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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...
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...
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...
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...
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Princeton University is tapping the expertise of the Gemological Institute of America (GIA) in gemological research and the analysis of optical centres to evaluate how to use the unique properties of diamonds to create a highly secure communications network. The GIA said in a press release that a research paper, published in the July 6 issue of Science magazine examines how colour centres created by replacing two carbon atoms with one silicon atom in the crystal lattice of a synthetic diamond could be used to store and retransmit information in a quantum communications network, that would allow for the transmission of information between physically separated processors. GIA Research Associate Lorne Loudin, one of several co-authors of the article, used instrumentation and techniques...
De Beers announced that it had provisionally sold $575 million worth of rough diamonds in its 5th sales cycle of this year. This is a 3.8 percent increase over the $554 million actually sold in Cycle 4 this year and is 6.3 percent over the $541 million actually sold in Cycle 5 of 2017. De Beers CEO Bruce Cleaver said, “Sentiment in the diamond industry’s midstream is positive following the JCK Las Vegas trade show at the start of the month, and we continued to see good demand for our rough diamonds across the product range.”
Global demand for diamond jewellery grew 7 percent in dollar terms over the first quarter of this year in a year-on-year comparison with 2017, according to research conducted by ALROSA. The miner said the growth could be attributed to a combination of increased consumer demand and the strengthening of other currencies against the dollar. The Asia-Pacific region recorded the strongest growth at 11 percent, mainly due to growth in mainland China along with stronger demand in Hong Kong and South Korea that was fuelled by increased tourist traffic.The Asia-Pacific region accounted for 20 percent of global diamond jewellery demand in 2017. US and Canada sales grew by 5 percent. ALROSA sees this as significant as the US accounted for 53 percent of global demand in 2017. Japanese demand grew by...
Dominion Diamond Mines has announced the auction of its latest production of fancy colour rough diamonds along with stones over 10.8 carats in co-operation with I. Hennig Tenders. Viewings for the auction will be hosted by I. Hennig Tenders and are scheduled in Antwerp from July 5 to 11 and in Ramat Gan from July 15 to 18. The online auction event will take place on July 19.Participation is strictly by invitation only. Dominion said that the most recent production from the Misery kimberlite pipe of its Ekati diamond mine in the Northwest Territories of Canada has delivered a quantity of exceptional yellow fancy colour stones, which will be presented for sale at the upcoming auction. Dominion plans to expand the Ekati mine by developing an underground operation below the Misery kimberlite...
ALROSA announced it had sold 111 large gem-quality diamonds weighing a total of 1,725 carats for $10.5 million at its auction in Dubai from May 27 to June 14. Each individual diamond weighed more than 10.8 carats — what ALROSA calls ‘special sizes’. Winning bids were placed by 32 firms from India, Belgium, Israel, Russia, the United Arab Emirates and the United States. The auction was the third this year. "The auction has concluded with excellent results for us, with the starting price being almost doubled. This once again confirms that diamond market participants are still interested in our products. We plan to hold the next auction in Dubai in October-November this year," said Evgeny Agureev, Director of the United Selling Organisation (USO), ALROSA’s rough diamond sales arm.