Petra Recovers 5 Rare Blue Diamonds

Petra Diamonds today announced that it has recovered five extremely rare blue rough diamonds at its Cullinan mine, of 25.75 ct, 21.25 ct, 17.57 ct, 11.42 ct and 9.61 ct respectively. The last discovery of a blue rough stone dates back exactly one year ago, and blue diamonds are considered as one of the most rare in fancy colored stones, making it all the more extraordinary that five diamonds are recovered in one week's production.

Mining and ExplorationRough Market

Alrosa Sold $7.4m in Rough Specials (10.8ct+)

Alrosa announces it sold 133 special (10.8ct+) rough diamonds, with a total weight of 2,173 ct for a value of US$ 7.4 million during its most recent auctions held in Belgium and Israel, to a total of 20 companies. The auctions are the single channel currently for Alrosa's specials. According to Deputy CEO, Evgeny Agureev, the total revenue significantly exceeded expectations, demonstrating demand for high quality rough is high.

Rough Market

Grib Tender Results Reach Pre-Covid Levels

Grib Diamonds sold 100% of its wholly owned Russian production in Antwerp yesterday, Monday 7th September. 390K carats of Russian goods were on offer which sold for more than $25M. Over 300 companies were invited to participate in the viewing of which 159 were active in the auction. “Bidding was stronger than any Grib sale seen since December 2019 with nearly 5,000 bids made. Prices rose to levels not seen since the beginning of the 2020, with particular strength noted in the cheaper goods and smalls.”, the company said.

Rough Market

De Beers Next Auction Sales Sept 24

De Beers

45ct Pink Rough Starring in Hennig Angolan 5ct+ RoM Tender

Tender company Hennig Tenders will be holding a dual tender with viewings both in Ramat Gan and Antwerp of a large volume of original run of mine Angolan goods of 5ct and up, both single stones and parcels. The tender will also include a signicant selection of fancy colour stones, with a 45ct exceptional pink rough as the standout stone at the tender.

Rough Market

GEM Diamonds Not Pursuing Petra's Assets

In a Q&A following the announcement of interim results, GEM Diamonds CEO Clifford Elphick said the company is not pursuing any of Petra's assets. "They are lovely assets but there is a massive debt pile and everyone looks at this in the same way … We’re near the end of all this.”, Elphick said. In the first half of 2020, GEM Diamonds reported a US$1.7 million loss, compared to a US$ 4.2 million profit in the same period last year, and the Letseng mine production forecast was adjusted to 96,000ct down from 100,000ct.

Rough MarketMining and Exploration

Gokhran May Buy US$1bn of Alrosa's Rough

According to an opinion piece by Rough&Polished's Sergey Goryainov, the Russian State Repository may be in the process of buying US$ 1 billion worth of (rough) diamonds from Alrosa, the Russian mining giant, to alleviate the pressure on the company as the industry suffers from the COVID-19 pandemic. The author believes that what he describes as a "bailout" for both the industry and Alrosa by the Gokhran is inevitable and necessary move.

Market AnalysisOpinion pieceMining and ExplorationRough Market

Major Miners Price Cuts Spur Diamond Trade

After major miners De Beers and Alrosa announced price cuts, Bloomberg reports that the combined sales of their recent long-term client sales amounted to US$500 million, in stark contrast with the near-zero sales of the past six months, as the pandemic broke out and both companies decided to maintain pricing but maximize flexibility to their clients to defer contract purchases.

Rough Market

Analysts Say De Beers Sales Will Rebound

According to Morgan Stanley analysts, in the 2nd half of 2020, De Beers' sales could rebound to US$1.6 billion, a recovery they believe will be driven by the holiday season, traditionally a strong sales period. The miner, for 85% owned by Anglo American, clocked an EBITDA of only US$2 million in the first half of the year, as De Beers' sales of rough diamonds dropped to nearly zero due to the global pandemic.

Rough Market

Petra Will Charge Indian Clients More Due to Indian Online Sales Tax

In a communication to its clients, Petra Diamonds has announced it will be charging its India-based clients an additional 2.041% on purchases through its Online Bidding Platform as well as on purchases made through Petra's other branches (Petra Diamonds Ltd and Petra Diamonds Belgium).

