DCLA PRICE LIST 2015
DCLA Diamond Certificate
Prices GST exclusive
Up to 0.39ct $65.00
0.40 - 0.69ct $85.00
0.70 - 0.99ct $100.00
1.00 - 1.49ct $115.00
1.50 - 1.99ct $125.00
2.00 - 2.99ct $150.00
3.00 - 3.99ct $175.00
4.00 - 4.99ct $200.00
5.00 - 9.99ct $250.00
Over 10.00ct $500.00
LASERLOGO SYMBOL $30.00
LASER INSCRIPTION DCLA CERTIFICATE $55.00
LASER INSCRIPTION (OTHER CERTIFICATE) $150.00
VERIFICATION OF DCLA CERTIFICATE $35.00
RECHECK COLOUR / CLARITY $25.00
REPRINT CERTIFICATE $35.00
CHECK FOR HEARTS AND ARROWS $10.00
PRELIMINARY GRADING $75.00
PRIORITY SERVICE (SAME DAY*) $50.00
COLOUR AUTHENTICATION $100.00
ADDITIONAL TESTING $150.00
DCLA INSURANCE VALUATION (including laser inscription) $75.00
DIAMOND RECUT / REPAIR BASED ON QUOTE PRIOR
REPAIR HOT LASER DAMAGE $55.00
ROUGH DIAMOND POLISHING BASED ON QUOTE PRIOR
• Discounts are volume based and subject to review
• Prices are subject to change without notification
* Depending on volume
SA diamond trader gambled the money away
An unnamed diamond trader is suspected of stealing diamonds valued at around US$1 million from several dealers in the Johannesburg diamond center in South Africa, according to a report in The Star.
The diamonds were apparently handed over to the diamond trader with the expectation that payment for them would be made within a few days, as is the custom in the diamond trade. The news source says an industry insider told them that the man was known to have a gambling problem and it was discovered that he had pawned the diamonds and gambled the money away over a period of two weeks.
The diamond trader is said to be in hiding, and his life is believed to be in danger.
South African Diamond Dealers Club Treasurer Michael Ellis is quoted by the news source saying that he is aware of the incident, and that the man is not a member of the Diamond Dealers Club, although he is known within gem circles. "You get a few incidents like this ever so often, but it happens with fringe members, not mainstream dealers," said Ellis, as quoted by The Star, adding that when any theft takes place, a ban on the dealer is placed worldwide, meaning that they will never be able to work in the industry anywhere in the world.
Debswana to cut output
Debswana's Managing Director Balisi Bonyongo said, the Diamond Company will cut diamond production at its mines as the company tries to match demand in the short to medium term.
The company would prefer to keep the diamonds in the ground until the market to recovers.
Bonyongo said that the company expected the market to return to normal after it slowed in the last year. In part due the liquidity constraints in India.
Hatton Garden Safe Deposit robbed
According to the police, robbers used heavy cutting equipment to break into the vault at Hatton Garden. The vault founded in 1954 is in use by almost 300 diamond and gold dealers and more than 50 stores.
The robbers broke into an office upstairs and then abseiled down a disused lift shaft. They then cut through steel exterior walls and finally broke into the vault on Friday. The gang then opened 300 boxes belonging to Diamond dealers and jewellers.
The gang took advantage of the holiday period to open the boxes. This robbery dwarfs any of Britain's previous biggest heists, with an estimated lost exceeding 300 million USD.
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Tiffany & Co launches CT60 watch line
Swiss made CT60 collection is a tribute to founder Charles Lewis Tiffany.
The traditional Tiffany design fused with modern high tech watchmaking includes men’s and women collection in stainless steel or gold.
A 60 piece limited edition in 18 karat rose gold, with a calendar and a 42 hour power reserve will be individually numbered.
The collection is available at Tiffany & Co. locations worldwide and retail price starts at $4,250.
De Beers diamond grading and inscription facility opened in Surat
The major investment in Surat facility reflects a world class diamond cutting and polishing centre characterised by skill, innovation and the effective use of technology.
