Lucapa Diamond Co. has announced that the Lulo alluvial mining company, Sociedade Mineira Do Lulo (“SML”), is to receive US$4.0 million (A$7.0 million) under a partnership agreement with leading international diamond manufacturer Safdico International. The partnership was forged in an effort to create added value for some of Lucapa's exceptional rough diamonds.
The world’s largest diamond cutting and polishing centre in Surat, India, is facing a potentially massive liquidity crisis as a result of overdue payments owed by diamond traders in China and Hong Kong in the aftermath of the coronavirus outbreak, writes The Times of India. Industry estimates estimate the value of those overdue payments at Rs5,000 crore, about $670 million, in the past month alone.
At meetings in Botswana coinciding with its second rough diamond 'sight' of 2020, De Beers detailed to clients its plans to scrap the one-size-fits-all supply model and create three different types of contract: manufacturer contracts, dealer contracts and integrated retailer contracts, a company representative explained to us. Each type of contract is said to be designed around the broad needs of the three types of business model to which they apply. The move is designed to help the diamond miner ensure that each buyer gets the stones most suited to its needs and business type.
Sarine Technologies could not overcome the market-driven losses sustained in the first half of 2019, ending the year with a net loss of US$1.4 million as group revenue fell 12% to US$51.3 million amid tough industry conditions. The group stumbled to a net loss of US$2.8 million in the first half of FY2019 before the gradual stabilisation of conditions in the industry in the second half of 2019 helped them halve that loss by the end of the year. Sarine made a modest net profit of US$0.2 million in Q3 2019 with further improvement on profitability to US$1.2 million in Q4 2019.
India’s exports of polished diamonds continue to fall short of last year’s levels, declining by 5.7% during the month of January 2020, according to provisional data released by The Gem & Jewellery Export Promotion Council (GJEPC). The value of rough-diamond imports for manufacturing fell again as well, despite a notable increase in volume. Meanwhile, India's synthetic-diamond imports (rough) and exports (polished) continue to grow rapidly.
Indian diamond manufacturer and exporter Star Rays announced it is working towards becoming India’s first carbon-neutral diamond company, highlighting its commitment to sustainable business practices.
Safdico International (South African Diamond Corp.), a subsidiary of Graff Diamonds and a leading diamond manufacturing and trading company has signed a deal with Australian miner Lucapa whereby it may purchase up to 60% of the annual rough production from the Lulo alluvial mine in Angola.
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.
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.
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.
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.
Former CEO and now chairman emeritus of Rosy Blue Alliance, Dilip Mehta, has announced a new venture into synthetic diamonds, partnering with his sons to launch a business in Surat. Mehta is just the latest of many diamond veterans to test the synthetic-diamond waters. Speaking to the Times of India, Mehta made clear that the venture was fully independent of Rosy Blue. "This one is our own venture and nothing to do with Rosy Blue," he is quoted as saying.
In a preliminary update for Q3 2019, Singapore-listed diamond equipment and services provider Sarine noted that "the significant drop (40% less y-o-y) in the quantities of rough stones entering the production pipeline" has temporarily eased the excess inventories in the midstream, "somewhat alleviating" the issue of working capital in the short term.
Lucapa Diamond Co. has exported a 46 carat Lulo pink diamond to Antwerp and it is currently undergoing studies for polishing (initial possible polished solutions pictured above). A decision on the optimal polished solutions will be taken by the Sociedade Mineira do Lulo (SML) and the Lulo partners once the studies are concluded. While Antwerp is not the manufacturing center it once was, many of the world's most valuable and complex rough diamonds still find their way to Antwerp for analysis and polishing.
As has been anticipated for some time now, the Supervisory Board of Russian diamond miner Alrosa has green-lighted the acquisiion of a 100% stake of Production Corporation 'Kristall' from the Russian Federation. The move brings the leading polished-diamond manufacturer in Russia and Europe under the Alrosa Group umbrella. The value of the 100% equity interest in Kristall was determined on the basis of an independent appraiser's report at RUB 1,886 million, approximately US$29 million.
