18 Jul
ALROSA reported that its 2019 second quarter rough diamond sales of $796 million were down 25 percent in a year-on-year comparison, while six-month sales, at $1.78 billion, were down 32 percent year-on-year. Average realised prices for gem-quality diamonds during the period of $130 per carat, were down 21 percent in a year-on-year comparison. ALROSA attributed this to a return to normal demand for small diamonds after a demand surge at the beginning of the year as manufacturers replenished stocks. In volume terms, gem-quality rough diamond sales of 6 million carats during the period were also down 8 percent year-on-year. The company attributed this to declining demand due to excessive stocking of rough and polished diamonds by cutters and retailers, and continued difficulties faced by...
18 Jul
Reliance Brands, a subsidiary of India’s giant Reliance Industries that is involved in a range of businesses from petrochemicals through mobile phone networks to retail, has signed a deal to bring iconic American jewellery brand Tiffany & Co. to India, the Economic Times reported, quoting ‘people with knowledge of the matter’. Besides Tiffany & Co., Reliance Brands has signed up to bring American lifestyle label Tory Burch to India, and both brands will be launched at Mumbai’s Jio World Centre mall, which is scheduled to open in April next year, the paper quoted its sources as saying. The newspaper said that Tiffany & Co. however, declined comment, with a spokesperson stating in response to an email, "As per our policy on rumours and speculation, we politely decline to comment...
18 Jul
CIBJO President Gaetano Cavalieri (left) speaks at theWBCSD meeting
Even though sustainable economies rely on the contribution of small and medium-sized enterprises (SMEs), these businesses are too often operating at a disadvantage when compared to larger companies, CIBJO (World Jewellery Confederation) President Gaetano Cavalieri told a meeting of the World Business Council for Sustainable Development (WBCSD). The meeting took place during the United Nation’s 2019 High-Level Political Forum (HLPF) on Sustainable Development, which is currently underway at the UN headquarters in New York. The HPLF is the UN’s main platform for monitoring follow-up on the actions of states and other actors towards the Sustainable Development Goals (SDGs). “One of the challenges we...
17 Jul
ALROSA and Zimbabwe’s state-owned diamond miner Zimbabwe Consolidated Diamond Company (ZCDC) have signed a joint venture agreement to develop diamond deposits in Zimbabwe. The agreement, gives ALROSA a 70 percent controlling stake for the development of greenfield projects with ZCDC. The agreement was signed by ALROSA Deputy CEO Vladimir Marchenko and ZCDC Non-Executive Board Chairman Killian Ukama. Zimbabwe President Emmerson Mnangagwa and ALROSA CEO Sergey Ivanov attended the signing ceremony. The joint venture will begin by exploring prospective areas for greenfield deposits. The agreement extends into full-scale diamond mining and the independent sale of rough diamonds in external markets. The new joint venture will be able to work not only with the licenses ZCDC has today, but also...
16 Jul
ALROSA announced that a 63.15-carat rough diamond with a yellow hue was unearthed from the Zapolyarnaya pipe of its Verkhne-Munskoye deposit on July 9. The crystal has an octahedral shape and is transparent. ALROSA conducted an experiment in March to clarify the diamondiferous nature of the northwestern part of the Zapolyarnaya pipe at the Verkhne-Munskoye deposit. The company said that now, however, it had extracted 239 large diamonds (each over eight carats) in 5 days — more than 3.5 percent of the number of diamonds extracted during the experiment. These figures exceed the data for other pipes of the ALROSA group. The first large (over 50 carats) diamonds of the Verkhne-Munskoe deposit were a 51.49-carat crystal, mined immediately after the official launch in autumn 2018, and a unique...
13 Jul
ALROSA said it had realised revenue of $8.2 million from the auction of 82 ‘special size’ (each over 10.8 carats) diamonds weighing a total of 1,422 carats, in Israel. ALROSA said that companies from Israel, Belgium, India, the UAE, Russia, the US and Hong Kong participated in the auction. "Today, there are still difficulties with demand in the global diamond market. This inevitably affects all participants and sales results. Despite this, the auction in Israel was generally a success," said ALROSA United Selling Organisation Director Evgeny Agureev. ALROSA plans another two special size rough diamond auctions in Israel this year.