Rough Market

Strong Jagersfontein & Rooipoort Sales at Antwerp Tender

First Element Diamonds Services recently held the Jagersfontein Developments and Rooipoort Developments tender which concluded on Friday the 7th of August at the Antwerp Tender Facility. According to the company, the tender was exceptionally well attended and delivered strong results. Both of the mines offered their full Run of Mine productions which consisted of everything from Special +10.8Ct stones down to Melee goods.

Rough Market

Russian State Repository to Buy Alrosa Rough

Alrosa, the Russian mining giant says it is close to finalizing a deal in which the Gokhran, the Russian State Repository will buy a significant volume, ranging between US$500 million and US$1 billion, worth of diamonds. “It’s a question of state-government support to our company,” Evgeny Augurev, Alrosa's Vice CEO commented, “And not only to our company, but to the whole industry.”

Rough Market

Rio Tinto Weathering The Storm: Successful Antwerp Tender & Continued Production

Despite the global pandemic and the challenges it poses on the diamond industry at large, Rio Tinto, owner of the Argyle mine in Australia and partial (60%) owner of the Diavik mine in Canada, has continued to produce and market its rough diamonds. By implementing health and safety measures at the mines, as well as support programs for local communities, Rio Tinto managed to keep the mines operational. Via its Antwerp office, the only diamond hub that remained open for business throughout the crisis, the miner also recently held a Rio Tinto Specials Tender.

Rough Market

Even Mining Giants Are Hurting: De Beers Plans Restructuring

Bloomberg reports that in a letter to De Beers' staff, seen by Bloomberg News, the company's CEO, Bruce Cleaver, has communicated the company is looking into ways to reduce costs and increase revenue across all operations. Sales have dropped dramatically since the outbreak of the pandemic and the company fears demand for diamonds is not likely to improve in the short term. According to Bloomberg, insiders believe the restructuring could also involve job cuts and changes to the traditional selling system of sights and sightholders.

Mining and ExplorationRough Market

De Beers Continues Antwerp Sights, Miners Remain Flexible

For the sixth sight of the year, De Beers will continue to offer their clients the possibility to view goods in Antwerp and also Dubai, starting on Monday. Alrosa announced earlier this week it will drop mandatory buyout minimum requirements for the July sale, also starting on Monday, and as of August, the volumes will be reduced to 50% leaving clients the option to purchase additional goods via auctions and tenders.

Finance and TradeRough Market

Alrosa Antwerp Specials Auction Brings In 4.1m$

During its latest specials tenders, held in Alrosa's Antwerp and Israel local offices, Russian miner Alrosa sold 156 special size (10.8ct+) rough diamonds, combined weight of 2,416 carats for a total amount of $6.8 million, $4.1 million of which was achieved in Antwerp, $2.7 million in Israel.

Rough Market

Western Australia's Royalty Cut Welcome Relief for Gibb River

Gibb River Diamonds, the company holding the lease on the Ellendale mine in West Kimberley since December 2019, welcomes a recent drop in royalty rate - from 7.5% to 5% - by Western Australia authorities. The Ellendale mine, which in the past produced 50% of the world's typical fancy yellows for Tiffany & C° hasn't produced diamonds since 2015, when former owner Kimberley Diamonds decided to only focus on their Botswana project.

Mining and ExplorationRough Market

Ivory Coast To Restart Diamond Mining After 45 Years?

According to Africa Intelligence, for the first time in 45 years, Ivory Coast could be at the brink of restarting diamond mining at four concessions, around the town of Séguéla, owned by company Transactysglasol, with trading office Glasol in Antwerp, headed by new CEO and French national Nicolas de Lesguern. According to Africa Intelligence, production is scheduled to start in November, when the semi-industrial mining sites are operational. In recent years, the country barely produced any rough diamonds, representing 0.02% of global rough diamond production.

Mining and ExplorationRough Market

Botswana Diamonds Acquires Petra's KX36 Discovery

Botswana Diamonds PLC today announced it has acquired 100% of the Sekaka (Sekaka Diamonds (Pty) Limited (Sekaka) is Petra’s wholly owned operating subsidiary in Botswana) shares of the KX36 diamond discovery in Botswana, alongside two prospecting licenses and a diamond processing plant. The consideration comprises a cash payment of US$300,000 and a 5% royalty on future revenues.

