20 Mar
ALROSA reported that it had sold 101 ‘special size’ rough diamonds (each in excess of 10.8 carats) weighing a total of 1,829 carats, earning $10.5 million, at an auction that coincided with the Hong Kong International Diamond, Gem & Pearl Show. The company also held a polished diamond auction that resulted in the sale of 56 stones weighing almost 300 carats in aggregate for a total of $4.1 million. The overwhelming majority (238 carats) of the stones were fancy coloured diamonds. Two of these, cushion cut fancy yellows that weighed 31 and 30 carats each respectively, sold for a combined $815,000. ALROSA United Selling Organisation Director Evgeny Agureev commented that the Hong Kong show’s high visitor traffic this year contributed to good customer interest at the auctions. He added...
20 Mar
Fugitive Indian diamantaire and jeweller Nirav Modi
Nirav Modi, the Indian diamantaire and jeweller who along with his uncle Mehul Choksi is accused of defrauding the Punjab National Bank (PNB) of nearly $2 billion, has been arrested in London according to media reports. Modi appeared abefore the Westminster Magistrate’s Court to be formally charged. He was denied bail and will remain in jail till March 29. Modi’s arrest in the plush London area of Holborn, comes after an extradition request from India’s Enforcement Directorate, which investigates and prosecutes economic offences including foreign exchange violations. Since abruptly fleeing India, Modi has been reportedly living in London and running a new business, which describes itself on the UK's Companies...
20 Mar
The Debswana Diamond Company (Debswana), a 50/50 joint venture between the government of Botswana and De Beers Group, announced the commencement of the Cut-9 project to extend the life of the Jwaneng Mine. The project will extend the life of Jwaneng Mine to 2035, and is expected to yield an estimated 53 million carats of rough diamonds from 44 million tonnes of treated material. Debswana will invest approximately $2 billion over the life of the project underpinning the partnership’s commitment to the future of Botswana’s diamond industry. The shareholders of Debswana have approved the budget for 2019 so that the next phase of work can commence. At its peak, Cut-9 is expected to create more than 1,000 jobs, the majority of which will be held by Batswana citizens. A local $1.2 billion...
15 Mar
ALROSA reported that net earnings grew 15 percent to RUB 90 billion ($1.38 billion) on a 9 percent increase in revenue to RUB 300 billion ($4.59 billion). The company said the results were due to stronger profitability on the increased revenue that was driven by a higher price index and a better sales mix despite an 8 percent drop in the number of carats sold. Pretax earnings grew 23 percent to RUB 156 billion ($2.39 billion), with the pretax margins growing 6 percentage points to 52 percent. ALROSA Deputy CEO Alexey Philippovskiy commented, "The key financial drivers included an improved market environment (recovery in prices and stronger demand for diamond jewellery in major markets) and management efforts to boost efficiency.” He added, “In 2018, ALROSA took an active approach to debt...
15 Mar
Gem Diamonds, which owns the Letšeng mine in Lesotho and the Ghaghoo mine in Botswana, announced that it had sold a 13.33-carat pink rough diamond for $8.75 million at tender in Antwerp. The UK-headquartered diamond miner, which has marketing and manufacturing facilities in Belgium, said the stone was unearthed at the Letšeng mine in February this year. The sale price translates to $656,933 per carat and represents a per-carat record for any stone from Letšeng. The Letšeng mine is famous for its large, top-colour white diamonds, which have contributed to making it the highest dollar-per-carat-earning mine in the world. The mine produced the ‘Lesotho Legend’, the fifth largest diamond ever unearthed, which sold for $40 million last year. The sale comes only a day after Gem Diamonds had...
14 Mar
ALROSA reported that it had sold 125 special-size (each weighing over 10.8 carats) rough diamonds, that together weighed a total of 2,090 carats, at its recently concluded auction from its Vladivostok centre. Overall revenue from the sale amounted to $9.1 million, with 24 firms placing winning bids. ALROSA United Selling Organisation Director Evgeny Agureev commented, “The first auction this year in Vladivostok was completed with good results. The assortment is still in demand among the market participants from the largest centres of world diamond trade. I believe that interest in Vladivostok as a promising trading platform will only grow.” The schedule of ALROSA's international auctions for special size rough diamonds includes four auctions in Vladivostok this year. The next auction...
