03 Apr
The US Federal Trade Commission (FTC) said it had sent warning letters to eight companies insisting that they distinguish in advertisements between diamonds that come from mines and those made in laboratories, reports Reuters. The FTC, in its letters, also asked the companies to review the use of “eco-friendly” or similar terms to describe diamonds made in a laboratory. “It is highly unlikely that they can substantiate all reasonable interpretations of these claims,” Reuters quoted the FTC as saying in a press release. The FTC declined to identify the recipients of the letters, but Reuters, citing one unreacted letter that it had viewed, said the Diamond Foundry was one recipient. The Diamond Foundry did not immediately respond to a request for comment. The FTC said that it had found...
02 Apr
Titan Company, which owns the Tanishq, India’s largest jewellery brand, has increased its stake in Chennai-based online jewellery retailer CaratLane to 69.47 percent by acquiring slightly more than 3 million more shares for ₹99.99 crore ($14.45 million). CaratLane was founded in 2008 by IT professional Srinivas Gopalan and Mithun Sacheti, scion of a Jaipur gem and jewellery family. It sold affordable, everyday-wear jewellery. In 2015, it raised $31 million in investment from the Tiger Global investment group. CaratLane later embarked on an omni-channel strategy, opening brick-and-mortar stores. Titan, which is part of the giant Tata industrial group, acquired a 62 percent stake in CaratLane in 2016 for ₹357.24 crore ($51.63 million at today’s exchange rates), in what is seen as a move to...
02 Apr
ALROSA said that its first first auction this year of large (over 10.8 carats each) rough diamonds in New York, saw 107 stones weighing a total of 1,900 carats being sold, realising $11.8 million — a 50 percent increase on the combined total of opening bids. Over 30 firms from the US, Israel, Belgium, India and the UAE participated in the auction.  "We held the first auction this year in the United States, selling almost 90 percent of the auctioned stones. In general, the market today is experiencing an increase in activity and interest in our products maintains stable. We invited about 20 American companies to this auction and some of them participated,” said ALROSA United Selling Organisation Director Evgeny Agureev. He added, “The overall sales exceeded the total opening bid by 50...
01 Apr
De Beers today announced that subject to entering into a licence agreement, Sightholders can apply the term ‘Diamonds From DTC’ as a source of origin claim to diamonds bought from the third Sight of this year onwards. The term can be passed down to Sightholders’ customers down the value chain. In Canada, the term 'Diamonds From Diamond Trading Company’ will be licensed for use instead of ‘Diamonds From DTC’. Subject to meeting certain criteria, trade participants will also be allowed to use the term down to the consumer level. Assurance on the term’s validity may be provided through certifying the claim under the Responsible Jewellery Council standards or through an independent third-party audit. De Beers CEO Bruce Cleaver said, “We are proud of where our diamonds are discovered, how we...
01 Apr
The Gemological Institute of America (GIA) said it was amending the language in its grading reports for lab-grown diamonds in keeping with the guidelines issued by the US Federal Trade Commission (FTC). As of July 1 this year, the reports will not use the term ‘synthetic’ and use the same language used to describe natural diamonds. The GIA said that its new Laboratory-Grown Diamond Report will feature the same visual representation of the scales for colour, clarity and cut as its grading reports for natural diamonds. The updated reports will continue to use descriptive terms for colour and clarity —  Near Colorless and Very Slightly Included — as shown on the scales. The report will also include a QR code linking to GIA’s online Report Check service with more information about the growth...
01 Apr
Petra Diamonds, which announced the recovery of a 425.1-carat D colour, Type II diamond at is iconic Cullinan Mine in South Africa, said it plans to sell the stone during the June quarter. Petra shares surged after the announcement of the find on Friday. The company has been struggling to pay down mounting debts and the recovery of the large stone is seen as contributing significantly towards that end. The company said in a press release that the recovery further demonstrates the prevalence of these types of stones in the Cullinan orebody as well as the ability of the mine’s plant to recover the full spectrum of diamonds. Richard Duffy, a veteran of Anglo American and AngloGold Ashanti has officially taken over as CEO of the company as of April 1. The takeover, announced in February last...