Mining and ExplorationRough Market

Antwerp-based HB Will Buy All +10.8ct Lucara Diamonds

Lucara Diamond Corp has announced a unique partnership with the Antwerp-based company HB in which HB will buy all of the diamonds in excess of 10.8ct produced at the Karowe mine in Botswana, since March, and for the remainder of the year. About 70% of the rough mined by Lucara consists of larger, high value stones, and none of those have been up for sale since the pandemic broke out. In this unique supply agreement, HB will pay a price based on the estimated polished outcome, based on scanning and planning results.

Rough Market

GRIB Sells Another $16m at Antwerp Rough Tender

On July 10th Grib Diamonds sold over $16M of rough diamonds from its fully owned Grib Diamond Mine in Russia. The rough diamond market is going through continued tough times with re-imposed lockdowns in the main cutting centre, India. However, Grib was able to sell more than 92% of the goods on offer and approximately 300k carats. According to Grib Diamonds, prices were slightly softer than the June sale with a small single digit reversal on June.

Rough Market

Bonas Antwerp Tender Starring Exceptional KAO White and Pink Rough

Currently on tender in Antwerp, Bonas Group and Namakwa diamonds are showcasing two exceptional rough stones from the KAO mine in Lesotho; a 88.21ct white and 13.74ct pink, part of an offering of singles stones and more than 60,000ct of the mines regular production. The tender is ongoing in the Bonas Group offices in Antwerp, through to July 16. 

Rough Market

Petra Up For Sale As Pandemic Foils Debt Restructuring

Petra Diamonds has announced it is open to offers for (parts of) the company, after a strategic review of mounting debts, now at US$650 million. Only last year, Richard Duffy took over from former CEO Johan Dippenaar, with the task to turn around the troubled miner's balance sheets. The Covid-19 pandemic now foils the ongoing optimization and restructuring introduced by Duffy, as mines were forced to shut down and the global diamond market came to grinding halt.

Mining and ExplorationRough Market

De Beers Holds Sight Viewings in Antwerp

De Beers is currently holding its 5th cycle sight viewings in Antwerp, a new initiative allowing sightholders who wish to do so, to view the goods outside of the usual sights held in Gaborone, Botswana. The goods will continue to be sold from Botswana, but the country has closed its borders for foreigners, forcing De Beers to literally think outside of the box. As the city is home to a large number of De Beers Sightholders, Antwerp is the first location to have such viewings. 

Rough Market

Gem Diamonds Sells Over US$22m at Antwerp Large Stones Tender

In a statement Gem Diamonds has announced it has sold all large diamonds during its latest Antwerp tender, organized in strict compliance with COVID-19 measures. The company realized an average $/ct price of $1707 in H1, up from an average $/ct of $1687 in H1 and $1506 in H2 2019 respectively. A 13 carat pink diamond achieved $40,110 per carat, and a 61 carat white Type II diamond achieved $31,400 per carat. 15 diamonds sold in H1 2020 for in excess of $1 million each and one diamond for over $5 million.

Rough Market

Alrosa's Diamond Sales 'Improve' in May, Fall Far Short of 2019

By just about any measure - with the exception of last month - Alrosa's diamond sales in May 2020 scraped rock bottom as the Russian miner enabled its long-term clients to postpone their purchases in an attempt to lower the pressure on the market. Alrosa expects buying activity to improve in the middle of the third quarter.

Rough Market

Grib Diamonds Sells $20M in Rough Despite Challenging Market

Grib Diamonds, the Antwerp-based marketing arm of Russian miner AGD Diamonds, on June 16 sold over $20 million of rough diamonds from its fully-owned Grib Diamond Mine in Russia. Despite the troubled times the rough diamond market is going through, Grib was able to sell more than 90% of the goods on offer and approximately 350k carats.

Rough Market

Sodiam Reports $27m Profit in 2019

In a press release, Sodiam, the state-owned body that markets of Angolan rough diamonds, announced its 2019 figures, with a net profit of US$27million, less than in 2018, as new legislation introduced in 2019 allows miners to market a portion of their production directly instead of through Sodiam. In September of last year, Sodiam introduced its online platform for competitive sales, and according to the release has reduced its operating cost by 17% in 2019. Tax contributions amounted to US$26,6 million, an increase of 21%.

