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22 May
Registration for the 2019 congress of CIBJO, the World Jewellery Confederation, slated to run from November 18 to 20 in Bahrain, is now open. A dedicated website includes the congress program, various venues and important travel information along with news and background information on Bahrain. CIBJO Congresses serve as the gathering place for the World Jewellery Confederation's Assembly of Delegates, and also are the venue for the annual meetings of CIBJO's sectoral commissions, where amendments can be introduced to the organisation's definitive directories of international industry standards for diamonds, coloured stones, pearls, gem labs, precious metals coral and responsible sourcing, known as the Blue Books. The CIBJO Congress is also where the programme of World Jewellery...
21 May
A 0.64-carat fancy greyish-greenish-blue cushion modified brilliant-cut diamond was recently found by the Gemological Institute of America (GIA) to be a composite consisting of a natural yellowish colour diamond with a layer of chemical vapour deposition (CVD) synthetic diamond that had blue and grey colour components, grown on top of it. GIA research associate Troy Ardon and analytics technician Garrett McElhenny who reported the finding in Spring 2019 edition of the GIA’s Gems & Gemology journal, calculated that the CVD layer was 200 microns thick and accounted for 0.1 carat of the stone’s total weight. Ardon and McElhenny concluded in their article, “With the second of these composites seen at GIA, this could be a new type of product entering the market....
21 May
De Beers today reported that it had provisionally sold $415 million worth of rough in its fourth sales cycle of this year. This is 33.5 percent below the $554 million actually sold in the fourth sales cycle of 2018.  De Beers CEO Bruce Cleaver said, "Cycle Four saw lower rough diamond sales against a backdrop of macroeconomic uncertainty, and as we enter a seasonally slower period for the industry with Indian factories closing temporarily for the traditional holiday period.” The company also said that the actual sales figures for Cycle Three this year now stand at $581 million.
20 May
Gemfields announced it had realised revenue of $22.4 million at its auction of higher quality emeralds held in Singapore from May 14 to 17. The company said the price translates to an average $71.85 per carat — an all time record for Gemfields auctions. The top lot sold also set an all-time per-carat price record.  The emeralds were from the Kagem mine in Zambia, in which Gemfileds holds a 75 percent stake, with the Zambian government holding the remainder. The 32 auctions of the rough emeralds from the mine that have been held since 2009 have generated an aggregate $589 million. Gemfields said 45 companies participated in the auction, which saw 28 of the 35 lots on offer being sold. In terms of carats, the company said the auction saw 72 percent of the goods offered being sold. Gemfields...
18 May
Luxury group Richemont, which owns the Cartier and Van Cleef & Arpels jewellery brands along with the IWC Schaffhausen, Jaeger-LeCoultre and Piaget watch brands among others, reported that its net profit for fiscal 2018-19 more than doubled to €2.79 billion ($3.12 billion), including an extraordinary gain of €1.38 billion ($1.5 billion) linked to the Yoox Net-A-Porter (YNAP) acquisition. Including its recently acquired online distribution systems like YNAP and Watchfinder, sales were 27 percent up over the previous year at €13.99 billion ($15.64 billion). However, excluding online distribution — which have shown an operating loss — sales were just 8 percent higher. The group saw double-digit growth in mainland China and the US. However, an otherwise shining performance was dulled by...
17 May
ALROSA reported that revenue for the first quarter of 2019 had declined 27 percent to RUB 70 billion ($1.1 billion) from the RUB 96 billion ($1.5 billion) in the first quarter of 2018, while net earnings for the period fell 27 percent to RUB 24.1 billion ($373 million). This was mainly due to only 10.6 million carats of rough diamonds being sold during the period — a 21 percent drop from the 13.4 million carats sold in Q1 2018 — and a higher share of small-size diamonds being sold. ALROSA Deputy CEO Alexey Philippovskiy commented, "Following a sizeable de-stocking of small-size rough diamonds by cutters and polishers in the second half of 2018, we saw an improved demand for this product early in 2019.” He added, “Based on the company's performance in 2018, the board recommended 2018...