De Beers the world's leading diamond company is considering a diamond auction centre in India.
This laboratory is the second of its kind in the world owned International Institute of Diamond Grading and Research.
The laboratories primary function will be to select and inscribe Forevermark diamonds with the unique serial number to deliver an accurate and reliable grading for diamonds.
De Beers is the world’s leading diamond company established in 1888 experts in exploration, mining and marketing of diamonds.
Tough rules for De Beers diamond customers
Biggest reforms in a decade from De Beers’s over concerns of the financial stability and transparency of their sightholders.
The world’s largest supplier by value is changing the deal, introducing tougher rules for companies wanting to join its coveted group of sightholders.
De Beers will also insist customers hold a specified proportion of equity in their businesses, making them less reliant on bank borrowing.
Bank finance has receded and no new banks are coming forward after Antwerp Diamond Bank closed to new business in September. Over the past two years banks have cut credit lines to the diamond trade, causing liquidity problems and a sharp fall in rough diamond prices.
The De Beers group which sells $6bn of unpolished diamonds annually will clarify the financial situation of all the companies. The belief is transparency will benefit the whole sector.
Trillions of carats of diamonds from meteorite
A meteorite impact 35 million years ago in Siberian, is said to have brought enough industrial diamonds which could supply the globe for thousands of years.
The discovery of meteorite crater known as Popigai in the early 1970s contains more industrial quality diamonds than all the present known deposits around the world.
The Diamonds crystal formation makes them much harder than gem quality diamonds, and could make them important in high grade industrial uses.
The meteorite crater is 100 kilometres in diameter was kept secret for close to two decades.
Rare Orange diamond to showcase at Shapiro Auctioneers
Orange / yellow Orange one of the rarest colours found in natural diamond.
In 2014 a spectacular orange fancy vivid pear shape diamond mined in South Africa, weighing 14.82 carats was auctioned for a record price of $2.39 million per carat or $35.54m for the diamond. Setting a new record price per carat for any fancy colour.
The 1.03 ct Intense Fancy yellow Orange Round brilliant is made rarer because of the combination of the size, shape, colour and clarity.
Shapiro’s Auctioneers will auction the diamond at the May 13 Jewellery sale.
Source Fairfax Media Publications FR
The Fascination by Graff
The Diamond Watch that effortlessly turns into an exquisite ring
Created by Graff Diamonds a London based jewellers founded in 1960.
Fascination is a diamond encrusted masterpiece piece which features a 38.13 ct pear shaped diamond which can be worn as a ring or inserted into a diamond encrusted watch bracelet with 152.96 cts of white diamonds.
Graff uses only the very finest diamonds, resulting in the creation of the most fabulous jewels in the world.
The Fascination will be on show at the BaselWorld watch fair in Switzerland, which begins tomorrow.
IIa Technologies Diamond manufacturer launches greenhouse
IIa Technologies created a 3.04 ct synthetic white diamond, which is the largest polished laboratory grown diamond disclosed.
The company expects 25 to 30 per cent growth in consumer demand for laboratory grown diamonds.
The research centre based in Singapore will use the diamond greenhouse to grow Type IIa colourless diamonds, and will continue an industry wide adoption of advanced technologies like additive manufacturing, lasers and optics, and robotics.
24K Gold Apple iWatch
On Monday Apple unveiled its new smart watch to consumers, it is available in two sizes.
Starting at $350.00 USD for the entry level model, and rising up to $10.000 for the 18K gold version the new iwatch is set to change the way we look at watches.
While 10.000 will get you the standard 18K gold, for the best you will need to add $65.000.
The custom Apple watch has multiple rows of diamonds set around the face and strap.
Is this $75,000 USD diamond Apple iwatch is the ultimate smart watch?
Coloured diamonds are best investment
Fancy coloured diamonds are fast overtaking the colourless white gems as a safe long term investment option.
The Fancy Colour Research Foundation (FCRF) latest research shows that fancy colour diamonds have outperformed white diamonds prices.
Natural fancy diamonds come in many different colours including the rare blue, orange, pink, red, and greens are achieving higher prices on the international market.
