HK Sept Postponed to Nov 9-13, Timing Remains Problematic

According to market sources, INFORMA MARKETS (IM) will be announcing the postponement of the mother of all trade fairs, commonly known as Hong Kong September, to November shortly. However, many believe the postponement is just putting off the evil hour of a cancellation.

PolishedFinance and Trade

Synthetic Diamond Producer Joins Dubai Bourse

DMCC announced yesterday that LGD producer Lumex, established in 2018 by the Rosy Blue Mehta family, has joined Dubai's diamond bourse. According to a press release, DMCC is hoping to expand its synthetic diamond segment further, alongside the trade in natural diamonds. In 2019, DMCC already ventured into the LGD space by organizing an LGD exclusive tender of 50.000cts.

 

 

Finance and Trade

Antwerp’s Slow Recovery Continues

After trade in both rough and polished diamonds came to a near standstill on a global level due to the COVID-19 pandemic in the past three to four months, Antwerp figures for June indicate cautious signs of recovery on the Antwerp market.

Rough

Finance and Trade

India's Rough Import Ban Continued?

According to Business Standard, the voluntary moratorium on rough diamond imports into the country, might be extended, citing spokespersons of the GJEPC saying that inventory levels remain high, estimated at 2.3 billion US$, with no need for imports to resume as "it would take another two or three months to service previous orders".

ManufacturingFinance and Trade

Informal "Angadia" Diamond Courier Disappears in India

Economic Times India reports that fears are rising that one of Mumbai's top angadia's, according to the article "holding several millions of dollars worth of diamonds", has vanished, after closing shop early in the Bharat Diamond Bourse on Wednesday. According to the article, rumours are circulating that the person in question was in financial trouble, due to property deals falling through. In India, the angadia's are an informal but highly popular network of couriers that transport cash and rough and polished diamonds between Mumbai and the country's polishing hub in Gujarat, Surat.

Finance and Trade

Tiffany & C° and LVMH: Is The Marriage Off?

A deal that was announced between LVMH and Tiffany & C° earlier this year, in which the France-based luxury conglomerate led by Bernard Arnault would acquire the iconic jeweler for $135 per share, is potentially falling through, as LVMH is reconsidering its engagement amid the turmoil of the COVID-19 pandemic and unrest in the USA.
 According to Retail Dive, LVMH’s press release suggests that it is looking to lower the offer, and some sources say that move is based

Finance and TradeJewelry

De Beers Might Shift Sights to Antwerp

According to Reuters, De Beers, together with the government of Botswana is looking into (temporarily) shifting its sight viewings from Gaborone, Botswana, to major trading hubs, closer to their clients, for example in Antwerp. Reuters cites De Beers Executive Vice President, Diamond Trading, Paul Rowley; “If we can move our product closer to them it would give us the flexibility to restart sales as soon as the markets reopen”.

Finance and TradeRough Market

2% Online Sales Tax Another Blow For Indian Diamond Industry

As of April 1st, a new 2% tax on online sales, the “Equalization Levy” (EL), came into force in India which is having a major impact on Indian diamond manufacturing and trading companies who buy rough or polished stones via online channels, such as online auctions or tenders, trading platforms.  Foreign companies that are considered an “e-commerce operator”, defined as a non-resident that owns, operates or manages a digital or electronic facility or platform for online sale of goods or the online provision of services”, will be forced to charge 2% on top of the sales amount, when selling to

Finance and Trade

Antwerp Bourse President Korn Steps Down

The Antwerp Diamond Bourse today announced that its President, Jacques Korn, who held the position for the past four years, is stepping down for personal reasons and will be replaced by current Board member and Vice-President, David Gotlib. In its announcement, the Bourse's Board of Directors commends Jacky Korn as a man who, bowing on a long career in the diamond community, carried out his duties of co-managing one of the world's oldest diamond institutes with great dedication.

Finance and Trade

China International Flight Restrictions Extended to October

News outlet Caixin reports that China will continue its severely restricted international flights policy through to at least October. Since the end of March, China has cut international flights by 90%, and has implemented the so-called "Five-One" policy, in which for each domestic airline, only one flight per week to a foreign destination is allowed to operate. Foreign airlines can fly into China no more than once per week and all flights are limited to 75% capacity, according to restrictions implemented by China's Civil Aviation Administration (CAAC).

