14 Mar
Sodiam Chairman Eugénio Bravo da Rosa
A delegation of the heads of the Israel Ministry of Economy and the leadership of the Israel Diamond Exchange (IDE) visited Angola this week, resulting in Angolan national diamond trading company Sodiam Chairman Eugénio Bravo da Rosa expressing his willingness to hold Sodiam’s first rough diamond tender in Ramat Gan, and to visit IDE within the next several weeks. Initiated by the IDE, the visit was meant to take advantage of changes in Angola’s diamond marketing policy to increase direct rough diamond sales to Israel, the Israel Diamond Institute (IDI) said in a press release. The delegation was led by Director General of the Israel Ministry of Economy Shay Rinsky and included the Israel Diamond Controller Danny Tal, IDE...
14 Mar
Signet Jewelers Limited announced on Wednesday, the appointment of Joan M. Hilson as Chief Financial Officer (CFO). The company also announced organisational changes to strengthen its leadership structure in support of its ‘Path to Brilliance’ transformation plan. Hilson will be appointed CFO effective April 4, succeeding current CFO Michele Santana, who will continue to serve in the role through that date. As previously disclosed, Santana will remain with the company through the end of April to ensure a smooth transition. Hilson will be responsible for leading the company’s finance, accounting, investor relations, tax and treasury teams and will be based in Akron, Ohio. Hilson was most recently CFO of David’s Bridal from 2014 to March 2019. Prior to that, Hilson was the CFO of American...
13 Mar
Catoca's Luaxe project
ALROSA and Angola’s state-owned Endiama, which jointly own the Catoca Ltd. Mining Co. that is engaged in diamond mining in Angola, have agreed on a corporate governance document that among other things, will ensure that the joint-venture company’s chief executive and the chief financial officer will be appointed by rotation from the two shareholders, with parity in the appointments. The agreement also establishes supervisory and fiscal councils which have the authority to control, approve and finalise contracts. A supervisory board will also have the right to approve executive directors for the JV. An ALROSA delegation, including company CEO Sergey Ivanov and Deputy CEO Vladimir Marchenko, also visited the Lunda Sul province which holds...
13 Mar
Trans Atlantic Gem Sales (TAGS) will be holding a rough diamond tender in the Almas Tower at the Dubai Diamond Exchange in Dubai from March 26 to April 2. Two regular productions from South Africa and Angola will again be presented including a Namibian production. All materials are of high quality and high colour and contain a significant number of large single stones and exceptional specials. TAGS said it is expecting in the region of 30,000 carats of South African goods and 35,000 carats of Angolan goods across a full range of sizes. Final details will soon be forthcoming from the producers, however the event should have a combined value in excess of $50 million, TAGS said.
12 Mar
CIBJO, the World Jewellery Confederation, has released a simplified guide to ethical and responsible practices in the handling and trading of diamonds, coloured gemstones, pearls and coral, and has made it available for downloading in PDF format from the CIBJO website, in multiple languages, free of charge. The 10-page to 13-page document, depending on the language in which it is downloaded, provides easy-to-understand guidelines for industry professionals concerning the disclosure and description of natural and treated gem materials, synthetics and other artificial products, as well as recommendations about information that should be requested from suppliers. The document is intended to support jewellery business owners and professional staff, but it is not intended to replace CIBJO's...
12 Mar
Newmont has 19 mines adjacent to Barrick Gold's Nevadaoperations like the Cortez mine in Elko, pictured here
Barrick Gold withdrew its hostile $18 billion takeover bid for rival Newmont Mining — a move that if successful, would have created the world’s largest gold mining firm. The two companies have instead, signed a deal for a joint venture for their Nevada operations, where Newmont has 19 mines adjacent to Barrick’s. Newmont itself was in the process of wrapping up a deal to take over Canada’s Goldcorp Inc. when Barrick launched its takeover bid, asking Newmont to abandon the planned takeover. Goldcorp has now backed the joint venture agreement between the two gold mining giants, which will see the merged operations majority owned and managed by Barrick. The...