The FCRF has seen striking changes in the value of fancy coloured diamonds over the past. The data revealed patterns between investment and world economies.
Recently an 8.41 carat vivid purple pink diamond was sold for a record $17.10 million, and a 14.82 carat orange diamond sold for a world record $35.5 million.
Diamonds to be auctioned by Rapaport
Rapaport has announced that will be opening its melee auction in the Hong Kong International Diamond show, the auction consists of premium quality diamond parcels in all shapes.
Limited spaces are available and viewing is by appointment only. Rapaport will auction the record 98,000 carats of diamonds.
Director of Global Trading, Ezi Rapaport, said "all eyes are on the Hong Kong show as it will play a determining role for the trend in Quarter two”.
Brown Diamonds natural or synthetic
Causes of colour in heat treated brown diamonds and synthetic brown diamonds are similar to treated pink diamonds.
In natural diamond the colour is related to a lattice imperfection. This can be mimicked in synthetic or treated diamond by a variety of treatments including annealing, heating or irradiating. The heat and pressure or irradiation can result in the lattice deviation resulting in the brown or pink colour.
Synthetic brown diamond is created by compressing graphite under extreme pressure and heat to above 1500 Celsius. The treatments were perfected in several laboratories in Russia, United States and China.
Lazare Kaplan Internationals Belgium subsidiary Pegasus Overseas Ltd marketed the General Electric processed diamonds under the name GE POL or in the USA as Bellataire.
This led to a technique for creating, or treating brown diamonds into higher valued colours like yellow or colourless diamond.
The disclosure of the treatment is noted by the “GEPOL" inscribed on the girdles of every treated diamond.
Brown diamonds are often marketed with expensive sounding names like Cognac, Champagne or Chocolate diamonds. Natural brown diamonds are a cheap alternative to more expensive colours.
Threat to Profitability from Synthetic Diamonds says De Beers
The flooding of synthetic diamonds in the industry is threatening long term sustainability of Rough and Polished.
Bruce Cleaver Head of Strategy and Corporate Affairs said “duds” were threatening profitability. And the impact of synthetic diamonds is more severe when manufactures don’t disclose Synthetics to the market.
APA estimates total market value of synthetic diamonds at $9 billion.
SDA detects synthetic diamonds mixed in natural diamond parcel
The Surat Diamond Association detected synthetic diamonds in a parcel belonging to two diamond traders in Varachha the world's largest diamond cutting and polishing centre.
The parcel was sold by Ramesh Mavani a diamond merchant, who had purchased it from one Chandu Sheta.
The Natural Diamond Monitoring Committee is dealing with the investigation.
A committee was set up in 2013 after a huge quantity of synthetic diamonds was found mixed in with natural diamond parcels in Mumbai.
De Beers a crown jewel
De Beers Group to invest around $3bn over ten years on diamond mining operations in its key South African mine Venetia.
De Beers reported operating profit of $1.4bn USD up 36% year on year, due to higher demand and increased production.
Diamond production was up 5% to 32.6m carats, largely to the production of Debswana the Botswana mine.
Anglo American owns 85% of De Beers
Perfect 100 ct emerald shape diamond for auction
A rare Emerald shape 100.20 ct diamond, originally mined in South Africa by De Beers will showcase the Sotheby’s Auction.
The diamond is one of only six of equal quality ever to be sold at auction, and could sell for $25 million.
The size, quality of the cut and colour make this gem extremely rare because the stone is type IIa stone D colour, internally flawless.
Original polished out of rough weighing over 200 cts.
Fancy Coloured Diamonds Asia's Best Friend
Fancy Coloured diamonds popularity and price has risen globally, partly driven by Asian investors.
Fancy Orange, Pink, Yellow, and Blue diamonds have appreciated over 150 % according to the Fancy Colour Research Foundation.
Hong Kong and China represent 40% of sales of the fancy coloured diamond sales; this demand of the extremely rare colours is pushing up its prices.
