24 Apr
WDC Acting President Stephane Fischler
The World Diamond Council (WDC), an industry group focused on preventing conflict diamonds from entering the legitimate global supply chain and protecting the value of natural diamonds, today announced its support of the Organization for Economic Co-operation and Development (OECD) Due Diligence Guidance (DDG) at the Annual OECD Forum on Responsible Mineral Supply Chains. “The World Diamond Council is committed to establishing a sustainable and safe environment for mining communities, and we believe the OECD DDG assurance process is a critical factor for advancing that vision,” said WDC Acting President Stephane Fischler. Building on the Kimberley Process and along with the World Federation of Diamond Bourses, the...
24 Apr
De Beers reported that its first quarter diamond production for 2018 stood at 8.5 million carats, a 15 percent increase in a year-on-year comparison with the 7.4 million carats produced in the first quarter of 2017. Total rough diamond sales volumes in Q1 2018 were down almost 38 percent to 8.8 million carats (8.4 million carats on a consolidated basis) from two Sights, compared with 14.1 million carats (13.7 million carats on a consolidated basis) from three Sights in Q1 2017. In addition to the difference in the number of Sights over the period, Sight 1 2017 also saw an unusually strong demand for lower value goods following the effects of Indian demonetisation in Q4 2016, leading to higher than Full year production guidance remains unchanged at 34 to 36 million carats, subject to...
23 Apr
BDB President Anoop Mehta speaks at the inaugural. Also seen are(from left), Mumbai Diamond Merchants Association PresidentMahendra Gandhi, DDC President Reuven Kaufman, BDB VicePresident Mehul Shah, US Consul-General  Edgard Kagan, GJEPCChairman Pramod Agarwal and GJEPC senior representativeRussell Mehta.
The first-ever Bharat Diamond Week (BDW) got underway today at the Bharat Diamond Bourse (BDB) in Mumbai with the honours done by US Consul-General Edgard Kagan. The event is set to run through April 25. The BDW is a combination diamond buyer-seller meet with scheduled one-on-one interactions and loose diamond trade exhibition. BDB Vice President Mehul Shah, who is in charge of the event, said over 500 buyers had registered for the BDW, with some 150 of those...
21 Apr
The Diamond Empowerment Fund (DEF) announced that the government of Canada’s Northwest Territories (NWT) will receive the 2018 Diamonds Do Good Responsible Government Award and De Beers CEO Bruce Cleaver, the Diamonds Do Good Professional Advancement Award. The awards will be presented at the annual DEF gala on May 31 in Las Vegas. The NWT is home to major diamond mines including Ekati, owned by Dominion Diamond Mines; Diavik, a joint venture between Rio Tinto and Dominion; and Gahcho Kué, a joint venture between De Beers Canada and Mountain Province Diamonds. The NWT government has a robust mineral development strategy that protects the environment, enhances indigenous engagement and community capacity building, promotes sustainability and leverages a local workforce; all while fostering...
20 Apr
ALROSA’s production of rough diamonds for the first quarter of 2018 was 7.4 million carats, down 17 percent from the 8.9 million carats it produced in Q1. 2017. The miner also sold 10.1 million carats of gem-quality diamonds at an average price of $154 per carat for a total of $1.58 billion during this period. This is a drop of 8.2 percent in volume terms from the 11 million carats it sold in Q1 2017, but a 21.5 percent increase in revenue from the $1.3 billion it earned in the first quarter of last year, selling goods at an average of $117 per carat. The miner additionally sold 3.2  million carats of industrial diamonds at an average price of $8 per carat for a total of $23.7 million, which compares with the 3.1 million carats at an average of $7 per carat that it sold over the same...
19 Apr
Evgeny Agureev (second from right) and Jim Vimadalal (secondfrom  left) at the inauguration of the new office
ALROSA on today opened its representative office in Mumbai inside the Bharat Diamond Bourse (BDB). On hand for the opening ceremony were advisor to the chairman and member to the board of the Gem & Jewellery Export Promotion Council (GJEPC) Russel Mehta, BDB President Anoop Mehta and BDB Vice President Mehul Shah. ALROSA directly supplied India with rough diamonds worth almost $700 million in 2017. In the new contract period (2018-2020), the miner has signed 15 long-term contracts with diamond manufacturing companies in India — 14 for gem-quality diamonds and one for industrial goods. ALROSA currently works with more than 100 Indian companies that buy...
