16 Apr
Gitanjali Group principal Mehul Choksi
The non-performing assets (NPAs) or bad loans in the Indian banking industry are likely to rocket by at least ₹8,000 crore ($1.2 billion), as this amount has to now be set aside for the loans to the Gitanjali Gems group, which turned bad in the fourth quarter of fiscal 2017-18, according to news agency reports. The country’s banks had together, a total of ₹840,958 crore ($128.54 billion) in NPAs in December 2017. Government estimates have put loans to industry among the top of these NPAs, followed by lending to services and the agricultural sector, in that order. A consortium of 21 banks led by Allahabad Bank had made working-capital loans to Gitanjali Gems in 2010-11. In 2014, with an exposure of ₹900 crore ($137.6 million...
16 Apr
GJEPC Chairman Pramod Agarwal (foreground) shows theMinister of State around the show
The first edition of the India Gemstone Week, an initiative of the Gem & Jewellery Export Promotion Council (GJEPC) that is a combination of a buyer-seller meet and an open exhibition, was inaugurated in Jaipur on Sunday by Indian Minister of State for Commerce & Industry, Consumer Affairs, Food and Public Distribution C.R. Chaudhary. The three-day event, which features scheduled one-on-one meetings for the first two days and an open exhibition on the third, has 36 Indian gemstone manufacturers and over 89 international buyers from 22 countries including Algeria, Armenia, China, Egypt, Germany, Italy, Jordan, Kazakhstan, Lebanon, Qatar, Russia, Saudi Arabia, Spain, Taiwan...
13 Apr
The event will take place at the Tel Aviv Hilton
The official website of the 38th World Diamond Congress has gone live, allowing participants to register for the June 19-21 biennial gathering of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA).  The three-day gathering, organised by the Israel Diamond Exchange, will take place at the Hilton Hotel in Tel Aviv, starting with committee meetings of the WFDB and IDMA on June 19. The first day of the Congress will also feature a tour of the Israel Diamond Exchange and will end with a cocktail event.  The official opening of the Congress will take place on June 20, which will feature a keynote speech and guest speaker. Following separate WFDB and IDMA working...
13 Apr
The Goldsmiths' Centre in London
The first ever Gemological Institute of America (GIA) Jewellery Career Fair in Europe will be held at the Goldsmiths’ Centre in London on April 23. Luxury retailers Bulgari and Louis Vuitton; jewellery design house KARIA Ltd; jewellery manufacturers Martine UK Ltd., Queensmith Master Jewellers and Asteria Diamonds are among the more than dozen luxury jewellery retailers who will attend, along with recruitment firms and gemological laboratories. The event will kick off with a panel discussion titled ‘Job Success in Today’s Market’ moderated by Mehdi Saadian, director of GIA’s London school. Panellists include Royal Asscher Vice President Mike Asscher, Swarovski executive board member Nadja Swarovski and Michael Wainwright, managing...
13 Apr
De Beers has partnered with the jewellery firm Central Mega Kencana (CMK) to launch its Forevermark diamond jewellery brand in Indonesia. CMK will sell Forevermark in its leading retail brands, Frank & Co., The Palace and Miss Mondial.  The brand will initially be sold in 12 stores in the CMK network in the Jakarta region, with plans to expand further in the near future. The official launch event took place on April 11 at Plaza Senayan in Jakarta, and was marked with a showcasing of Forevermark red carpet jewellery, as well as an exhibition highlighting the brand’s key message — diamonds that are beautiful, rare and responsibly sourced. The Indonesia launch means Forevermark will now be available in 26 markets globally. Brand CEO Stephen Lussier said, “We are delighted to be launching...
12 Apr
The recent discovery of a 12.92-carat Kashmir sapphire in a client’s bank vault could prove to be an exciting windfall for one lucky family who had no idea of the gemstone’s value. Estimated to fetch between $120,000 and $510,000, the unheated Kashmir sapphire and diamond ring leads Bonhams upcoming Rare Jewels and Jadeite sale in Hong Kong on May 27. Bonhams Asia Director of Jewellery, Graeme Thompson, assessed the sapphire and believed it to be of Kashmir origin. The gemstone was then sent by Bonhams to Switzerland for scientific testing where it was confirmed as an extremely rare Kashmir sapphire, which had previously been assessed by other auction houses at $3,800-$6,300. “Kashmir sapphires are the rarest of gemstones and collectors are prepared to pay princely sums for top-quality...