29 Mar
The Tata industrial group-owned Titan Company, which has a strong jewellery retail presence across India mainly through its Tanishq jewellery brand, has now exceeded ₹1 trillion ($14.5 billion) in market capitalisation. The company also majority owns CaratLane, the online jewellery brand that is now expanding in the brick-and-mortar segment as well. Titan, which also owns the eponymous watch brand, recorded a 41.6 percent earnings growth in the third quarter of fiscal 2019 (October-December 2018), reporting net profits of ₹416 crore ($60.12 million). The overall performance was impelled by a strong showing in its jewellery business, which registered a 37 percent sales growth — due mainly to consumers buying heavier jewellery with 20 percent more gold. The heavier jewellery is usually...
29 Mar
The Gemological Institute of America (GIA) has announced that it will introduce a polished diamond origin report service from April 30. The GIA said in a press release that the service will confirm the country of origin of polished diamonds. The new report will include the country of origin, a full 4Cs quality analysis of each diamond and a report number inscription. More information about the country of origin and diamond formation will be available for each Diamond Origin Report in the GIA’s online Report Check service, accessible at the GIA’s website or through the QR code printed on each report. According to the GIA, to be eligible for this new service, the original rough diamonds and resulting polished diamonds must be submitted to GIA for analysis so that they can be matched to each...
27 Mar
ALROSA announced it would spend almost RUB 6 billion ($93.1 million) on environmental protection in 2019. The company said it planned a total spend of nearly RUB 30 billion ($465.6 million) in a five-year period to 2023. “Last year, ALROSA’s Integrated Environmental Protection Program for 2011-2018 expired. This year, the Environmental Center presented an expanded program for 2019-2023. ALROSA will strengthen measures to protect the environment and ensure environmental safety in Yakutia,” said Polina Anisimova, Head of ALROSA’s Environmental Center.  The program envisages initiatives to abate the impact of noise and vibration, ensuring the radiation safety of the environment, protecting atmospheric air and reducing overall negative impact on climate change. As part of water bodies’...
27 Mar
Shares of coloured gemstone producer Gemfields sank sharply after the company admitted that a new tax regime instituted in January by the government in Zambia, where it majority owns the Kagem emerald mine, would have a detrimental impact on its Zambian profitability and cash flow. Gemfields has already faced challenging situations in Ethiopia, where an armed mob looted emeralds from the company’s mine, and Mozambique, where it agreed at the beginning of this year, to pay $7.8 million to settle claims of human rights abuses. Company Chairman Brian Gilbertson said, however, that Gemfields’ biggest challenges in the coming months would be coping with the new 15 percent export tax on gemstones instituted by the Zambian government. Combined with the 6 percent mineral royalties already levied...
27 Mar
Fugitive Indian diamantaire Nirav Modi
India’s Central Bureau of Investigation (CBI) is reportedly sending a senior officer to London to assist with procedures in the extradition request to the UK for fugitive diamantaire Nirav Modi, who was arrested by Scotland Yard and is scheduled for a bail hearing on Friday. According to media reports, a Joint Director-level officer has been deputed to leave for London on Wednesday with necessary documents. Modi, who is accused of swindling the state-owned Punjab National Bank of nearly $2 billion in collusion with his uncle Mehul Choksi, was reportedly running another business in the UK after fleeing India and was spotted staying in an upscale London neighbourhood by the British newspaper, The Telegraph. Modi was arrested as...
26 Mar
Global sales of diamond jewellery in 2018 amounted to $85.9 billion, a growth of 4 percent over sales in 2017. The 5 percent rate at which the market grew, however, was lower than in 2017, mainly as a result of a slowdown in key consumption markets in the second half of 2018. There was persistently high demand from the local population and tourists in the key consumption markets in the first half of the year, resulting in a 6 percent growth in sales. Consumer demand in non-dollar countries began to show less steady growth rates in the second half of the year, dropping to just 2 percent, driven down mainly by local currencies weakening against the US dollar. Diamond jewellery sales in North America, which accounts for more than half of overall sales, showed consistently high growth rates...
