07 Mar
ALROSA announced it had sold $1.03 billion in rough diamonds over January and February this year. The miner said it also sold $14.6 million in polished diamonds during the period. Sales of rough diamonds in February stood last $532.8 million, while $9.1 million in polished was also sold during the month. ALROSA Deputy CEO Yury Okoemov observed, ”In February, the core diamond markets were quite strong as the diamond cutting sector continues replenishing stock. Demand for diamonds was also backed by good jewellery sales in China on the eve of the Chinese New Year. Prices for diamonds in most size categories grew in January-February.”
07 Mar
ALROSA said that the results of geological prospecting in 2017 revealed that its rough diamond reserves as of today stand at nearly 1.2 billion carats — and increase of 57.8 million over its previous estimate. The miner said it spent $17.6 million (RUB1 billion) in prospecting last year. It also launched a reform of its prospecting division to increase efficiency. Prospecting was carried out in the Republic of Sakha (Yakutia), The Arkhangelsk region and in Angola at its Cuango concession. As part of its exploration reform, ALROSA said it formed three specialised competence centres for exploration, drilling & mining and scientific and analytical processes. The reforms eliminate duplication in administrative and management functions and strengthen the role of the Chief Geologist Service...
06 Mar
Evgeny Agureev
Russia’s state-owned diamond mining giant ALROSA is planning more direct sales to Chinese retail giants as well diamond tendered sales in Hong Kong to boost its brand awareness and sales this year in China. ALROSA board member and Head of Sales Evgeny Agureev told the South China Morning Post on the sidelines of the Hong Kong jewellery show that China’s diamond demand may grow by 5 percent annually through to 2030 and it wants to build ALROSA brand awareness among Chinese consumers. US demand is expected to grow at some 4 percent during this period and ALROSA thinks it will remain the largest market. As part of its China strategy, ALROSA plans to hold seven rough and polished diamond auctions in Vladivostok near the Chinese border this year,...
06 Mar
Australian jewellery retail chain Michael Hill International, which had announced in January this year that it is exiting the US market, has now announced that it is closing 24 of its 30 Emma & Roe stores to focus on the lower-sticker-value demi-fine jewellery segment. The Emma & Roe shutdown is estimated to cost the jeweller between between $4.5- and $6.1 million (A$5.8-A$7.9 million) in lease terminations and employee severances. Though the group’s overall operating revenue for the six months to December 2017 increased by 4.5 percent to $265.8 million (A$342.2 million), its Emma & Roe same-store sales fell 5.4 percent. A business review then identified the demi-fine jewellery segment. The company said in a statement, “Demi-fine is a relatively new segment of the market...
06 Mar
Bruce Cleaver
De Beers announced that it had provisionally sold rough diamonds worth $555 million in its second sales cycle of 2018. This is marginally higher than the $553 million sold in the Cycle 2 of 2017. The miner also said that its actual sales figures for Cycle 1 this year now stand at $672 million as against the provisional figure of $665 million put out earlier. De Beers CEO Bruce Cleaver said, “The second sales cycle of the year saw the continuation of good rough diamond demand. This was in line with expectations, following strong retail sales of diamond jewellery during the US holiday season and positive early signs for consumer demand over Chinese New Year.”
05 Mar
DMCC Executive Chairman Ahmed Bin Sulayem
The evolution and impact of taxation on gold will be the first topic discussed at  the 7th edition of the Dubai Precious Metals Conference (DPMC) on April 9. The annual conference, organised by the Dubai Multi Commodities Centre (DMCC), looks at topics of interest to the whole value chain — from mines to jewellers and everything in between — bringing insights and added value, as well as a valuable opportunity to network and develop ideas for services. Other panel themes include Responsible Sourcing — Expectations and Reality; Bullion Banking: The Road Ahead, The Role & Future of Global Exchanges, and Challenges in the Jewellery Sector. DMCC Executive Chairman Ahmed Bin Sulayem said,"DMCC is dedicated to enhancing Dubai...