19 Apr
The Diamond Development Initiative (DDI), an NGO that has been leading efforts to formalise the diamond ASM sector in several parts of Africa, and De Beers today announced they have partnered to pilot a program called GemFair, which aims to create a secure and transparent route to market for ethically-sourced artisanal and small-scale mined (ASM) diamonds. GemFair will match tailored technology that enables the tracking of ASM production with demonstrable ethical standards to purchase rough diamonds from approved mine sites, while helping improve working conditions and livelihoods for those working in the sector. For the pilot, GemFair is partnering with the DDI. Miners who wish to participate in the GemFair pilot must be certified by DDI as meeting its Maendeleo Diamond Standards (MDS),...
18 Apr
More than a dozen members of the World Diamond Council (WDC) are attending the Organisation for Economic Co-operation and Development (OECD) Forum on Responsible Mineral Supply Chains, and two members will serve as panelists in a discussion about the future of diamonds. As the first mineral-based industry to introduce its own due diligence process for responsible supply chains (in conjunction with governments and under the United Nations), the diamond sector is in a unique position to offer insight and guidance, based on the success of its own Kimberley Process Certification Scheme (KPCS), which has been in place since 2003, the WDC said in a press release. “We remain supportive of efforts to broaden the scope of the KPCS mission and as such of wider due diligence requirements that we...
17 Apr
De Beers announced it had donated $250,000 to the Kiran Hospital in India’s diamond capital of Surat, to support the recently-opened facility in continuing to provide vital, accessible and high-quality healthcare to patients. A De Beers Press Release said, “The donation reflects De Beers’ commitment to helping create a sustainably better future for the communities it operates in, to leave a positive legacy that lasts beyond diamonds.” Opened in 2017, the super specialty Kiran Hospital is a not-for-profit facility that provides a comprehensive range of health and medical services, treating patients from all sections of society and from across the state of Gujarat, as well as India more broadly. De Beers’ donation complements the donations and support of many other diamond businesses from...
17 Apr
De Beers announced that it had provisionally sold $520 million in rough diamonds through its third sales cycle of 2018. This compares with the $586 million actually sold in the third sales cycle of 2017. The miner said that its actual rough diamond sales figures for the year’s second cycle now stood at $563 million. De Beers CEO Bruce Cleaver said, “While the second quarter of the year is traditionally a seasonally slower period, we continued to see good rough diamond demand in the third sales cycle of 2018 as diamond businesses have focused on restocking following healthy consumer demand for diamond jewellery in the US and China.”
17 Apr
Leo Schachter Diamonds said in a press release that Rosy Blue had become a minority investor in the company. The transaction, anticipated to close soon, will mark a culmination of over thirty years of a trading relationship built between the two groups, the company said. Leo Schachter will continue to operate independently under the Schachter family’s majority ownership, by its principals and the leadership of the current executive team.  Leo Schachter and Rosy Blue will, however, seek to create operational efficiencies by tapping into each other’s vast processing and administrative infrastructure around the globe with a view to delivering even better value to their respective clientele.  Elliot Tannenbaum, Principal at Leo Schachter, noted, “From its inception in the diamond business 65...
17 Apr
The Bunder mine, while it was being developed by Rio Tinto
Coloured gemstone producer Fura Gems Inc. today announced that it is “aggressively” looking at acquiring the Bunder diamond mine in India, that was explored and developed by Rio Tinto, but given up after having spent in excess of $90 million when the project ran into environmental hurdles. It is also looking at acquiring coloured gemstone mining projects in the country. While fully intending to go ahead with the acquisition alone, Fura said it was also in advanced talks with a possible joint-venture partner. While the state government of Madhya Pradesh had indicated that it intended to tender out the Bunder mine to interested parties with all environmental and forest clearances in place, Fura President...