08 Mar
ALROSA Chief Executive Sergey Ivanov
ALROSA announced that it had sold $340.6 million in rough diamonds in February, a 22.43 percent increase over the $278.2 million it had sold in January. Along with this, the company also sold $5 million in polished — a 47.06 percent increase over the $3.4 million it had sold the previous month. "We see Indian mid-streamer activity gradually recover, despite some challenges hampering access to bank financing for the industry in this country. This sentiment is particularly noticeable for small- and medium-sized rough diamonds. The company has moderately optimistic expectations of further smooth growth in demand and market activity," said CEO Sergey Ivanov.
06 Mar
Maharashtra Chief Minister Devendra Fadnavis (second fromright), Indian Minister of Commerce & Industry and CivilAviation Suresh Prabhu (third from left) and MaharashtraMinister for Industries & Mining Subhash Desai (extreme right)unveiled the foundation stone of the new complex. Also in thepicture are GJEPC Chairman Pramod Agarwal (second from left)and GJEPC Executive Director Sabyasachi Ray (extreme left).
The India Jewellery Park, an initiative that the Gem & Jewellery Export Promotion Council (GJEPC) has been pushing for some years now, finally took off with a foundation stone ceremony for the 21-acre plot at an industrial park  in Navi Mumbai, a satellite on the mainland across the harbour from the island metropolis of Mumbai on Tuesday....
06 Mar
An industry initiative known as the ASSURE Program, run jointly by the Diamond Producers Association (DPA) and Signet Jewelers to develop a universal standard to test the performance of diamond verification instruments in a consistent manner, has published the results of its testing online at the ASSURE Directory. A diamond verification instrument is any device that is used to identify and/or separate natural diamonds from synthetic stones. The ASSURE Program initially worked with 11 manufacturers including the Gemological Institute of America (GIA), HRD Antwerp and De Beers’ International Institute of Diamond Grading & Research (IIDGR) and tested 18 of the most widely used instruments put out to the global industry by them. The ASSURE Test Process, which was run independently by...
05 Mar
De Beers Group today announced that it had provisionally sold $490 million worth of rough in its second sales cycle of the year. This is almost 13 percent below the $563 million sold in the second cycle of 2018. De Beers Chief Executive Bruce Cleaver said, “Demand for rough diamonds remained consistent during the second sales cycle of 2019. While overall demand for lower value rough diamonds remains subdued, we did see an increase in demand from India as factories begin to restock.” De Beers also reported that the actual sales value of the first sales cycle of this year now stood at $500 million.
05 Mar
WDC President Stephane Fischler (right) and ExecutiveDirector Marie-Chantal Kaninda (second from right) duringthe special EU-organized meeting examining the KimberleyProcess, held on February 28, 2019, the day before theconflict diamond session of the UN General Assembly.
The World Diamond Council has welcomed the adoption of a resolution by the United Nations General Assembly (UNGA) on March 1, which calls for a strengthening of the Kimberley Process (KP), to more effectively sever the link between the illicit transaction of rough diamonds and armed conflict, thereby contributing to the maintenance of international peace and, in particular, security and sustainable development in artisanal diamond-mining regions. The resolution, which was proposed by the European...
01 Mar
The Indian government is reportedly considering amending the norms to include 20- and 24-karat gold before officially rolling out the much-heralded rules making the hallmarking of jewellery compulsory in the country. The existing rules, notified by the government in June 2018 but still awaiting execution, allow for the hallmarking of 14-, 18- and 22-karat gold jewellery. At a meeting of all industry stakeholders that was called by Consumer Affairs Minister Ram Vilas Paswan in New Delhi on Thursday, industry stakeholders made a strong case to include 20- and 24-karat gold, saying there was clear consumer demand for the categories. Indian consumers have a wide range of preferences as to the karatage of gold they want in jewellery, with very high purities being in greater demand for the...