The Government of India has succumbed to internal and external pressure and lowered the Goods and Services Tax (GST) rate for wide variety of products and services - including 'job work' in the diamond industry - in an attempt to revive the economy. The announcements come as welcome news and should provide a much-needed boost to the gems and jewelry industry in India, hopefully stemming the tide of job losses in the sector.
The 21st Presidents’ Meeting of the International Diamond Manufacturers Association (IDMA) and the World Federation of Diamond Bourses (WFDB) begins today, September 23, in Dubai. It will take an in-depth look at the issue of synthetic diamonds with a panel discussion dedicated to this issue, while another panel will discuss traceability, provenance and blockchain technology.
The ongoing slump in the global diamond industry is having a negative impact on jobs in the expansive diamond manufacturing industry of India. The world's largest cutting and polishing centre appears to be heading toward an employment crisis, at least in the short-term. Estimates from industry insiders are that the diamond industry in Gujarat have seen job losses of up to 10%-15% already, with more on the way if consumer demand does not pick up in the near future.
Sarine Technologies is expecting its second straight quarterly loss as the "prevailing negatives in the diamond industry midstream" are hurting their financial results. Demand for their diamond-manufacturing equipment relies on the manufacturing sector and thus indirectly on the rough trade that supplies it - two segments in the midst of a slump.
The diamond industry has hit its halfway mark of 2019 and the song remains the same as Rapaport releases their H1 figures detailing across-the-board declines in polished diamond prices amid, as we noted last week, a period of weak sentiment and even weaker demand, all of which is taking its toll on manufacturers and those that supply them.
A combination of factors has led to a nearly 50% decline in production by small diamond manfacturing units in India, not the least of which is a significant decline in the price of small diamonds (0.30 carats), writes the Times of India (TOI). According to the most recent RapNet Diamond Index, the price index for diamonds weighing 0.30 carats has fallen by 16% over the past year, and about 25% since January. The vast majority of these stones are manufactured in Surat and has caused already-low margins for manufacturers to plummet.
Sir Gabriel Tolkowsky is one of the greatest diamond cutters of all time. His many accomplishments include the fashioning of the priceless, 273.85-carat Centenary Diamond, cut from a 599.19-carat rough stone, which is still the largest D Flawless diamond in history, and the Golden Jubilee Diamond, the largest faceted diamond in the world at 546 carats. Sir Tolkowsky - known as Gabi - is also renowned for creating the “Flower Cuts” for De Beers, which accentuate the brilliance of typically lower-quality and lower-color stones with their unconventional angles and facets.
100 years ago, at the age of 19, Antwerp diamond polisher and engineer Marcel Tolkowsky was the first person to scientifically determine the perfect way to cut a brilliant diamond - 57 facets precisely positioned in such a way as to achieve the maximum brilliance, fire and scintillation.
Tiffany & Co has been expanding its workforce in sub-Saharan Africa as part of its drive to increase its transparency and raise ethical jewelry standards across the industry.
Media reports out of Africa are claiming an agreement (MoU) has been reached between the Zimbabwe Consolidated Diamond Company (ZCDC) and the Diamond Trading Company (DTC) in Gaborone, whereby the latter would commence processing of Zimbabwe's diamonds. The diamond deal is said to be one of the agreements sealed during the high-level Zimbabwe-Botswana Bi-National Commission (BNC) summit held in Harare last week.
Sarine Technologies recorded a fourth-quarter net profit of $93,000, down 85% from $613,000 the year before, citing challenging industry conditions, weak sentiment in the midstream and a downturn in consumer spending in China due to uncertainties stemming from the impact of trade tariffs. The company notes that credit for India’s manufacturing sector tightening, Indian Rupee exchange rate volatility and the 'legitimization' of laboratory-grown diamonds all conspired to generate weak results.
HRD Antwerp, Europe’s leading reference for diamond and gemology education, diamond certification and grading, this summer (June 3-7) is launching a course in Rough Diamond Management and Production Control. The course will introduce the business concepts required to acquire and trade rough diamonds, foremost among which are various techniques for determining the value of rough stones, the key component at the basis of any career in rough diamond trading and management.
