, as well as geological conditions and hydrogeology of the deposit. Total exploration costs are estimated at $32.5 million (RUB 2 billion).

Mining and Exploration

Angola Produces 9M Carats, Sells $1.3B Rough Diamonds in 2019

Angola's industrial diamond miners produced 9.09 million carats in 2019, a decline of 5% on the year. Adding semi-industrial production to industrial output, the total was 9.12 million carats. The figures came courtesy of Ganga Júnior, the president of Angola’s state diamond exploration, mining and licensing company, Endiama. He attributed the declline (4.8% the actual figure cited) to the closure of a diamond mine. He said the semi-industrial diamond sector had accounted for the production of 35,856 carats last year.

Mining and Exploration

De Beers Might Be Reducing Number of Sightholders

De Beers might "significantly reduce" its number of sightholders and could be introducing changes to the way it allocates and sells its rough diamonds, according to Thomas Biesheuvel of Bloomberg. The miner's current six-year contract with buyers expires at the end of 2020.

Rough Market

Rio Tinto Lowers 2020 Diamond Production Guidance

Rio Tinto has lowered its 2020 rough diamond production guidance to 12-14 million carats, down from 17 million carats produced in 2019 and 18.4 million carats the year prior. 

Mining and Exploration

E-commerce Drives Modest Growth in US Holiday Jewelry Sales

Jewelry sales during the U.S. holiday season showed a modest increased compared to 2018, with higher-end independent jewelers performing particularly well, according to several surveys. Online buying surged, while foot traffic in retail stores slowed. The Mastercard SpendingPulse report shows that the jewelry sector experienced 1.8 percent growth in total retail sales, with online sales growing 8.8 percent – supporting eCommerce strength.

Retail and Consumer ConfidenceJewelry

Angola Might End Semi-Industrial Diamond Mining

The Angolan diamond sector might put an end to semi-industrial mining, aiming to provide more competitiveness, transparency and efficiency to the activities in the sector, said José Manuel Augusto Ganga Júnior, president of Endiama's board of directors. Endiama is Angola’s national diamond prospecting, exploration, cutting and marketing company. Summing up the sector’s activities in 2019, he said the aim was to bring an end to semi-industrial exploration and keep only industrial operations, regardless of whether they are run by large or small cooperatives.

Mining and Exploration

Lucara, Louis Vuitton and Antwerp Manufacturer Join Forces Polishing 1758ct Rough

Lucara, the Canadian mining company that owns the Karowé mine in Botswana announced they will be collaborating with luxury brand Louis Vuitton and an Antwerp-based high-end polishing company (HB) to polish the largest rough diamond ever found in Botswana, the 1758ct Sewelô diamond recovered in April last year. In the arrangement, the stone - qualified as near-gem, variable quality, will be polished into a collection of diamonds, and apart from an up front non-material payment, Lucara will retain a 50% interest in the polished results.

Rough MarketPolishedMarketing

India's Polished Diamond Exports Fall Nearly 16% in 2019

India's polished-diamond exports declined in value by 15.5% over the full course of 2019 on a 13% decline in the volume of goods exported, according to statistics published by India's Gem & Jewellery Export Promotion Council (GJEPC). The decline in the polished trade triggered a slowdown in manufacturing, and consequently of their demand for rough imports, which declined 18% in value on a 9% decrease in the volume of rough imported.

Market AnalysisPolished

Lucapa Delivers on Strategy To Polish Its Exceptional Rough Diamonds

Lucapa Diamond Co. has delivered an exceptional result from its first foray into a cutting & polishing partnership, marking a milestone for Lucapa’s move along the diamond value chain. value chain. The first stone they selected was a 36.20-carat rough diamond from the Mothae kimberlite mine in Lesotho, which was polished in Antwerp in partnership with a leading international diamantaire, yielding six D-color diamonds. The two largest of the polished diamonds were both graded as D Flawless by the Gemological Institute of America (GIA).

