13 Jun
Coloured gemstone producer Gemfields announce revenues of $71.8 million — what it termed an all-time Gemfields auction record — from its tenth auction of rough rubies held in Singapore from June 5 to 9. The rough rubies were from the Montepuez mine in Mozambique, in which Gemfields holds a 75 percent stake, with the remainder being held by local partner Mwiriti Limitada. Gemfields said that of the 86 lots totalling 629,893 carats, that were offered, 82 constituting 588,656 carats were sold, achieving an average price of $122 per carat. This, the company said, is a record for the its mixed quality ruby auctions.The ten Gemflelds auctions of Montepuez rubies held since June 2014 have generated an aggregate $407 million in revenues.  This auction, which offered high, medium and commercial...
11 Jun
Nirav Modi
Fugitive Indian jeweller Nirav Modi, wanted by Indian authorities along with his uncle Mehul Choksi in connection  with a nearly $2 billion bank fraud, is seeking asylum in the UK on grounds of ‘political persecution’, Britain’s Financial Times reported on Sunday. The paper said Indian authorities were waiting for UK law enforcement agencies to approach them before seeking Modi’s extradition. India is already seeking the extradition of liquor and aviation tycoon Vijay Mallya, who is co-owner of the Force India F1 racing team, over loan defaults by his now defunct Kingfisher Airlines. Indian authorities have filed charges against 25 people including Modi, Choksi, former Punjab National Bank (PNB) head Usha Ananthasubramanian and two directors of the bank.
08 Jun
ALROSA announced it had sold $277.5 million in rough diamonds along with $10.5 million in polished in May. This brings the 2018 calendar year total to $2.26 billion in rough and $43.3 million in polished. ALROSA Deputy General Director Guy Okoemov commented, ”We continue seeing good demand for almost all assortments of our diamonds. There was a planned decrease in sales in May compared to the same month last year due to the sale of inventories accumulated by the beginning of the year. Along with this was a seasonal decline in the current production, mostly driven by mining suspension at some alluvial deposits in the first months of the year.”
08 Jun
Trans Atlantic Gem Sales (TAGS) has announced it will be holding a rough diamond tender from June 19 to 27 in Dubai’s Almas Tower. Two productions from South Africa and Angola will again be presented, with both productions being of high quality and high colour material. This rough diamond tender follows six previously successful tenders which have been very well received by the market and  the offerings continue to grow in both caratage and popularity. While final details will soon be forthcoming from the producers, TAGS said it is expecting in the region of 25,000 carats of South African goods and 18,000 carats of Angolan goods across a full range of sizes with a combined value in excess of $40 million.
08 Jun
Chow Tai Fook Chairman Henry Cheng (second from right) and Managing Director Kent Wong (second from left), are flankedby Executive Directors Adrian Cheng (left) and Hamilton Cheng(right) during the announcement of the company's annual results.
The Chow Tai Fook Jewellery Group Limited announced its annual results for the fiscal year ended March 31,2018, reporting revenues of HK$59.16 billion ($7.54 billion) up 15.4 percent from the HK$51.25 billion ($6.53 billion) reported the previous year. Gross profit was HK$16.21 billion ($2.07 billion) as against HK$14.96 billion ($1.91 billion) in fiscal 2017, and due to the encouraging business performance and operating leverage, core operating profit surged by 20.6 percent to HK$5.61 billion ($714.54 million) from fiscal...
08 Jun
As part of an increased focus on the Asia-Pacific region, ALROSA announced it will hold auctions for the sale of what it calls special size rough diamonds (weighing over 10.8 carats) in Hong Kong and Vladivostok in June, September and November. The first auction in Hong Kong will take place from June 13 to 27, with results being posted on June 28. A total of 105 gem-quality lots weighing an aggregate 1,620 carats will be on offer. The second auction will be held in Vladivostok from June 18 to 29. This sale will feature 130 gem-quality lots with total weight 2,149 carats. Results will be posted on June 29. ALROSA has invited 150 companies from Belgium, Hong Kong, Israel, India, China, the UAE, Russia and the US to participate in the June auctions. The company will hold another auction in...