Finance and Trade

Surat Partially Reopens - Import Ban Delayed to June 1st

While India has allowed some activity to resume in Surat, the country's polishing hub, the industry has announced that the voluntary moratorium on rough imports is delayed to June 1st, with the call to its members to not import rough diamonds for the entire month of June, possibly longer.

Finance and TradeManufacturing

GIA Reopens Some Labs - India Limits Exports

As many countries are easing out of strict quarantaine, GIA has announced it has reopened its labs in Antwerp, Carlsbad, Gaborone, Johannesburg and Tokyo, each with modified schedules. In Antwerp and Johannesburg, visitors are welcome by appointment, in Tokyo, Carlsbad and Gaborone, the labs will only accept submissions via shipment.

LaboratoriesFinance and Trade

Israel Diamond Industry Standstill Continues

Reuters reports that, while the country's economy is slowly returning to normal as COVID-19 measures are gradually relaxed, the Israel diamond industry continues to be at a standstill, as the Tel Aviv diamond bourse remains closed and the diamond district as whole still is a ghost town. While activities in other major hubs, like Antwerp, have resumed, the Israeli industry is struggling to reopen its facilities and comply with continued restrictions and social distancing measures.

Finance and Trade

State Repository Might Buy Alrosa's Rough

Rapaport reports that the Russian precious metals and gemstones repository, the Gokhran, may buy up part of the Russian miner's diamond stockpile, for an amount that ranges anywhere between $500 million and $1.7 billion. Rough sales have dropped dramatically as a consequence of the COVID-19 pandemic, as the miner offered its clients maximum flexibility in purchasing obligations. During past crises, notably in 2009, the state repository alleviated the company in a similar way, at that time buying $1 billion worth of diamonds.

Finance and TradeRough Market

ABN AMRO Posts First Loss In Years

ABN AMRO, the Dutch bank that also has a dedicated Diamond and Jewellery branch, reports a net loss of 395 million euros, or about double what analysts had expected, and the first loss reported since 2013. New CEO Robert Swaak commented that the loss was driven by high impairments due to two exceptional client cases, as well as 1.1 billion € provisions made to account for loans going bad in the wake of the COVID-19 crisis. ABN AMRO will review its overall strategy, with a focus on anti-money laundering controls and an improved digital approach, the CEO added.

Finance and Trade

Bharat Bourse to Reopen with Reduced Capacity

Times of India reports that India's Bharat Diamond Bourse in Mumbai's Bandra-Kurla Complex as well as the Gems and Jewellery industry at Seepz MIDC can resume operations, albeit with a strongly reduced workforce (10%). India's diamond and jewellery industry has been suffering as the country continues to be under strict lockdown, and export shipments are blocked. Both area's are located in so-called "red zones", which is why only limited workforce can be allowed, state officials said.

Finance and Trade

BaselWorld 2021 Canceled - HK June Shifts to November

The organizer of the BaselWorld show, the MCH Group, has announced they are cancelling the 2021 edition of the show - slated for end of January beginning of February next year after negotiating an "amicable settlement" with some of the major brands who recently announced their departure from the show.

Finance and Trade

AWDC & FBDB Facilitate Restart Antwerp Trade, Call to Skip Summer Recess

The Antwerp diamond trade came to a nearly complete standstill as a result of the measures announced by the Belgian Government to flatten the curve of the COVID-19 pandemic. It is scheduled to reopen next Monday, May 4, and industry organizations the Antwerp World Diamond Centre (AWDC) and the Federation of Belgian Diamond Bourses (FBDB) are taking measures to ensure it can do so safely.

World NewsFinance and Trade

India's Exports Blocked: US$700m Shipment for HK Stuck

Times of India reports that a 700 million US$ shipment of loose diamonds, destined for Hong Kong, is stuck at the Bharat Diamond Bourse, despite efforts to persuade government to allow the Bourse to resume activities with minimal workforce. According to a spokesperson for the Gem and Jewellery Promotion Council (GJEPC), the diamond industry in India, already heavily impacted by lockdown measures, could suffer even more because of exports being blocked; "if business would shift to China and Thailand ... it would be a permanent loss".

Finance and Trade

Extraordinary Times Require Courage

By Isi Morsel, C.E.O. Dali Diamond Co.
 

