26 Sep
Online commerce behemoth Amazon has filed a patent with the US patent office for a new line of its own jewellery under the For Keeps by Amazon brand. According to the filing, the patent can be used for the online retail sales of jewellery. Filed on September 19, the patent application includes a wordmark logo. Observers say an Amazon-owned precious metal and precious stone brand could be a major online disruptor. Currently, Amazon’s online jewellery offering includes its own Amazon Collection which is mainly plain jewellery, some of which includes cubic zirconia, at affordable prices. Amazon has been under fire lately for marketing its own brands on its platform. European Union Competition Commissioner Margrethe Vestager and US Senator Elizabeth Warren have said that Amazon uses data from...
25 Sep
The October 8-10 Bharat Diamond Week is set to welcome many representatives of diamond and jewellery companies who were planning to visit the Hong Kong Jewellery and Gem Fair but had to cut short or cancel due to Typhoon Mangkhut, which battered Hong Kong. The typhoon led to the closure a day early of the initial part of the show dedicated to loose diamonds at the Asia-World venue.  Bharat Diamond Bourse (BDB) Vice-President Mehul Shah, who heads the Bharat Diamond Week project, said, “Since the typhoon struck, we have been contacted by many diamond buyers who were intending to visit the Hong Kong show. They had to readjust their plans because they were unable to visit exhibitors on their lists.” He added, “The Hong Kong fair is a vital one for the global diamond industry, especially in...
25 Sep
WFDB President Ernie Blom
With a month to go before the opening of the 38th World Diamond Congress in Mumbai, the World Federation of Diamond Bourses (WFDB) is fine-tuning the agenda for its meetings, with the recent US Federal Trade Commission's revised Jewellery Guides and banking among the foremost issues for discussion. "There is certainly no shortage of issues to be debated by our bourse presidents and delegations from across the world," said WFDB President Ernie Blom. "We will be discussing the US Federal Trade Commission's revised Jewellery Guides, which we believe were too far skewed to the advantage of the laboratory-grown diamond sector. Along with a wide range of industry bodies, we created diamond terminology that can be accepted in the United States,...
25 Sep
The pair of Harry Winston diamond necklacesoriginally owned by Katherine Domyan
Two diamond fringe necklaces weighing a total of 152.5 carats, along with a 23.13-carat emerald-cut diamond ring, all signed by Harry Winston, were among the top performing lots at the Bonhams New York fine jewellery auction on September 21. The diamond jewellery belonged to the Olympic swimming gold medalist Katherine Domyan. The first of her diamond necklaces, with a total diamond weight of 86.30 carats, sold for $492,500. The second, with a total diamond weight of 66.20 carats, sold for $324,500. Another two Harry Winston lots belonging to Domyan which caught the eye of buyers, were A 23.13-carat emerald-cut diamond ring which sold for $444,5000 against its pre-sale estimate of $250...
24 Sep
London-based online luxury marketplace Farfetch raised $885 million in an initial public offering (IPO), giving the company a valuation of $6.2 billion. The company sold 44.2 million shares at a premium of one dollar on its pre-IPO price range of $17-$19 per share. The stock opened its very first day of trading last Friday at $27 per share and touched an intra-day high of $30.60. Founded in 2008 by Portuguese entrepreneurs José Neves as a platform to help local high-end boutiques reach broader audiences, Farfetch later evolved into a tool through which over 700 luxury brands could sell directly to consumers in over 190 countries. Farfetch generated revenue of $385 million in fiscal 2017, mainly through commissions on sales from its website. It is still, however, a loss-making proposition...
20 Sep
ALROSA said it realised $12.6 million from its recent auction of ‘special size’ rough diamonds (over 10.8 carats) in Vladivostok. The company sold 108 gem-quality lots with total weight of 2,003 carats. ALROSA said in a press release that 76 companies from Russia, mainland China, Hong Kong, the US, Israel, Belgium, India and UAE took part in the auction. "The Far East is still of strategic interest for us in terms of expanding cooperation with China, and we traditionally invite companies from this country to participate in our auctions. The auctions in Vladivostok have been particularly successful this year. We sold more than 100 diamonds of excellent quality at the latest auction, and got a good premium to the starting price. We plan to hold the next auction in Vladivostok either in late...