28 Feb
There are 38 loose diamond and gemstone exhibitors along with 37 jewellery exhibitors participating in the India Pavilions of the 2019 Hong Kong International Diamond, Gem and Pearl Show and Hong Kong International Jewellery Show that is organised by the Gem & Jewellery Export Promotion Council (GJEPC). The two shows with overlapping durations — the former from February 26 to March 2 at the AsiaWorld Expo and the latter at the Hong Kong Convention & Exhibition Centre — are key for the Indian industry, which directs a significant portion of its exports to Hong Kong. GJEPC Chairman Pramod Agrawal said, “Hong Kong is the leading export market for Indian gems and jewellery. A staggering $11.43 billion of India’s overall $39.46 billion gem and jewellery exports in 2018 were to Hong...
28 Feb
Stephane Fischler
The Kimberley Process must galvanise its absolute commitment to its conflict-prevention mission, and this will require the expansion of the definition of "conflict diamonds" to cover all forms of systemic violence, including those carried out by state and private security forces. This is one of the major points of World Diamond Council (WDC) President Stephane Fischler’s message to a special meeting on the role of diamonds in fuelling conflict, which is being conducted today in New York as part the United Nations General Assembly's 73rd Session. A proposal to expand the definition of “conflict diamonds” was put forward by the Government of Canada at last November's KP Plenary Meeting in Brussels, and was supported by both the industry and civil...
28 Feb
As a development of a movement that was seeded by a series of meetings between the Gemmological Institute of India (GII) and the National Gem Testing Center (NGTC) of China, an initiative to develop an international standardisation protocol of the Asia-Pacific (including India) and China region are under way in Hong Kong today. The goal is to form a body known as the Asia-Pacific Gemstone and Technology Standardisation Alliance (AGA). An open forum was organised today in Hong Kong by the NGTC with the participation of the GII, the World Jewellery Confederation CIBJO, the Gem & Jewellery Institute of Thailand (GIT), the Central Gem Laboratory (CGL) of Tokyo, the Diamond Federation of Hong Kong (DFHK), the Gemmological Association of Hong Kong (GAHK) and the Hong Kong Institute of...
28 Feb
Rio Tinto's Argyle mine in Western Australia
Rio Tinto reported in its annual financial results that its net earnings and profitability from its diamond production in 2018 had risen. Earnings rose 28.3 percent to $118 million on gross revenue of $695 million from the $92 million earned on gross revenue of $706 million in 2017. Earnings had risen despite a 15 percent lower mine production of 18.43 million carats as against 21.63 million carats in 2017. The company said that the global supply of natural rough diamonds in 2018 was lower than 2017. Rio Tinto expects this trend to continue into 2019, as new sources of supply are unable to satisfy growing demand. The first half of 2018 also saw a reduction in miners’ inventories coinciding with improved prices. However...
28 Feb
Barrick Gold's Cortez mine in Elko, Nevada
Barrick Gold is attempting to become the world’s largest gold producer by launching a hostile $17.8 billion all-share takeover offer for Newmont Mining. The bid comes in the wake of a number of on-and-off talks between the two mining companies about a merger. The last such talks took place in 2014. The bid, if successful, would also leave uncertain, the fate of Newmont’s own $10 billion takeover of Goldcorp that was announced last month. Newmont CEO Gary Goldberg commented, “It’s a desperate and bizarre attempt to muddle up our deal,” adding, “It is certainly not the sort of behaviour that will appeal to investors who want to invest in serious, well-run companies.” Barrick Executive Chairman John Thornton wrote to the...
27 Feb
ALROSA reported that it recovered a 98.8-carat rough diamond on February 17 at the Zapolyarnaya kimberlite pipe, which is the part of the Verkhne-Munskoye diamond deposit. The gem-quality octahedral stone has a visible yellow shade and has inclusions in the intermediate and peripheral zones. ALROSA United Selling Organisation (USO) Director Evgeny Agureev commented, “This is the second major find since the launch of the deposit last October. It speaks of the great potential of the Verkhne-Munskoye deposit. Not every kimberlite pipe regularly produces large diamonds over 50 carats — especially large crystals like this one, weighing almost 100 carats.” He added, “Despite some inclusions, it is clear that this is a high quality stone. After a detailed study and evaluation, I believe it will...

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