Archive

  • 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.

  • Russia's Alrosa is the world's largest diamond miner by volume, yet the company has largely flown under the radar in the United States, the world's largest diamond market. Rebecca Foerster, head of the company's North American division, is on a mission to change that, and she says Alrosa's sustainability initatives are the key, according to Richard Feloni of Business Insider. Further, the company's transparent mine-to-retail value chain is an easy sell for American retailers seeking to assuage their customers' desire for responsible supply chains.

  • Luxury group Richemont, owner of the Cartier and Van Cleef & Arpels jewelry brands, recorded a 10% rise in jewelry and watch sales for the year ended 31 March 2019. Jewelry sales saw progression in all regions and in all channels, with double digit increases in Asia Pacific - particularly in China - and the Americas, while watch sales increased in most regions with double-digit growth in retail, reflecting strong client demand. Jewelry and watches represent Richemont's two largest product lines at 36% and 35% of group sales, respectively.

  • Russian diamond mining giant Alrosa reported significant improvements in revenue and profitability in Q1 2019 as compared to the previous quarter, with the caveat being that their 2019 financial results are lagging far behind the same period a year earlier (Q1 2018).

  • The Lab Grown Diamond Council (LGDC) was launched today in New York with the objective to develop and implement a multi-tiered, international communications program designed to increase the awareness of, knowledge about, and demand for laboratory-grown diamonds. The LGDC was formed by jewelry industry veterans Chris Casey, the former National Jeweler publisher who will serve as president, and Michael Barlerin, who also heads the Silver Promotion Service and will be its chairman. 

  • The Zimbabwe Consolidated Diamond Company (ZCDC) board of directors has fired seven senior officials as it seeks to rebuild public and market confidence following allegations of rampant corruption and abuse of office by the executive, Zimbabwe newspapers reported yesterday. Chief Operating Officer Roberto De Pretto, a South African mining veteran who spent the majority of his career at De Beers and Anglo American before becoming COO at Diamcor and then ZCDC, will take over as acting CEO from Morris Mpofu.

  • Debmarine Namibia, a 50/50 joint venture between the Government of the Republic of Namibia and De Beers Group, have approved the construction of the world’s first ever custom-built diamond recovery vessel. The new vessel is expected to cost US$468 million (N$7 billion) and represents the largest ever single investment in the marine diamond industry. The ship will become the seventh vessel in the Debmarine Namibia fleet and is scheduled to commence operations in 2022.

  • Lucapa Diamond Co. has recovered a 130 carat gem-quality diamond from its Lulo Diamond Project in Angola. The 130-carat diamond is the 13th diamond larger than 100 carats the miner has recovered to date and the second recovered so far in 2019 from the mine that produces the highest average US$ per carat alluvial diamond production in the world. Lucapa continues to recover large Special (+10.8 ct) white and fancy colored diamonds at the Lulo diamond concession.

  • The list of Chinese products to be hit by 25 percent tariffs imposed by the U.S. government at the behest of President Donald Trump is expansive and is potentially about to cover the entirety of consumer products from China, including a broad swath of jewelry products, as the trade war escalates rapidly. On May 9, the U.S.

  • Stornoway Diamond Corporation saw its losses widen in Q1 2019 as the miner faced "continued downward pressure on the market price for rough diamonds." The Canadian miner reported a net loss of C$48.4 million (US$36 million) in the first quarter of 2019, in comparison to a net loss of C$11.0 million (US$8.2 million) in the first quarter of 2018. The latest results follow a year in which Stornoway encountered a host of difficulties on its way to a US$246.8 million (CA$329.4 million) loss, substantially widening the loss of US$85.6 million (CA$114.2 million) recorded the year prior.

  • Petra Diamonds sold a 425-carat D color Type IIa white diamond, the ‘Legacy of the Cullinan Diamond Mine’, for just under $15 million, or approximately $35,295 per carat. Unearthed from its Cullinan mine in South Africa, the 424.89 carat gem was purchased by a partnership combining Belgium-based Choron and Dubai-based Stargems. It is expected to be polished in Antwerp. In a news release, Petra chief executive officer Richard Duffy called it a “significant sale” for the company.

  • Russian diamond miner Alrosa was unable last month to follow up on their modestly encouraging rough-diamond sales from March, as the $316 million earned in April represents a 14% decline from March 2019 and a 20% decline from April 2018. Polished-diamond sales during the month did not fare any better, as Alrosa earned $2.9 million, a 64% decline from March ($8 million) and a 68% decline from April 2018 ($9.1 million).

