13 Dec
Mineral sampling at Coscuez
Coloured gemstone producer Fura Gems Inc. announced the maiden mineral resource estimate for the Coscuez emerald mine in Colombia, in which it holds a 76 percent stake. The estimate infers 3 million tonnes of mineral resources at an average 2 carats per tonne, translating into an estimated 6 million carats of emeralds in the mine. Productive mine life is projected to be 30 years. At a conservative estimate of $200 per carat, the mine could potentially generate upwards of $1.2 billion over its estimated productive life. The mineral estimate was prepared by independent group Watts, Griffis and McOuat Limited (WGM) and entailed: The mapping of more than 20 km of existing underground tunnels. The completion of more than 1,600 metres of...
12 Dec
Coloured gemstone producer Fura Gems Inc. announced that its non-brokered private placement of shares worth C$5.3 million (US$4 million) has been fully subscribed and is now closed. The Shares were issued at premium of 25 percent to the company’s stock closing price on the Toronto stock exchange on December 10. As announced before, Fura intends to use the proceeds of the offering for the exploration and development of its emerald and ruby assets in Colombia and Mozambique respectively, and for general corporate purposes.  Fura also announces the appointment of Gaurav Gupta to its board of directors, effective immediately. His appointment follows the resignation of Roberto Schrader from the company’s board. Fura said Gupta is an entrepreneur with over 20 years of experience in...
11 Dec
India’s Gem & Jewellery Export Promotion Council (GJEPC), said in a press release that it expects exports of gems and jewellery to the US to be “encouraging” over the Christmas season. It cited rising GDP growth, employment and private consumption expenditure in the US as reasons for its optimism. The GJEPC said its view was underscored by the 22.1 percent year-on-year rise in polished diamond exports to the US over the April-October 2018 period to $5.43 billion from the $4.45 billion during the same period in 2017. In addition to this, the GJEPC said, exports of gold jewellery to the US also witnessed an impressive growth of 13.13 percent year-on-year from $867.87 million during April-October 2017 to $981.85 million this year. The GJEPC said it expects gem and jewellery exports from...
10 Dec
ALROSA reported that it had sold $266.6 million worth of rough diamonds along with $7.4 million in polished  for a total of $274 million in November. The sale brought the company’s 11-month total for 2018 to $4.1 billion in rough diamond and $90.4 million in polished sales for a total of $4.2 billion — a 3.7 percent growth in a year-on-year comparison. "Diamond sales in November were 13 percent higher by value and 25 percent higher by volume against October this year. This may be indicative of strengthening demand for low-cost small-sized rough diamonds, which has been declining over the past few months. However, it is too early to make final conclusions,” said ALROSA Deputy CEO Yury Okoemov. He added, “We still see a lot of potential for the increase in demand for rough diamonds from the...
07 Dec
Signet Jewelers Limited announced its third quarter results (13 weeks ended November 3) for fiscal 2019, reporting sales for the period of $1.19 billion, up 3 percent on a reported basis and up 3.3 percent on a constant currency basis from the same quarter in fiscal 2018. Total same store sales performance was 1.6 percent versus the prior year quarter, inclusive of a 75 basis points unfavourable impact due to planned shifts in timing of promotions at Zales and Peoples. E-commerce sales in the third quarter including James Allen were $125 million, up 54.9 percent on a reported basis. James Allen sales were $52.5 million in the quarter, up 13.6 percent compared to the prior year quarter, and had a positive 50 basis points impact on total company same store sales. E-commerce sales increased...
06 Dec
The 19th century sapphire and diamond brooch
Diamonds and sapphires all exceeded their pre-sale estimates at the Bonhams London December Jewellery sale on December 5. Headlining the auction was a 24.31-carat D-IF Type IIa step-cut diamond, which sold for £1,868,750 ($2,387,105) or $98,194 per carat. The diamond’s final price was in excess of its pre-sale estimate of £1,300,000-£1,800,000 ($1,700,000-$2,300,000). Bonhams UK Director of Jewellery Emily Barber said, “This magnificent gem was greatly admired during our previews in London, New York, LA and Hong Kong.  It attracted a lot of interest not only due to its significant size — top quality diamonds over 20 carats are very rare — but also due to its Internal Flawless clarity and its exceptional white colour. We...