12 Jul
The six 'hero stones' that headline the 2019 Argyle PinkDiamonds Tender
Rio Tinto has unveiled its annual showcase of pink and red diamonds in an exclusive preview at the Argyle mine site in the east Kimberley region of Western Australia. The 64-diamond collection, including three fancy red diamonds and weighing 56.28 carats in total, make up the 2019 Argyle Pink Diamonds Tender.  Rio Tinto Copper & Diamonds chief executive Arnaud Soirat said “I am delighted to be at the Argyle mine for this exclusive world preview. These diamonds, each a natural treasure, are a testament to the enormous range and depth of offering from the Argyle ore body, nearly four decades from when production commenced.” He added, “Rio Tinto’s Argyle mine is the first and only ongoing...
11 Jul
De Beers Group announced today that the second translocation of elephants from its Venetia Limpopo Nature Reserve (VLNR) in South Africa to Zinave National Park in Mozambique has taken place.  The first herds of elephants were corralled at the VLNR on June 25, before making their journey by road some 1,700km where they were released at Zinave on June 27. The final herds arrived at Zinave today, bringing the total number of elephants moved in 2019 to 53. The translocation is part of a major conservation effort – known as ‘Moving Giants’ – that aims to move some 200 elephants over three years in a bid to help secure the future of the VLNR, which at the beginning of last year was under threat due to too many elephants impacting the broader ecosystem, and to help repopulate Mozambique’s...
11 Jul
Michael Hill International, the jewellery brand listed on the Australian Securities Exchange (ASX), says it will spend up to A$25 million (US$17.5 million) to compensate staff for historical underpayments. The move comes after a PriceWaterhouseCoopers review found that the company had misapplied a general retail industry award in employee payments over a period of six years. The company says it has also begun a thorough review of all employee records, rostering practices and payments. It added that while the matter was being tackled with urgency, the issue could still take several months to sort out. CEO Daniel Bracken said the company would contact all staff to apologise and outline a process to quickly pay those affected. “I’m committed to engaging with our team members transparently...
10 Jul
ALROSA reported that it had sold $219.3 million worth of rough diamonds and $3.1 million worth of polished in June this year. This brings the six month total of sales from January through June to $1.78 billion in rough and $27.3 million in polished sales.   "We keep implementing our balanced sales strategy amid the backdrop of persisting excess diamond stock both at the cutting and polishing (midstream) sector and at retailers, as well as challenges related to financing of Indian midstream business,” said ALROSA United Selling Organisation Director Evgeny Agureev.  He added, “The market is gradually entering the phase of seasonally low demand for rough diamonds, which also weighs on industry sales numbers. We expect improving demand for rough diamonds by the end of the third quarter. We...
10 Jul
The stock value of Titan Company plunged 14 percent on July 9, losing ₹15,500 crore ($2.2 billion) after it reported a slowdown in its jewellery business during the June quarter. Titan is owner of India’s largest jewellery brand Tanishq and holds a majority interest in multi-channel brand CaratLane.  Titan’s watch division registered 19 percent revenue growth during the quarter, while its eyewear segment racked up 13 percent revenue growth during the period. But the jewellery division, which contributed 82 percent of the company’s revenue in the last fiscal year, registered a sharp slowdown after the price of gold rose 10 percent in June quarter. Compounding that, the Indian government has now announced a hike in the import duty on gold from 10 to 12.5 percent. Global brokerage firm...
10 Jul
ALROSA announced that it had earned $3 million from the tendered sale of polished diamonds in New York that took place in June. The company sold 20 polished diamonds weighing a totals of 140.4 carats. The lots included eight standard colour stones and 12 fancy coloured ones, most of them fancy yellow and fancy intense yellow.  "The polished diamond tender in New York was very successful, despite the traditionally quiet summer season and the falling market as a whole. White and fancy polished diamonds were equally in good demand. In addition to retailers from the US, the world's largest market for diamond jewellery consumption, firms from Israel, Taiwan, India and the United Arab Emirates participated in the tender," said Pavel Vinikhin, Director of Diamonds ALROSA, the company’s diamond...