A hub dedicated to the diamond industry in Angola will be inaugurated in 2019 in Saurimo, Lunda Sul province, the minister of Mineral Resources and Oil announced at the end of December. Diamantino Azevedo said that setting up the hub, a project developed jointly by state diamond mining and processing company Endiama and state diamond sales company Sodiam, is in its final phase. The minister also said that the hub project includes a diamond cutting and polishing factory, a professional technical school and other institutions and industries linked to the diamond business.
A diamond jewelry manufacturer from Antwerp, Giovanni Daems, is the first to develop a new, patented technology for a fully-automated diamond setting machine, which it unveiled this week at the China International Import Expo in Shanghai.
Nearly one in five people engaged in India’s diamond industry, or about 100,000 workers, are said to be at risk of losing their jobs in the next six months, a representative of the Gem & Jewellery Export Promotion Council (GJEPC) told The Economic Times. “The diamond trade in Surat could potentially lose one lakh (100,000) jobs in the next two quarters due to the increase in duty, lack of ease of doing business and the liquidity crunch.
The GIA has announced that Chinese retailer LAELIM Jewelry and Belgian diamond manufacturer IGC Group will pilot GIA’s M2M (Mine to Market) program, which allows for complete transparency and traceability of diamonds along the value chain, writes GIA in a press release. This is one of the first instances where a manufacturer and retailer implemented the M2M program in partnership, and LAELIM is the first retailer in China to participate.
The majority of small and medium diamond manufacturing units in India are planning to close shop and take an early Diwali vacation as sentiment in the diamond cutting and manufacturing centre is faltering, writes the Times of India. Depreciation of the Indian rupee has put heavy pressure on the trading of polished diamonds amid dwindling demand, falling polished prices, firm rough diamond prices and the banks squeezing loans to the industry.
Botswana Finance LLC, a subsidiary of Lazare Kaplan International (LKI) has signed a $125 million loan guaranty with Stanbic Bank Botswana, a member of Standard Bank Group and the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution. The loan guaranty will encourage and support lending to diamond manufacturers and polishing companies while allowing the organizations to share credit risk.
While welcoming the Indian government's recent Increase of the import duty on jewelry from 15% to 20% as a way to strengthen the jewelry manufacturing sector, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) Pramod Kumar Agrawal said the hike on cut and polished diamonds and processed colored gemstones would negatively impact exports and trade of cut and polished diamonds.
The World Federation of Diamond Bourses (WFDB) announced that the 2018 World Diamond Congress, the biannual meeting of the WFDB and the International Diamond Manufacturers Association (IDMA), will take place in Mumbai, India, during the latter part of October. This year’s Congress was due to take place in Tel Aviv from June 19 to 21, but was postponed due to security concerns.
Element Six, a synthetic diamond manufacturer and member of the De Beers group of companies, planted their shovels in tthe Oregon soil to mark the symbolic commencement of construction on their $94 million manufacturing facility for laboratory-grown gems, produced exclusively for De Beers’ new fashion-jewelry brand, Lightbox Jewelry. The new brand will offer consumers laboratory-grown diamonds in high quality designs for casual, everyday occasions at lower prices than existing synthetic offerings.
In a move that should come as a surprise to precisely no one, Russian diamond giant ALROSA has confirmed plans to acquire the country's largest diamond-polishing company, Kristall Production Corporation. Deputy Finance Minister Alexei Moiseyev told PRIME News Agency that a deal has been reached with the Federal Property Management Agency (FPMA), which will be completed by the end of the third quarter of 2018. The market price is still to be determined.
The new revolutionary machine will pose a big challenge to the artisanal skills of the diamond polishers in Surat. At present, from near gem quality to solitaires, the diamond polishers of Surat and Gujarat are the leaders. But, the machine developed by AWDC will change the scenario in the longer run.
