29 Oct
Varda Shine
Petra Diamonds Limited announced that  former De Beers Diamond Trading Company (DTC) CEO Varda Shine has been appointed a non-executive director along with former Anglo American Business Development Head Bernard Pryor with effect from January 1, 2019. These appointments have been made in accordance with the Petra Nomination Committee’s three-year succession plan, which is in line with the company’s development from a phase of intensive capital expenditure and expansion to a focus on steady-state operations. In addition, the company is further reviewing and optimising the composition of its board, board committees and senior management structures, as well as addressing improving diversity at the higher levels of the business. Further announcements to...
27 Oct
The WDC board poses at the end of the AGM
The World Diamond Council (WDC) concluded its 14th Annual General Meeting (AGM) in Mumbai, reaching consensus on critical areas of reform for both the Kimberley Process and the WDC System of Warranties (SoW).  Resolutions for further improvement of a responsible supply chain and enhanced self-regulation exercise within the WDC SoW Guidelines were passed. A board-instructed strategic planning committee will develop a member’s toolkit to help in the implementation of the guidelines respecting the realities and practicalities of the diamond supply chain.  These guidelines will introduce the strongest level of adherence to date for SoW statement users, requiring adherence to universally accepted principles on human and labor...
26 Oct
The Gemological Institute of America (GIA) announced today that ALROSA is piloting the Institute’s M2M program, which tracks a diamond through the process pipeline from mine to market. “The M2M program is a way to share with the consumer, the story of our diamonds,” said ALROSA CEO Sergey Ivanov, adding, “the creation of tracing systems is an important step in confirming diamond provenance, which will have benefits for industry participants, retailers and ultimately retail consumers. ALROSA is examining different tracing solutions available on the market to provide consumers with supreme confidence and knowledge.” The M2M program allows the retailer, and ultimately the consumer, to trace the journey of a diamond, adding to its story at each point along the value chain. The M2M program...
26 Oct
At the wrap-up press conference are (from left) WFDBSecretary General Rony Unterman, WFDB PresidentErnie Blom, BDB President Anoop Mehta, WFDB VicePresident Li Qiang and WFDB Treasurer GeneralMehul Shah
The 38th World Diamond Congress concluded in Mumbai yesterday, with the World Federation of Diamond Bourses (WFDB) agreeing on examining social injustices in artisanal mining communities towards including them in the scope of the Kimberley Process (KP). WFDB President Ernie Blom said at a press conference at the conclusion of the congress, “We think that the KP was set up to primarily stop the flow of conflict diamonds into the world’s markets. It has been very successful in this. Conflict diamonds constituted some four percent of the world’s market in 2000, when...
25 Oct
The Responsible Artisanal Gold Solutions Forum (RAGSF) announced the first conflict-free supply chain for artisanal gold from the Democratic Republic of Congo (DRC) for US jewellers. The supply chain was established along with USAID and local partners. FAGSF member Sasha Lezhnev, Deputy Director of Policy at the Enough Project, said, “This gold proves that it is possible to source conflict-free, responsible gold from Congo and bring it to American consumers. That’s a very important proof of concept. Other jewellery and technology companies should begin sourcing responsible gold from Congo, and governments should enact consequences on companies that smuggle conflict gold, which disincentivizes a responsible trade.”  With support from USAID, a pilot project was implemented in South Kivu,...
24 Oct
These are challenging times for the industry. But why is the industry going through these challenging times? Shrinking bank finance to the industry is a major issue worldwide. But why hasn’t the industry got around to solving the finance issue? Can lab-grown diamonds disrupt the natural diamond industry? Why are we allowing disruptors to impact the diamond industry? These are some of the issues and viewpoints put out by speakers at the inauguration of the 38th World Diamond Congress, the biennial meeting of the heads of the various diamond bourses that constitute the World Federation of Diamond Bourses (WFDB) and the various member delegations from countries that members of the International Diamond Manufacturers Association (IDMA), which is taking place at the Bharat Diamond Bourse (BDB...