Rough Market

Mountain Province Seeks Alternative Sales Channel

Mining Weekly reports that Mountain Province, owning a 49% stake in the NWT Gahcho Kue mine, has proposed a deal to Dunebridge Worldwide, an affiliate of shareholder Dermot Desmond, to sell its run-of-mine production, at current market prices at the moment of each sale. The first sale is scheduled for roughly US$22 million later this week. Mountain Province will be entitled to a certain portion of the potential added value - after fees and expenses - generated by Dunebridge when it sells the diamonds in the future.

Rough Market

Koin Introduces Virtual Viewer at Antwerp Tender

At its first tender after lockdown measures were relaxed in Antwerp, tender house Koin International has launched an innovative approach to allow customers to virtually participate in rough tenders, through a concept called "Virtual Viewer". Using specialized equipment and technology, including high resolution livestreamed video, a Koin expert acts as the eyes and hands of the client in a realtime viewing experience. The sessions are also recorded, allowing buyers to review goods whenever suits them and make an informed bidding and purchasing decision from any location in the world.

TechnologyRough Market

Controversial Middleman Namdia No Longer Welcome

Namibia's Minister of Mines & Energy, Tom Alweendo, has blocked the extension of controversial middleman Neil Haddock, of Dubai based Global Diamond Tenders, who was appointed in 2016 to sell Namdia's diamonds. For years, Haddock and his company have allegedly been selling Zimbabwean and Namibian roug far below market value to Dubai companies.

Rough Market

Alrosa’s 1st E-Sight Successful, Confirms Production Cut

 

Alrosa reports its first E-sight, offering long-term clients the possibility to purchase on a stone-by-stone basis was a success,  “demonstrating market demand for rough diamonds and a willingness to purchase via online channels.”, says Alrosa deputy CEO Evgeny Agureev.

In a second tender, currently going on, the miner is tendering 700 rough stones from 5 to 10ct batches, open for purchase to long-term clients, as well as Alrosa’s spot and auction customers.

 

Rough Market

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

Alrosa's May e-Sight Features #800+ 5-10ct Rough Diamonds

Alrosa announced that it is currently offering its long-term customers over 800 rough diamonds in the 5 to 10ct range, the largest volume the company has ever put on its digital platform. Since the implementation of the system, Alrosa has made several improvements to the platform, and now allows its customers to bid on a stone by stone basis in a semi-automated bidding process.

Rough Market

Rough Tendering in the New Normal: First Element Launches Extended E-service

The COVID-19 pandemic is causing a paradigm shift, not only in how we live our lives, stay in touch with friends and family or do our shopping, but also in the way we do business. In an industry that has long relied on face-to-face interactions, particularly in the rough trading business, the crisis is accelerating business processes at a rapid pace. The Diamond Loupe spoke with Johan Erikson, CEO of First Element, a tender house operating in Antwerp, on how their processes have changed in the past few months to adapt to “the new normal”.

Rough Market

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

BlueRock Chooses Antwerp to Market Kareevlei Rough

Mining Weekly reports that UK-based BlueRock, operating the Kareevlei mine in Kimberley, South Africa, will be marketing its goods through Antwerp starting at the end June, in an agreement with Bonas-Couzyn, the Antwerp-based diamond consultancy and tender house. By choosing Antwerp, the world's largest rough market, over the much smaller domestic market, the company hopes to boost sales as the market recovers from the COVID-19 pandemic.

Mining and ExplorationRough Market

And now for some good news: Lucapa finds 171ct White Diamond

De Beers Expands Online Sales

De Beers has launched its online "Buy platform", a segment of the De Beers Group Auctiones, where Registered Buyers can now buy rough diamonds online. The platform works like any other e-commerce platform, where buyers can search, "view" and select goods, add them to their shopping cart and complete their purchase via a virtual checkout. In addition buyers can create favorite products, which are assorted in four categories; "very high-end", "high-end", "mid market" and "low-end".