16 Apr
Gitanjali Group principal Mehul Choksi
The non-performing assets (NPAs) or bad loans in the Indian banking industry are likely to rocket by at least ₹8,000 crore ($1.2 billion), as this amount has to now be set aside for the loans to the Gitanjali Gems group, which turned bad in the fourth quarter of fiscal 2017-18, according to news agency reports. The country’s banks had together, a total of ₹840,958 crore ($128.54 billion) in NPAs in December 2017. Government estimates have put loans to industry among the top of these NPAs, followed by lending to services and the agricultural sector, in that order. A consortium of 21 banks led by Allahabad Bank had made working-capital loans to Gitanjali Gems in 2010-11. In 2014, with an exposure of ₹900 crore ($137.6 million...
16 Apr
GJEPC Chairman Pramod Agarwal (foreground) shows theMinister of State around the show
The first edition of the India Gemstone Week, an initiative of the Gem & Jewellery Export Promotion Council (GJEPC) that is a combination of a buyer-seller meet and an open exhibition, was inaugurated in Jaipur on Sunday by Indian Minister of State for Commerce & Industry, Consumer Affairs, Food and Public Distribution C.R. Chaudhary. The three-day event, which features scheduled one-on-one meetings for the first two days and an open exhibition on the third, has 36 Indian gemstone manufacturers and over 89 international buyers from 22 countries including Algeria, Armenia, China, Egypt, Germany, Italy, Jordan, Kazakhstan, Lebanon, Qatar, Russia, Saudi Arabia, Spain, Taiwan...
13 Apr
The event will take place at the Tel Aviv Hilton
The official website of the 38th World Diamond Congress has gone live, allowing participants to register for the June 19-21 biennial gathering of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA).  The three-day gathering, organised by the Israel Diamond Exchange, will take place at the Hilton Hotel in Tel Aviv, starting with committee meetings of the WFDB and IDMA on June 19. The first day of the Congress will also feature a tour of the Israel Diamond Exchange and will end with a cocktail event.  The official opening of the Congress will take place on June 20, which will feature a keynote speech and guest speaker. Following separate WFDB and IDMA working...
13 Apr
The Goldsmiths' Centre in London
The first ever Gemological Institute of America (GIA) Jewellery Career Fair in Europe will be held at the Goldsmiths’ Centre in London on April 23. Luxury retailers Bulgari and Louis Vuitton; jewellery design house KARIA Ltd; jewellery manufacturers Martine UK Ltd., Queensmith Master Jewellers and Asteria Diamonds are among the more than dozen luxury jewellery retailers who will attend, along with recruitment firms and gemological laboratories. The event will kick off with a panel discussion titled ‘Job Success in Today’s Market’ moderated by Mehdi Saadian, director of GIA’s London school. Panellists include Royal Asscher Vice President Mike Asscher, Swarovski executive board member Nadja Swarovski and Michael Wainwright, managing...
13 Apr
De Beers has partnered with the jewellery firm Central Mega Kencana (CMK) to launch its Forevermark diamond jewellery brand in Indonesia. CMK will sell Forevermark in its leading retail brands, Frank & Co., The Palace and Miss Mondial.  The brand will initially be sold in 12 stores in the CMK network in the Jakarta region, with plans to expand further in the near future. The official launch event took place on April 11 at Plaza Senayan in Jakarta, and was marked with a showcasing of Forevermark red carpet jewellery, as well as an exhibition highlighting the brand’s key message — diamonds that are beautiful, rare and responsibly sourced. The Indonesia launch means Forevermark will now be available in 26 markets globally. Brand CEO Stephen Lussier said, “We are delighted to be launching...
12 Apr
The recent discovery of a 12.92-carat Kashmir sapphire in a client’s bank vault could prove to be an exciting windfall for one lucky family who had no idea of the gemstone’s value. Estimated to fetch between $120,000 and $510,000, the unheated Kashmir sapphire and diamond ring leads Bonhams upcoming Rare Jewels and Jadeite sale in Hong Kong on May 27. Bonhams Asia Director of Jewellery, Graeme Thompson, assessed the sapphire and believed it to be of Kashmir origin. The gemstone was then sent by Bonhams to Switzerland for scientific testing where it was confirmed as an extremely rare Kashmir sapphire, which had previously been assessed by other auction houses at $3,800-$6,300. “Kashmir sapphires are the rarest of gemstones and collectors are prepared to pay princely sums for top-quality...

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