23 Mar
Sergey Ivanov
ALROSA CEO Sergey Ivanov, who was renominated to the company’s supervisory board, was also elected Chairman of the newly formed Russia-Angola Business Council. Ivanov noted that the formation of the council was an indication of Russia’s intention to strengthen business ties in Africa. “The creation of the Russia-Angola Business Council is a confirmation of Russian business intentions to grow stronger on the African continent, including in Angola. We will be engaged in the development of a constructive dialogue at all levels so that Russia can take a worthy place in this market,” Ivanov said in a press statement. According to an ALROSA press release, the main tasks of the new council include the development of business contacts, the promotion of...
22 Mar
The Diamond Producers Association (DPA) announced the launch of a new e-learning program for diamonds, ‘Behind the Brilliance of Diamonds’. Developed to help all US retailers, the hour-long program — split into 3 informative modules — offers educational material and quizzes, going beyond the 4Cs to highlight the intangible value of natural diamonds, billion-year-old treasures of the earth. “The e-learning program, offers a clear and concise, open platform for the industry,” said Grant Mobley, DPA’s Trade Relations Lead. “Whether you have been working with diamonds for one day or 20 years, the program relates compelling stories about the history of natural diamonds, easy-to-digest and well-researched facts, and memorable details about the important benefits that the natural diamond...
21 Mar
The Verkhne-Munskoye diamond deposit in Yakutia
ALROSA announced that a procedure to estimate the diamond resources in the northwestern area of its Zapolyarnaya pipe, which is a part of the Verkhne-Munskoye deposit, has indicated that it might hold the highest number of large diamonds from among all of the company’s deposits. The procedure, which took place from March 11 to 15 last, was aimed at determining the colour characteristics of the deposit’s diamonds, the ore grades and the cost of extraction and involved the processing of 100,000 tons of ore from the deposit. ALROSA Chief Engineer Andrey Cherepnov commented, “The experiment showed once again that the Verkhne-Munskoye deposit is rich in large crystals. In five days, we extracted 239 large (over 8 carats)...
20 Mar
ALROSA reported that it had sold 101 ‘special size’ rough diamonds (each in excess of 10.8 carats) weighing a total of 1,829 carats, earning $10.5 million, at an auction that coincided with the Hong Kong International Diamond, Gem & Pearl Show. The company also held a polished diamond auction that resulted in the sale of 56 stones weighing almost 300 carats in aggregate for a total of $4.1 million. The overwhelming majority (238 carats) of the stones were fancy coloured diamonds. Two of these, cushion cut fancy yellows that weighed 31 and 30 carats each respectively, sold for a combined $815,000. ALROSA United Selling Organisation Director Evgeny Agureev commented that the Hong Kong show’s high visitor traffic this year contributed to good customer interest at the auctions. He added...
20 Mar
Fugitive Indian diamantaire and jeweller Nirav Modi
Nirav Modi, the Indian diamantaire and jeweller who along with his uncle Mehul Choksi is accused of defrauding the Punjab National Bank (PNB) of nearly $2 billion, has been arrested in London according to media reports. Modi appeared abefore the Westminster Magistrate’s Court to be formally charged. He was denied bail and will remain in jail till March 29. Modi’s arrest in the plush London area of Holborn, comes after an extradition request from India’s Enforcement Directorate, which investigates and prosecutes economic offences including foreign exchange violations. Since abruptly fleeing India, Modi has been reportedly living in London and running a new business, which describes itself on the UK's Companies...
20 Mar
The Debswana Diamond Company (Debswana), a 50/50 joint venture between the government of Botswana and De Beers Group, announced the commencement of the Cut-9 project to extend the life of the Jwaneng Mine. The project will extend the life of Jwaneng Mine to 2035, and is expected to yield an estimated 53 million carats of rough diamonds from 44 million tonnes of treated material. Debswana will invest approximately $2 billion over the life of the project underpinning the partnership’s commitment to the future of Botswana’s diamond industry. The shareholders of Debswana have approved the budget for 2019 so that the next phase of work can commence. At its peak, Cut-9 is expected to create more than 1,000 jobs, the majority of which will be held by Batswana citizens. A local $1.2 billion...

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