01 Mar
Registration has opened for participation in the first-ever edition of the Bharat Diamond Week at the Bharat Diamond Bourse (BDB) in Mumbai. The BDB expects thousands of visitors from India and abroad to take part in the April 23-25 international diamond week. The BDB said that 200 Indian companies will be exhibiting polished diamonds to buyers from across the world.  "The interest in the Bharat Diamond Week continues to rise far beyond our original projections and this is extremely positive," said Bharat Diamond Bourse Vice-President Mehul Shah, who is heading the Diamond Week project. "We believe that there will be around 4,000 visitors. Our aim is to create connections between our international friends and colleagues and Bharat Diamond Bourse members.”  He added, ”We see the size of...
28 Feb
Carat Plus, the Antwerp gem and jewellery trade show, announced that British actress and model Elizabeth Hurley will be the show’s ambassador for the 2018 event to be held in May. Hurley is currently in her twenty third year of representing Estée Lauder as a spokesmodel, making hers one of the world’s longest running beauty contracts. She has also appeared in more than two dozen movies and starred in television shows. Carat Plus founder and event director Filip Van Laere said, “We are thrilled to welcome Elizabeth Hurley to CARAT+ 2018. Her iconic beauty, glamorous sense of style and talents reflect the sparkle of the diamond and diamond jewellery industries, making her the perfect choice to be the face of our event.” Launched in 2017, Carat Plus attracted more than 3,000 visitors and 130...
28 Feb
Pallinghurst, the parent company of coloured gemstone producer Gemfields, announced that its auction in Jaipur of commercial quality emerald rough from its Kagem mine in Zambia from February 19 to 22 garnered $10.8 million in revenue. An average price of $3.05 per carat was achieved, Gemfields said. Of the 21 lots offered, 19, constituting 90 percent of the lots and 95 percent of the carats on offer, were sold. According to the miner, 31 firms placed bids for the goods on offer. The results of this auction brought to $506 million, the total revenues generated by the 27 emerald auctions the company has held since 2009. CEO Sean Gilbertson commented, “We’re very pleased to see the enduring demand that underpinned the sale of 95 percent of the carats offered. The results support our view...
28 Feb
The Indian jewellery manufacture and retail industry’s current ₹80.7 billion ($1.24 billion) in stressed assets or bad loans is in danger of ballooning into ₹208.9 billion ($3.2 billion) in bad loans given the financial shock of the Nirav Modi-Mehul Choksi bank fraud of nearly $2 billion, warns a report in the Business Standard. Unlike in many other countries, Indian jewellery retail is not a standalone sector and is in many cases operationally and financially interconnected with both diamond and gemstone polishing as well as jewellery manufacture. According to the report, which quotes the CARE ratings agency, total credit outstanding to the Indian gem and jewellery manufacture and retail industry is currently ₹690 billion ($10.6 billion) or about 1 percent of the country’s ₹72.63...
27 Feb
The Gem & Jewellery Export Promotion Council (GJEPC) has announced that it has organised strong Indian contingents for the India pavilions at both, the Hong Kong International Diamond, Gem and Pearl Show which runs from February 27 through March 3, as well as the Hong Kong International Jewellery Show that runs from March 1 through 5. The GJEPC said that 50 loose diamond and gemstone firms will participate in the first show, while 33 jewellery firms will participate in the overlapping second show. GJEPC Chairman Pramod Agarwal said, “Hong Kong has been the second largest export market for the Indian gem and jewellery industry. The two shows have been important platforms for the Indian industry. They not only help us to expand our reach in the Hong Kong market but also give us access...
27 Feb
Catherine McLeod-Seltzer (left) and Eira Thomas
Lucara Diamond Corporation, which recently announced that William Lamb, its CEO of 10 years, was stepping down and handing over to Eira Thomas, one of the firm’s founders and directors, is looking at doing away with the traditional sales cycles that even miners like De Beers and ALROSA use, to create a spot market. This ambitious plan is fuelled buy Lucara’s acquisition of Clara Diamond Solutions, a digital platform that also enables blockchain technology and thus provides traceability for all the diamonds sold on it. Lucara intends Clara Diamond Solutions to create a spot market, beginning with rough extracted at its own Karowe diamond mine in Botswana. Lucara is also looking at extending the use of the platform to...