Mining and ExplorationRough Market

Alrosa Suspends Aikhal and Zarya Operations

Alrosa announced today it will temporarily put its Aikhal underground mine and Zarya open pit operation in care and maintenance starting May 15 in response to the decreased demand and sales of diamonds caused by the COVID-19 pandemic. The Aikhal underground mine is scheduled to reopen at the end of September, while the Zarya mine will remain closed to the end of the year, with regular reassessment of market conditions. Combined, the two operations produced 2.6m carats last year.

Rough Market

AWDC Webinar Series Continues with Paul Zimnisky

The Antwerp World Diamond Centre continues its AWDC Webinar Series tomorrow, April 29 from 15:00-16:00 with a presentation on the "Rough Market: a Q&A with Paul Zimnisky."

Rough MarketIn-depth

Gem Diamonds to Reopen Letšeng Mine Despite COVID-19 Lockdown

Gem Diamonds has been granted permission by the government of Lesotho to reopen its Letšeng Mine following the three week lockdown, with effect from Monday 27 April. The country will remain on lockdown for more than another week, until May 5. The miner said it is taking all of the necessary precautions to protect its people. The mine is located in the Maluti Mountains of Lesotho at an elevation of 3,100 m (10,000 ft). It is the world's highest diamond mine.

Mining and ExplorationRough Market

Miners Are Hurting: Dominion Diamonds Files For Protection

In a press statement, Dominion Diamonds, operating the Ekati Diamond in the Northwest Territories has announced it has filed for insolvency protection under the Canadian Companies' Creditors Arrangement Act ("CCAA") granting the company protection from creditors. Dominion is said to have received and is considering a proposal from an affiliate of its current equity owner, The Washington Companies, to provide financing to pilot the company through the CCAA process.

Rough Market

GJEPC Officially Calls For Rough Import Ban

In a letter signed by GJEPC Chairman Agrawal, President of the Bharat Diamond Bourse Anoop Mehta and Marendra V Gandhi, President of the Mumbai Diamond Merchants Association, the industry organizations are calling on their members to implement a cessation of rough diamond imports for the duration of one month, starting May 15.

Rough MarketManufacturing

Chaim Even-Zohar on the Impact of Potential Rough Diamond Import Ban in India

The writing appears to be on the proverbial wall: the Indian diamond industry is careening toward a temporary ban on rough-diamond imports which, if implemented, will effectively bring rough diamond trading to a halt. How can manufacturers survive without rough, you may ask? If Chaim Even-Zohar’s calculations are correct, it is because they are sitting on $1.5-$2 billion of rough diamond inventory already, with another $5 billion in polished ready for sale. The question then becomes: why buy more?

In-depthOpinion pieceMarket AnalysisRough MarketManufacturingPolished

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

Renard Mine Stays Closed (for now)

Stornoway Diamonds has decided not to resume activity at its Renard operation despite a provincial classification of mining as "essential operation". "The unprecedented global events we are experiencing have unfortunately led to the board of directors to take this difficult decision impacting our employees and a number of our valued stakeholders.", Stornoway CEO and President Patrick Godin commented.

Mining and ExplorationRough Market

Petra Diamonds Sees 27% Drop in Prices, Withdraws Best Stones from Sale

Mid-tier miner Petra Diamonds has been keeping us up to date with regards to the impact on the company of the global COVID-19 pandemic, unfortunately reporting that they experienced depressed and opportunistic bidding for its diamonds at its fifth sales cycle of FY 2020, particularly in the larger size and higher quality, greater value categories. Petra therefore chose to only sell a portion of its South African goods, representing approximately 75% by volume and 50% by value.

Rough Market

Gem Diamonds Earns $12M from 'Flexible' Large Stone Tender

Gem Diamonds is seeking alternative methods to keep revenue flowing during the days of the coronavirus lockdown. Today they announced that the first round of the flexible tender sales process concluded on 26 March 2020 and raised US$12.1 million for a selection of Letšeng’s large, high quality diamonds.

Rough Market

Alrosa Allowing 100% Deferral of Contracted Diamond Purchases

Russian diamond miner Alrosa will allow its long-term contracted clients to defer !00% of their April supply to later this year, a spokesperson has told us. "The spread of coronavirus and counter-pandemic measures implemented around the globe have severely affected the diamond industry. With this in mind, Alrosa supports its long-term clients with a full flexibility for the April 2020 trading session, lifting mandatory buyout requirements."