14 Mar
Sodiam Chairman Eugénio Bravo da Rosa
A delegation of the heads of the Israel Ministry of Economy and the leadership of the Israel Diamond Exchange (IDE) visited Angola this week, resulting in Angolan national diamond trading company Sodiam Chairman Eugénio Bravo da Rosa expressing his willingness to hold Sodiam’s first rough diamond tender in Ramat Gan, and to visit IDE within the next several weeks. Initiated by the IDE, the visit was meant to take advantage of changes in Angola’s diamond marketing policy to increase direct rough diamond sales to Israel, the Israel Diamond Institute (IDI) said in a press release. The delegation was led by Director General of the Israel Ministry of Economy Shay Rinsky and included the Israel Diamond Controller Danny Tal, IDE...
14 Mar
Signet Jewelers Limited announced on Wednesday, the appointment of Joan M. Hilson as Chief Financial Officer (CFO). The company also announced organisational changes to strengthen its leadership structure in support of its ‘Path to Brilliance’ transformation plan. Hilson will be appointed CFO effective April 4, succeeding current CFO Michele Santana, who will continue to serve in the role through that date. As previously disclosed, Santana will remain with the company through the end of April to ensure a smooth transition. Hilson will be responsible for leading the company’s finance, accounting, investor relations, tax and treasury teams and will be based in Akron, Ohio. Hilson was most recently CFO of David’s Bridal from 2014 to March 2019. Prior to that, Hilson was the CFO of American...
13 Mar
Catoca's Luaxe project
ALROSA and Angola’s state-owned Endiama, which jointly own the Catoca Ltd. Mining Co. that is engaged in diamond mining in Angola, have agreed on a corporate governance document that among other things, will ensure that the joint-venture company’s chief executive and the chief financial officer will be appointed by rotation from the two shareholders, with parity in the appointments. The agreement also establishes supervisory and fiscal councils which have the authority to control, approve and finalise contracts. A supervisory board will also have the right to approve executive directors for the JV. An ALROSA delegation, including company CEO Sergey Ivanov and Deputy CEO Vladimir Marchenko, also visited the Lunda Sul province which holds...
13 Mar
Trans Atlantic Gem Sales (TAGS) will be holding a rough diamond tender in the Almas Tower at the Dubai Diamond Exchange in Dubai from March 26 to April 2. Two regular productions from South Africa and Angola will again be presented including a Namibian production. All materials are of high quality and high colour and contain a significant number of large single stones and exceptional specials. TAGS said it is expecting in the region of 30,000 carats of South African goods and 35,000 carats of Angolan goods across a full range of sizes. Final details will soon be forthcoming from the producers, however the event should have a combined value in excess of $50 million, TAGS said.
12 Mar
CIBJO, the World Jewellery Confederation, has released a simplified guide to ethical and responsible practices in the handling and trading of diamonds, coloured gemstones, pearls and coral, and has made it available for downloading in PDF format from the CIBJO website, in multiple languages, free of charge. The 10-page to 13-page document, depending on the language in which it is downloaded, provides easy-to-understand guidelines for industry professionals concerning the disclosure and description of natural and treated gem materials, synthetics and other artificial products, as well as recommendations about information that should be requested from suppliers. The document is intended to support jewellery business owners and professional staff, but it is not intended to replace CIBJO's...
12 Mar
Newmont has 19 mines adjacent to Barrick Gold's Nevadaoperations like the Cortez mine in Elko, pictured here
Barrick Gold withdrew its hostile $18 billion takeover bid for rival Newmont Mining — a move that if successful, would have created the world’s largest gold mining firm. The two companies have instead, signed a deal for a joint venture for their Nevada operations, where Newmont has 19 mines adjacent to Barrick’s. Newmont itself was in the process of wrapping up a deal to take over Canada’s Goldcorp Inc. when Barrick launched its takeover bid, asking Newmont to abandon the planned takeover. Goldcorp has now backed the joint venture agreement between the two gold mining giants, which will see the merged operations majority owned and managed by Barrick. The...