11 Apr
ALROSA has announced that its rough diamond sales arm, the United Selling Organisation (USO), will hold an auction of what it terms ‘special size’ rough diamonds — over 10.8 carats — in Vladivostok from April 16 to 27. The miner said 110 rough diamonds weighing a total of 1,946 carats would be auctioned. The largest single stone weighs 46.64 carats. The rough comes from ALROSA’s own mines, including those of its subsidiaries Almazy Anabara, Alrosa-Nyurba and Severalmaz. According to ALROSA, firms from Hong Kong, Russia, Israel, India, Belgium and UAE are slated to participate in the auction. The results will be summed up on April 27. "Vladivostok is one of the most important trading sites for ALROSA, which focuses on cooperation with the Asia Pacific region as well. We invited about 80...
10 Apr
ALROSA announced that it had sold $550.3 million in rough diamonds in March. Rough sales for the first three months of 2018 now stand at $1.58 billion. The miner said it also sold $9.1 million in polished in March and a total of $23.7 million from January to March. ALROSA Deputy CEO Yury Okoemov observed that global markets saw higher demand for medium and large-size rough diamonds during the January-March period this year when compared to the same period last year. He added that while there was a slight seasonal cooling off in demand during March, auctions of special-size (over 1.08 carats) goods ensured sales were higher than February. Okoemov also noted that ALROSA’s rough diamond stocks had dropped to their minimum technically feasible levels at the end of the first quarter.
09 Apr
More than 300 participants attended the 7th edition of the annual Dubai Precious Metals Conference (DPMC), organised by the Dubai Multi Commodities Centre (DMCC) on Monday, listening to speakers and panellists discuss issues and opportunities critical to the future of the worldwide precious metals trade. Following the opening speech by DMCC CEO Gautam Sashittal, the conference keynote speaker Lord Dr Hastings of Scarisbrick CBE, Global Head of Citizenship at KPMG, observed, "If you want to build a sustainable future, then having values and operating ethically and transparently is critical. You can sign declarations on sustainability but actually creating sustainable development is another step.” He added, “It is about building a decent and dignified future for the people you serve. The...
09 Apr
The tournament began with a parade of teams and their owners
The Bharat Diamond Bourse (BDB) has kicked its preparations for the Bharat Diamond Week (BDW), its buyer-seller-meet initiative slated to run April 23-25, with a cricket tournament. BDB Vice President Mehul Shah, who is heading the BDW initiative, observed, ”There is a carnival atmosphere at the bourse, with all eyes on the cricket tournament and the Bharat Diamond Week that will follow. The tournament can be followed online via the Zooter app or Facebook, and is also being telecast on 30 screens around the bourse. We are expecting 50,000 to 100,000 people to follow the tournament." The Bharat Diamond Bourse Sports League (BDSL) cricket tournament, which will run from April 8 to 15, got under way at the...
06 Apr
The current Cut 8 project will keep the mine going till 2024
Debswana, the diamond-mining joint venture between De Beers and the government of Botswana, is seeking permission to further extend the life of its Jwaneng diamond mine to 2035 by deepening it. Still in the final stages of a $3 billion expansion plan called Cut 8, that began in 2010, to extend the mine’s life to 2024, Debswana is now seeking permission for a further expansion dubbed Cut 9, that will deepen the currently 650-metre-deep pit to 830 metres and allow mining operations to continue till 2035. The Jwaneng mine, currently the world’s richest by value, is estimated to still hold almost 175 million carats together with another 24.3 million carats in its tailings. The Cut 9 initiative, feasibility...
06 Apr
Nitin Khandelwal
Nitin Khandelwal, Chairman of the All India Gems & Jewellery Domestic Council (GJC), known formerly as the All India Gems & Jewellery Trade Federation (GJF), said the body had set a target of creating two million more jobs — 40 percent of them for women — and the addition of $25 billion in value to the entire sector, to grow it to $100 billion by 2025. Khandelwal was speaking at the sidelines of the GJC’s Manthan conclave on the future of the Indian gem and jewellery sector, in Mumbai on Thursday. According to Khandelwal, domestic market sentiment is improving and the GJC is expecting an increase in demand for gold jewellery over the upcoming marriage season. He said the Indian gems and jewellery business is a good example of the...