  • Canadian miner Lucara Diamond has reported the best quarter in the history the Karowe mine in Botswana in terms of ore processing performance, lowering the cost of its operations and achieving the best results from its regular diamond sales in over a year. This was before the April recovery of the largest diamond to be mined at Karowe to date, an unbroken 1,758 carat near-gem-quality stone, which became the largest diamond recovered in Botswana and one of the largest diamonds in recorded history, superseding the spot held by the 1,109 carat Lesedi La Rona recovered from Karowe in 2015.

  • The Antwerp World Diamond Centre (AWDC), the coordinating federation for the Antwerp diamond industry, is joining forces with Ars Nobilis, the umbrella organization for the Belgian jewelry sector, in an effort to streamline the Antwerp diamond trade with jewelry manufacturers and retailers in Belgium. The two representative bodies yesterday signed a memorandum of understanding stating that the members of Ars Nobilis will be able to call upon the services of the AWDC regarding legal advice, training, public relations and communication, advocacy and security.

  • It is a joint decision of the profession and the French Union of Jewellery not to grade synthetic diamonds, unlike other international laboratories. These stones do not have to be evaluated on the same scale as natural ones, because they are an imitation of the diamond and must remain so. This decision is unanimous in the profession except for those who want to promote this [lab-grown] material. But it must be remembered that the increase of synthetic diamonds on the market will bring down their price.

  • Leading Hong Kong jeweler Chow Tai Fook is expanding in North America, this week announcing the establishment of a "business hub" in Boston to supply products and services - jewelry and technology - on a wholesale basis to US retailers. Chow Tai Fook North America (CTFNA) says it "will offer customized, specialty collections in the diamond and fine jewelry segments, as well as private label offerings, to address the evolving needs of jewelry consumers." CTFNA, which owns diamond jewelry brands Hearts on Fire and Mémoire, recently moved Hearts On Fire President Caryl Capeci into the role of

  • Fugitive diamond merchant Nirav Modi was denied bail for the third time by a UK court in his extradition case to India to face charges in the $2 billion Punjab National Bank fraud & money laundering case. He will continue to be lodged in a Wandsworth prison in south-west London, which his lawyers described as "unliveable". His bail had already been rejected twice before by Westminster Magistrates' Court in London, at least in part because of Modi's "lack of community ties" in the UK, having been based in London for only a "short period of time" since 2017.

  • Antwerp’s polished-diamond trade continues to see rising prices in 2019 following a year which the industry recorded its highest ever average price per carat for polished exports. According to figures from the Antwerp World Diamond Centre (AWDC), year-over-year, the average price of polished-diamond exports rose by 42% in April to $2,663 per carat from $1,871 per carat in April of 2018. This led to a 14% increase in the value of polished exports in April despite a nearly 19% decline in the volume of goods exported.

  • This weekend, May 11 -13, the Dubai Multi Commodities Centre (DMCC) will be hosting what it is calling the "first-ever rough laboratory-grown diamonds tender" on its Dubai Diamond Exchange (DDE). According to a press release, 50,000 carats of Chemical Vapour Deposition (CVD) lab-grown diamonds will be on offer. "The tender is in line with DMCC’s strategy to attract, facilitate and drive new trade flows through Dubai," the organization says. 

  • Continuing its its non-core, non-diamond-related assets disposal program, from January to March, Alrosa disposed of RUB 1.24 bn ($19 million) of its non-core assets by selling, liquidating, transferring without consideration or exchanging them, the company has announced in a statement. The most significant transaction included the sale of a 100% stake in JSC Golubaya Volna Resort, which was sold in February at an open auction for RUB 1.21 bn ($18.5 million), almost RUB 70 ($1.07 million) above its book value.

  • While the volume of carats Gem Diamonds sold in Q1 2019 (Jan. 1 - March 31) from its Letšeng mine in Lesotho fell by 18% from the previous quarter to 27,335 carats, those sales packed a punch, generating $51.9 million in value, a 24% increase from Q4 2018. Still, the miner could not keep pace with its torrid start to 2018.

  • Jewelry maker Pandora, known for its charm bracelets, intends to make another 1,200 workers in Thailand redundant while speeding up its marketing spend as its new CEO looks to turn around the struggling jewelry maker after another disappointing quarter. The company already laid off 700 of their nearly 14,000 employees in Thailand, which is almost half of its 32,000 global workforce.

  • India's rough diamond imports continued its first quarter recession in March, signalling a slowdown in manufacturing amid a tightening of available financing; polished exports also declined for the third consecutive month. Rough diamond imports fell by 16% in value during the month to $1.4 billion on a more than 9% decline in the volume of rough imports, and their value has declined by 24% during Q1.