17 May
Platinum is the precious metal that continues to have the highest perceived value among consumers and demand growth, building on an established bridal jewellery base, continues to be driven by young consumers, men's jewellery and female self-purchase, according to the results of the Platinum Guild International (PGI) 2019 Platinum Jewellery Business Review (PJBR). While Japan continues to have the highest per capita consumption of platinum jewellery with a sixth year of consecutive one percent growth, India is the fastest-growing market, with PGI partners reporter a 26 percent growth in 2018 and PGI India projecting growth of between 15 and 20 percent in 2019. The US market has shown a 11 percent growth in 2018, driven by a strong bridal segment as well as increasing self-purchases by...
16 May
The recently recovered 130-carat rough diamond
Australia-headquartered Lucapa Diamond Company Limited and its partners, Angola’s state-owned Empresa Nacional de Diamantes E.P. (Endiama) and Rosas & Petalas, announced the recent recovery of a 130-carat gem quality diamond from the Lulo diamond project in Angola. The recently-recovered stone is the 13th diamond over 100 carats recovered from the Lulo project to date and the second recovered so far in 2019. Lucapa said that this recovery, together with the continued recovery of other large special white and fancy coloured diamonds, continues to highlight the very special nature of the Lulo diamond concession. The 130-carat diamond adds to the current inventory of high-value, large, special run-of-mine diamonds,...
16 May
An existing diamond recovery vessel of Debmarine Namibia.The planned new vessel will be the seventh in the fleet.
Debmarine Namibia, the equal-partner joint venture between the government of Nambia and De Beers, today announced that it had approved the construction of a new custom-built diamond recovery vessel. The new vessel is expected to cost $468 million and represents the largest ever single investment in the marine diamond industry. The ship will become the seventh vessel in the Debmarine Namibia fleet and is scheduled to commence operations in 2022. On completion, the vessel is expected to add 500,000 carats annually to Debmarine Namibia’s production, an increase of approximately 35 per cent on current production. Following an extensive global tendering...
16 May
RJC Chair David Bouffard speaks at the AGM while ExecutiveDirector Iris Van der Veken looks on
The Responsible Jewellery Council (RJC) held its first virtual annual general meeting (AGM) this week, appointing a series of new board members. The event was broadcast to all RJC member companies globally from Chatham House in London on May 14. During the meeting, RJC Chair David A. Bouffard announced a series of appointments to the RJC board of directors and its standards, assurance and communications committees.  The newly appointed board members will represent their respective forum in the jewellery supply chain, from mine to retail. The new appointments are: James Pounds from Dominion Diamond Corporation and Nelson Zarzosa from Minera Sotrami S.A who will be...
16 May
Fura continues to develop its Coscuez emerald minein Colombia
Coloured gemstone producer Fura Gems, which is listed on the Toronto Stock Exchange (TSX) Venture Exchange, announced it was completing a private placement of 121.5 million shares of the company for C$30.38 million (US $22.6 million). Fura said the funds will be used to advance its Coscuez emerald project in Colombia and its ruby assets in Mozambique as well as for general corporate purposes. Fura President and CEO Dev Shetty commented, “The successful completion of this offering would be a significant milestone as it would allow the company to continue to build value for its shareholders by advancing its projects in Colombia and Mozambique. Given Fura’s track record of successfully raising capital, I’m...
15 May
Petra Diamonds announced that it had sold the 424.89-carat Legacy of the Cullinan Diamond Mine rough diamond to a partnership between the Stargems Group and Choron Diamonds, both diamond Antwerp-headquartered industry players with global footprints, for just under $15 million. The diamond is a  D colour, Type IIa gem mined from the Cullinan mine’s C-Cut and is one of many famous diamonds to have originated from this historic South African mine. Petra CEO Richard Duffy commented, “This is a significant sale for Petra Diamonds and an endorsement of the quality not only of the Legacy diamond, but also the Cullinan ore body itself, which is known for its stones.” Stardoms Group Chairman Shailesh Javeri observed, “The Cullinan diamond mine has produced some of the most iconic diamonds the...