Polished

Chow Tai Fook To Close More Than 15% of its Hong Kong Stores Amid Protests

Chow Tai Fook, Hong Kong's leading diamond-jewelry retailer and the second largest jeweler in the world by market value after Tiffany & Co., intends to about 15 of its 86 stores in Hong Kong as anti-China protests in the city weigh on the retail market and deter tourists, according to multiple media outlets. Indications that it rather intends to focus on growing its presence in the mainland China market suggests the slump in retail sales is not about the reverse soon.

Retail and Consumer ConfidenceJewelry

Geopolitical Instability Impacts Antwerp Diamond Industry in 2019

2019 was a challenging year for the global diamond trade. The entire industry, from miners to manufacturers and from diamond traders to jewelry retailers saw their trade figures and profits decline during the past year. Antwerp, as the leading diamond trading hub, was caught in the middle of the industry-wide storm. “Geopolitical instability led to economic turmoil, which negatively impacted consumer confidence,” says Ari Epstein, CEO of the Antwerp World Diamond Centre.

Market AnalysisRough MarketPolished

GIA Goes Billboard Big with Diamond Origin Report

100 Years Brilliant: Diamond Artwork Unveiled in Antwerp’s DIVA Diamond Museum

In May 2019, the Antwerp diamond industry celebrated the 100th anniversary of the brilliant cut, the world’s most successful diamond shape, created by Antwerp mathematician Marcel Tolkowsky. This anniversary celebration also served as the launch of a unique project called `t Steentje* (‘the Stone’). The project: to polish a single diamond as a community. The Antwerp World Diamond Centre (AWDC) and the Antwerp diamond industry arranged to have 57 well-known (and not-so-well-known) residents of Antwerp polish a single diamond: one person for each facet of a brilliant.

ManufacturingWorld News

I. Hennig Launches Innovative New Virtual Broker Platform

International rough diamond brokerage and marketing service provider I. Hennig today announced the launch of its innovative state-of-the-art online rough trading platform: “Virtual Broker”. Virtual Broker (VB) provides a secure environment for rough diamond trading where sellers and buyers negotiate online directly between themselves on a wide range of goods.

Rough MarketTechnology

London Eases Diamond Traders' Concerns Over a Hard Brexit

Diamond traders established in the United Kingdom should not be too greatly affected by the latest, if not last, round of negotiations ahead of the country's exit from the European Union (EU). The UK has managed to secure the status of participating member of the Kimberley Process (KP) diamond certification scheme. The UK had already held the status as a member of the European Union.

Rough Market

Alrosa's Rough Sales Bounce Back in December, End Year Down 26%

Russian diamond miner Alrosa ended a challenging 2019 on a high note, with December rough diamond sales increasing 7.4% year-over-year to $352.1 million, good for their second largest monthly haul of 2019. The company also sold $11.6 million in polished diamonds last month, an increase of 132% over December 2018 and also representing their highest monthly earnings for polished diamonds last year. These end-of-year improvements, however, were not enough to correct the significant downturn in sales that typified 2019.

Rough MarketPolished

Jewels Stolen from Dresden Museum Offered For Sale in Israel

Two of the pieces of jewelry stolen in a November heist at the Royal Palace in Dresden, Germany, are said to be up for sale, according to an Israeli security firm. Individuals claiming to have two sets of jewels from Dresden's Green Vault - the Dresden White Diamond and the breast star of the Polish Order of the White Eagle - offered both items for 9 million euros (10 million dollars) in a series of emails, said Zvika Nave, chief executive of the CGI Group.

World News

WFDB Pays Farewell Tribute to Sergey Oulin

The World Federation of Diamond Bourses (WFDB) mourns the passing away of Sergey Oulin on December 31, 2019 at the age of 69 years. President Ernie Blom has, on behalf of the entire organisation, expressed sadness at the loss of a colleague and friend. Oulin was the president of the Diamond Chamber of Russia and former member of the WFDB executive committee (ExCo).

World News

De Beers' Forevermark Unveils 'Next Generation Retail Concept' in Beijing

Forevermark, the diamond brand from De Beers Group, recently unveiled the first boutique in its Next Generation Retail Concept, located within renowned jewellery department store, Caibai in Beijing, the company writes. They say that the the newly renovated 100 square metre boutique "breaks away from the traditional across-the-counter service, inviting consumers to discover the world of Forevermark through an immersive, interactive and informative experience," adding that this is the first time Forevermark has offered this kind of consumer experience within one of its retail partners.

