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30 Jul
Swatch Chief Executive Nick Hayek
Switzerland’s Swatch Group, which owns the Tissot, Longines, Omega, Breguet, Hamilton, Harry Winston, Blancpain, Calvin Klein, Rado and Balmain along with the eponymous Swatch watch brands, has announced that it will no longer participate in the annual Baselworld watch and jewellery trade show, which has run for a century in Basel. Group Chief Executive Nick Hayek was quoted as saying that traditional annual trade fairs were no longer useful in a more transparent and fast-paced world. A company statement said, “Annual watch fairs, as they exist today, no longer make much sense,” adding, “this does not mean that they should disappear. But it is necessary that they reinvent themselves, responding appropriately to the current...
27 Jul
GIA also demonstrated its synthetic diamond detectors at the 2017 IIJS show
GIA India announced it will live demonstrations of the GIA iD100 gem testing device along with other laboratory and education offerings, complimentary seminars and more at the India International Jewellery Show (IIJS) that is slated to run from August 9 to 13 in Mumbai. The  GIA iD100 distinguishes natural diamonds from synthetic (HPHT and CVD) diamonds and diamond simulants in the colourless to near-colourless range, in sizes starting from 0.9 millimeters in diameter. Visitors can also learn about the GIA Melee Analysis Service and attend complimentary seminars on topics including diamonds, coloured gemstones, pearls and merchandising skills. GIA India will also conduct its Retail Sales...
26 Jul
Fura Gems Inc. announced the acquisition of yeat another ruby mining licence in Mozambique. The announcement comes hot on the heels of Fura having acquired last week, nine ruby licences in the country that gave it the country's largest ruby mining potential. Fura President and CEO Dev Shetty commented, “We are pleased to further consolidate our position in the main ruby belt of the Montepuez district of Mozambique. The merger of assets with Mustang and Regius announced last week, combined with the acquisition of this licence, now gives Fura further access to both the secondary alluvial and the primary deposit of rubies in the region.” He added, “In the last 18 months, Fura’s business has grown tremendously. We now have two important silos of colour-gemstones in our portfolio, emeralds...
26 Jul
Sarine Technologies Ltd announced that it has opened a new service centre at the Sha Wan Jewellery Park in the Panyu District of Guangzhou that will provide scanning and mapping of internal inclusions in rough diamonds with Sarine’s proprietary Galaxy technology.   The Guangzhou Galaxy service centre is the ninth, following those opened between 2010 and 2012 in India (Surat and Mumbai), Israel, Belgium, Russia, South Africa, Namibia and Botswana. This service centre is operated by D-Authority, a local business venture that has been providing Sarine with professional pre- and post-sales services for 15 years. Sarine said it is confident this new service centre will be able to offer excellent and timely rough diamond scanning, planning and additional services to the diamond industry in...
24 Jul
The Gem & Jewellery Export Promotion Council (GJEPC) said today that there has been a decline in bank finance to India’s gem and jewellery sector of at least 10 percent. This would adversely impact exports from the country, with the GJEPC estimating the export drop being 10 percent as well.  GJEPC data shows that exports of gems and jewellery from India declined 8.84 percent during April to June 2018 to $10.1 billion from $11.1 billion during the same period last year.  The GJEPC said it had taken proactive measures to help mitigate financial risks in the industry while also increasing transparency. GJEPC Chairman Pramod Agrawal said, “The Council is making all efforts to self-regulate and instill confidence amongst key stakeholders through a slew of reforms. However, the industry is...
24 Jul
WDC Acting President Stephane Fischler (second from left) andExecutive Director Marie-Chantal Kaninda (centre) in Angola
World Diamond Council (WDC) Acting President Stephane Fischler and Executive Director Marie-Chantal Kaninda traveled to Angola lastweek for a series of meetings with stakeholders involved in the Kimberley Process (KP). They made the trip at the invitation of Angolan authorities, marking the first time there has been a WDC mission to Angola outside of a formal KP meeting. The meetings are part of a larger effort by the diamond industry to raise awareness of the challenges and opportunities for African countries as part of their participation in the KP. The trip follows a meeting in Antwerp earlier this year between the WDC, the Antwerp World...