- Diamond industry analyst Aniruddha Lidbide responds to Fenix automated polisher in TOI article, "Machine made in Antwerp may pose threat to Surti diamond polishers"
This morning, the Antwerp World Diamond Centre (AWDC), together with its research center the Scientific and Technological Research Center for Diamonds (WTOCD), unveiled a revolutionary technology that fully automates and accelerates the diamond polishing process: Fenix. This technology fundamentally transforms that process that has not changed since Lodewijck Van Bercken, a 15th-century jeweler and diamond cutter in Antwerp, in 1456 discovered that diamond could be polished with diamond. Watch the preview video here.
Sarine Technologies, which provides high-tech equipment and services to the diamond industry, announced yesterday that it is opening its second Sarine Technology Laboratory in Mumbai, India, as scheduled, which will offer services to the key Indian polishing centre, commencing immediately. The Laboratory, one of the leaders in the development, manufacture and sale of precision technology products for the evaluation, planning, processing, finishing, grading and trading of diamonds and gems, offers reports on a broad range of a polished diamond's parameters.
The world's leader in rough diamond output, Russia's ALROSA, plans to boost revenue from selling rare, colored stones where demand is stable, according to the head of ALROSA's sales division Evgeny Agureev. The global market for polished colored diamonds is now dominated by Rio Tinto and De Beers, but it apparently ALROSA aims to makes some changes to its sorting and processing in order to compete. “We hope that ...
The world's leading diamond producer, Russian diamond miner ALROSA, has let it be known that it is considering the purchase of Russia's largest diamond manufacturer, Kristall Smolensk, to "support the country’s gem-cutting industry and help create a stronger competitor to global group De Beers", Reuters reports. The supervisory board of Russian diamond mining giant ALROSA approved acquisition of 100% of Kristall, the company said in a statement on Friday.
Sky Investments, which is owned by the Hong Kong-based KGK group, has officially opened a new cutting and polishing factory in Windhoek, Namibia.
Everledger today announced the collaborative launch of the Diamond Risk Platform with the Diamond Durability Laboratory (DDL), the only gemological laboratory that focuses on diamond damage and evaluating any type diamond for potential damage, in a move that will dramatically shift the risk assessment reporting of diamond damage into an innovative realm, the company said in a statement. With development commencing in 2016 and completed in Q1 2018, the Diamond Risk Platform creates, manages and stores DDL’s leading comprehensive risk assessment
"Two diamond powerhouses are joining forces", writes Rob Bates of JCK concerning polished diamond manufacturer Rosy Blue taking a minority share in Leo Schachter, another of the world's leading polished diamond suppliers.
Last week, the Antwerp diamond industry learned that Tiffany & Co. was planning to restructure its manufacturing activities at its Antwerp subsidiary, Laurelton Diamonds, a move likely to cost 27 of the 30 polishers their jobs, while another six polishers from Antwerp manufacturer GemTech were also shown the door. It was unwelcome news for Antwerp's manufacturers, whose numbers have dwindled as a result of diamond polishing in low-wage countries.
Tiffany & Co. has announced the impending discontinuation of its manufacturing activities at its Antwerp subsidiary, Laurelton Diamonds, with the internal company reorganization coming as a result of changing market conditions. The manufacturing unit will be dismissing 24 of its 27 employees, confirming the speculations that have been circling through Antwerp's diamond district for more than a week.
The Zimbabwe Consolidated Diamond Company (ZCDC) has disputed reports from a month ago that it is exporting diamonds to Botswana, now saying rather it is merely learning lessons from the neighbouring country's mining and processing sectors. ZCDC CEO Morris Mpofu said the government had facilitated engagement with entities in Botswana involved in the diamond industry, but the aim is to draw from Botswana's experience rather than having them process Zimbabwe's diamonds.