Retail and Consumer Confidence

Bonas To Hold Colored Gemstone Tender in Bangkok

Bonas, a leading international diamond tender house based in Antwerp, will hold a gemstone tender alongside the February Bangkok Gems & Jewellery Fair (BGJF) for the very first time at the IMPACT Challenger Center, Bangkok, the group announced in a press release.

Polished

Lucapa Unearths 117-ct. Stone, their 14th +100ct Diamond from Angola

Polished Diamond Prices Fall in 2019, Rebound at Year's End

Softer demand for polished diamonds in 2019 led to a drop in polished prices, yet the year ended on a positive note according to two of the three leading diamond-price indexes, Rapaport's RapNet and PolishedPrices, while Idex saw no improvement in December. 

Polished

India's Titan Co. Sees Strong Q3 Jewelry Sales Despite Economic Slowdown

The Titan Company announced in its Q3 FY ’20 update that jewelry sales in December were were better than expected despite “the general economic slowdown in the economy leading to poor consumer sentimenthit." The company said its revenue growth was "possibly due to a good wedding season" and that the jewelry industry as a whole witnessed “reasonable growth” in the festive Diwali season this year. The company itself did better, the statement reads, while also gaining market share.

JewelryRetail and Consumer Confidence

Zambia Eliminates 15% Export Duty on Gemstones

The Government of Zambia on January 1 suspended a 15% export duty on gemstones after the tax that was intended to raise more revenues ended up undermining production. The country also specified that the export duty would not apply to diamonds, which seems superfluous as the country is not a member of the Kimberley Process and thus has no 'licence to operate' in the rough diamond trade.

Economy

Lucapa Achieves Record Production in 2019

Lucapa Diamond Company today announced that in 2019 the miner smashed its previous annual high in group production, recovering 49,120 carats compared to 19,196 carats last year.

Mining and Exploration

De Beers & Dominion Diamond Mines Planning Canadian Exploration

De Beers is moving to expand exploration at its Gahcho Kué diamond mine, while Dominion Diamond Mines (DDM) is looking to expand a major exploration program east of Ekati mine, according to several Canadian news outlets. In a Dec. 31 submission to the Mackenzie Valley Land and Water Board, De Beers indicated it would be exploring 11 targets of interest by late February.

Mining and Exploration

Hong Kong Jewelry Sales Plunge Again in Nov. as Unrest Keeps Consumers Away

Retail sales in Hong Kong in general, and sales of luxury items and jewelry in particular, continued to fall sharply in November as local social unrest turned extremely violent, causing very severe disruptions to tourism- and consumption-related activities and further dampening consumption sentiment, writes the Census and Statistics Department of the Hong Kong Special Administrative Region. 

JewelryRetail and Consumer Confidence

The Top 10 Issues that Mattered to You in 2019

As we welcome a new year and extend our hopes that you, our readers, will enjoy good health and good fortune in 2020, we take a moment to look back at the issues and articles of the past year that most sparked your interest.

Market AnalysisRough MarketPoliticsFinance and Trade

Alrosa To Hold 34 Auctions of Large Rough Diamonds in 2020

Russian diamond mining giant Alrosa plans to hold 34 international auctions for special size rough diamonds (weighing over 10.8 carats) in 2020, the comapany recdently announced. They plan to hold seven auctions in the first quarter (Q1), eight in Q2, seven in Q3 and 12 in Q4. The schedule is available here.

Rough Market

India’s Polished Diamond Exports Fall 25% in November

India’s exports of cut and polished diamonds fell by over 25% in November, continuing to at a pace well off last year’s levels, according to provisional data released by the Gem & Jewellery Export Promotion Council (GJEPC). During the month, exports of cut and polished diamond totalled $1.17 billion, compared to $1.56 billion a year ago. For the calendar year to date, India's polished diamond exports have fallen 13% to 25.8 million carats, with the average price down 4% at $750 per carat.

