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17 May
The Italian Exhibition Group (IEG), which owns and operates the VICENZAORO trade show, has revealed that it is investing €35 million ($41.4 million) in upgrading Hall 2 of the Vicenza Exhibition Centre — the Fiera di Vicenza. The upgrade will cover 26,000 square metres.  The reconstructed Hall 2, which will be built on two levels instead of the current five, will be equipped with functional and sustainable technologies that will allow IEG to host more numerous and more diverse types of events, with particular attention being paid to meeting the needs and development of shows linked to the gold and jewellery industry, and especially VICENZAORO. The IEG said that a key element in VICENZAORO's most recent development was the investment made in the construction of  Hall 7 at the the Fiera di...
16 May
Danish mass-market jewellery brand PANDORA reported a  1 percent drop in first quarter revenue to DKK 5.12 billion ($809 million) impelled by a 9 percent drop in the Asia-Pacific region due mainly to lower growth in China and a 16 percent decrease in revenue from the Americas. Revenue from the Middle East, Europe and Africa was up 15 percent, however. Pre-tax profits were DKK 1.67 billion ($263.4 million), down from the DKK 1.88 billion ($297 million) reported in Q1 2017. The company said it was taking steps to strengthen sales in the China market, which accounted for 12 percent of its overall first quarter revenue. CEO Anders Colding Friis told Reuters that among the issues being tackled was the grey market, which involved product being imported from other markets and then being sold...
16 May
ALROSA announced that its revenue grew 58 percent in a quarter-on-quarter comparison with last year to RUB 96 billion ($1.54 billion) in the first quarter of 2018. Pre-tax profits for the period were up 78 percent over the first quarter of 2017 to RUB 48 billion ($769 million), leading to earnings for the period of RUB 33.2 billion ($532 million) — double the earnings in Q1 2017. Rough diamond sales for the period grew by 43 percent in a quarter-on-quarter comparison to 13.4 million carats despite a production decrease of 26 percent for the period. The growth was due to sales of around 6 million carats from company's stocks. Free cash flow during the period rose 3.5 times, reaching RUB 41.1 billion ($658 million), while the company’s net debt for the quarter fell 4.6 times to RUB 18.6...
16 May
After two successful editions, the Platinum Guild International (PGI) has announced the kick-off of this year’s edition of its Season of Love platinum jewellery promotional initiative in over 1,000 participating retail stores across India. The initiative gives consumers the opportunity to win free jewellery, a couple holiday and dining out experiences. The PGI has positioned platinum jewellery as an emotional symbol in India and has consistently targeted a younger age group with its promotions. The Season of Love initiative has been part of this emotional branding exercise and has become increasingly popular with retailers. According to the PGI, last year’s initiative delivered increased consumer footfalls to retail stores and platinum jewellery sales grew to 52 percent of totals from 27...
16 May
Indian jewellery retailer P. N. Gadgil & Sons Ltd., which has just announced plans to go public with an IPO of ₹500 crore ($74 million) said it will invest ₹256 crore ($38 million) from the IPO towards adding 15 new stores in its home state of Maharashtra as well as adjoining states. The company, which currently has 25 stores — having had just two as of April 2012 — said it aims at having 29 stores by fiscal 2019 and 40 by fiscal 2020. The company’s plans include two large-format (6,000 square feet on average) stores and nine small-format outlets (1,600 square feet on average). It also plans a range of medium-format (average 2,850 square feet) in suburban areas of Mumbai and Pune.
16 May
The United Nations Economic and Social Council (ECOSOC) has confirmed the Special Consultative Status held by CIBJO, the World Jewellery Confederation, for the coming four years. The decision follows CIBJO's successful submission and the acceptance of its Quadrennial Report, covering the period 2014 through 2017. One of the six main organs of the United Nations, ECOSOC serves as the principal body in the international organisation for coordination, policy review, policy dialogue and recommendations on economic, social and environmental issues, as well as for implementation of the UN's internationally agreed development goals. In so doing it engages a wide variety of stakeholders — policymakers, parliamentarians, academics, major groups, foundations, business sector representatives and...
