In a recent update on the website of the Government of the Hong Kong Special Administrative Region, published Wednesday July 22, COVID-19 restrictions for foreigners traveling to Hong Kong have been prolonged to the end of the year, Dec 31st and are likely to remain in place until that date, considering across the globe, including in Hong Kong, the number of cases has been rising in the past weeks.
In a response to The Diamond Loupe, the International Gemological Institute (IGI), says to be shocked about a media post that is circulating among diamond trading communities. The visual, a screenshot of which can be viewed here, calls on diamond traders "to boycott China" by not using IGI certificates. In 2018, Chinese conglomerate Fosun acquired an 80% stake in IGI, the Antwerp-based diamond grading lab.
India's woes continue as more COVID-19 cases in Surat, which some deem a veritable infection hotspot, forced a week-long closure of manufacturing units. Meanwhile, the GJEPC and other industry bodies are extending the voluntary ban of rough diamonds from July 10-31st and said they will be calling on large producers to continue their flexibility towards long-term customers. At the same time, as tensions continue to rise between India and China, traders are forced to reroute polished exports to Hong Kong, which are being blocked by Chinese customs.
As the tensions between India and China continue to rise after the military standoff at Ladakh, a fierce trade war between the two countries is looming, and imports and exports are already being affected. India Today reports that while in India, the call to boycott Chinese goods is sounding louder and louder, exporters are experiencing trouble to export goods to Hong Kong and Mainland China, as shipments are blocked by Chinese Customs. On Indian side, the article says, shipment containers from China are also being blocked by Indian Customs in Mumbai and Chennai.
With more than 150 new positive tests among diamond workers in Surat, India's polishing hub, local communities and industry organizations have instated new restrictions, including an 8-day closure of each manufacturing sub-unit if one person, full closure if more than two persons test positive. Already more than 25 units have been close and cafetaria's are not allowed to open.
The Indian diamond industry has lost an iconic figure, with the passing of Arunkumar R. Mehta, born in 1940, one of the founding fathers of the diamond trading and polishing industry in the country. Coming from humble beginnings, Arunbhai set up a small diamond polishing unit in 1960, which under his tenure would grow to become one of the biggest names in the industry, multinational diamond company Rosy Blue. Revered for his insight and leadership, Arunbhai Mehta served many positions in various Indian trade organizations.
The Antwerp diamond trade came to a nearly complete standstill as a result of the measures announced by the Belgian Government to flatten the curve of the COVID-19 pandemic. It is scheduled to reopen next Monday, May 4, and industry organizations the Antwerp World Diamond Centre (AWDC) and the Federation of Belgian Diamond Bourses (FBDB) are taking measures to ensure it can do so safely.
Five major watch brands, Rolex, Patek Phiippe, Tudor, Chanel and Chopard today announced they will be leaving BaselWorld. The exit follows a letter by Rolex topman Hubert du Plessix pleading for a refund for the brands set to participate in the canceled 2020 edition. In a joint statement, the brands announced they plan to start a new show, which remains unnamed, scheduled for April 2021, in conjunction with the organizers of Watches & Wonders (FHH).
As the COVID-19 pandemic rages on, several industry initiatives are taken to provide relief across the world to all those affected by the crisis.
South Africa has joined the list of countries on lockdown to prevent the spread of the COVID-19 coronavirus. It will go into effect on midnight Thursday 26 March to midnight Thursday 16 April. President Cyril Ramaphosa announced the move on Monday night. This will be a massive hit to an economy that is already in recession, and likely to its critical mining industry. To help cushion the blow, he announced interventions, including tax relief and other measures.
In the view of the current situation, the nationwide complete lockdown will be in place for 21 days. If we are not able to manage the upcoming 21 days, we will be pushed back 21 years.
- Prime Minister Narendra Modi, speaking to the nation of India on March 24.
The Copenhqgen-based cotume jewelry giant Pandora has announced the temporary closure of all of its owned & operated stores in the U.S., Italy, Germany, France and Spain, and in most other European markets in an effort to limit the spread of the coronavirus. They have additionally temporarily closed many of our stores around the world, along with most of their offices. Office staff is working from home. Pandora employs 28,000 people worldwide.
As a measure to curb the spreading of the COVID-19 virus, the Indian government has decided to close the country for all international commercial passenger flights starting March 22nd, for at least a week. The measure will severely impact the exports and imports of diamonds from and to India, as they are transported via commercial flights. One online trading platform informed its users that "they will no longer be able to confirm orders for diamonds that are currently in India. Delivery times for diamonds outside of India remain unaffected."
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.
While the rest of the world is tightening measures to control the COVID-19 outbreak, Chinese customers - constituting a whopping third of global luxury industry’s sales and the driving force of global growth in this segment in recent years - are slowly returning to the country’s luxury shopping malls as local quarantine measures are eased.