09 Jul
Marie-Chantal Kaninda
The May edition of Forbes Afrique, the French-language version of the influential economic periodical that focuses specifically on African affairs, has listed World Diamond Council (WDC) Executive Director Marie-Chantal Kaninda as one the continent’s 100 most influential women. “With this fifth edition of Africa's 100 Most Influential Women ranking, the presence of African women at the highest levels in all sectors is no longer a shadow of a doubt,” wrote Nadia Mensah-Acogny, the Forbes Afrique journalist who has been compiling the list since 2013. She noted, however, “But despite this, gender equality still leaves something to be desired and the finding is bitter. African women are still under-represented in the private sector. Like...
08 Jul
The Indian gem and jewellery community has reacted with disappointment at the increase in the import duty on gold from 10 to 12.5 percent, announced by Finance Minister Nirmala Sitharaman in government’s first national budget proposals after the recently-concluded general elections. Both the Gem & Jewellery Export Promotion Council (GJEPC) and the All India Gem and Jewellery Domestic Council (GJC) issued statements expressing concern at what they think might be the negative outcome of the increase in duty. GJEPC Chairman Pramod Agarwal said, “The gem & jewellery industry is going through very tough times with a decline in exports and job losses and the industry expected some positive announcement as encouragement to our sector. The GJEPC had represented for a reduction in import...
08 Jul
The Gem & Jewellery Skill Council of India (GJSCI) announced the winners of its Anant competition that is aimed at reviving traditional Indian jewellery formats like Hupari Payal (from Kolhapur), Tarakasi (from Cuttack), Thewa (from Rajasthan) and Gajra (from Bhuj in Gujarat). A grand ceremony organised by the GJSCI and the Women's Jewelry Association (WJA) – India Chapter and supported by the GIA (Gemological Institute of America), Gem and Jewellery Export Promotion Council (GJEPC), All India Gem and Jewellery Domestic Council (GJC) and Indian Bullion and Jewellers Association (IBJA) was held in Mumbai on June 26 during the Design Connect event that brought together designers, manufacturers and retailers. The overall category winner was Sakshi Agrawal, with Varuni Goyal in second...
05 Jul
ALROSA reported that its second auction of special size rough diamonds (over 10.8 carats) in Hong Kong realised $10.3 million from the sale of 112 stones weighing an aggregate 1,910 carats. Winning bids were placed by 23 of the 63 participants in the auction. ALROSA United Selling Organisation Director Evgeny Agureev commented, ”Despite the challenging situation in the diamond market today, the good results of the past auction confirm that the Asian market has a stable interest in our products. Hong Kong is one of the most important centres of the international diamond trade, so we regularly organise rough diamond sales here.” He added, “The next auction will be held on the sidelines of the Hong Kong Jewellery & Gem Fair in September. During the fair, we also plan to hold the second...
28 Jun
Rio Tinto's Argyle diamond mine in Western Australia
Rio Tinto’s diamonds business celebrated 30 years in India with a tribute in Mumbai to the extraordinary Indo-Argyle partnership, which among other things, allowed for the first independent marketing of rough diamonds outside the then De Beers-controlled distribution system. At a celebratory dinner for customers and diamond industry partners, Rio Tinto’s management reflected on the ground breaking partnership that began with the first influx of diamonds from the Argyle diamond mine in Western Australia in the 1980s.  Rio Tinto Copper & Diamonds business group Vice President of Sales and Marketing Alan Chirgwin said, “Rio Tinto’s 30-year diamond history in India contains many milestones. Our Mumbai office was...
28 Jun
Coloured Gemstone producer Fura Gems has entered into an option agreement with Richland Resources Ltd to fully acquire the Capricorn Sapphire project in Queensland, Australia. Fura also announced that it had closed a private place worth $23.2 million (CAD$30.38 million) with Lord of Seven Hills Holdings. Fura President and CEO Dev Shetty commented, “Our anticipated entry into sapphire gemstone mining in Australia represents the final leg of Fura’s journey to hold properties containing deposits of all the big three coloured gemstones (rubies, emeralds and sapphires). We believe this approach adds value to both the gemstone industry and our shareholders.” He added, “Although the sapphire project in Australia is already a producing mine, we intend to more clearly delineate the deposit during...

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