23 Jul
De Beers said it has begun to transport 200 elephants across 1,500km from its Venetia Limpopo Nature Reserve (VLNR) in South Africa to Mozambique. The operation, one of the largest elephant translocations ever recorded in South Africa, is part of a major conservation initiative to protect the welfare of wildlife in South Africa and help restore Mozambique’s elephant population. For the first phase of the project, approximately 60 elephants will be transported in July and August from the VLNR to Zinave National Park in central Mozambique. The remaining elephants will be moved to conservation areas that hold sufficient elephant carrying capacity within Mozambique from next year. De Beers is partnering with Peace Parks Foundation, a leading not-for-profit organisation focused on the...
23 Jul
ALROSA reported that its rough diamond production in the second quarter of of calendar 2018 grew 15 percent when compared with the first quarter to 8.5 million carats. This figure is, however, 18 percent lower than the production in the second quarter of 2017. Rough diamond demand during the period rose across the entire product mix, driven by both a reduction in rough diamond supply from diamond miners, ‘normalised stock levels in the mid-stream and ongoing diamond jewellery demand growth in key markets, particularly the US, Europe and China. As a result of these factors, ALROSA said, there was no traditional seasonal slack during the quarter. The company sold 6.3 million carats of gem quality rough diamonds during the second quarter — a 38 percent drop when compared to the previous...
20 Jul
ALROSA reported that after two years of work that removed 10 million cubic meters of overburden to a depth of 100 meters, it has reached the diamondiferous layer at the Zarya pipe, just outside the settlement of Aikhal in Yakutia’s Mirny district. Diamond mining operations will begin as planned next year. ALROSA said the Zarya pipe has an estimated deposit of 3.5 million carats of rough diamonds worth more than $1 billion. Production from the pipe will allow the replacement of output from the falling reserves of the nearby Komsomolskaya pipe, which is nearing the end of its productive mining life. Timofey Baishev, Deputy Head of production of Komsomolsky open pit mine, noted that the kimberlite ore at Zarya began from a depth of 20 metres under the overburden and that field infrastructure...
19 Jul
The Chidliak diamond project
De Beers Canada, has entered into an agreement to acquire 100 per cent of the outstanding securities of Peregrine Diamonds Ltd, owner of the high quality Chidliak diamond resource located in Canada’s Nunavut Territory, for a total cash consideration of approximately C$107 million (US$80.7 million). The Chidliak resource was discovered in 2008 and is located approximately 120 kilometres northeast of Iqaluit on Baffin Island. A total of 74 kimberlite pipes have been identified at Chidliak, including the CH-6 and CH-7 pipes, which are the current focus of Peregrine’s Chidliak Phase One Diamond Development programme. The programme has a total Inferred Mineral Resource in excess of 22 million carats. Peregrine’s recent Preliminary Economic...
19 Jul
De Beers reported its rough diamond production for the second quarter of 2018 increased three per cent to 9 million carats, reflecting production increases to meet stronger demand as well as the contribution from the ramp-up at Gahcho Kué. Rough diamond sales volumes for the period were 10 million carats (9.4 million carats on a consolidated basis that excludes De Beers’ joint-venture partners in some operations) from three sales cycles, compared with 5.9 million carats (5.4 million carats on a consolidated basis) from two sales cycles in Q2 2017. In addition to the different number of sales cycles over the period, sales volumes benefited from positive sentiment in the midstream following growth in consumer demand for diamond jewellery in late 2017, and a continuing positive outlook. The...
18 Jul
Michael Lerche
The Plumb Club, a US coalition of jewellery, diamond and watch suppliers, has elected Michael Lerche of Goldstar Jewellery as president, replacing Jonathan Cohen of IB Goodman Company, who has completed his term limit of three years. Replacing Lerche as Vice President is A.J. Tosyali of Benchmark.  Pranav Shah of KGS Jewels was elected as a new board member, replacing Sam Sandberg who also reached his term limit after serving on the board for seven years. Lerche commented, “I am honoured to have been elected as the President of The Plumb Club. I look forward to continuing and building on the strategic vision and leadership that Jonathan Cohen has provided for the past three years.” He added, “With new strategic initiatives that we will be...
