The Swiss Gemmological Institute SSEF announced the launch of GemTrack, a new service for the middle of the process chain, that enables the providing of an expert scientific opinion linking a cut gemstone to the rough stone from which it originated. While the SSEF emerald “Paternity Test” system along with a blockchain tracking system has been trialled in 2017 by coloured gemstone miner Gemfields and has recently been adopted by Fura, the GemTrack system allows the middle market in the process chain to adopt a customer assurance technology. The service involves the combination of crystallographic, structural, chemical and microscopic analyses, which allow for a detailed and potentially unique characterisation and fingerprinting of a rough stone. These same features can later be later be...
ALROSA announced that it earned $8.3 million from an international auction for special size rough diamonds (over 10.8 carats) in Dubai. The company said it sold 121 rough diamonds with total weight of 1,950 carats. Firms from the UAE, India, Belgium, Israel, Hong Kong, Russia and the US participated in the auction, with 31 firms placing winning bids. ALROSA United Sales Organisation (USO) Director Evgeny Agureev commented, “ALROSA and Dubai have a longstanding partnership. Since 2014, we have been cooperating with the Dubai Diamond Exchange on industry issues; we have our trading company here, where we regularly hold auctions.” He added, “This year, we decided to increase the number of auctions in Dubai to five, because we see stable demand, including from local firms.” In 2018, ALROSA...
After a disappointing holiday season that saw lower than expected sales coupled with higher than anticipated credit costs, Signet Jewelers has made a voluntary separation offer to its 3,400 corporate staff as it strives to continue with its three-year turnaround plan. Signet, the parent group of the Zales, Jared’s, Kay Jewelers and Piercing Pagoda jewellery brands that collectively account for 3,500 retail stores, has said that the offer is to district manager-level employees and above who have been with the company at least two years. Chief People Officer Mary Liz Finn said in a memo to employess, ”Our high-production areas of distribution, manufacturing, customer care and security are not eligible for the program.” If not enough voluntary separations are forthcoming by Signet’s March 25...
De Beers announced its preliminary financial results for 2018, reporting that though total revenue increased to $6.1 billion, up 4 percent from 2017’s $5.8 billion, underlying earnings before income tax, depreciation and amortisation (EBITDA) had decreased 13 percent to $1.25 billion from 2017’s $1.44 billion. The company said that although current economic forecasts remain positive, the outlook for 2019 global diamond jewellery consumer demand faces a number of headwinds, including the risk of a potential intensification of US-China trade tensions, the Chinese government’s ability to rebalance economic growth towards consumption, and further exchange rate volatility. De Beers said that while unit costs and upstream profit margins were maintained, it undertook incremental expenditure on a...
An 88.22-carat D, IF Type IIa oval cut diamond will headline Sotheby’s spring Magnificent Jewels and Jadeite auction in Hong Kong, slated for April 2. The diamond, cut from a 242-carat rough that was discovered in Botswana’s Jwaneng mine, carries a pre-sale estimate of between $11.2- and $12.7 million. According to Sotheby’s, the diamond is one of only three oval diamonds over 50 carats that have been offered at auction. The April 2 auction will also feature an emerald and diamond necklace by Van Cleef & Arpels alongside a specially curated collection of coloured gemstones and coloured diamonds of exceptional quality, Sotheby’s said.
Coloured gemstone producer Gemfields launched its #EveryPieceUnique promotional campaign in India with an installation at Mumbai’s High Street Phoenix mall over February 16 and 17. The campaign targets consumer engagement by offering visitors the chance to win a pair of earrings set with Gemfields Mozambican rubies, by posting a picture of the installation on social media. The installation showcased Gemfields’ half emerald and half ruby faceted female form, a rhino sculpture and a depiction of a flowering African baobab tree. The installation features Gemfields’ key campaign messages of transparency, a commitment to conservation and the company’s efforts to mitigate the impact of mining on the environment.
The Israel Diamond Institute (IDI) said that after a successful pilot last year, it will again hold an auction of special stones at the HKTDC’s Hong Kong International Diamond, Gem & Pearl Show in Hong Kong. The auction will be held at IDI’s Israel Diamond Pavilion, which this year will host 58 companies. The goods will be on view and bids may be placed between February 26 and 28. Progress on the bidding will be shown on screens located within the pavilion. The IDI said Israeli exhibitors will be presenting diamonds especially suited to Asian markets, with several companies showing very large and important stones and fancy coloured diamonds. Moreover, many of the exhibitors will also be showing specially designed pieces of diamond jewellery. As it did last year, the IDI said the...
ALROSA held a media preview of a collection of large coloured polished diamonds, including unique pink, bright yellow and pink purple gems. The star of the show was a pink oval diamond weighing 14.83 carats — the largest pink diamond in the history of Russia, ALROSA said. The rough it was cut and polished from was mined in 2017 at the Ebelyakh deposit in Yakutia. The largest pink diamond mined by ALROSA prior to the recovery of this stone was 3.86 carats. “Pink diamonds along with the blue ones are considered to be the rarest and most precious of all, and the size and clarity of this specimen makes it one of the best to be discovered anywhere in the world in recent years. I am sure that this diamond will be the most expensive in the history of Russia’s gem cutting industry,” said ALROSA...
The All India Gem and Jewellery Domestic Council (GJC) held the grand finale of the 8th edition of its National Jewellery Awards (NJA) in Mumbai on Tuesday. This year’s event honoured winners in 16 categories, including three for excellence, five for stores, three for designers and artisans and a student of the year award. Additionally, there were awards for corporate social responsibility and women’s entrepreneurship. GJC Chairman Anantha Padmanabhan commented,“We were overwhelmed to receive over 850 entries despite a challenging and volatile business environment. This shows the indomitable spirit of Indian jewellers.” Vice Chairman Shaankar Sen noted that the awards were a tribute to the talent and craftsmanship of the country’s “Make in India’ artisans, manufacturers and designers. He...
ALROSA announced it had sold $278.2 million worth of rough diamonds along with $3.4 million in polished in January this year. Company Deputy CEO Yury Okoemov commented, ”In January, market activity was lower than usual. After active restocking by the midstream in December 2018 (December sales were up 20 percent in a quarter-on-quarter comparison and up 46 percent year on year), January sales came lower. Sales in the diamond market are always cyclical, and apparently, we are seeing the expected correction after the peak values in previous periods.”