Market Analysis

Tiffany’s Sees Higher Holiday Sales on Strength of China

Tiffany & Co. announced on Thursday Dec. 26 that its overall global sales during the holiday shopping season (from November 1 through Christmas Eve) rose about 1% to 3% compared with the same period last year, with the largest contribution coming from China, Europe and a recovery in the Americas. Mainland China drove the business during the holiday period, with Tiffany seeing a double-digit sales increase there, offset by declines in Hong Kong.

JewelryRetail and Consumer Confidence

Alrosa Ends Year on 191-Carat High

Russian diamond miner Alrosa unearthed a 191-carat diamond on Christmas day at the Botuobinskaya kimberlite pipe in Yakutia. According to estimations made by Alrosa’s experts on site, the rough diamond is of high quality. They estimate the age of the stone at about 2 billion years. Further mineralogical analysis will reveal more precise numbers. "Surely, such findings are very remarkable," said Evgeny Agureev, Deputy CEO of Alrosa. The rough diamond will be sent to the United Selling Organization for a detailed evaluation.

Mining and Exploration

HRD Antwerp Appoints New CEO

The diamond grading and certification lab HRD Antwerp has appointed a new CEO, Ellen Joncheere. HRD Antwerp has been in the business of grading and certifying polished diamonds since 1973, delivering some 130,000 polished-diamond certificates annually. It also offers diamond-related training and education programs, in Belgium and internationally, as well as developing and marketing technological devices such as microscopes, detection and screening equipment.

Grading

Mountain Province Expects Higher Output & Growth at Gahcho Kué in 2020

Mountain Province Diamonds reached the upper level of its output guidance in 2019 and sees opporunity for further growth in 2020. President and CEO Stuart Brown confirmed in a Dec. 19 statement that the miner will achieve the upper end of their production guidance of 6.7 – 6.8 million carats recovered on a 100% basis. Mountain Province Diamonds is a 49% participant with De Beers Group in the Gahcho Kué diamond mine in Canada's Northwest Territories.

Mining and Exploration

Ellendale Mine Gets New Lease of Life

The former Ellendale diamond mine area in the West Kimberley region of Australia is heading towards a new lease of life, as Mines and Petroleum Minister Bill Johnston has announced that Gibb River Diamonds has accepted his offer to apply for a new lease to mine at Ellendale and has invited India Bore Diamond Holdings to apply for other tenements at the site.

Mining and Exploration

Lucara’s Final 2019 Tender Earns $53M, Beating Estimates

Lucara Diamond Corp. has reported that its final diamond tender of 2019, held on December 12, generated sales proceeds of US$52.9 million. Sales of goods from the Karowe Diamond Mine in Botswana were 16% higher than expected, and achieved an average price of US$548 per carat.  They noted improvments to market pricing in all size classes. The December tender bring Lucara's 2019 revenue at $192.5 million, exceeding the 2019 revenue guidance of $170 - $180 million and outpacing their 2018 sales of $176.2 million.

Rough Market

Alrosa Unveils Strategy to Streamline Diamond Manufacturing

The Supervisory Board of Alrosa has approved the miner's three-year strategy for developing and streamlining its diamond cutting and polishing units for 2020-2022, as well as the plan to integrate the recently-acquired manufacturer Kristall into the Alrosa Group. The plan includes a set of measures focused on improving product mix efficiency, production cycle optimization and the creation of a consolidated sales system for polished diamonds, a strategy they believe will improve the operational efficiency of Alrosa’s consolidated diamond cutting activities.

ManufacturingPolished

De Beers' Final Rough Sale of 2019 Ends Year on Positive Note

De Beers brought a tumultuous 2019 to a close on a positive note, as provisional rough diamond sales of $425 million at their Cycle 10 sight represents their highest earnings in seven months since the April sight and the fourth straight sight with increasing sales. While it does not quite match the $544 million earned at the final sight of 2018, it does demonstrate that demand for rough is stabilizing - though their buyers did not really have much say in the matter, as the miner had withdrawn the additional flexibility provided to sightholders since July.