17 Jul
The Bharat Diamond Bourse (BDB) announced that it will be holding the second edition of its Bharat Diamond Week from October 8 to 10. The BDB will be building on the huge success of the first Bharat Diamond Week, held from April 23 to 25, which saw more than 1,000 visitors from India and across the world who did business with 150 Indian exhibitors of polished goods.  Bharat Diamond Bourse Vice-President Mehul Shah, who heads the Bharat Diamond Week project, said, “We were delighted with the first edition of the inter-bourse show which proved to be enormously successful. Now, we want to build on that and take the show up to the next level with more exhibitors and visitors. Our aim is to provide maximum exposure for our small and medium-size companies.”  He added that the BDB will again...
16 Jul
Fura CEO Dev Shetty
Coloured gemstone producer Fura Gems announced that it has acquired nine more ruby assets in the Montepuez district of Mozambique’s Cabo Delgado province for $15 million, payable in $3 million cash and 12.7 million Fura shares. The acquisition, from ASX-listed Mustang Resources Ltd. and Regius Resources Group Ltd., will mean that together with its existing assets in the area, Fura will hold the largest ruby land package in Mozambique of 1,104 sq. km.  Fura said it is acquiring the assets free of debt and will also acquire the related infrastructure, which includes two wash-plants, security set-up, mine camps and other related infrastructure. The company added that it expects to commence bulk sampling activities of rubies by the end of this year...
13 Jul
Russian Finance Minister Anton Siluanov
Russia’s First Deputy Chairman and Finance Minister Anton Siluanov was re-elected Chairman of ALROSA’s Supervisory Board by absentee vote on July 10, a company press release said. Siluanov has been ALROSA Chairman since 2015.  Yegor Borisov, Counselor of State of the Republic of Sakha (Yakutia), was elected First Deputy Chairman, while ALROSA Chief Executive Sergey Ivanov was elected Deputy Chairman of the Supervisory Board. The Supervisory Board, which includes three independent directors, Maria Gordon, Dmitry Konov, and Oleg Fedorov, also elected members of special-purpose committees. Board members also resolved by absentee vote to increase ALROSA’s stake in the Nyurba diamond mine by acquiring the 10 percent stake held by...
13 Jul
India’s Directorate of Revenue Intelligence (DRI) busted a ₹3,000 crore ($438 million) rough diamond import scam, that involved official diamond valuers over-valuing rough diamond imports from Dubai and Hong Kong. The scam was used to launder unaccounted funds and transfer them out of the country. According to some reports, one parcel was over-valued by as much as 160 times. Diamond valuers are appointed to a customs panel after their credentials are verified. The Gem & Jewellery Export Promotion Council (GJEPC), however, issued a statement categorically stating that the three valuers involved in the scam — Pradeepkumar Jhaveri, Naresh Mehta and Paresh Shah — had not been vetted or recommended by the GJEPC. The companies involved in the scam were also not members of the GJEPC, the...
13 Jul
Sarine Technologies Ltd recently officially opened its Mumbai testing and grading laboratory based on artificial intelligence-based technology. Invitees to the event were given a presentation by Sarine CEO David Block on the changes the lab would bring to the industry through its AI technology based approach. They were also given an exclusive tour of the new facility. Honours for the opening ceremony were performed by Bharat Diamond Bourse (BDB) Vice President Mehul Shah, with members of the Gem & Jewellery Export Promotion Council (GJEPC) and the Mumbai Diamond Merchants Association (MDMA) present. Block commented, “Objective grading reports play a significant role in our industry, enabling efficient trade and empowering consumers to purchase with confidence. We are proud to lead the...
12 Jul
Peter Meeus
The World Federation of Diamond Bourses (WFDB) has announced that former Dubai Diamond Exchange (DDE) President Peter Meeus will take over as head of its World Diamond Mark (WDM) programme. Meeus is a diamond industry veteran who served as President of the DDE from 2009 to 2018 and was Managing Director of the Hoge Raad voor Diamant (HRD), now the Antwerp World Diamond Centre, from 1999 to 2006.  WFDB President Ernie Blom said, “I am delighted that Peter has agreed to take over as Chairman of the World Diamond Mark which was created by the WFDB in 2012. Peter has enormous experience in the diamond sector and is known throughout the global diamond trade. I am sure he will take the WDM on to the next level.” Blom added, “The work of the WDM is critically...

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