Rough Market

De Beers Cancels April Rough Diamond Sale

De Beers has cancelled its third rough diamond sale (sight) of 2020 in response to the logistical difficulties arising from the COVID-19 pandemic. "Due to the public health restrictions on the movement of people and product in Botswana, South Africa and India, which prohibit customers from traveling and prevent the shipment of goods to customers’ international operations, De Beers Group will not hold its third Sight of 2020," the miner wrote in a press release.

Rough Market

Alrosa Launches Digital Large Rough Tender

In an effort to tackle difficulties caused by travel restrictions in the framework of the COVID-19 crisis, the Russian miner Alrosa has decided to cancel its special size auction and has set up a digital tender for a number of large rough diamonds, running from March 23 to April 6. Interested buyers will be able to see a full digital scan of the rough, making it easier to decide whether or not to make a bid.

Rough MarketMining and Exploration

Lucapa Diamond Earns First $4M From Graff Manufacturer Partnership

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.

Rough MarketManufacturing

Grib Diamonds Earns $20M at Latest Antwerp Auction

Grib Diamonds, the Antwerp-based marketing arm of Russian miner AGD Diamonds, conducted an auction on March 23, 2020, selling 90% of the lots on offer for approximately $20 million. Due to the spread of the coronavirus and the cessation of much of worldwide trade, prices were under considerable pressure, the company noted. This price decline was anticipated following the diminution in activity in the main centres of sales and processing of rough diamonds.

Rough Market

Gem Diamonds Earns $8M at Small Diamond Tender in Antwerp

Gem Diamonds held a tender of small diamonds in Antwerp from the Letseng mine in Lesotho, earning $7.8 million at the sale which concluded earlier this week. The miner called the results "resilient" given the circumstances, as the average price per carat fell 18% below the like-for-like prices reached at the last small diamond tender held in November last year before the Covid-19 economic crisis.

Rough Market

De Beers' 3rd Sight Will Go On Despite Botswana Travel Ban

De Beers third sight (rough diamond sale) of 2020, scheduled for March 30 to April 3 in Gaborone, will go ahead as planned despite Botswana’s announcement of a travel ban on foreigners arriving from “high risk” countries that include Belgium, China and India. Many of the companies that participate in De Beers’ sales are headquartered in these countries.

Rough MarketWorld News

Antwerp Diamond Office to Remain Open

The Antwerp World Diamond Centre (AWDC) has released a coronavirus-related update to the Antwerp diamond community, stating that the Diamond Office will remain open. The Diamond Office is essentially the beating heart of Antwerp's diamond trade, being the place where all rough and polished diamonds are imported and exported from the country. In a typical year, that is $46 billion annually, or $210 million every working day.

Rough MarketPolished

Alrosa Grants More Flexibility to Clients, Lowers Minimum Purchase to 40%

Russian diamond miner Alrosa is offering greater flexibility to its long-term customers at its March trading session, taking "further action to support long-term customers amid global market uncertainty," the company wrote in a press release. Given the current market developments, they say, the company has decided that, starting this week, it will let customers lower their minimum purchase to 40% of their initially-contracted volume and carry the remaining part over to the end of May 2020.

Rough Market

Antwerp Diamond Shipments Blocked by Indian Customs

Mumbai Customs in India has seized two shipments of diamonds from Antwerp – one rough, one polished – on very questionable grounds, according to a trusted source. Another sixteen shipments are on hold.

LegalRough MarketPolished

Alrosa's Rough Sales in February Better Than Expected at $342M

Russian diamond miner Alrosa earned less at its February rough sale than in January but defied expectations somewhat by limiting the damage despite the nervousness pervading the indsutry. The miner's February rough diamond sales totaled $342.3 million, representing a 12% decline from January sales of $390.2 million and no change (+0.5%) from February 2019. Total sales for the month fell 14% to $346.4 million from $405 million last month due to a 74% decline in polished diamond sales, which fell to $4.1 million from $14.8 million in January.

Rough Market