The diamond industry, from mine to retail, is facing new challenges that are rocking it to its core. Retail stores around the world are closed and that reverberated up the diamond pipeline, bringing wholesaling activity, jewelry manufacturing, diamond polishing, and diamond mining to a complete standstill.

Opinion pieceFinance and Trade

"Can't an overflowing river upstream, cause a lot of damage, from the midstream all the way up to the delta? As the crops along the overflown river's path would be washed out, wouldn't this cause a lot of famine, for an unwanted period of time? Shouldn't the flow be controlled before such a scenario happens? Sometimes, man-made dams are necessary, with some pains in the near future, but fertile and fruitful in the long run..."

Shashin Choksi, midstream trader, responding in a Telegram industry group channel to the message from De Beers CEO, Bruce Cleaver, "A River Runs Through", in which Cleaver indirectly appeals to the (Indian) industry to not impose an import ban on rough diamonds; "When this crisis ultimately recedes, as it will, if the upstream is intact but there is no functioning downstream, or a midstream but a significantly depleted source upstream, then we have no functioning river system at all. While all companies, including ours, are taking rapid action to brace for the crisis, that action must be responsible and sustainable and recognise that just as the challenge is a shared one, so, too, must be the solutions."

De Beers

Revenue from India's Diamond Trade Could Be Lowest in a Decade

Revenue from India’s diamond polishing industry is set to plunge to its lowest level in a decade as COVID-19 measures in the U.S. and Europe (Belgium) has hindered sales and caused prices to fall, reports an India credit-rating agency. The agency projects sales in fiscal 2021 (April 2t020 - March 2021) to drop to the lowest level in a decade, $13-15 billion, which is 21%-32% lower than the estimated ~$19 billion in fiscal 2020 revenues and 38%-46% lower than the $24 billion earned in fiscal 2019.

Finance and TradeManufacturing

JCK Las Vegas & Luxury Skips 2020

Reed Exhibitions has announced that it will not be organizing its JCK Las Vegas and Luxury shows this year altogether. The organizer is planning to set up "a virtual event" this summer and will partner with the Jewelers International Show, Oct. 13–16 at the Miami Beach Convention Center.

PolishedFinance and Trade

Voluntary Rough Import Ban in India?

For a few days now, rumor in the industry has it that the Indian diamond industry - or at least some members - want to impose a voluntary ban on rough imports into the country. The rumours aren’t confirmed by any official body, but some sources claim the voluntary ban would start one week after India lifts the strict lockdown measures - preliminary scheduled for May 3 - and would be instated for one month, others claim the ban would last as long as three months.

Finance and TradeManufacturingRough Market

Time's Up for BaselWorld As Rolex, Patek Philippe, Tudor, Chanel & Chopard Exit

Five major watch brands, Rolex, Patek Phiippe, Tudor, Chanel and Chopard today announced they will be leaving BaselWorld. The exit follows a letter by Rolex topman Hubert du Plessix pleading for a refund for the brands set to participate in the canceled 2020 edition. In a joint statement, the brands announced they plan to start a new show, which remains unnamed, scheduled for April 2021, in conjunction with the organizers of Watches & Wonders (FHH). 

Finance and TradeJewelryWorld News

Guangzhou Hermès Store Makes $2.7M On Reopening Day

The Hermès flagship store in Guangzhou reportedly made $2.7 million on its reopening day, boosting hopes on increased consumers' luxury shopping once quarantine measures are lifted. Many hope that the so-called "revenge spending", with people purchasing luxury goods to treat themselves after being in isolation for weeks, signals the recovery of luxury spending, although some fear it could be no more but a "one-off" shopping spree.

Finance and Trade

Edahn Golan: Diamond Industry Q1 Analysis

Industry analyst Edahn Golan takes an in-depth look at the industry performance of the first quarter of 2020 which, needless to say, is dominated by the impact of the Corona virus pandemic. In his extensive analysis Golan discusses polished diamond price evolution, the state of the midstream in all major trading hubs, banking and evolutions upstream and regarding LGD (Lab Grown Diamonds).

Golan identifies a number of key take-aways for Q1:

In-depthFinance and TradeMarket Analysis

“We assumed that it would take two to three months to recover, I think in three or four months, we will be back to normal. The present data is better than we expected.”