07 Jun
India’s Titan Company, which owns Tanishq, the largest jewellery brand in the country, with a footprint across all geographic regions, is looking to boost Mia, a low-priced brand, to achieve a ₹1,000 crore ($150 million) turnover in five or six years. The group plans to more than double the number of Mia stores by the end of this year by adding another 25. Operated under the Tanishq umbrella, the eight-year-old Mia brand is aimed at younger women looking for innovative designs at inexpensive prices that are suitable for daily wear. Titan has now formed a separate team for Mia and increased the brand’s annual number of collection launches from three to around six. It also intends to move product ranges from gold and diamonds to silver and even crystal. Tanishq Vice President for Retail...
07 Jun
Hong Kong’s jewellery, watches and valuable gifts retail segment has shown a strong — and accelerating — growth rate over the first four months of this year, pushing up the special administrative region’s overall retail figures by 13.9 percent in a year-on-year comparison for the period. The jewellery, watches and valuable gifts segment grew by 21 percent over January and February, 23.1 percent in March and  24.6 percent in April. Observers said the overall retail growth is being driven by a rising number of visitors from the mainland after a lull that stretched over three years to the middle of last year. A government spokesman said however, that the strong sustained growth was due to both strong local consumer spending as well as rising inbound tourism. The high tourist traffic is...
06 Jun
Signet Jewelers Limited announced two executive appointments that it said rounded out its leadership team that would drive the company’s transformation under its Path to Brilliance plan. Mary Elizabeth Finn has been named Chief People Officer and Stephen E. Lovejoy has been named Chief Supply Chain Officer, effective immediately. Finn and Lovejoy will report directly to the Chief Executive Officer, Virginia Drosos. “Mary Liz and Steve are joining Signet at a very exciting time as we embark on our Path to Brilliance, and each will play a critical role in building our culture of agility and efficiency. Mary Liz will help us continue to foster diversity and inclusion, and to lead training and development for all team members, while Steve will leverage his retail expertise to drive greater...
06 Jun
Signet Jewelers Limited, the world's largest retailer of diamond jewellery, today announced its results for the 13 weeks ended May 5 — the first quarter of fiscal 2019 — reporting total sales of $1.48 billion, up 5.5 percent from the $1.4 billion reported in the first quarter of fiscal 2018. On a constant currency basis, this was an increase of 4.3 percent. Same store sales, however, remained flat when compared to the same quarter last year. Signet maintained its 2019 fiscal guidance of $5.9 billion to $6.1 billion in total sales and same store sales down by low-to-mid single digits. The company also continues to expect $475 million in share repurchases during this fiscal year, of which $60 million were repurchased in the first quarter. Company Chief Executive Virginia Drosos commented, “...
06 Jun
Coloured gemstone producer Fura Gems Inc. has begun drilling at its Coscuez emerald mine in Colombia to estimate its mineral resource and also get better control of its output grades. Company Chief Executive Dev Shetty commented, “Initial results have been very encouraging. This drill program is an important part of the aggressive growth strategy for the Coscuez mine and will help to establish our maiden mineral resource and provide better controls on grade as we move towards production. I am confident that every activity that we undertake in advancing the project to full production will generate value for the company and its shareholders, as well as for the emerald sector in Colombia. The diamond core drilling program commenced on May 28 in the mine’s La Paz tunnel and a total of 2,500...
06 Jun
The World Diamond Council (WDC) System of Warranties (SoW) has entered a public review period following the completion of an industry review. The SoW review and reform process is part of the WDC strategic plan and is intended to help industry participants better implement and demonstrate commitment to responsible business conduct when buying or selling rough and polished diamonds.  The reforms establish a new level of adherence for members and call on users of SoW statements to ensure their trading activities maintain strict adherence of universally accepted principles on human and labor rights, anticorruption and anti-money laundering in support of the obligatory Kimberley Process Certification Scheme (KPCS) implementation.  The draft of the SoW Guidelines are available for review now...