15 May
Coloured gemstone producer announced it has once again partnered with Gübelin Gem Lab to embed nanoparticles proving origin into all emeralds for sale at the upcoming auction in Lusaka, Zambia from May 15 to 18, to drive greater levels of transparency in the coloured gemstone sector. According to Gemfields, there is no global system to accurately track a coloured gemstone from mine to market, mainly because the sector is traditionally driven and largely artisanal. Trading is often very secretive. The company said it is actively seeking solutions to bring greater transparency to the sector. Gemfields said the Gübelin Gem Lab’s solution is set to bring about a major change because it allows a brand or consumer to physically check the origins of a gemstone by using a synthetic ‘DNA...
15 May
Israel pavilion at 2017 JCK Las Vegas show
The Israeli Diamond Industry (IDI) which organises the Israel pavilion at the JCK Las Vegas show, will hold an auction of special diamonds at the show. The stones will be put up by Israeli exhibitors at the show and will be on view at the Israel pavilion at the show. Bids will be accepted from June 1 to 3 and progress on the bidding will be displayed on screens at the pavilion. The United States accounts for about 40 percent of Israel's polished diamond exports. In 2017, Israel’s net polished diamond exports to the US stood at $1.7 billion out of a total of $4.5 billion.  IDI Chairman Boaz Moldawsky said, “We are looking forward to a very good show this year at JCK Las Vegas. There is a growing demand from our US clients...
15 May
Sergey Takhiev
Sergey Takhiev had been appointed Head of Corporate Finance at ALROSA. Prior to this appointment, Takhiev was Director of Investor Relations at NLMK Group, a steel company. An ALROSA statement said his team's efforts were recognised as the best in class among public companies in the global metals and mining sector. Sergey Takhiev studied Financial Management at the Academy of National Economy, and he is a graduate from INSEAD (France). Sergey has over 13 years of experience in metals and mining sector. ALROSA Chief Financial Officer Alexey Philippovskiy commented, "In his new role, Sergey Takhiev will be responsible for attaining a fair valuation of the company, improving its information transparency, building dialogue with the finance community,...
11 May
GJEPC Chairman Pramod Agarwal's projected image loomsover speakers during his opening remarks at the event.
Minister of Commerce & Industry and Civil Aviation Suresh Prabhu today clearly articulated the government’s support for the Indian gem and jewellery industry, indicating that this support would continue despite the recent near-$2 billion bank fraud that had rocked the country in February this year. The Minister was speaking at a finance symposium titled Diamond & Jewellery Financing 2018 — Mitigating Risks Effectively organised by the Gem & Jewellery Export Promotion Council (which functions under the Ministry of Commerce), to bring industry, banks and government together to better understand each other in the wake of the scandal that had shaken...
10 May
ALROSA announced it had sold rough diamonds worth $1.98 billion over the four months from January through April this year, while polished sales for the period stood at $32.9 million. This aggregated to a total of $2.01 billion in sales for the first four months of 2018. In April alone, ALROSA sold rough diamonds worth $396.2 million and polished worth $9.1 million for a monthly total of $405.3 million. "In January-April, world markets saw consistent high demand for rough diamonds. In April, the diamond trade slowed down seasonally, as has been the case traditionally. Nevertheless, demand and sales results were good enough for this month, supported by an optimistic market trend and positive reports from retailers," commented ALROSA Deputy CEO Yury Okoemov.
10 May
De Beers Group today announced that it has successfully tracked 100 high-value diamonds along the value chain during the pilot of its industry blockchain platform, called Tracr. The company said that an immutable and secure digital trail was created for a selection of rough diamonds mined by De Beers as they moved from the mine to cutter and polisher, then through to a jeweller.  The platform is expected to launch later this year and will be open to the industry. When fully operational, Tracr will provide consumers with confidence that registered diamonds are natural and conflict-free, improve visibility and trust within the industry, and enhance efficiencies across the diamond value chain, De Beers said. Five leading diamond manufacturers — Diacore, Diarough, KGK Group, Rosy Blue NV and...