08 Mar
ALROSA Chief Executive Sergey Ivanov
ALROSA announced that it had sold $340.6 million in rough diamonds in February, a 22.43 percent increase over the $278.2 million it had sold in January. Along with this, the company also sold $5 million in polished — a 47.06 percent increase over the $3.4 million it had sold the previous month. "We see Indian mid-streamer activity gradually recover, despite some challenges hampering access to bank financing for the industry in this country. This sentiment is particularly noticeable for small- and medium-sized rough diamonds. The company has moderately optimistic expectations of further smooth growth in demand and market activity," said CEO Sergey Ivanov.
06 Mar
Maharashtra Chief Minister Devendra Fadnavis (second fromright), Indian Minister of Commerce & Industry and CivilAviation Suresh Prabhu (third from left) and MaharashtraMinister for Industries & Mining Subhash Desai (extreme right)unveiled the foundation stone of the new complex. Also in thepicture are GJEPC Chairman Pramod Agarwal (second from left)and GJEPC Executive Director Sabyasachi Ray (extreme left).
The India Jewellery Park, an initiative that the Gem & Jewellery Export Promotion Council (GJEPC) has been pushing for some years now, finally took off with a foundation stone ceremony for the 21-acre plot at an industrial park  in Navi Mumbai, a satellite on the mainland across the harbour from the island metropolis of Mumbai on Tuesday....
06 Mar
An industry initiative known as the ASSURE Program, run jointly by the Diamond Producers Association (DPA) and Signet Jewelers to develop a universal standard to test the performance of diamond verification instruments in a consistent manner, has published the results of its testing online at the ASSURE Directory. A diamond verification instrument is any device that is used to identify and/or separate natural diamonds from synthetic stones. The ASSURE Program initially worked with 11 manufacturers including the Gemological Institute of America (GIA), HRD Antwerp and De Beers’ International Institute of Diamond Grading & Research (IIDGR) and tested 18 of the most widely used instruments put out to the global industry by them. The ASSURE Test Process, which was run independently by...
05 Mar
De Beers Group today announced that it had provisionally sold $490 million worth of rough in its second sales cycle of the year. This is almost 13 percent below the $563 million sold in the second cycle of 2018. De Beers Chief Executive Bruce Cleaver said, “Demand for rough diamonds remained consistent during the second sales cycle of 2019. While overall demand for lower value rough diamonds remains subdued, we did see an increase in demand from India as factories begin to restock.” De Beers also reported that the actual sales value of the first sales cycle of this year now stood at $500 million.
05 Mar
WDC President Stephane Fischler (right) and ExecutiveDirector Marie-Chantal Kaninda (second from right) duringthe special EU-organized meeting examining the KimberleyProcess, held on February 28, 2019, the day before theconflict diamond session of the UN General Assembly.
The World Diamond Council has welcomed the adoption of a resolution by the United Nations General Assembly (UNGA) on March 1, which calls for a strengthening of the Kimberley Process (KP), to more effectively sever the link between the illicit transaction of rough diamonds and armed conflict, thereby contributing to the maintenance of international peace and, in particular, security and sustainable development in artisanal diamond-mining regions. The resolution, which was proposed by the European...
01 Mar
The Indian government is reportedly considering amending the norms to include 20- and 24-karat gold before officially rolling out the much-heralded rules making the hallmarking of jewellery compulsory in the country. The existing rules, notified by the government in June 2018 but still awaiting execution, allow for the hallmarking of 14-, 18- and 22-karat gold jewellery. At a meeting of all industry stakeholders that was called by Consumer Affairs Minister Ram Vilas Paswan in New Delhi on Thursday, industry stakeholders made a strong case to include 20- and 24-karat gold, saying there was clear consumer demand for the categories. Indian consumers have a wide range of preferences as to the karatage of gold they want in jewellery, with very high purities being in greater demand for the...

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