Hong Kong's leading diamond jewelry retailer Chow Tai Fook unexpected released key unaudited data for the two months ended 29 February 2020, revealing that sales at all points of sale in Mainland China fell 42 percent while those in Hong Kong and Macau fell 60 percent in the first two months of 2020. The jeweler attributes the decline to the temporary shutdown of "the majority" of its stores in China and Hong Kong due to the Covid-19 outbreak.
The coronavirus is creating havoc to public life and economic markets across the globe, but its rapid growth in Iran has countries across the Gulf region becoming increasingly concerned. Multiple media outlets are reporting that the United Arab Emirates has called on residents to avoid cross-border travel and has imposed quarantine restrictions to limit the spread of the deadly coronavirus, a measure the Financial Times is calling it “a blow to the state’s position as a global business hub.”
The diamond trade, like many global industries, slowed significantly in February as the economic impact of the new coronavirus COVID-19 spreads across the world. Consumers in China, the world's second largest maket for diamond jewelry, have stayed at home as large sections of society and social life have shut down. Sales through Hong Kong, one of the world's largest diamond distrubution centres, have essentially halted. "Manufacturers and dealers are facing a severe liquidity crunch," writes Rapaport in a press release. "Diamond prices dropped as a result of the slowdown."
Russian diamond miner Alrosa announced on Tuesday that it has sold a 6.21-carat cushion cut Fancy Intense Pink Purple diamond to Larry West, owner of one of the world's largest collections of exceptionally rare fancy-colored diamonds, for an undisclosed price. Alrosa cut and polished the diamond from a 20.18-carat stone found in Yakutia, a region in northeastern Siberia, in August 2018.
The government of South Korea on December 27, 2019 agreed to eliminate its 5% import tax on loose polished diamonds, effectively opening up the South Korean market to new sources of polished diamonds. Yesterday, the Ministry of Economy and Finance (MOEF) confirmed that Diamond has been designated as a specific good that will be exempted from customs duties pending completion of the final legislative approvals. The abolishment of the import tax is expected to go into effect on April 1.
Following the temporary closure of their stores in 'affected regions' of mainland China, Chow Tai Fook Jewellery Group has temporarily closed around 40 stores in Hong Kong and Macao in response to the coronavirus (COVID-19 or nCoV2019 (2019 novel coronavirus)) epidemic, a spokesperson said Monday. The Hong Kong-based jewelry chain operator also will shorten operating hours at its remaining stores in the two cities. These shops will close by 7 p.m. local time until further notice.
Coming off a strong holiday season, Americans are expected to set another record for Valentine’s Day spending this year as they continue to widen the range of those they’re buying for, according to the annual survey by the National Retail Federation and Prosper Insights & Analytics. Shoppers plan to spend $5.8 billion on jewelry, which 21 percent of Americans plan to give to their loved ones, friends and pets.
Concern about the impact of the coronavirus on the diamond and jewelry trade is growing, not only in China, but also in the markets that supply China, like Hong Kong and India. Events have been concelled, retail sales have plummeted and the outbreak of the virus in China has already had a ripple effect on diamond supply chains as the death toll passes 1,000. And this is just the tip of the iceberg.
The Hong Kong International Diamond, Gem & Pearl Show scheduled for March 2-6 and the Hong Kong International Jewellery Show (March 4-8) have been postponed until May 18-21, 2020 for precautionary reasons due to the outbreak of the coronavirus.
Luanda Leaks, a new investigation by the International Consortium of Investigative Journalists (ICIJ) and 36 media partners, exposes two decades of unscrupulous deals that made Isabel dos Santos Africa’s wealthiest woman and left oil- and diamond-rich Angola one of the poorest countries on Earth. Ms.
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.
Two of the pieces of jewelry stolen in a November heist at the Royal Palace in Dresden, Germany, are said to be up for sale, according to an Israeli security firm. Individuals claiming to have two sets of jewels from Dresden's Green Vault - the Dresden White Diamond and the breast star of the Polish Order of the White Eagle - offered both items for 9 million euros (10 million dollars) in a series of emails, said Zvika Nave, chief executive of the CGI Group.
The World Federation of Diamond Bourses (WFDB) mourns the passing away of Sergey Oulin on December 31, 2019 at the age of 69 years. President Ernie Blom has, on behalf of the entire organisation, expressed sadness at the loss of a colleague and friend. Oulin was the president of the Diamond Chamber of Russia and former member of the WFDB executive committee (ExCo).
In a spectacular robbery on monday morning thieves broke into the Royal Palace in Dresden, Germany, stealing over a hundred pieces of Baroque jewelry from the so-called the Grüne Gewölbe (Green Vault). According to the authorities, the robbers smashed in a window to gain access after starting a fire that disabled the security system. They seem to have precisely targeted a glass display cabinet, containing the priceless pieces, including three sets of diamonds, including brilliant-cut diamonds, part of an 18th-century jewelry collection.
