“I’m actually really excited about it. I think it was a very positive development for the industry. It clearly serves to differentiate the two markets. The synthetic diamond market is not the same as the natural diamond market and they can co-exist ... there’s no store of value in a synthetic diamond. Rather, synthetic diamonds are filling a niche around fashion jewellery and we see it almost as an entry level opportunity for consumers. That’s how we see synthetics and natural diamonds playing together in this market."
The 2019 Kimberly Process (KP) Intersessional, with India as its Chair, will take place in Mumbai starting next week Monday. Ahead of the meeting, Stéphane Fischler, President of the World Diamond Council (WDC), urged mining and manufacturing countries in particular to heed the concerns of those in the diamond-consuming countries and to address issues regarding the integrity of the diamond value chain. Those in the industry who are more directly involved with consumers appreciate the urgency of KP reform, as time is running out.
BlueRock Diamonds plc, the AIM-listed junior mining company which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, has recovered its largest diamond to date: a 24.98 carat gem-quality stone. The miner’s largest diamond prior was 16.28 carats, which sold for $78,947. BlueRock's shares jumped 15% on the news published June 7, but the gain was short-lived, having receded to its level prior to the fiind.
Stornoway Diamond Corp., 100% owner and operater of the Renard Diamond Mine in Quebec which began commercial production in January 2017, is in dire financial straits and is looking for new investment in, if not a buyer for the mine and its assets. Stornoway has endured some very turbulent times over the past year and a half, seeing its losses mount as a result of operational difficulties and a highly unfavorable market for its diamonds, and will need to restructure if it is going to continue operations.
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.
Sarine Technologies earlier this year rolled out its Sarine Diamond Journey provenance tracking program - following each stage of a diamond's travels from rough stone to polished diamond - and has now announced a Partners program comprising select diamond manufacturers. The initial manufacturers selected for the program will be able to supply goods meeting the retailers' criteria for transparent sourcing.
Mountain Province Diamonds has discovered a new kimberlite at its Gahcho Kué Joint Venture (GKJV) leases, the company announced today in a press release. The Wilson kimberlite - named after Alice Evelyn Wilson (1881-1964), who is officially recognized as Canada's first female geologist - is located roughly 200 meters east of the Tuzo kimberlite and was discovered during drill testing of geophysical and geological anomalies in the area.
Russian police uncovered around $3 million worth of stolen diamonds, and over $2.5 million in cash, at the homes of a criminal ring operating inside state-controlled diamond producer Alrosa, authorities said on Monday, reports Reuters. Alrosa confirmed that security services had uncovered an ongoing diamond theft ring in its sorting and grading department, with someone on the inside faciliating the larceny. The authorities detained a woman (Elena Kanunnikova), the Alrosa employee said to be in charge of the embezzlement, a mediator, and another man said to be responsible for sellin
Hong Kong based jewelry retail and bellwether for the Chinese market Chow Tai Fook Group (CTF) has announced that its sales grew 13% to $8.5 billion (HK$66,661 million) for the year ending March 31 (FY2019), citing increased purchases of gold jewelry and an expansion of the company’s retail network in China. Retail sales in Mainland China rose by 8% to $3.88 billion, while revenue from Hong Kong and Macau increased 12% to $2.94 billion.
Newfield Resources has received the green light to commence development of the Tongo Kimberlite Project (Tongo) in Sierra Leone, which will become the world's newest diamond mine which is expected be operational in 2020. Confirmation of the plans to develop the mine came in the form of the recently completed postive Front End Engineering and Design (FEED) study, establishing probable reserves at just over one million carats of diamonds at 100 cpht, with a Final Investment Decision (FID) expected in Q3 2019.
Russian diamond miner Alrosa's rough diamond sales in May continued the downward trajectory they have been on all year, though the decline was less steep than in prior months. Rough diamond sales fell by 6% year over year to $261 million, and declined 17% compared to last month as the market enters its seasonal slowdown. For the year to date (Jan.-May), the mining giant's rough diamond sales have plummeted by 30% to $1.565 billion from $2.256 billion a year ago.
