De Beers and Botswana Government Minister Meet with GJEPC in India to Strengthen Trade Relations

According to the GJEPC on April 18, a group from De Beers Group and and the Republic of Botswana’s minister of minerals and energy Lefoko Maxwell Moagi visited the Bharat Diamond Bourse in Mumbai. The delegation met with members of the Gem and Jewellery Export Promotion Council to discuss strengthening diamond trade ties with India. Desipite recent ongoing negotitations between the mining giant and the Botswana government regarding the renewal of their decades-long collaboration, this public display of solidarity was quite noteworthy, potentially indicating some headway on the matter. 

Finance and TradeWorld News

Petra Achieves $72.1 million in Sales in Fourth tender Cycle for FY 2023

Petra announces the results of Tender 4 of FY 2023, at which 505,398 carats were sold for a total of US$72.1 million from Petra’s South African operations.

This cycle includes a US$7 million Exceptional Stone2 from the Cullinan Mine and US$4.3 million of Finsch diamonds sold during H1 FY 2023, both of which were reported in our Interim Results announcement during February 2023. No sales for Williamson were recorded in this cycle given the operations at the mine are still suspended.

Rough MarketFinance and Trade

Sahag Arslanian Appointed VP of Armenian Jewelers Association During Key Period of Growth in Armenian Diamond Sector

Antwerp’s Sahag Arslanian joins the Armenian Jewellers Association as its newly appointed Vice President. He is currently director of the Arslanian Group as well as vice president of the Antwerp World Diamond Centre.

Finance and TradeWorld News

Petra Diamonds Solicits M&A Proposals: Open to “Consider Consolidation”

According to Reuters, Petra Diamonds invited merger and acquisition proposals on Monday, with CEO Richard Duffy saying the industry would benefit from consolidation.

"We have got opportunities to grow organically but given that we are through this restructuring and we have a much more robust balance sheet, we would be willing to consider consolidation if it makes value sense," Duffy told Reuters in an interview on the sidelines of the Investing in African Mining Indaba in Cape Town.

Mining and ExplorationFinance and TradeWorld News

Botswana Expects 4% Bump in GDP Due to Strong Performance in Diamond Trade: Plans Major Infrastructure Upgrades For 2023

According to a statement released by the country’s financy minister in Gabarone, Botswana expects economic growth of 4% during 2023 while targeting medium-term growth of 5.7%. The government plans to use this windafall in proceeds to beef up infrastructural investments around the country.

Finance and TradeWorld News

Forbes: US Luxury Goods Retailers Can Expect over $5 Billion in Jewelry Sales During 2023 Valentine’s Sales Season

According to the National Retail Federation (NRF), consumer spending in the U.S. may reach as high as $25.9 billion this year on Valentine’s Day gifts ranging from gold jewellery to clothes to fine chocolates.
Of the nearly $26 billion, roughly 21% is forecast to be spent on jewellery, representing $5.5 billion. Clothing could fetch 19%, or around $5 billion.

Overall, luxury goods retailers could be headed for a strong Valentine’s sales season if estimates prove accurate.
That would make 2023 the second-best year for sales since the NRF began tracking this data.

Finance and TradeMarket Analysis

Zimbabwe High Court Grants Release of Historic Diamond Parcel to Vast Resources in Coming Days

After a nearly 12-year negotiation, the High Court of Zimbabwe has granted a default order against the Minister of Mines and Mining Development, relating to a historic parcel of 129,400-carats of rough diamonds, which will be released to AIM UK-listed Vast Resources.

The company expects to receive the signed court order in coming days, following which Vast will clean and value the diamonds for the purpose of selling through a tender.
Vast will then determine the final quality assortment of the parcel once the diamonds are in its possession.

World NewsFinance and Trade

IDEX: Price Report for February Indicates Price Drop in Rounds

Round prices fell yet again during January amid continued hesitancy in the markets, although fancies fared much better. Overall demand remains slow, sentiment is weak, and manufacturing in India is still well below full capacity. Estimates for the number of workers laid off in Surat vary between 10,000 and 20,000. China scrapped its zero-COVID policy in December, which has freed up trade and travel, but has seen infection levels well above anything the country has ever experienced.

Finance and TradeIn-depth

India Makes Moves to Capture More Market Share in Global Outsourcing and Manufacturing Amid Growing Market Uncertainty

Amid the threat of a looming financial recession for the diamond sector in Surat, the GJEPC now seeks a new series of policies they believe will add to manufacturing revenues. This has been another of a late series of attempts by the GJEPC to counter-act the pressures facing India’s diamond sector since the decline of Russian imports and the closure of the Chinese marketplace. 