Rough Market

Petra Diamonds Names Successor to Founder and Chairman

Petra Diamonds, a leading independent diamond mining group, on Tuesday announced it had appointed a successor to the miner's founder and chairman, Adonis Pouroulis: the company has named mining engineer Peter Hill as nonexecutive director and chairman-designate effective January 1, 2019. He will take over as Non-Executive Chairman on 31 March 2020, at which time Pouroulis, who founded Petra in 1997 and has been its chairman ever since, will step down. The company recently eliminated the role of chief operating officer because of a management restructuring.

Mining and Exploration

Alrosa, Tencent & Everledger Join Forces on WeChat eCommerce Pilot

Alrosa, Tencent and Everledger are launching a new WeChat Mini Program e-commerce solution for Chinese retailers. The pilot will employ blockchain technology to enable full traceability of diamonds from mine to consumer, providing full transparency of their origin, characteristics and ownership history.

Retail and Consumer ConfidenceTechnology

Bunder Diamond Mine in India has New Owner

The Bunder Diamond Mine, located in Chhattarpur district of Madhya Pradesh, India, has been sold to Essel Mining, a company owned by the Aditya Birla Group, which will acquire mining rights with a 50-year government lease. The Bunder mine is estimated to have reserves of about 34 million carats.

Mining and Exploration

All Signet Jewelers Banners in U.S. Now Sell Synthetics

Based on research from Rob Bates of JCK Magazine, the United States' largest retailer of diamond jewelry, Signet Jewelers, is now selling laboratory-grown diamonds at all its major U.S. jewelry banners. These include Kay, Jared and Zales, as well as their online site James Allen, which was already selling them. David Bouffard, Vice President, Corporate Affairs, told Bates that the sythetic diamonds will be available in bridal as well as fashion jewelry. Jared is selling loose lab-grown diamonds and ring settings as part of its Chosen collection.

Retail and Consumer Confidence

Lucapa Earns $6.4M at Latest Diamond Sale, Has Doubled 2018 Revenues

Lucapa Diamond Company earned US$6.4 million (A$9.3 million) at the latest sale of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho. This sales brings Lucapa's total 2019 sales of Lulo and Mothae diamonds to US$55.0 million (A$79.0 million), more than doubling their entire earnings of US$26.4 million a year ago.

Rough Market

Tiffany & Co. Lets Jeff Goldblum Loose in Tiffany Men’s Pop-Up Shop

Grib Diamonds Nets $30M from Rough Tender in Antwerp, Including Angolan Stones

Grib Diamonds today (11 December) sold more than $30M and 370K carats though its online Spot Auction in Antwerp. The diamonds included, for the first time, goods purchased from Angola as well as its usual Russian production from its wholly owned mine in Arkhangelsk, Russia.

Rough Market

Alrosa Aims To Deliver First Diamonds from Angola (Luaxe) in Mid-2020

Russian diamond miner Alrosa said on Wednesday that it planned to start trial mining at a new section of its Luaxe deposit in Angola by mid-2020. Luaxe is Angola's newest and largest diamond deposit, as well as one of the few major diamond mines to be developed in the past decade.

Mining and Exploration

Market Recession Leads De Beers to Lower Production Estimate by 1Mct in 2020

Having already revised their 2019 full-year production guidance downwards to ~31 million carats in response to a backlog of polished diamond inventories in the midstream and weaker trading conditions, De Beers' parent company Anglo American yesterday announced it is lowering its diamond production estimate by a million carats in 2020 and 2021. Citing "challenging market conditions," Anglo American notes that De Beers' year-to-date revenues have fallen 26% since 2018, due to lower volumes of sales, a weaker product mix and a softening price index.

Mining and ExplorationMarket Analysis

Bain & Co, AWDC Unveil 2019 Global Diamond Industry Report: Strong Origins

The Antwerp World Diamond Centre (AWDC) and Bain & Company have released their ninth annual report on the global diamond industry: Strong Origins: Current Perspectives on the Diamond Industry.

In-depthMarket Analysis