A 14.83-carat pink oval diamond, cut from a rare 27.85 carat clear pink rough diamond mined in 2017 by Russia’s Alrosa could earn more than $60 million when it goes up for sale in November. Named The Spirit of the Rose (“Le Spectre de la Rose”) as a tribute to a legendary short Russian ballet that premiered in 1911, the preparation and cutting process was performed at the “Diamonds ALROSA” cutting factory in Moscow, and it will be the most expensive stone ever polished in Russia.
President Donald Trump said Thursday that the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods, effective Sept. 1. This means that starting at the beginning of next month, every single good coming into the U.S. from China, except those with exemptions, will be subject to an import tax. Called the 'tranche four' tariffs, the list includes rough and polished diamonds (whether or not worked), loose 'synthetic ...
Rio Tinto has unveiled the collection of diamonds on sale at what may be one of its last tenders of the world's rarest pink and red diamonds, as the life of the Argyle mine in Western Australia is winding down. The mine produces more than 90 percent of Australia's diamonds, and is one of the only known sources of pink diamonds in the world.
Forbes Afrique has listed Marie-Chantal Kaninda, Executive Director of the World Diamond Council (WDC), as one the continent’s 100 most influential women. Kaninda ranked number 14 on the annual list from Forbes Afrique, the French-language version of the influential economic periodical that focuses specifically on African affairs,
Retailers and importers across the US - including those in the diamond and jewelry trade - breathed a collective sigh of relief this past weekend following the announcement of a temporary trade truce between the US and China, and an agreement to reopen negotiations. This past weekend at the Group of 20 summit in Osaka, Japan, U.S. President Trump and President Xi Jinping of China agreed to a ceasefire that will forestall another punishing round of of $300 billion in tariffs Mr.
The gold price reached a six-year high on Friday, June 21, hitting $1,410 at its peak as investors sought a safe haven in amid troubled global waters and announcements by the European Central Bank and the Federal Reserve saying they are leaving the door open to interest-rate cuts this year. A lower interest rate in combination with a weakening dollar has historically always made gold an interesting investment. Now that bonds are yielding less, equities seem to have reached an apex and raw materials and currencies are now worth less, gold has become more attractive.
Christie's Maharajas & Mughal Magnificence collection earned a total of $109,271,875 in New York, representing the highest amount taken in by any auction of Indian art and Mughal objects, and the second highest for a private jewelry collection - falling just short of the 2011 auction of Elizabeth Taylor’s jewelry, good for a nearly $116 million haul. Almost 400 lots were offered, ranging from legendary Golconda diamonds to dazzling coloured stones, jeweled objects used in the royal courts to swords and daggers once owned by Indian rulers.
Telecom billionaire and art collector Patrick Drahi has emerged as the winning bidder for Sotheby's, the 275-year-old auction house, which will be going private after agreeing to a $3.7 billion deal. The takeover will result in Sotheby's, the world's oldest and largest international auction house, ending its three decades as a public company, trading on the New York Stock Exchange.
Christie's will hold the landmark Maharajas & Mughal Magnificence sale this week Wednesday (June 19) in New York, and it is slated to be perhaps the highest earning jewelry sale in the auction house's history.
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 spectacular and comprehensive trove of nearly 400 diamonds, colored stones and the finest jeweled objects from the Mughal Empire (1526-1857) to the present day, with provenance including the royal and noble families of India, will be offered in a landmark auction this June at Christie's in New York. Christie’s anticipates the Maharajas & Mughal Magnificence jewelry auction could rank as one of its most high-profile and high-value jewelry auctions ever, featuring some incredible dia
Billions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates, a Reuters analysis has found. In a devastating exclusive report (and video), authors David Lewis, Ryan McNeill and Zandi Shabalala write that customs data shows the UAE imported $15.1 billion worth of gold from Africa in 2016, more than any other country and up from $1.3 billion in 2006, but much of the gold was not recorded in the exports of African states.
Botswana's state-run Okavango Diamond Company today (April 17) unveiled the polished result of what is said to be the largest blue diamond ever discovered in the southern African country, one of the world’s top producers. The 20.46-carat, oval-shape fancy colored diamond, fashioned from a 41.11-carat rough stone recovered on May 21 2018 at the Orapa mine, has been named "The Okavango Blue" in honor of the Okavango Delta, the country's wildlife-rich world heritage site.
As the Zimbabwe Consolidated Diamond Company (ZCDC) sifts through the wreckage of the devastating Cyclone Idai - which has already claimed the lives of nearly 1,000 people in Mozambique, Zimbabwe and Malawi, displacing hundreds of thousands, destroying crops and leading to a cholera outbreak - preliminary indications are that the firm will miss its first quarter production target due to the cyclone and other challenges, including fuel shortages and effects of the January 14-16 violent demonstrations.