In Recent months Auction houses have sold some of the most valuable natural colour diamonds setting new records for Fancy Orange, Pinks and Blues.
Tiffany's diamond heist
Armed robbers forced customers and staff to the floor, and then ordered one worker to open the jewellery cases.
The robbers made off with an unknown number of diamonds from the Tiffany & Co. store in San Francisco.
Sgt. Monica McDonald said authorities were viewing footage from surveillance cameras in the Westfield San Francisco Centre area, but remains baffled how the robbers pulled off the heist undetected.
No one was hurt during the robbery.
Surat Diamond Association synthetic diamonds seminars
Diamond industry leaders, the (SDA) and the Gems and Jewellery Export Promotion Council (GJEPC) will begin an awareness campaign in the diamond industry. They will focus on the various types of synthetic diamonds, and the identification and disclosure.
Detailed information on the various forms of synthetic diamonds including High Pressure High Temperature and Chemical Vapor Deposition will be provided.
Dealers, Jewellers and valuers in the industry are not able to differentiate between natural and synthetic diamonds. Leading to Lab grown diamonds being mixed in parcels with natural diamonds.
This has made it necessary to educate manufacturers and dealers, and bring awareness to the entire trade.
Natural diamonds will have the term Natural diamond on the certificate, or have a natural diamond report.
Christie's, Sotheby's 2014 Jewellery results
Christie's and Sotheby’s auction sales rose to new records for both the auction houses.
Jewellery sales topped $740 million and $602.5 respectively.
A notable sale was The Graff Vivid Yellow diamond reaching $16.3 million, a record price for any yellow diamond to date.
During 2014 Sotheby's jewellery sold over 3,900 lots of which 77 items topped $1 million. With an overall sell through rate in was 81 percent.
Letseng Sales Drop 10% in Q4
Gem Diamonds reported that it saw an encouraging end to a very positive year after the fourth quarter of 2014.
CEO Clifford Elphick said the despite a drop in diamond recovery, 25,525 carats down from 28,365 carats in the third quarter. The Letseng mine in Lesotho has continued to perform strongly.
Gem Diamonds remains on track to declare a maiden dividend in March 2015, Based on the positive results and the rise in the price per carat from $2,043 in 2013 to $2,540 in 2014.
Estimate value of De Beers January Sight is $450M
Assortment and qualities showed no significant changes.
Although with the first sight of 2015 having an estimated value of $450 million, De Beers has anticipated the slowing rough market with an estimated 4 percent price adjustment across the board.
In the open rough market prices for similar goods are 20 percent lower than the contract sales, by the major miners. According to a sightholder.
General sentiment in the rough market was negative among sightholders and brokers. “I don’t know of a single box at the sight on which people will make money,” said a sightholder
De Beers has relaxed sightholder allocation rules for the January sight, allowing the deferment of 25 percent for two months without a penalty.
20 percent of the sight boxes buy values were deferred.
Fancy Orange Diamonds
Being the ultimate possession for diamond lovers, Natural fancy Orange diamond is extremely rare. To be classified as a fancy orange, there can be no brown in the diamonds colour.
Orange colour in diamond is rarer in nature than most other fancy colours, so rare even the GIA rarely grades an orange diamond.
As a result, orange diamonds that receive pure orange are even rarer than the natural fancy red or blue diamonds. And have therefore set records per carat exceeding any other fancy colour.
Orange is the colour of the true fancy diamond connoisseur.
South African diamond mine robbed
A diamond mine outside of Prieska in the Northern Cape of South Africa, became the latest victim of a robbery on Monday.
South African police are looking for a group of sixteen men who tied up security guards, before they demanded the safe keys from two employees.
Unable to access the safe, they broke into the sorting room, and managed to get away with an undisclosed quantity of rough diamonds.
HPHT lab-grown diamonds achieve a new quality level
Two laboratory grown diamonds, the largest D colour internally flawless lab-created diamonds have been certified by IGI Antwerp laboratory.
Both stones are triple excellent and have no colour overtones or fluorescence. The diamonds were submitted by Diamaz International a leading supplier of laboratory grown diamonds based in Antwerp.