05 Dec
The 18.04-carat emerald-cut diamond
An 18.04-carat emerald-cut diamond set in a ring sold for $828,500 against its estimate of $400,000-$600,000 at the Bonhams New York December fine jewellery sale on December 3.  The second top performing lot was a diamond solitaire ring by Royal De Versailles. The round brilliant-cut F VS1 diamond weighing 7.01 carats, sold for $275,000, exceeding its pre-sale estimate of $180,000-$250,000.  Other colourless diamonds which sold at the auction included: A diamond solitaire ring with a pear-shaped brilliant-cut 5.03-carat IF Type IIa diamond sold for $250,000. A pair of heart-shaped diamond earrings, weighing 4.04 and 4.00 carats, G VS2 and VS1 clarity respectively, sold for $112,500. A diamond ring featuring a 7.92-carat G...
04 Dec
To meet US retailer needs, the Gemological Institute of America (GIA) is offering diamond grading services in under 24 hours at no additional charge from December 3, 2018 to January 4, 2019. This limited time offer applies to D-to-Z diamonds received by GIA at its Carlsbad or New York laboratories, from US locations, for Diamond Grading Report or Diamond Dossier services. GIA said all services must be ordered at the time of stone submission. Diamonds submitted with requests for add-on or follow-up services will  not be eligible and will be serviced based on the standard estimated return dates posted on GIA’s website.  Stones submitted for this offer cannot be received or returned on dates that GIA is closed, including weekends. 
04 Dec
Ernie Blom
World Federation of Diamond Bourses (WFDB) President Ernie Blom says the diamond and jewellery industries appear to be heading for a strong end of the year, according to import and export figures and other reports in recent weeks. India recently reported a 19-percent rise in exports in October in its latest results, while Belgium posted a 17-percent increase. Meanwhile, US retail industry research groups are predicting a rise in holiday season sales of around 5 percent.  "The figures are looking upbeat," said Blom. "Exports of polished diamonds showed a significant increase in two of the most important centres — India and Belgium. Meanwhile, forecasts for the holiday season in the United States are very promising as a result of the strength of the US...
03 Dec
Chow Tai Fook Jewellery Group Executive Director, StrategicInvestment, Adrian Cheng (centre), Managing Director, KentWong (left) and Executive Director, Finance and Operations,Hamilton Cheng (right) announce the interim results.
Hong Kong listed jewellery retailer Chow Tai Fook Jewellery Group Limited, which has a large retail footprint in mainland China, reported revenue of HK$29.7 billion (US$3.8 billion) for the first half of fiscal 2019 (the six months ended September 30), a 20 percent increase over the HK$24.8 billion (US$3.2 billion) recorded in the same period last year. Gross profit amounted to HK$8.5 billion (US$1.1 billion) as against the HK$7.17 billion (916 million) recorded in the same period last year. Core operating profit surged by 24.7 percent in...
30 Nov
Lightbox, the De Beers lab-grown diamond brand, launched a pop-up store at The Occulus in the Westfield World Trade Center in New York on Monday. Aimed at the post-Thanksgiving Cyber Week shopping occasion, the pop-up showcases the Lightbox launch collection that is otherwise only available online. Lightbox General Manager Steve Coe and Head of Marketing Sally Morrison were joined by models from the brand's advertising campaign for a lighting ceremony on Monday. The Lightbox product line at the pop-up features pendants and stud earrings set with white, pink and pale blue lab-grown diamonds. prices range from $200 for a quarter carat to $800 for a total one-carat diamond weight, plus the cost of the settings. Visitors can try on the jewellery from the product line, while there are brand...
30 Nov
ALROSA announced that it had sold 105 gem-quality rough diamonds with the total weight of 1,906 carats, realising a total of $17 million, at its rough diamond auction in Israel that ran from November 4 to 22. More than 100 companies from Israel, Belgium, Hong Kong, India, the UAE, the US and Russia participated in the auction with winning bids being made by 44 companies. "The results of this year's last auction in Israel confirm the stable demand for our products in this country — the total starting price has been significantly exceeded. This year, we held six auctions in Israel and sold large rough diamonds for a total amount of $90 million," said USO ALROSA Director Evgeny Agureev.