Lucapa Diamond Co. yesterday formally annouced the launch of the next exploration phase to locate the kimberlite source of the high-value alluvial diamonds at the Lulo project in Angola. The next 12-month program is based on an extensive technical review of Lulo kimberlite exploration results to date, including those of the extensive 2018 drilling program which confirmed a further 70 kimberlites within the Lulo alluvial diamond field, which increased the total known kimberlites within the concession to more than 100.
Signet Jewelers reported a decline in revenue during the first quarter of fiscal 2020 (ended May 4), as sales fell at all their banner stores except for Piercing Pagoda - the ear piercing and gold and sterling silver shop with roughly 780 kiosks in shopping malls across the United States and Puerto Rico - which gained 13.5%. Ecommerce sales also increased 5.3% year over year to $154.3 million.
Swarovski, famous for its glass and zirconia crystals and recognized as one of the world's leading jewelry and accessory brands, has announced its plans to enter into the diamond jewelry category. Avi Krawitz of Rapaport News gathered the scoop from Nadja Swarovski, head of corporate communications and design services, who made the announcement during a panel discussion at JCK Las Vegas last week.
Bonas Group, one of the world's leading rough diamond brokering and tender houses, is holding a private sale of polished diamonds and colored gemstones in Antwerp later this month. Viewings will take place at the Bonas office in Antwerp, in the Diamond Club on the 9th floor from 17 to 21 June 2019, each day from 9:00 am – 6:00 pm. The sale will close on Monday, 24 June at 11:00 Antwerp (CET) time, and will be an online highest bid tender on www.bonasbids.com.
Leading jewelry industry magazine JCK held two jewelry design competitions at this year's Las Vegas show: the annual Luxury Design Awards and JCK Design Center Editor’s Choice Awards (click "Read the full article" to see the designs).
Alrosa recently held two international auctions for special size rough diamonds (larger than 10.8 carats), earning a combined $19 million from 221 stones weighing a total of 3,490 carats. At the first, which took place in Ramat Gan, Israel, the company sold 120 stones with total weight of 1,940 carats, earning revenue of $10.2 million, or$5,258 per carat. The auction included two large diamonds weighing more than 50 carats each.
The Bunder Diamond Project in the Chhatarpur district of Madhya Pradesh in India - a deposit estimated to have diamond reserves of 34.2 million carats - will be put up for auction, according to a decision taken by the state government at a cabinet meeting this week. The Project disappeared from the headlines about two years ago following Rio Tinto's announcement in February 2017 that it would relinquish its interest in the project "due to commercial considerations" and gift it to the Government of Madhya Pradesh.
Tiffany & Co. reported a modest decline in global sales in the first quarter, impacted by unfavorable foreign exchange rates and 'dramatically' lower worldlwide tourist spending, which was mitigated by strong local sales. The famous jeweler announced that in the first quarter, worldwide net sales declined 3% to $1.0 billion, down from $1.03 billion in Q1 2018, and comparable sales declined 5%; on a constant-exchange-rate basis, however, net sales were equal to the prior year and comparable sales declined 2%.
An annual tradition, industry veterans Chaim Even-Zohar and Pranay Narvekar present the 2018 iteration of The Tacy Diamond Pipeline, with an in-depth look at the impact that the rise and acceptance of laboratory-grown diamonds has had on the industry this past year.
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.
Is the goal of Lightbox to lower the price of lab-growns?
Russian diamond miner Alrosa unveiled at JCK Las Vegas the latest contribution to the diamond tracking trend, creating a place-of-origin program that will provide consumers and traders with in-depth provenance information, complete with a personalized video. The company said it will soon launch a program in which an 'electronic passport' will accompany a diamond, providing information about the physical characteristics of the diamond as well as its age, the place and date of extraction, when and where it was cut, and the name and background of the craftsperson that fashioned the stone.
Lucapa Diamond Co.'s latest sale of diamonds from the Lulo alluvial mine in Angola achieved gross revenues of US$10.0 million (A$14.5 million) from run of mine parcels totalling 5,573 carats, representing an average price of US$1,800 per carat. This took total sales of Lulo diamonds to date in H1 2019 to US$22.1 million achieving an average price per carat of US$3,668, "further underling Lulo’s status as the world’s highest average price alluvial diamond production," the miner writes.