Technological advancements in HPHT have made it possible to grown diamonds in D to F colours from 1ct to 3 t with great consistency.
It is predicted demand for these high quality HPHT diamonds will soon outstrip supply.
Indian banks begin cutting credit over default fears
ABN Amro, Standard Chartered, State Bank of India and IDBI Bank continue to reduce credit levels to jewellery companies.
Winsome Diamonds and Forever Precious Diamond had defaulted on a $970 million debt owed to creditors prompting banks to act. The Banks have classified gems and jewellery into the high risk category.
Jewellery industry representatives will meet with Finance Ministry officials on Tuesday In a bid to bring much needed liquidity into the industry.
$500M Investment by Rio Tinto to Develop Bunder Diamond Mine
Rio Tinto has identified a cluster of eight diamondiferous pipes in India.
Rio Tinto Global mining giant would invest $500 million in the diamond mine in Madhya Pradesh India. The potential project would create thirty thousand jobs when approval for the mining lease is granted by local authorities.
Rio Tinto's CEO said the project would commence once the company has environmental clearance.
Over graded diamonds
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Do not mix synthetic and natural diamonds
Unscrupulous dealers have created havoc in the industry again, selling Lab grown diamonds in a mix with natural diamonds.
18 months after laboratory grown diamonds were found mix with natural mined diamonds, the industry is again dealing with the issue.
Leading diamond companies including (DTC) sightholders have been caught up in the illegal practice.
In a statement the GJEPC and SDA clarified that various steps have been initiated to curb the menace including stringent legal action against those caught selling the lab grown diamonds mixed with natural diamonds. As well as manufacturing lab grown diamonds without disclosure.
Israel Exports $6B in Polished for 2014
Israel’s polished diamond exports, increased one percent year on year to $6.27 billion in 2014, according to the Economic Ministry.
The United States is still the major market for Israel’s polished diamonds accounting for Thirty Eight percent of polished exports, Followed by Hong Kong with Thirty percent of Israel’s polished exports.
Polished imports grew five percent to $4.51 billion during 2014. Rough diamond imports increased one percent to $4.02 billion, and rough exports increased four percent to $3.06 billion.
The world diamond industry faced a significant credit crunch amongst other challenges including, higher rough prices. With the robust U.S. market and renewed Asian demand, Israel looks forward to increased trade for polished diamonds in 2015.
Gemmological Institute of America seven week graduate diamond diploma
The GIA a gemmological organisation will be conducting a seven week graduate diamond diploma from January 8.
The programme combines theory lessons with practical hands on learning and will be held in Jaipur.
Students will learn how to grade in accordance with the GIA’s 4Cs colour, cut, clarity and carat weight of diamond in the D-Z colour range.
As well as how to grade diamonds and detect simulants and treatments like fracture filled diamonds using gemmological equipment.
The course will be taught by instructors from the Mumbai campus.
GSI Opens Botswana Lab
Mark Gershburg CEO of GSI said that after decades of just mining rough diamonds. Botswana capital Gaborone now cuts, polishes and sells diamonds.
This has created demand for gemmological laboratories. Therefore Gemological Science International has now opened a laboratory in Botswana’s trading centre.
Merry Christmas and Happy Chanukah to all our customers. We wish you all a successful, happy and healthy new year. Thank you for all your support and good wishes.
De Beers Sightholders Reject 25 percent of Goods
De Beers December Sight
December sight is estimated at $600 million. With minor adjustments to prices and assortment qualities reported in categories.
Sightholders and brokers reported that 25 percent boxes were deferred or left on the table.
An India a sightholder said that they had already complained at the previous two De Beers sights that prices were too high to polish diamonds with a profit. We haven’t seen any movement from De Beers so there was other option but to leave the goods.
Diamantes said that prices at the ALROSA sale declined, and the negative sentiment at the sight reflected the mood in the rough market at large.
Rough trade on the open market was week, even though boxes were offered at a loss with generous credit terms.