The 'Spectacular 88.22-Carat Oval Diamond', said to be perfect according to every critical criterion, sells at the Sotheby's Hong Kong auction for HK$108 million/US$13.8 million to a Japanese private collector who names the stone the 'Manami Star', after his eldest daughter.
Nirav Modi, who allegedly defrauded Indian state-run Punjab National Bank (PNB) of $2 billion, was arrested and denied bail by a London judge who said there were "substantial risks" that the celebrity jeweler could flee while the country seeks his extradition. Modi was arrested in central London on Tuesday evening on behalf of Indian authorities who want to extradite him to face charges.
UK newspaper The Telegraph found India's most wanted man, Nirav Modi, openly walking the streets of London, allegedly living in an £8 million ($10.4 million) apartment in London’s West End and apparetly running another diamond business. Nirav Modi fled India last year after becoming a suspect in the biggest banking fraud in the country’s history. A diamond jeweller whose designs have been worn by Hollywood stars, Modi went on the run after being accused of defrauding the Punjab National Bank of roughly $2 billion.
Described as “perfect according to every critical criterion,” an 88.22-carat diamond will go under the hammer at Sotheby’s Hong Kong, with the auction house expecting the oval-cut gem to fetch as much as HK$100 million (about US$12.7 million). According to an announcement released by Sotheby’s yesterday, the stone is one of only three oval-cut diamonds with a weight greater than 50 carats “to appear at auction in living memory, and the largest to be auctioned in over five years.” The 88.22-carat, D Colour, Flawless, Type IIa, Oval Brilliant Diamond will hit the auction block at Sotheby’s Ho
The 24-carat pear-shaped, fancy yellow Moon of Baroda diamond famed for its association with Marilyn Monroe sold for $1.3 million at the Christie’s Hong Kong jewelry auction on Tuesday, easily beating estimates of $500,000 to $750,000.
Christie’s in Hong Kong will auction on 27 November the 24.04-carat pear-shaped, Fancy Yellow Moon of Baroda diamond Marilyn Monroe wore to promote the release of the Howard Hawk’s 1953 film, Gentlemen Prefer Blondes. It could be value anywhere from $500,000 to $750,000, perhaps more. Christie’s will also auction an autographed photo of the actress wearing the stone. The picture has a presale valuation of $10,000 to $15,000.
A nationwide crackdown on diamond shop owners and potentially illicit dealers in Angola last week led to four people being killed and seven injured in the Lunda Norte province bordering the Democratic Republic of Congo. The incidents occured on the margins of a police operation targeting foreign nationals suspected of diamond smuggling, media said last Friday.
Christie's has announced that the 18.96-carat Pink Legacy – the largest and finest Fancy Vivid Pink diamond the auctioneer has ever put on the block – will be offered for sale at their Magnificent Jewels auction in Geneva on 13 November. With an estimated price of $30 million to $50 million, it has the potential to break the record price per carat for its color category. That record is currently held by ‘The Pink Promise’, an oval-shaped Fancy Vivid Pink diamond of just under 15 carats, which Christie's sold in Hong Kong last year for $32,480,500 - an incredible $2,175,519 per carat.
According to new research from Euromonitor International, India is set to overtake US as the world's second largest fine jewelry market by the end of 2018, reports Business Matters. The study shows that China remains the biggest market for fine jewelry with sales reaching US$86.3 billion by the end of 2017, which are expected to reach US$92 billion by the end of this year. The Chinese market as a whole has grown by over 21% in the last five years.
The World Federation of Diamond Bourses (WFDB) has responded to the revised U.S. Federal Trade Commission's (FTC) guidelines released last week as they relate to the issue of descriptors for diamonds. The industry body regrets the "bias towards the lab-grown diamond sector", said WFDB President Ernie Blom, adding, "we do not feel that the views of the diamond sector were taken sufficiently into account", and called for the FTC to revisit their decision.
In what can only be described as a victory for laboratory-grown diamond producers, the US Federal Trade Commission (FTC) has dropped the word 'natural' from its definition of a diamond, essentially redefining 'diamond' to include non-mined gemstones, as part its new guides for the jewelry industry. It further gives additional leeway to existing standards regarding the description of lab-grown diamonds (and metal alloys), and has dropped 'synthetic' as an appropriate descriptor of lab-grown diamonds except under certain circumstances.
De Beers Canada and Peregrine Diamonds Ltd. today announced they have entered into an agreement whereby De Beers will acquire 100% of the outstanding shares of Peregrine for $0.24 per share in cash for a total equity value of approximately C$107 million (US$81 million). Peregrine Diamonds is a TSX-listed diamond exploration and development company and owner of the high quality Chidliak diamond resource located in Canada’s Nunavut Territory.