Kent Wong - managing director of Chow Tai Fook elaborates in an interview with JCK News Director Rob Bates on how China's largest jeweler re-emerges from the COVID-19 crisis, providing valuable lessons for the rest of the world on consumer trends and how companies can manage during and after the pandemic subsides.

 

Bain & C°: COVID-19 & Luxury - The Bad And the Good News

In their latest report Bain & C° takes a deeper look into the effects of the COVID-19 pandemic on the luxury segment. A few key take-aways;

 

Finance and TradeIn-depth

ABN AMRO Announces Support for Clients

ABN AMRO has announced support measures for clients in response to the impact of the coronavirus. The support extends to some 55,000 Commercial Banking clients with a credit facility of up to 2.5 million euros, for whom the payment of interest and principal will be automatically deferred for six months. While the announcement does not mention diamond industry clients, their inclusion seems implied.

EconomyFinance and Trade

China Re-emerges: “Revenge Spending” Positive Signal

While the rest of the world is tightening measures to control the COVID-19 outbreak, Chinese customers - constituting a whopping third of global luxury industry’s sales and the driving force of global growth in this segment in recent years - are slowly returning to the country’s luxury shopping malls as local quarantine measures are eased.

Market AnalysisFinance and TradeRetail and Consumer ConfidenceWorld News

India's GJEPC Appeals To Authorities for Flexibility in Trade with China, Hong Kong

India's representative body for the diamond and gem trade, the Gem & Jewellery Export Promotion Council (GJEPC), has appealed to the Government of India and the Reserve Bank of India to revise credit terms for exporters and importers in the gems and jewelry trade which has been badly affected by the Hong Kong protests last year and the subsequent recent novel coronavirus outbreak.

Finance and Trade

Angola State Mining Co. Endiama Gearing Up for 2020 IPO

Angola state-owned diamond mining company Endiama plans to float as much as 30% of its shares in an initial public offering (IPO) in 2020, according to Chairman José Manuel Gango Junior from an interview on the sidelines of the Africa Mining Indaba. He said the sale is part of a government plan to increase transparency in the diamond sector and bolster production. “We are preparing Endiama for a public listing and we are currently assessing the company’s value,” Gango Junior told Bloomberg.

Rough MarketFinance and Trade

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

LVMH & Tiffany's - it's a (16.2bn dollar) deal

Is US$16.7bn Enough for LVMH To Get Tiffany's?

According to several reports, LVMH's raised offer of 16.7 billion US dollar - from the 14.5 billion offered and declined earlier -  might be convincing enough to persuade TIffany's and the deal could be concluded fast, insiders say. If so, Tiffany's would be joining LVMH's portfolio, which includes Bvlgari, Louis Vuitton and Dior and put the luxury conglomerate in a more interesting position to compete with rivals, such as the Swiss-based Richemont.

JewelryFinance and Trade

1st DRC tender in Antwerp Delivers on Expectations

The first ever direct tender in Antwerp of 350,000 carats of rough diamonds from the Democratic Republic of the Congo (DRC) delivered on all expectations.Out of 115 companies, both Antwerp-based companies and foreign buyers from Israel, India, Dubai and other countries, attending the viewings, 79 companies placed 426 bids on 36 lots.

Mining and ExplorationFinance and Trade

Low Oil Prices Urge UAE To Rethink Taxes

Over the course of the next five to ten years, tax experts believe more indirect and direct taxes will be levied in the Arab Gulf states (GCC), such as the UAE, including taxes on wealth and property, corporate and income tax. As oil prices are expected to remain low, the new taxes, some of which will be implemented by the end of this year, should open up new sources of revenue to fund budgets, which are under pressure as oil revenues decline.

Finance and TradeEconomyCompliance

Alrosa Will Pay Out $434M, Entire Free Cash Flow, for H1 Dividends

Russian diamond miner Alrosa's Shareholders have decided to pay dividends for the first half of 2019 in the amount of 28.3 billion rubles ($434 million) or 3.84 rubles ($0.059) per share. Therefore, the company will allocate 100% of its free cash flow for the corresponding period to pay out dividends, the miner has stated in a press release. The six months dividend yield will be at around 5%.