Finance and TradeManufacturingWorld News

Sarine Technologies and Delgatto Diamond Finance Fund Revolutionize Rough Diamond Financing in New Collaboration

Sarine Technologies has signed a strategic cooperation agreement with the Delgatto Diamond Finance Fund (DDFF) that will enable DDFF to “significantly” increase the amount of capital it provides to the rough sector, as well as expand the types of structures it offers enable more efficient rough diamond financing, starting from January 15th.

Finance and TradeRough MarketMining and ExplorationManufacturing

Bloomberg: Fosun Considering Selling Antwerp Diamond Company IGI

The Chinese conglomerate Fosun, best known as being the largest shareholder of insurer Ageas, is considering selling its majority stake in International Gemological Institute (IGI). The deal could value the Antwerp-based diamond evaluator at around 200 million euros, the Bloomberg news agency learned from sources close to the file.
In October, Fosun announced that it plans to sell up to $11 billion in assets to improve its liquidity position. In addition, Fosun would now, together with Deutsche Bank, evaluate the possibility of selling its 80 percent stake in IGI.

Finance and TradeWorld News

India Gem And Jewellery Exports Up by More Than 8 %

India’s gem and jewellery exports have seen an increase of 8.26 percent in the current financial year, thanks in part to the Comprehensive Economic Partnership Agreement (CEPA). The Indian government has taken several steps to support the gem and jewellery industry, including the implementation of a simplified regulatory framework for exports through e-commerce, reduced duties for the import of diamonds and a new gold monetization policy.

Finance and Trade

Anglo American's De Beers Diamond Sales Fall in 10th Cycle

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell in 2022's 10th sales cycle compared with the previous cycle.
The FTSE 100 mining company said De Beers sold $410 million worth of diamonds in the 10th sales cycle of the year compared with $454 million in the ninth cycle. In the 10th cycle of 2021, it sold $336 million worth of diamonds.

Market AnalysisFinance and Trade

Analysts Believe Signet’s Recent Blue Nile Acquisition Could Play Out for a 50% Upside in Stock Price in the Medium Term in 2023

According to market analysis firm Seeking Alpha, Signet’s management seems to be doing all the right things - whether it's making smart acquisitions, divesting a risky sub-prime financing business, shutting underperforming stores, or maintaining strong margins.

Finance and TradeIn-depthMarket Analysis

Newfield Resources Enters Sales Agreement with DelGatto Diamond Finance Fund

Newfield Resources has entered into an asset purchase and sales agreement with DelGatto Diamond Finance Fund (DDFF) for an initial amount of $1.2-million (before costs), payable within 12 months from future diamond sales, to assist with the continued development of the company’s Tongo diamond mine, in Sierra Leone, and for general working capital.
Newfield took over Tongo in March 2018 when it acquired London-based Stellar Diamonds for $23.6m. Before that the mine was owned by Israeli diamantaire Beny Steinmetz, through Koidu Holdings, in which he held a controlling stake.

Finance and Trade

New Financing Possibilities for Mid-Size Diamond Dealers Based In Antwerp

Antwerp welcomes a new player in the diamond district: Clarity Capital Finance. The company is an Antwerp-based Multi Seller Trade Receivables Finance Platform, a bespoke SPE set up for the purpose of providing trade receivable finance initially to mid-size diamond dealers based in Antwerp.

Finance and Trade

SODIAM heralds Large Stone Diamond Tender to be held in Luanda, Angola

SODIAM, the State-owned company responsible for marketing Angola’s diamond mining output has announced that they will hold a tender in Luanda.  Viewings are scheduled to take place between 24 October and 14 November 2022 at SODIAM’s office and the bid submission - electronically only - will end on 15 November 2022 at 10:00 a.m. Luanda time.
The sale is exclusively targeting SODIAM-registered customers that have a proven expertise in large stones, as the tendered lots will include a total of (43) single stones:

Finance and Trade

Botswana President Masisi Visits Antwerp Diamond Industry

On Tuesday, President Masisi of Botswana, the First Lady,  and a large delegation including the country's Minister of Minerals and Energy Moagi and Minister of International Affairs and Cooperation Kwape visited the Antwerp diamond community.

Rough MarketFinance and TradePoliticsWorld News

Fintech To Offer Investment Diamonds in Shares

Fintech company Luxus this week launched a platform where it plans to offer investment grade diamonds, fractionalized into smaller shares, modeled after fractionalized investing models such as the art platform Masterworks. The first diamond the company wants to list is an Argyle pink valued at US$400k, divided into 2,000 shares of US$200 each, pending SEC approval this month. Luxus gathered US$2.5m in seed money last summer and is the brainchild of former Blackstone managing director Dana Auslander and luxury PR specialist Gretchen Gunlocke Fenton. 

Finance and Trade

Major Blow For UAE: Gray Listed over AML Concerns

Several media report the global financial watchdog FATF today in Paris at its plenary session has decided to "gray list" the United Arab Emirates over concerns that the UAE hasn't made enough progress in tackling illicit financial flows, Bloomberg stated.

Finance and TradeWorld News