23 Oct
The second edition of the India Diamond Week, a one-on-one buyer-seller meet, organised by the Gem & Jewellery Export Promotion Council (GJEPC), kicked off in Mumbai today on the sidelines of the World Diamond Council (WDC) Annual General Meeting (AGM) and World Federation Diamond Bourses (WFDB) Meet. This initiative has 120 buyers from 29 countries meeting one-on-one with 50 Indian diamond dealing firms. The buyers have come from Australia, Bahrain, Belgium, Brazil, China & Hong Kong, Cyprus, Egypt, France, Germany, Ireland, Italy, Israeli, Kazakhstan, Korea, Lebanon, Luxembourg, New Zealand, Russian, Saudi Arabia, South Africa, Sweden, Syria, Thailand, Turkey, UAE, UK, Ukraine, USA and Uzbekistan amongst other countries. Nirupa Bhatt, Gemological Institute of America (GIA)...
23 Oct
WDC President Stephane Fischler addresses theinaugural session
The 2018 Annual General Meeting (AGM) of the World Diamond Council (WDC) got under way in Mumbai today, hosted by the Gem & Jewellery Export Promotion Council (GJEPC). WDC President Stephane Fischler said in his address to the inaugural gathering that the degrading of the ethical climate of the global diamond industry, with issues ranging from the smallest delayed payment to defrauding banks, was its big concern today. Fischler observed that when he joined the industry in the late 1970s, his name was his guarantee, while his mandatory membership of a diamond bourse provided legality to his business. By the 1990s, rebel groups were using diamonds to finance conflicts. The Kimberley Process (KP) was...
23 Oct
De Beers reported that its rough diamond sales volumes were 5 million carats (4.6 million carats on a consolidated basis) from two sales cycles in the third quarter of 2018, a 27.5 percent drop compared with the 6.9 million carats (6.5 million carats on a consolidated basis) from two sales cycles in Q3 2017. Rough sales volumes were down as a result of Sightholders being given the opportunity during the seventh Sight of 2018 to re-phase the allocation of some smaller, lower value rough diamonds. Rough sales revenues were broadly in line with Q3 2017. Rough diamond production for the quarter decreased five per cent to 8.7 million carats due to planned volume reductions in Botswana (Debswana) and South Africa (De Beers Consolidated Mines). In Botswana, production declined six per cent to 5....
22 Oct
ALROSA said that it had sold 21.1 million carats of gem-quality rough diamonds in the nine months to September 30 last, a 12 percent drop in a year-on-year comparison. The diamond miner said its inventories at the end of the period were, however, down 11 percent in a year-on-year comparison to 15.5 million carats. ALROSA’s average realised prices for its gem-quality rough grew 18 percent year-on-year to $199 per carat due to an improved mix as sales of its large diamonds (+10.8 and +2 carats) grew. The diamond price index had also grown 5.2 percent during this period. Rough diamond production for the third quarter of 2018 grew 2 percent to 10.5 million carats in a quarter-on-quarter comparison with 2017. Production for the nine months to September 30 was, however, down 11 percent to 26.4...
22 Oct
Petra Diamonds Limited announced that its rough diamond production for the first quarter of fiscal 2019 (July 1 - September 30, 2018) was 1.07 million carats, up 21 percent from the 883,803 carats produced in the first quarter of the previous fiscal year. Revenue for the period of $80.2 million from the sale of 626,541 carats sold, was up 22 percent over the $65.8 million from 586,571 carats sold in the same period last year. Petra said diamond prices for the quarter were down 5 percent in a like-for-like comparison with fiscal 2018 due to the usual seasonal weakness that was partially offset by the improvement in product mix. Net debt September 30 last stood at $538.9 million as against $520.7 million on June 30 this year. This increase in debt was, however, in line with expectations and...
20 Oct
ALROSA announced that its fourth auction of the year of ‘special size’ diamonds (over 10.8 carats each), will kick off in Vladivostok on October 22, with the results being declared on November 2. The auction has on offer, 166 gem-quality rough diamonds with a total weight of 2,607 carats, including a 12.92-carat fancy light yellow stone. Companies from Russia, Israel, Belgium, India, Hong Kong, UAE and the US have been invited to bid. "We are starting this year's fourth auction in Vladivostok, where we have invited about 80 companies. The participants will see a good assortment, which is slightly more than previous auctions held at the centre in 2018," said USO ALROSA Director Evgeny Agureev.