14 Diamond Companies move into the PGJ Centre
Phase one of the Panama Gem & Jewellery Centre is completed. Fourteen of the world's largest diamond trading firms are taking up their allocated offices.
They are among 45 international companies with annual revenues of more than $13 billion, and employ 85,000 people globally. Are Kiran Gems, Diarough NV, Rosy Blue, Bhavani Gems, Interjewel, Jewelex, M. Suersh, the Niru Group, ILI Diamonds of the A. Rachminov Group, Atit Diamonds of the Shairu Gems, Dianco, Ofer Mizrahi Diamonds, S. Schnitzer Diamonds and S. SB Bichachi Diamonds Group.
The Panama Gem & Jewellery Centre is the region's only recognized diamond exchange.
With a futuristic profile and metallic exterior, and covers 1,578 square meters. A high security perimeter includes a parking area for tenants and visitors, and landscaped gardens. The first level includes the headquarters of the PDE, including its administrative offices, meeting rooms and 300 square-meter trading floor.
89-Carat Diamond Fetches $11 Million
A 89.23 ct D VVs1 pear shape diamond sold for $11 million at the New York Magnificent Jewels sale.
The total auction was $66.6 million and featured a selection of colourless and fancy coloured diamonds.
A pair of pear shaped fancy light yellow diamond earrings weighing 52.88 and 51.46 cts sold for $5.4 million, a 21.30 ct, oval cut fancy light pink Golconda diamond that sold for $4.25 million. And a 1.42 ct oval cut fancy red VS2 diamond sold for $2.16 million.
$2.1 billion in diamonds from Russia for Indian companies
Twelve Indian diamond companies including Kiran Gems, Asian Star and Rosy Blue India, have signed three year contracts with ALROSA at the World Diamond Conference,
Each of the companies signed separate contracts with ALROSA and will buy rough diamonds worth USD 2.1 billion or about USD 700 million per year for a period of three years. This will assist the companies save considerable amount of commissions.
Rough diamonds for local diamond cutting works in Namibia
The diamond cutting and polishing factories in Namibia have been in decline, now employing only one thousand people.
The agreement between diamond producer De Beers and the Namibia Diamond Trading Company NDTC, which is equally owned by the two entities, currently supplies ten percent by value of all locally mined diamonds to the market.
The Namibian government is weighing up all options to provide more rough from (NDTC) to be supplied to the local cutting and polishing firms, said Minister Isak Katali.
Deal with Russia for direct sourcing of diamonds for India
Russia and India to strengthen trade ties in gem and jewellery trade, By signing long term contracts, which include an agreement on direct supply of rough diamonds from Russia.
Business leaders from the two countries will sign contracts during the World Diamond Conference during President Vladimir Putin's visit.
As the world's largest manufacturing centre for cut and polished diamonds India produces 85 percent of the world’s polished supply, and Russia is the world's largest miner of rough diamonds.
South African Diamond company appeals $45 million dollar case against Zimbabwe
International Court of Arbitration ruled in favour of the state owned diamond miner on Monday after previously ordering the seizure of about $45 million of rough diamonds.
The rough diamonds eventual ownership depends on a separate claim by fourteen Dutch farmers, who are seeking compensation for land seizures. The court also ruled that the diamonds belong to Zimbabwean mining companies, rather than the government. The court will hear the farmer’s case in December.
Alrosa and India supply agreement
President Vladimir Putin is visiting India later this week. Hopes are high for the signing of a diamond supply agreement with Russian diamond mining giant Alrosa and India.
Prime Minister Narendra Modi and Putin will deliver speeches at the opening of the World Diamond Conference in New Delhi.
The speakers include De Beers Executive Director Stephen Lussier, Alrosa President Ilya Raschin and vice president Andrey Polyakov, Rio Tinto Diamonds CEO Jean Marc Lieberherr, and Endiama CEO Antonio Carlos Sumbula.
Government officials who will address at the event include Walter K. Chiadkwa, Minister of Mines and Mining Development of Zimbabwe, and Ngoako Ramatlhodi, Mining Minister of South Africa.