As announced last week, Rapaport's RapNet - the world’s largest diamond trading network - gave its members the opportunity to vote on whether it should provide diamond listing and pricing services for synthetic diamonds.
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.
Tracr™, the end-to-end diamond traceability platform being developed by De Beers Group in collaboration with the diamond industry, has launched an online resource called the Tracr Community to prepare for the Tracr Beta Platform which will be launched over the summer. The Tracr Community aims to foster the education and collaboration of industry participants, enabling them to share information and tools. it will also serve as a knowledge base for data standards, technical readiness and process best practices that will allow for seamless integration with the Tracr platform.
ASX-listed Lucapa Diamond Company held the second tender in 2019 of diamonds from the new Mothae kimberlite mine in Lesotho, selling a parcel of 7,008 carats of rough diamonds sold at Bonas tender house in Antwerp for a total of US$3.5 million (A$5 million). The tender included prices of up to US$26,000 per carat paid for individual Mothae gems.
An extremely rare, 3.43-carat internally flawless cushion cut diamond referred to as the 'Bubble Gum Pink' has sold for an impressive $7.5 million at Christie’s Hong Kong auction, or $2.2 million per carat. The ‘Superb Colored’ gem was the premier lot sold during the Magnificent Jewels event held by the famed auction house, which fetched a total of $44.6 million.The stone is mounted onto a ring designed by luxury London jewellers Moussaieff, alongside other pink diamonds and marquise shaped white diamonds.
A new discovery has the potential to change how we look for diamonds in Canada and around the world, write Katie Willis from the University of Alberta, Canada. This comes as potentially big news to an industry that has discovered scant few significant and economic diamond deposits in the past decade.
India's rough diamond trade is facing significant difficulties importing diamonds following a customs directive requiring them to submit a detailed description of the imported diamonds, including country of origin, size, type, color and clarity - an 'impossible' demand, representatives say. The fear among traders is that even a minute discrepancy in the norms may lead to seizure of the shipment as well as a large penalty, which could affect manufacturing activity in Surat, the country’s diamond cutting and polishing hub.
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.
While more than 300 million voters go to the polls this week for the European Parliament elections, members of RapNet - the world’s largest diamond trading network - will have the opportunity to vote on whether it should provide diamond listing and pricing services for synthetic diamonds, yet ultimately the organization itself will decide.
A delegation from Angola paid a visit to Antwerp this week as part of the country’s ongoing efforts to restructure and reform the functioning and reputation of its diamond industry, traveling to the diamond capital for consultations regarding implementation of the Kimberley Process (KP) regulations. The visit follows that of President João Lourenço to Antwerp last June, and the Belgian mission to Angola last November, spearheaded by Belgium’s Deputy Prime Minister and Minister of Foreign Affairs and European Affairs, Didier Reynders.
The issue of terminology concerning laboratory-grown diamonds has in recent years been a subject of significant debate, deliberation, conflicting guidelines and warnings issued.
Lucapa Diamond Company has recovered of a gem-quality, 126-carat diamond from the new Mothae kimberlite mine in Lesotho. The 126-carat stone is the largest diamond recovered since commercial mining operations commenced in January 2019 and the largest gem-quality diamond ever recovered from Mothae.
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.
Researchers at the Gemological Institute of America (GIA) recently identified a natural diamond with a CVD (lab-grown) layer, creating a composite of synthetically grown and natural diamond that added weight and improved the color. Given that this was the second discovery of such a composite, the fist coming in 2017, warning that "this could be a new type of product entering the market."
Russian diamond miner Alrosa believes that the former and current management of Angolan diamond mine Catoca - in which Alrosa holds a 41% stake - is responsible for secreting away nearly $10 million, and will call upon a U.S. court to obtain discovery of evidence.
De Beers' rough diamond sales in May were (provisionally) $415 million, making sight number four of 2019 the lowest-earning sight of the year to date, the smallest since the October 2017 sight ($370 million, Cycle 8) and the lowest for a May sale since the miner first released sales data in 2016. The $415 million in reported sales represents a 25% decline from sales in Cycle 4 2018 ($554 million). The company cited macroeconomic challenges and a seasonal decline in demand for rough diamonds to manufacture as weighing down sales at the sight.