Warning - gory financial details ahead

Finance and Trade

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

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

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

Firestone Diamonds Receives Waiver from Lenders as Lower Rough Prices Dent Earnings

Firestone Diamonds today announced its 75%-owned subsidiary Liqhobong Mining Development has received a waiver from ABSA Bank for certain of its covenants measured as at 30 June 2019 in terms of the $82.4 million facility agreement, with the support of its bondholders. The next measurement date will be 30 June 2020.

Mining and ExplorationFinance and Trade

U.S. - China Trade Truce Brings Relief to Diamond & Jewelry Market

Retailers and importers across the US - including those in the diamond and jewelry trade - breathed a collective sigh of relief this past weekend following the announcement of a temporary trade truce between the US and China, and an agreement to reopen negotiations. This past weekend at the Group of 20 summit in Osaka, Japan, U.S. President Trump and President Xi Jinping of China agreed to a ceasefire that will forestall another punishing round of of $300 billion in tariffs Mr.

World NewsFinance and TradeJewelry

India's Loss of GSP Status To "Moderately" Impact Gem & Jewelry Exports, Diamonds Not (Directly) Affected

The withdrawal of India’s beneficiary status under the Generalized System of Preferences (GSP) trade program is expected to have a "moderate" impact on India's exports of gems and jewelry to the US, but will not directly impact diamond exports - contrary to what some have been reporting.

Finance and TradePolished

Alrosa Allocates Record Dividend in 2018, $1.17B

Russia diamond-mining giant Alrosa's shareholders at their Annual General Meeting decided to allocate 100% of free cash flow for the second half of 2018 to the period-end dividend – 30.3 billion rubles, or approximately $480 million. Taking into account the nearly $692 million (43.7 billion rubles) in dividends the company paid for the first half-year of 2018 (equaling $0.09 or RUB 5.93 per share), the total dividend for 2018 will amount a record $1.17 billion (RUB 73.9 billion) or $0.16 (RUB 10.04) per share.

Mining and ExplorationFinance and Trade

Watches of Switzerland Shares Surge After IPO on London Stock Exchange

Watches of Switzerland went public on the London Stock Exchange last week, enjoying a better-than-expected debut. Shares are set to openly trade days after conditional trading started for the UK’s dominant luxury watch retailer. Watches of Switzerland (WoS) is owned by US private equity company Apollo Global Management and is the top UK seller of luxury timepiece brands like Rolex and Mayors. Under the leadership of chief executive officer (CEO), Brian Duffy, WoS’s sales have grown to make up 35% of luxury watch sales in the UK.

Finance and Trade

Antwerp Diamond Bourse Announces New Board of Directors

The Antwerp Diamond Bourse (Beurs voor Diamanthandel) has made just one change in its 2019 composition of its Board of Directors, adding Mr. Bhavesh Morakhia as a new director. Jacques Korn remains President, David Gotlib remains the Bourse's Vice President, while Rajender Gehani and Raphael Rubin have been reelected as Executive Directors. Members of the board are elected for a four-year period.

Finance and Trade

Alrosa's Profitability Improves in Q1, but Falls Far Short of Q1 2018

Russian diamond mining giant Alrosa reported significant improvements in revenue and profitability in Q1 2019 as compared to the previous quarter, with the caveat being that their 2019 financial results are lagging far behind the same period a year earlier (Q1 2018).

Finance and TradeRough Market

Trump's Tariffs Will Soon Impact Diamond & Jewelry Imports from China

The list of Chinese products to be hit by 25 percent tariffs imposed by the U.S. government at the behest of President Donald Trump is expansive and is potentially about to cover the entirety of consumer products from China, including a broad swath of jewelry products, as the trade war escalates rapidly. On May 9, the U.S.

Finance and TradeJewelry

Lucapa Refinancing Agreement To Improve Financial Position

Lucapa Diamond Company last week has agreed on funding and refinancing arrangements which will improve its financial position and reduce its financing costs, the company said in an ASX announcement. The move will enable Lucapa to reduce the higher-cost debt used to fund the development of the new high-value Mothae diamond mine in Lesotho.

Finance and Trade

National Bank of Fujairah Sets Up Shop in Antwerp Diamond District

The National Bank of Fujairah (NBF), with years of experience in the diamond sector in Dubai, has opened its first international representative office in the heart of the Antwerp Diamond District, the largest rough trading hub in the world. Opening a representative office will enable the bank to better service their Antwerp-based customers and will provide market intelligence to their headquarters in the UAE. The Dubai-based bank targets buyers and resellers of rough that have suitable business models, secure sources of income and solid product traceability.