20 Sep
After a more than 50 percent fall in Danish jewellery brand Pandora shares since May, private equity groups including KKR & Co, Bain Capital and Carlyle are reviewing a potential takeover of the company, reports Reuters quoting Italian financial newspaper Il Sole 24 Ore which first put out the story without citing sources. Pandora shares rose as much as 10 percent after the story was published. Pandora and Bain reportedly declined to comment, while KKR and Carlyle were said to be not immediately available for comment. Pandora ousted Chief Executive Anders Colding Friis last month, after the company issued a profit warning that led to a $1 billion drop in the company's share value. The former CEO was blamed by investors for not clearly communicating the company’s financial situation...
19 Sep
Strong demand from China has driven Asia-Pacific growth
The second quarter of this year saw jewellery sales increase by an average 5 percent worldwide in a year-on-year comparison, except in India, where sales dropped, according to research published by Russian diamond mining major ALROSA. In the Asia-Pacific region, jewellery sales grew by as much as 17 percent. This high growth was driven by the continuing expansion of various local players, made possible by the growing demand for diamond-based jewellery in mainland China. Another factor that made sales more stable was the improvement of tourist traffic in Hong Kong and Macao. In other key regions (North America, Europe, and Japan), sales grew between 3 and 5 percent. The ALROSA research said it bears pointing...
18 Sep
The 98-carat rough that is one of the lots on offer
ALROSA has initiated an auction of 81 diamonds of over 10.8 carats each, in New York city. Featured in the lots on offer are a stone of over 100 carats and one of 98 carats, that is transparent and has a yellowish hue. Both stones were mined at the Yubileinaya pipe in Yakutia. "Such large and pure diamonds are extremely rare in nature. This is a real find, and we are proud that we can now offer such products around the world. Moreover, we brought 20 fancy light yellow coloured stones that are in great demand in the market to New York,” said Evgeny Agureev, Director of the United Selling Organisation (USO), ALROSA’s sales arm. The current auction is the second this year. During the first auction held this spring,...
18 Sep
The SYNTHdetect synthetic diamond screening device, made by the International Institute of Diamond Grading & Research (IIDGR), a member of the De Beers Group, won the Industry Innovation of the Year awards at the JNA Awards in Hong Kong. The machine, which was launched last year, is capable  of simultaneously testing multiple stones in set jewellery and IIDGR says it has the industry’s lowest referral rate at around 0.05 per cent. IIDGR President Jonathan Kendall said, “It’s a real honour to be recognised among our industry peers with this award, which is testament to IIDGR’s mission to continually pioneer new innovations to support the diamond trade.” He added, “SYNTHdetect has revolutionised synthetic diamond detection for our customers through our proprietary technology that makes...
17 Sep
Operations at Petra's Finsch mine in South Africa
Petra Diamonds Limited announced its preliminary unaudited results for fiscal 2018 — year ended June 30 — reporting an net loss of $203.1 million when the Kimberley Ekapa Mining (KEM) joint-venture (which it exited in July this year) is accounted for. Petra had reported a net profit of $20.7 million in 2017. Joint venture partner Ekapa Mining has agreed to acquire Petra’s 75.9 percent share in KEM for $22 million — to be paid in 24 monthly instalments starting in January 2019. Excluding the KEM joint venture, Petra reported revenue of $495.3 million, up 25 percent from the $394.8 million achieved in 2017. Pre-tax earnings, at $195.4  million, were 37 percent more than the $142.6 million in 2017. Profit from mining...
15 Sep
The De Beers-owned International Institute of Diamond Grading & Research (IIDGR) its SYNTHdetect XL machine, an advanced version of the SYNTHdetect synthetic screening device launched last year, at the Hong Kong Jewellery & Gem Fair. De Beers said the new machine has a larger base unit that allows multiple volumes of jewellery to be screened simultaneously, providing even greater efficiencies for users. It also provides the opportunity to now scan larger necklaces, multiple solitaire rings and multiple bracelets, while retaining the ease of use of the original device. IIDGR President Jonathan Kendall said, “We’re delighted to be introducing the next innovation in IIDGR’s range of industry-leading synthetic screening devices. Using the same revolutionary technology as the original...