19 Oct
The World Diamond Council (WDC) will hold its 14th Annual General Meeting (AGM) in Mumbai over October 22 and 23, with a focus on reform of the Kimberley Process and WDC System of Warranties in support of a commitment to sustainable development by the diamond industry. The meeting will be hosted by The Gem and Jewellery Export Promotion Council (GJEPC).  This year’s event will welcome several new member organisations that strengthen the collective voice of the Council, particularly in Belgium, China and Africa.  The agenda is expected to continue to focus on a push for reform, both externally in the Kimberley Process (KP) where the WDC serves as the industry’s observer, and from within through changes to the industry’s System of Warranties (SoW). The SoW extends the assurances provided by...
19 Oct
The Gemological Institute of America (GIA) announced that Chinese retailer LAELIM Jewelry and Belgian diamond manufacturer IGC Group will pilot its M2M program that allows for the tracking of a diamond through the value chain. GIA said this is one of the first instances of a manufacturer and retailer implementing the M2M program in partnership.  LAELIM Jewelry CEO Lin Xiang commented, “LAELIM Jewelry is proud to be — in cooperation with the Belgian IGC Group — the very first Chinese retailer to offer diamonds that have been evaluated by GIA for its M2M program.” She added, “The LAELIM brand will touch the Chinese consumer’s heart as the GIA M2M will give consumers a unique buying and exclusive owner experience in a way that has never been seen before. The digital journey from mining,...
19 Oct
The three-day 2018 Congress of CIBJO, the World Jewellery Confederation, concluded yesterday in Bogotá, Colombia, with Gaetano Cavalieri , the organisation’s president, describing it as the most successful, noting that significant work had been accomplished in driving forward the business and social agendas of the jewellery and gemstone industries, and in particular preparing them for the marketplace of the years ahead. "As industry leaders, our obligation is to ensure that our sector is able to evolve and adapt in accordance with changing business, technological, social and geopolitical conditions," said Cavalieri., adding, ”staying in one place effectively means that you are moving backwards, and that is not acceptable. What we have done in Bogotá over the past few days is to examine...
17 Oct
Sanjay Kothari (second from left) responds to a question whileGibson Vedamani(extreme left),  Manoj Jha (second from right)and Sanjay Garg (extreme right) listen.
The Gem & Jewellery Skill Council of India (GJSCI), the specific industry initiative responsible for training and skill upgradation under the government sponsored countrywide umbrella organisation that addresses all industry sectors, convened a meeting of various stakeholders in the gem and jewellery industry at the campus of the Indian Institute of Gems & Jewellery (IIGJ) in Mumbai today. The meeting was called at the behest of former Gem & Jewellery Export Promotion Council (GJEPC) Chairman Sanjay Kothari, who has taken over as Chairman of the GJSCI. He told the meeting that while the...
17 Oct
Gaetano Cavalieri (left) and Tyler Gillard speak at the inaugural
The 2018 Congress of CIBJO, the World Jewellery Confederation, opened on October 15 in the Colombian capital of Bogotá, with a strong focus on responsible sourcing in the jewellery industry. This included the introduction of a Responsible Sourcing Guidance document, which will serve as a reference for responsible sourcing practices developed and applied by industry organisations and commercial bodies worldwide, and will come to have the status of a CIBJO Book. To oversee the process, a Responsible Sourcing Commission was established. "At the end of last year, we decided to investigate whether the methods by which we have compiled our standards for diamonds, coloured stones, pearls, precious metals,...
16 Oct
De Beers today announced it had provisionally sold $475 million worth of rough diamonds in its 8th sales cycle this year. This compares with the $376 million in rough sold during the 8th sales cycle of 2017. De Beers also said that its actual sales of rough diamonds in Cycle 7 this year now stood at $503 million. De Beers CEO Bruce Cleaver said, “While the Rupee-Dollar exchange rate has impacted demand for lower value categories, we continue to see steady overall demand for De Beers Group rough diamonds, reflecting ongoing consumer demand for diamond jewellery in the US.”

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