06 Jun
The Gemological Institute of America (GIA) will offer its new Advanced Synthetic Diamond Seminars in August in Mumbai and London, and in October at its world headquarters in Carlsbad, California.  Held at GIA schools in each city, the seminars are scheduled around other industry events, including the GIA International Gemological Symposium in Carlsbad, California; the Hong Kong Gem and Mineral Show; the India International Fashion Jewellery & Accessories Show; and the International Jewellery London trade show. Taught by GIA research scientists and experienced classroom instructors, the seminars will combine lectures with practical lab instruction, including the latest GIA instrumentation for differentiating natural diamonds from CVD and HPHT synthetic diamonds and diamond simulants....
05 Jun
The Diamond Producers Association (DPA), said in a press statement that its inaugural paid media campaigns have garnered 1.5 billion media impressions among its target consumer audience — those aged 21 to 34 — during the first 12 months of advertising. The DPA said it had spent $40 million on the campaigns between June 2017 and June 2018. Television and digital video (43 percent) and digital and social media (42 percent) were a major focus of investment. Print (10 percent) and strategic out-of-home including cinema (5 percent) rounded out the mix. The media reached 98 percent of its core audience — on average 20 times over the course of the year. The DPA said that according to an independent, cross-media study by Kantar Millward Brown (KMB), each individual channel played a role in...
03 Jun
This year’s JCK Las Vegas show has 38 Indian firms in the India Pavilion organised by the Gem & Jewellery Export Promotion Council (GJEPC). With an across-the-board participation of loose-diamond, coloured gemstone and jewellery manufacturing firms, the pavilion, which is in its 15th edition, is spread across 63 booths. GJEPC Chairman Pramod Agrawal said, “India’s exports to the US accounted for a staggering $8.9 billion in 2017. In fact, around 16 percent of the gem and jewellery imports into the US are from India. The JCK Las Vegas show is an important platform for India to further strengthen its network and improve its exports to the US. It is also an opportunity for Indian exporters to understand the trends in the market, enabling them to come back every year with wide varieties...
01 Jun
Coloured gemstone producer Fura Gems Inc. unveiled a new brand identity along with an evolved logo and new tagline. Together with a strong social media presence, Fura said the changes were intended to strengthen its communication with key stakeholders and consumers.  The rendition of the new Fura logo, which is an evolution of Fura’s existing logo, is inspired by the Fura and Tena mountains of Colombia. The company said that the mystery and magic of the Fura and Tena mountains and its classic love story has been the inspiration behind the Fura brand name since it was launched in 2017. Fura said that the new tagline, ”We discover the gem", is meant to capture the core of its business. These gems, which are true miracles of nature were created millions of years ago and at Fura, we discover...
01 Jun
WDC Executive Director Marie-Chantal Kaninda
World Diamond Council (WDC) Executive Director Marie-Chantal Kaninda on Thursday urged the US government to participate in the WDC and to support meaningful change by exercising its voting rights in the Kimberley Process. Kaninda was addressing a gathering of US State Department officials and civil society members on the topic of responsible diamond sourcing and the Kimberley Process.  This is the first time that the WDC presented to the US State Department and is part of the WDC’s strategy to raise awareness for and encourage participation in efforts to combat conflict diamonds. The presentation was part of a series hosted by the US State Department Office of Threat Finance Countermeasures, which advances policies that...
31 May
ALROSA announced that it had $14.5 million worth of what it calls ‘special size’ (weighing over 10.8 carats) rough diamonds at its auction in Israel. The company said 112 lots weighing an aggregate 1,824 carats were sold, with over 100 firms from Israel, Belgium, India, the US and the UAE participating in the bidding. Evgeny Agureev, Director of ALROSA’s rough diamond sales arm, the United Selling Organisation (USO), commented that the auction, the third this year, had achieved prices significantly higher than the opening bids. There was high interest from Israeli firms, which traditionally have specialised in these goods, he added. ALROSA plans another three auctions in Israel before the end of the year, with one being held concurrently with the Joyella jewellery exhibition in June....

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