Archive

  • Prices of rough diamonds are up almost 10 percent this year, rising every month from January to April s higher U.S. demand and output cuts by De Beers and ALROSA created stability and firmness. But that might be the end of a mini-bull run, writes Thomas Biesheuvel on Bloomberg News, due to soft demand from China and Russia and credit tight conditions for diamond polishers. Manufacturers are unlikely to find much salvation in the second half of this year which is when prices have fallen for the past six years.

  • ALROSA’s management, headed by President Andrey Zharkov, has held a meeting with long-term clients to summarize the preliminary results of 2015 and discuss current diamond market trends. Zharkov noted that long-term contracts will remain the cornerstone of the company’s sales policy since it provides clients with stable rough diamond supply and protects against market fluctuations.

  • Members of the Diamond Dealers Club of New York, the Antwerp Diamond Bourse and the Bharat Diamond Bourse of Mumbai will be taking part in the event in the trading hall of the Israel Diamond Exchange.

  • U.S. retailers, including jewelers, who aren’t using the new EMV credit card readers risk paying the bill for fraudulent purchases, the Jewelers’ Security Alliance is warning. EMV stands for Europay, MasterCard, and Visa, the three credit card giants that developed the standard which is widely used in Europe and went into force in the United States on October 1. Previously, credit card companies assumed chargebacks in cases of fraud, but retailers without EMV readers will now take on the liability, posing a particular danger for jewelers who carry out high-value transactions.

  • The prices of round diamonds fell again over the past week, especially in goods weighing 0.7 carats and less and larger items in lower colors. There was more positive news, however, regarding prices of fancy cut stones, particularly diamonds weighing 3 carats and less.

  • The U.S. Postal Service (USPS) has reportedly lost a parcel of diamonds worth $50,000 shipped express to the Gemological Institute of America (GIA) lab in Carlsbad, California, according to Nashville, Tennesee, local television station WSMV-TV. Joey Nunley, co-owner of Nashville jewelry store Prima Jewelers, said it was the first time in 20 years of sending diamond parcels through the mail that a package had gone missing. He insured the parcel for the legal maximum of $5,000.

  • Credit agency, Moody's Investors Service, has revised upwards diamond miner Alrosa’s credit rating to Ba2 from Ba3 and gave a positive reassessment of the company’s financial outlook. “Following a reassessment of the credit profile, today's rating action reflects Moody's view that despite the inherent risks that remain in the Russian market, Alrosa has continued to perform in line with Moody's guidance for a positive rating action, and to maintain a solid liquidity profile," Moody's wrote.

  • Moti Ganz, Chairman of the Israel Diamond Institute, on the "backward" formula for rough pricing, the plight of diamond manufacturers in the light of reduced bank financing, the marketing of polished, the changing perception of stock and negative profit.

    Casting the optimism of 2014 aside, he says that the industry as a whole has reached the moment of truth and must decide how to proceed. His only certainty is that the structure of the companies in the diamond industry will not remain the same.

     

  • The PolishedPrices index saw a turnaround from last week’s gains with a mixed response from contributors to the state of the market.

  • After a decade or more of superlative sales, China is showing increasing signs of a slowdown – and that is hitting diamond sales as much as other luxury items even in the run-up to the Chinese New Year.

  • The Diamond Dealers Club of New York, together with India's Gem & Jewellery Export Promotion Council (GJEPC), will stage the latest India Diamond Week next week.

  • The Diamond Dealers Club of New York, together with India's Gem & Jewellery Export Promotion Council (GJEPC), will stage the latest India Diamond Week next week.

  • The Russian polishing firm will hold the latest of its sales of polished stones, with the majority being 2 carats and larger, in Tel Aviv and Antwerp.

  • De Beers said plans to wind down Antwerp Diamond Bank will create opportunities for other lenders in the $15 billion gem-finance market.