Zimbabwe is on the brink of clinching a deal with Botswana to start processing its diamonds at the world renowned Diamond Trading Company (DTC), writes The Herald - Zimbabwe. Following Zimbabwe's new President Mnangagwa's two-day official visit to Botswana, where he continued to emphasise his theme that Zimbabwe is 'Open for Business', it was announced that the arrangement will see Zimbabwe shipping its diamonds to Botswana for processing, cleaning and polishing before the gems are placed on the market. It is anticipated that taking advantage of Botswana’s expertise will benefit Zi
Recent reports ranging from the Gem and Jewellery Export Promotion Council's (GJEPC) lobbying efforts to change the Goods & Services Tax (GST) for the diamond industry, to Indian manufacturing companies looking to set up cutting and polishing units in Russia and an estimated $158 million in couriered diamond parcels seized on suspicion of tax evasion have the Indian industry hot under the collar about the GST.
Galatea Ltd., a wholly-owned subsidiary of Sarine Technologies Ltd, is taking legal action against a manufacturer in Surat, India, for their allegedly fraudulent use of Sarine's Galaxy® inclusion mapping technology and systems, the company said in a statement. Galatea claims the company has been practising deliberate under-reporting of rough stone weights and underpayment of amounts owed to Galatea for the scanning of the rough stones.
Bain & Company, together with the Antwerp World Diamond Centre (AWDC), has published their seventh annual report on the global diamond industry, "The enduring story in a changing world", covering industry developments in 2016 and the first half of 2017 as well as the challenges the industry faces and how it is turning them into opportunities. Their report looks at key issues along the value chain, from rough-diamond production and sales, to midstream performance and global diamond jewelry demand in major markets.
In 2015, CAP Conseil, a sustainable development consultancy based in Belgium, presented the Antwerp World Diamond Centre (AWDC) an idea for a fully ethical and traceable diamond jewelry project from small-scale origin. Two years later, the first MY FAIR DIAMOND collection has become a reality.
Jean-Arthur Régibeau, Ambassador Extraordinary and Plenipotentiary of the Kingdom of Belgium to the Russian Federation, visited the United Sales Organization (USO) ALROSA, and one of Russia's leading diamond cutting facilities - DIAMONDS ALROSA. He met with the heads of subdivisions and got acquainted with the process flow and work principles - and also was shown the amazing Dynasty Collection. “It was a familiarization visit.
The Times of India this past weekend was the bearer of somber news from the Surat diamond industry, writing that, "Most of the small and medium diamond manufacturers have literally stopped the manufacturing of diamonds ahead [of Diwali] and are waiting to down their factory shutters early." With Diwali coming on October 19 (compared to October 30 last year), De Beers CEO Bruce Cleaver was optimistic as rough diamond sales in Cycle 6 (ended 31 July) surged to $572 million.
The Russian government wants Alrosa to offer more favorable terms to local cutters so they are able to compete in a market that’s dominated by Indian manufacturers.
Alrosa has chosen to focus on mining, where it can get bigger margins, leaving Kristall Production Corp. and other cutters to buy stones at similar terms as overseas competitors. They are struggling to compete with centers like India, the largest polishing center, due to manufacturing being cheaper - it manufactures 90% of the world’s diamonds - and a workforce of 1 million.
According to an article in The Kommersant Daily, Russia's Ministry of Finance has prepared a 'roadmap' for the development of Russia’s diamond manufacturing industry, which could become one of the biggest reforms in its history. "In particular", the news agency writes, "it is said to be aimed at serious mitigation of state regulation and reducing the tax burden on Russian diamond manufacturers, as well as at expanding their access to raw materials. This threatens to revise the marketing and investment policy of ALROSA and add to its financial burden.
ALROSA has unveiled The Dynasty, the lead stone in a unique collection of five diamonds created from a 179-carat rough diamond (The Romanovs) and manufactured at its cutting and polishing facilities. The centerpiece of the collection, a 51.38-carat traditional round brilliant-cut diamond, is the purest of all large diamonds manufactured throughout the Russian jewelry history, according to the company. The Romanovs was recovered from Nyurbinskaya kimberlite pipe in the Republic of Sakha (Yakutia) in 2015.
CEO of the Zimbabwe Consolidated Diamond Company (ZCDC), Dr. Moris Mpofu, last week described plans for reversing the resource curse in the country's tumultuous diamond industry with the creation of a multinational diamond park in Mutare - Zimbabwe's fourth-largest city situated on its eastern border.