27 Feb
The nearly $1.8 billion fraud perpetrated on the Punjab National Bank (PNB) by diamantaire and eponymous jewellery brand owner Nirav Modi along with his uncle Mehul Choksi, who headed the Gitanjali group which also owned the jewellery brands and retail chains in India as well as the US, now has grown by another $204 million to now stand at ₹12,622 crore ($1.95 billion) in aggregate. In a disclosure to Indian stock exchanges, PNB said the more fraudulent Letters of Undertaking (LoUs) worth ₹1,322 crore ($204 million) were uncovered by overseas bank branches which have been conducting forensic audits in the wake of the scam. The new amount is actually more than PNB’s net income of ₹1,320 crore in fiscal 2017. PNB stock fell sharply after the announcement. The bank, however, denied media...
23 Feb
Sarine Technologies Ltd announced that Canada-based Dominion Diamond Mines is introducing an enhanced CanadaMark website incorporating the new Sarine Diamond Journey software at the upcoming Hong Kong International Jewellery Show. The software enables the visualisation  of a diamond through all its stages from the rough to the final polished stone, including the planning  that went into is cutting and polishing. The CanadaMark hallmark program is Dominion's strategic initiative to assure the integrity of the supply chain of Canadian diamonds from mine to retail, and gives the end consumers of diamond jewellery confidence in the origin and history of their polished diamonds. It guarantees the polished diamonds are responsibly mined in Canada’s Northwest Territories, are natural and...
22 Feb
De Beers announced that it had generated revenues of $5.8 billion in 2017, a 4 percent decline from the $6.1 billion in 2016. Earnings before income tax, depreciation and amortisation (EBIDTA) however, were up 2 percent t o$1.44 billion from the $1.41 billion earned in 2016. The financial performance came on the back of a 22 percent increase in rough diamond production to 33.5 million carats from the 27.3 million carats produced in 2016, reflecting stronger underlying trading conditions as well as the contribution from the ramp-up of Gahcho Kué. De Beers said the financial performance was driven by improved margins, which benefited from lower unit costs (supported by higher production and efficiency drives across the business), a strong contribution from Canada (driven by Gahcho Kué’s...
21 Feb
India’s Gem & Jewellery Export Promotion Council (GJEPC), while saying it “strongly condemns any sort of unlawful & illegal actions by any individual, trade or otherwise”, said in a statement that the $1.8 billion bank fraud involving two industry prominent industry players, took place primarily due to “non-adherence of procedures and norms laid down”. A GJEPC press statement said, “The recent incident of a scam by an alleged diamantaire is of concern to the entire gems and jewellery industry. The industry strongly condemns any sort of unlawful and illegal actions by any individual, trade or otherwise. It should be noted that when thousands of exporters undertake business lawfully adhering to all norms and practices, prescribed very diligently, incidents of this kind can only take...
21 Feb
ALROSA announced that it plans to hold two auctions for the sale of rough and polished diamonds at the Hong Kong International Diamond, Gem & Pearl Show, organised by the Hong Kong Trade Development Council (HKTDC) in Hong Kong from February 27 to March 3. The Russian diamond miner said that its United Selling Organization (USO), which auctions special size rough diamonds over 10.8 carats, will put up 121 gem quality lots with a total weight of 1,949 carats for auction. Along with this, its own cutting division, Diamonds ALROSA, will auction 87 polished diamonds — 63 stones of a standard colour range and 24 fancy yellow pieces. The polished diamonds together have a total weight of 284 carats. "Our Hong Kong auctions usually attract customers from major diamond trading centres,...
19 Feb
GJEPC Chairman Pramod Agarwal
In a step that goes a long way towards building up India’s jewellery production industry into the kind of global powerhouse that its diamond processing currently is, the Gem & Jewellery Export Promotion Council (GJEPC) signed a Memorandum of Understanding (MoU) with Maharashtra Industrial Development Corporation (MIDC) to establish India’s first and largest jewellery industrial park. The new park, to be called the India Jewellery Park Mumbai, will be established in Navi Mumbai, a satellite township of the metropolis. It will come up on a 25-acre plot with 4 million square feet of built-up area housing more than 5,000 gem and jewellery units of varied sizes ranging from 500 to 10,000 square feet. The project will entail an...

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