Finance and Trade

India’s Diamond Trade Picks Up the Pace in February

While still lagging behind the levels of activity recorded in February 2018, India's diamond trade last month rebounded from a remarkably poor showing in January 2019. According to figures from the Gem and Jewellery Export Promotion Council (GJEPC), exports of cut and polished diamonds from India fell by 3.51% year-on-year during the month of February 2019 to $2.34 billion as compared to the $2.43 billion exported in February 2018. However, February's exports represent a 34% increase over the $1.75 billion shipped out in January, which will come as a welcome sign to the Indian industry.

Finance and TradePolishedRough Market

EU Adds U.A.E. To Blacklist of Tax Havens

European Union finance ministers have agreed to add 10 countries to a blacklist of alleged tax havens, including the United Arab Emirates. According to Bloomberg, the agreement means the list will now have 15 jurisdictions, triple the number of what it had before the review. It comes just over a year after the EU agreed to “name and shame” a small number of nations as part of its efforts to fight opaque practices that facilitate tax avoidance by multinationals and individuals.

Finance and Trade

ALROSA Convinces Chinese Jeweller To Trade In Euros Instead of Dollars

Searching for a means to safeguard smooth transactions in the event it ends up having US sanctions imposed on it, Russia's Alrosa, the world’s largest producer of rough diamonds, has found a partner in its efforts to conduct trade in a currency other than the US dollar. Evgeny Agureev, Alrosa’s director of sales, told the South China Morning Post that it has enlisted one of its many Chinese customers - Chow Sang Sang Jewellery - on a long-term contract this year.

Finance and TradeRough MarketJewelry

De Beers' 2018 Revenue Rises but Earnings Slide

De Beers reported a 4% rise in total revenue for FY 2018, reaching $6.1 billion, but its earnings slid by 13% to $1.25 billion driven by expenditures such as the $87 million acquisition of Peregrine Diamonds and the launch of Lightbox Jewelry. Rough diamond sales rose by 4% to $5.4 billion (2017: $5.2 billion), driven by improved overall consumer demand for diamond jewelry and a 1% increase in the average rough diamond price index.

Rough MarketFinance and Trade

India’s GJEPC Fears US Gov’t Shutdown Impacted Diamond Exports

The partial shutdown of the US government is likely to have had a negative impact on exports of small diamonds from India to the US, according to Colin Shah, vice chairman of the Gem & Jewellery Export Promotion Council (GJEPC). This comes as unwelcome news to an industry that is already experiencing sluggish performance, with The Economic Times citing an 8.5% decline in the value of polished exports in the first nine months of FY2018, sitting at to $22.41 billion.

EconomyPolishedFinance and Trade

Indian Bank ICICI To Close Antwerp Branch

In a letter circulated to clients just before the turn of the year, India’s ICICI Bank UK Limited (Industrial Credit and Investment Corporation of India) announced it will be shutting down its branch in Antwerp effective March 29, 2019, bringing an end to its diamond trade financing. The last working day of the branch will be March 28, 2019, and clients were requested to close their accounts by February 28. The bank entered the Antwerp market in 2006.

Finance and Trade

Paul Zimnisky: 3 Themes That Will Likely Shape the Diamond Industry in 2019

Looking towards 2019, independent diamond industry analyst and consultant Paul Zimnisky, who covers the natural and the lab-created diamond industry, has identified three themes that will likely shape the diamond industry, exclusively for The Diamond Loupe. View the pdf verison here.

Opinion pieceMarketingFinance and Trade

AWDC Travels To Guangzhou To Talk Diamond on Mainland China

The Antwerp World Diamond Centre (AWDC) this week traveled to Guangzhou, China, for a networking blitz/conference tour on the Mainland, jointly organized with the Guangzhou Diamond Exchange. Mainland China presents a massive new opportunity for growth beyond the traditional markets of Hong Kong and Shanghai, so the AWDC set off with a group of diamond traders to meet up with a delegation of Chinese jewelry manufacturers looking for polished diamond suppliers in Antwerp.

Finance and Trade