29 Nov
Canadian jewellery retailer Birks Group, announced it will begin accepting cryptocurrency bitcoin cash and bitcoin core payments at eight retail outlets in Canada, including its recently-opened Patek Philippe and Graff Diamonds stores. Birks, which has been retailing fine jewellery since 1879 and operates 28 Maison Birks and Brinkhaus stores across Canada, said the move to accept bitcoin was a milestone  for the company. According to Birks, retail store customers in the select eight locations can purchase well-known jewellery and watch brands such as Breitling, Rolex, Bulgari and Cartier with digital currencies. The company said it was the first luxury retailer in Canada to accept bitcoin and group CEO Jean-Christophe Bédos said that the company’s collaboration with Bitpay is a...
27 Nov
ALROSA announced that its polished diamond auction in Israel, that ran from  November 4 to 13, realised $2.9 million from the sale of 370 carats. The auction featured colourless stones of 5 carats and up, fancy coloured diamonds over 1 carat and colour-matched batches of stones in the 0.3- to 0.99-carat size range. According to ALROSA, firms from Israel, the US, Belgium, Hong Kong, India and Russia were among the bidders. Of the diamonds sold, 314 carats were accounted for by large fancy coloured stones, with more than 40 fancy coloured polished diamonds over 5 carats with a total weight of 215 carats being sold. Pavel Vinikhin, Director of Diamonds ALROSA, the company’s cutting division, said that Israeli firms had shown a preference for large polished diamonds over 3 carats and this had...
27 Nov
The fourth Preferred Manufacturer of India (PMI) event organised by the All India Gem and Jewellery Domestic Council (GJC), the country’s apex body for the domestic gem & jewellery industry, kicked off in Jaipur on Monday. The business-to-business event brings together leading gem and jewellery manufacturers and jewellery retailers looking for new sources and product.  GJC Chairman Nitin Khandelwal commented that the PMI event served as a benchmark for business-to-business trade shows. He added that it strengthened intra-industry connections between manufacturers and retailers throughout the country. GJC Vice Chairman N. Anantha Padmanaban said, "The PMI program is our exclusive B2B marketing platform for manufacturers. Our aim is to help participants by fulfilling their business...
24 Nov
Seen inaugurating the event are (from left) Ministry of CommerceEconomic Advisor Rupa Dutta, GJEPC Chairman Pramod Agarwal,GJEPC Executive Director Sabyasachi Ray, Indian Commerce &Industry Minister Suresh Prabhu and Zimbabwe Minister ofCommerce & Industry Raj Modi
The two-day India Gold & Jewellery Summit, organized by the Gem and Jewellery Export Promotion Council (GJEPC), kicked off in Delhi on Friday, bringing together the country’s top policy makers, gem & jewellery stakeholders and decision makers.  Indian Commerce & Industry Minister Suresh Prabhu observed in his remarks at the event that the gem and jewellery industry is one of the top contributors to the nation’s economy and holds the potential for further strong growth duty to the...
22 Nov
Albert Milton (left) will take over from Balisi Bonyongo
Debswana Diamond Company, the joint venture equally owned by De Beers and the government of Botswana, announced that Managing Director Balisi Bonyongo will retire from the business with effect from November 30 following 26 years of service. Albert Milton, currently General Manager of Jwaneng Mine, will take over as Managing Director with effect from December 1. Bonyongo will stay on for three months as a consultant to ensure a smooth leadership transition. Incoming managing director Milton’s career with Debswana spans more than 25 years, during which he has gained extensive diamond and coal mining experience at both operational and strategic level. He holds of a Bachelor of Engineering (Hons) in Mining...
21 Nov
Some of the WDC contingent at the KP Plenary
While reiterating its support for the Kimberley Process Certification Scheme (KPCS) as the most effective means possible to end the trade in conflict diamonds, the World Diamond Council (WDC) expressed concern that more progress was not made in reforming its scope during the 2018 KP Plenary Meeting that ended on November 16, hosted by the European Union in Brussels.  Nonetheless, the WDC considered as positive the noting in the KP Plenary’s final communique of the submission by the Canadian government, of an expanded definition of conflict diamonds, which had been proposed by WDC and its fellow KP observer, the Civil Society Coalition (CSC), and expressed hope that the Kimberley Process participants will support the...

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