04 Apr
Hong Kong sales of jewellery, watches, clocks and valuable gifts, jumped 33.7 percent in February — the strongest growth since June 2013 — headlining a  29.8 percent overall retail sales growth to HK$45.2 billion ($5.76 billion), reports Reuters. Retail sales growth this year is projected at being between 4 and 6 percent, driven by nearly full employment (the jobless rate is at its lowest in around two decades) and tourism. February tourist arrivals rose 26.3 percent to 5.28 million. Mainland China visitors, who accounted for 83.3 percent of the total, rose 40.2 percent. “Looking ahead, the outlook for retail sales should remain positive in the near term, underpinned by upbeat local consumer sentiment amid a full employment situation and by continued improvement in inbound tourism,” the...
03 Apr
India’s Central Bureau of Investigation (CBI) has been questioning senior officers of the Bank of India, Axis Bank and Allahabad Bank, the Indian banks that disbursed funding to companies controlled by Nirav Modi and Mehul Choksi on the basis of Letters of Undertaking (LoUs) issued by the Punjab National Bank (PNB). Modi and Choksi’s firms have allegedly defrauded the PNB of a collective ₹12,622 crore ($1.95 billion) by obtaining the LoUs fraudulently. There are reports warning that the final figure may rise to as much as $3.2 billion. News agencies have reported that some five officers of the ranks of general manager and above have been quizzed by the CBI on how these LoUs were executed by their respective banks. These India-based officers were responsible for the Bank of India’s Antwerp...
29 Mar
Marie-Chantal Kaninda addresses the forum
Marie-Chantal Kaninda, executive director of the World Diamond Council (WDC), used the diversity of the diamond supply chain as an example of the successful collaboration that results from globalisation of the economy in her opening speech at the Africa-Belgium Business Week (ABBW) Forum this week. Kaninda served as the president of the fifth edition of the ABBW, a forum organised by Africa Rise, a Belgium-based organisation that aims to facilitate contact between European businesses and their African counterparts to promote Africa’s economic and social emergence. The World Diamond Council (WDC) is an industry organisation focused on preventing conflict diamonds from entering the global supply chain and on preserving the...
27 Mar
ALROSA-Nyurba's Nyurbinsky open-pit mine that has yieldedseveral large stones
ALROSA's Supervisory Board has given the go-ahead for the company to acquire the 10 percent stock in ALROSA-Nyurba that is currently owned by RIK-Plus, an entity controlled by the Republic of Sakha (Yakutia). ALROSA hopes to complete the acquisition within the first six months of this year. The Republic of Sakha is in the process of privatising some of the state’s holdings and ALROSA, which currently holds 87.48 percent of ALROSA Nyurba stock, is looking at increasing that to 97.49 percent, a company press release said. The remainder of ALROSA Nyurba stock is held by minority shareholders. ALROSA Chief Executive Sergey Ivanov has been quoted as saying the company is currently in...
23 Mar
A solitaire diamond ring (left) will headline the auction,which will also feature an art deco ruby and diamondbracelet by Cartier.
A diamond solitaire ring estimated at $500,000-$700,000 will lead the first Bonhams New York jewellery auction of the year on April 17.  The F, VVS2 round brilliant-cut diamond weighs 10.01 carats and is from a private collection in the US. The auction will also feature Burmese rubies, Kashmir sapphires, Colombian emeralds and diamonds together with a large collection of David Webb jewellery. The sale, which consists of 133 lots, will also include an art deco ruby and diamond bracelet by Cartier, circa 1935, estimated at $80,000-$120,000; a ruby and diamond necklace by Bulgari estimated at $200,000-$300,000 and a ruby and diamond ring...
22 Mar
De Beers Group today announced that its Forevermark diamond brand will enter the German market for the first time after signing with an exclusive licensee partner, and is in advanced-stage discussions with potential partners in France and Italy. The expansion into new European markets comes on the back of successful global performance throughout 2017 and in 2018 to date. In Germany, Forevermark is partnering with Heinz Mayer, an Idar-Oberstein-based diamond jewellery specialist. Heinz Mayer will launch the Forevermark collection to the German jewellery retail trade at the Baselworld trade fair, presenting the opportunity for luxury retailers to bring the brand to a German consumer audience later in 2018. Forevermark is also in advanced discussions in France with Groupe Marcel Robbez...

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