10 May
The Grand Hyatt, Bogotá
CIBJO, the World Jewellery Confederation, announced that it will hold its 2018 annual congress in Bogotá, Colombia, from October 15 to 17, with pre-congress meetings beginning on October 13. The congress will be hosted by Fedesmeraldas, the National Federation of Emeralds of Colombia, which this year will be a celebrating the 20th anniversary of its founding. Immediately prior to the event, from October 12 to 14, Fedesmeraldas will also host the second edition of the World Emerald Symposium, which CIBJO Congress participants are encouraged to attend.  CIBJO Congresses serve as the official gathering place for the World Jewellery Confederation's Assembly of Delegates, and also are the venue for the annual meetings of CIBJO's sectoral...
10 May
The PGI’s Indian arm, the Platinum Guild India Pvt. Ltd., has announced a range of platinum jewellery for the upcoming Mother’s Day on May 13. The range includes an array of designs from layered necklaces, pendants, and statement bracelets, to a simple yet stylish chain. The PGI said the range has been inspired by global trends. The platinum jewellery range starts at ₹40,000 ($595), moving up in price depending on the size, weight of the metal, number and quality of diamonds used. The range is available at leading PGI-authorised platinum retailers across India. The range is being positioned in the premium slot, with platinum being pushed as one of the rarest metals on earth — 30 times rarer than gold. It is being backed up with a quality assurance scheme ensured by third-party auditor...
10 May
The World Diamond Congress, the biennial gathering of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), scheduled to be held in Tel Aviv, Israel, from June 19 to 21, has been cancelled due to poor registration. The WFDB and IDMA released a joint statement announcing the cancellation, attributing the low registration to rising tensions in the region. In the joint statement, WFDB President Ernie Blom and IDMA President Ronnie VanderLinden said, "It is obviously with very great regret that we have reached the decision to cancel the Congress. We had a full agenda of issues regarding the state of the global diamond industry and preparations were in full swing.” The added, ”However, we have to take all factors into account, and felt...
10 May
Sarine Technologies Ltd announced that Borsheims selected the Sarine Profile report to accompany each of a limited series of diamonds inscribed with Warren Buffett’s signature, that were sold at the annual Berkshire Hathaway shareholders meeting this week in Omaha, Nebraska. Each diamond was engraved on-site by Sarine’s DiaScribe system with Buffett’s signature, a personalised commemoration or message of affection of the buyers’ choice and its certificate number. Every year at Berkshire Hathaway’s annual shareholders meeting, a very limited number of these ‘Signature Diamonds’ are sold at Berkshire Hathaway’s Borsheims subsidiary flagship store. This year, Borsheims selected the Sarine Profile system, which includes a diamond report and a digital experience that includes a demonstration...
10 May
Shortly after Alan Cohen took over as the new President, the London Diamond Bourse (LDB) has revamped its board, lowering the average age and making representation proportionate to membership statistics. Along with this, the LDB has announced that Daniel Seller, who was previously the Executive Officer to the board, is the newVice President. Trevor Sigsworth has been appointed Executive Officer. “These are the most fundamental changes to LDB’s governance in my six years at LDB,” said COO, Victoria McKay. She continued, “The following changes are notable — Kathy Chappell, our Special Advisor for Ethical Issues has been welcomed to a full board position and our youngest board member is a millennial. Overall the average age of our board has lowered dramatically and representation around the...
09 May
Zimbabwe’s Central Intelligence Organisation (CIO) secretly went into partnership with a shadowy and now jailed Chinese man to operate the Kusema diamond mine in the country’s Marange diamond fields, a Zimbabwe Parliamentary hearing was told. The spy agency’s former director Happyton Bonyongwe told Parliament that the venture was in order to supplement the poor budgetary allocations for the CIO’s operations. The CIO held a 49 percent stake in the joint venture known as Sino-Zim with the China International Fund owned by Sam Pa who is currently in a Chinese jail. Pa reportedly donated $10 million in mining equipment to the joint venture. The equipment does not seem to have been put to use, however, as it was meant for alluvial mining operations and no alluvial diamonds were found. Hard...

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