14 Sep
ALROSA has launched a special auction for polished coloured diamonds at the ongoing Hong Kong Jewellery & Gem Fair. Called the ‘True Colours’ auction, the company termed this a stepping-stone of a new strategy to become the world leader in the production of polished coloured diamonds. The auction will take place on September 19. “ALROSA's polished branch now focuses on the processing of large and coloured diamonds and their subsequent sales. We are the world's largest producer of diamonds, and that gives reason to believe that we are also ahead in terms of coloured rough diamond production. Today, ALROSA produces at least 7 thousand carats of coloured diamonds per year. We have all it takes to dominate the market of coloured diamonds. The collection presented in Hong Kong demonstrates...
14 Sep
The Chidliak project
De Beers Canada has completed the previously announced acquisition of Peregrine Diamonds Ltd for C$107 million (US$82.36 million), a De Beers Group press release stated. The acquisition includes the high quality Chidliak diamond resource located in Canada’s Nunavut Territory and other properties elsewhere in Nunavut and the Northwest Territories. The transaction, which was announced on July 19 this year, was approved by Peregrine’s security holders on August 31 and by the Supreme Court of British Columbia in its final order dated September 10. The common shares of Peregrine have been approved for delisting from the Toronto Stock Exchange and will be delisted at the end of trading on September 14.  De Beers CEO Bruce Cleaver said, “We are very...
14 Sep
ALROSA announced that its auction of ‘special size’ diamonds (weighing over 10.8 carats), which took place in Israel, garnered $15.6 million. The company sold 166 gem-quality lots with total weight of 2,611 carats. Firms from Russia, Israel, Belgium, India, Hong Kong, UAE and the US participated in the auction, with 45 companies making winning bids. “The auction ended with good results — final bids were 1.5 times the initial price. This indicates a stable demand for our products, not only in Israel, where the auction took place, but also in other major diamond trade centres. ALROSA has this year, held five auctions in Israeli to sell large-size rough diamonds, realising about $70 million,” said USO ALROSA Director Evgeny Agureev. Under Russian law, diamonds weighing over 10.8 carats have...
14 Sep
Eran Zini
The Israel Diamond Exchange (IDE) has appointed Eran Zini as its new Managing Director. Zini has a rich background in management positions in business and government. After having served as senior advisor to Israel’s Minister of Justice, he joined Israeli pioneering electric car start-up Better Place, as head of government relations and regulation. He then joined a government company devoted to vocational rehabilitation for people with disabilities, as head of operations, and a year later was promoted to Managing Director, a position he held until he was recruited by IDE. Zini holds a BA in Political Science and International Relations from the Hebrew University of Jerusalem. He holds an MBA with a specialisation in international management from the...
13 Sep
The Millennial and Gen Z generations combined accounted for two-thirds of global diamond jewellery sales in 2017, as diamond jewellery demand reached a new record high of $82 billion, according to data published today by De Beers Group in its latest Diamond Insight Report. Millennials, those people currently aged 21 to 39, represent 29 per cent of the world’s population and are the current largest group of diamond consumers. They accounted for almost 60 per cent of diamond jewellery demand in the US in 2017 and nearly 80 per cent in China. Gen Z, those currently aged up to 20, is an even larger consumer generation , representing 35 per cent of the world’s population and will come of age as diamond consumers over the coming decades. Despite the generation being a long way from financial...
13 Sep
The DDI's mobile schools have brought education to artisanalmining communities
The Diamond Development Initiative (DDI) announced the continuation of its partnership with Brilliant Earth, the San Francisco-based jewellery company that sells responsibly sourced jewellery, to bring education to artisanal mining communities. Brilliant Earth is now supporting DDI's education initiatives through its High School Support Program, on top of vocational training. This offers crucial services for youth and alternative education for women and men, outside of the mining world. "We've seen interest in many industries from within our communities, including textiles, carpentry, metalwork and hairdressing." said DDI Executive Director Dorothée Gizenga, adding, "we see that helping...

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