THE INTERNATIONAL INSTITUTE OF DIAMOND GRADING
The International Institute of Diamond Grading & Research is part of the
De Beers group of companies.
Based in Antwerp and run by the world's top diamond experts, the International Institute of Diamond Grading & Research benefits from proprietary equipment of the De Beers group of companies that enables the most precise grading and assessment for both rough and polished diamonds
Lab Created diamonds Are like real thing says producer
Consumers can now save thousands of dollars on diamonds, with a technological breakthrough that allows Synthetic diamonds to be created in a lab.
Bissell said the lab diamonds are not different in any material way and have all the optical, chemical and physical properties of mined diamonds, and they’re 100 percent carbon because they’re genuine diamonds.
The lab created diamonds are grown in pressurized containers on a small piece of carbon known as a seed,. The ultimate result is a high quality Synthetic diamond with the same properties as a natural diamond.
John King of the Gemmological Institute said lab grown diamonds are essentially the same as natural ones, and it’s just a matter of educating consumers.
To keep up with the new technology equipment to test stones and prove natural or synthetic is available at laboratories.
Created diamonds do come with certification from some laboratories with regard to colour and clarity.
In Australia DCLA does not certificate treated or synthetic diamonds and guarantees all diamonds ever submitted have been tested and are natural as stated on the certificate.
NOTE: If you have a certificate or report which does not say the diamond is natural, it has NOT been tested.
ALROSA third quarter loss of $223 Million USD
A reported a loss of RUB 10.3 billion for the third quarter ending September 30, is primarily foreign exchange losses. ALROSA posted a profit of RUB 8.3 billion $180 million for 2013.
Western sanctions imposed in response to the Ukraine crisis have devalued the Ruble by 27 percent since January.
ALROSA reported operating profit fell only 2 percent year on year to $258 million. Revenue rose 8 percent to $909 million with the average price of its gem-quality diamonds down 9 percent from the previous quarter to $182 per carat.
The company noted that the average price fell mainly due to a change in its product mix, while market prices rose 3 percent.
Open letter regarding over grading certification from the WFDB
Colleagues and friends,
The diamond industry is facing a serious challenge to its integrity which could lead to major consumer confidence problems, if diamonds are sold with overstated certification. I want to stress that this is an industry problem that must be resolved by the industry in order to retain consumer confidence in our product and sustain and develop the international diamond trade.
Recently, awareness was raised regarding problems existing within a specific laboratory group and the overstating of grading from certain laboratories in this group, which has led to the exclusion of said laboratories certificates by the Rapaport Group.
Your attention is drawn to the following issues:
(a) Ethical grading and certification are the most basic principles of the industry and these cannot be compromised.
(b) As part of the sales transaction the seller of diamonds provides a guarantee to the buyer of what is being sold and this forms a binding contract between the two parties. The seller cannot later hide behind an overstated grading report claiming ignorance as he/she will be held responsible regardless of any grading report supplied with the diamond(s) being sold. Diamantaires cannot hide behind certificates with the excuse that these goods sell cheaper. There is a common standard of colours and purities, and it is not about price but quality.
(c) In blatant cases the misrepresentation can amount to fraud with criminal consequences, depending on a countries consumer laws.
(d) Member Bourses must implement action in countries experiencing this kind of practice:
(i) If the offending party is a member, then the bourse concerned should take action under its own rules.
(ii) If the offending party is not a member, then the bourse concerned should report it to that countries consumer rights regulator in order to protect consumers rights..
On behalf of the Board and with regard to this issue, I commit the WFDB to ensure that we resolve matters as quickly as possible. We cannot reserve our position whilst this kind of practice prevails from a few laboratories that are damaging the entire diamond industry. Decisive and immediate action is required to eliminate this practice and the WFDB is in terms of its mandate compelled to take the lead. To this end a meeting will shortly be called of all the major laboratories to find common ground on the way forward.
I call on all responsible stakeholders across the world to stand together to eliminate this practice as it will harm our industry in a way that could dwarf any previous problems faced by the diamond industry.
I look forward to your full and ongoing support in this matter.