14 May
DMCC Chief Operating Officer Feryal Ahmadi
The Dubai Multi Commodities Centre (DMCC) announced that it has signed a memorandum of understanding with the China Gems and Jade Exchange (CGJE), creating a strategic alliance with China’s official trading platform for gemstones and jade. DMCC Chief Operating Officer Feryal Ahmadi and CGJE Executive Vice President Yuk Chan signed the agreement during a high-level official trade visit of the Shanghai Municipal Government to the United Arab Emirates (UAE). The signing ceremony was attended by Shanghai Vice Mayor Xu Kunlin and a number of senior representatives from the Shanghai municipal government. The DMCC said that the partnership is set to create new trading opportunities between the UAE and China by connecting buyers...
13 May
ALROSA reported that it had sold $1.3 billion in rough diamonds along with $19.2 million in polished in the January-April period. Sales of rough in April alone amounted to $315.8 million, while polished accounted for $2.9 million in sales during the month. ALROSA United Sales Organisation Director Evgeny Agureev commented that demand from the cutting and polishing industry had been weaker in the first months of 2019. He attributed this to the industry mid-stream in India experiencing difficulties accessing affordable financing along with with what he termed was ‘diamond stock normalisation’. The cyclic nature of the market too played a part in weakening demand, he added. “The company maintains a moderately positive outlook for the foreseeable future, expecting the market situation to...
10 May
The Tata industrial group’s Titan Company, which owns the Tanishq jewellery brand along with a majority stake in online jewellery retailer CaratLane, reported standalone net profit of ₹294.6 crore ($42 million) for the fourth quarter of fiscal 2018-19 which ended March 31 last. This represents a 4.4 percent rise in a year-on-year comparison with the fourth quarter of the previous year. Titan Chief Financial Officer S. Subramaniam was quoted as saying the company was targeting a 20 percent growth rate in the coming year for its overall business, which includes watches and eyewear. He added that he felt the target was achievable given that it had met its self-imposed targets in the just-ended fiscal year, which was a tough one for the jewellery industry as a whole. He attributed the company...
09 May
Nirav Modi
Fugitive Indian diamantaire Nirav Modi, who along with his uncle Mehul Choksi is an accused in the nearly $2 billion Punjab National Bank (PNB) scam case, was on Wednesday denied bail for the third time by London’s Westminster Magistrates Court Chief Magistrate Emma Arbuthnot. He was denied bail despite an offer from his defence team to double the bail security to £2 million ($2.6 million). Modi’s defence counsel, Barrister Clare Montgomery told the magistrate that conditions at the Wandsworth prison where Modi is currently incarcerated are ‘unliveable’ and that he was willing to abide by any conditions the court chose to impose, including staying under a 24-hour curfew in his flat. However, the judge was not convinced, observing that doubling the bail...
08 May
The Almas Tower in Dubai
The Dubai Multi Commodities Centre (DMCC) announced that it will host the first-ever rough laboratory-grown diamonds tender at its Dubai Diamond Exchange (DDE) in the Almas Tower, Dubai. The auction will feature 50,000 carats in 55 parcels of chemical vapour deposition (CVD) rough diamonds. The DMCC said that the tender is in line with its strategy to attract, facilitate and drive new trade flows through Dubai. The tender is being organised and managed by Hong Kong-based diamond traders Tony’s Auction World with viewings in taking place from May 11 to 13. The DMCC said that as a member of the World Federation of Diamond Bourses (WFDB), the DDE is subject to all the organisation’s laws and must be compliant with its stringent regulations....
08 May
Caryl Capeci
Hong Kong-based Chow Tai Fook Jewellery Group announced it had appointed Caryl Capeci as CEO of its newly-set-up Chow Tai Fook North America (CTFNA) business hub in Boston. CTFNA is positioned to be a single source wholesaler by delivering products, services and know-how especially on technological innovations that help drive profitability and strengthen jewellery retail businesses in the North American market. CTFNA is currently home to diamond jewellery brands, Hearts On Fire and Mémoire. It will offer customised, specialty collections in the diamond and fine jewellery segments, as well as private label offerings, to address the evolving needs of jewellery consumers. "As we celebrate our 90th anniversary, we look forward to making further...

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