De Beers has introduced forward contracts for rough
The world’s largest rough diamond miner De Beers has introduced forward contracts for rough diamond sales.
DTC site holders can order diamonds supply ahead, including the specific quantities and qualities of stones required for monthly productions. Indian jewellers believe the new system could artificial increase rough diamond prices.
The first contract was issued in London on Tuesday and it is anticipated the contracts to bid for supplies for the year will be introduced in 2014.
De Beers posted a 6.29 per cent rise in rough diamond production for the first two quarters of 2013. Overall rough diamond production rose to 14.295 million carats form 13.449 million carats in the period last year.
1.78-Ct created Diamond
The producer of gem quality, laboratory grown diamonds is offering one of the purest and largest Type IIa white diamond yet created.
The diamond is that weighs 1.78 carats, is G colour, and SI1 clarity. This follows the 1.29-carat, E colour, VVS2 clarity, which the firm said at the time was the world’s largest, whitest lab-grown diamond. Gemesis current inventory includes more than 1,200 VVS2 and VVS1 clarity grades, as well as a range of E and F colour diamonds.
Gemesis also recently introduced pink laboratory grown diamonds on its e-commerce site last month. The diamond is certified by the International Gemmological Institute.
Non-disclosure of synthetic diamonds
Our industry is facing a serious crisis with regards to the non-disclosure of synthetic diamonds by certain unscrupulous persons in our trade.
It is a crisis that if it is not halted could lead to loss of confidence in our product bringing with it serious consequences for our industry.
Given the above we all have a collective role and duty to play in protecting our industry.
To this end the World Federation of Diamond Bourses has instructed its Presidents of the Bourses around the world what to do, compiled a statement that is to be incorporated on every invoice/memo and adopted a zero tolerance stance.
We, the World Federation of Diamond Bourses, in conjunction with your laboratory need to collaborate in combating this scourge, each party cannot act alone if we wish to eradicate the problem.
I therefore ask you to please inform us when stones are submitted for the certification without disclosure.
The time has come for us to act and stand together to make sure that consumer confidence and our businesses will be protected at all costs.
DMIA calls for all-industry, international meeting on misrepresentation of synthetics as natural diamonds
New York, November 12, 2013
Much has been written in the past month concerning synthetic diamonds being represented as natural diamonds. We at the DMIA believe that it is imperative that the industry respond immediately and forcefully.
DMIA issued a formal call to action 18 months ago in May of 2012 (reprinted below in its entirety) and do so again now. In our view, one of the major problems in attacking this issue is the lack of cohesion from stakeholders all of whom are rightfully very concerned.
As an industry leader DMIA is indeed making progress as we are in constant contact with local as well as Federal law enforcement agencies, the United States Department of State, and our domestic industry leaders; among them GIA, JA, AGS, MJSA, JVC, to mention just a few.
We once again call on the international and domestic leaders from industry, law enforcement, and laboratories to physically gather together as soon as possible and for as long as is necessary to finalize the best approach.
To that end, we reiterate today that we are ready to host a conclave in New York City and will work immediately with our colleagues to make it a reality.
Ronnie VanderLinden, President
Diamond Manufacturers & Importers Association of America
Pink Diamond Sells for $83 Million
The 59.60 carat oval shape pink diamond has sold for $83 million, setting a record for any gemstone sold at auction.
Steinmetz Diamonds, Owned by Beny Steinmetz, Cut and polished the exceptional diamond, which was mined by De Beers in South Africa.
After two years marking and polishing the diamond was completed and shown to the public for the first time in Monaco in 2003.
The 59.60 diamond is fancy vivid pink, the best possible colour and purity grade for diamonds stands alone in the world.
The Diamond sold tonight in Geneva, by New York-based Sotheby’s.
Orange diamond hits record price
A spectacular Deep Orange fancy vivid pear shape diamond found in South Africa, weighing 14.82 carats. The largest known Orange diamond was auctioned for a record price of $35.54m in Geneva.
It is a world record price per carat for any coloured diamond, said Christie's auction house. The purchaser left the room to a round of applause. Christie's did not reveal his identity.
Pure orange diamonds, also known as "fire diamonds", are extremely uncommon and few have been auctioned, with the largest never more than 6 carats.
Synthetic Diamond warning.
The World Federation of Diamond Bourses (WFDB) has noted with concern the growing tendency of undisclosed synthetic diamonds to enter the market.
The Federation has put out an official warning that it will not stand for the passing off of synthetics as natural. The diamond and Jewellery industry needs to understand that they are personally responsible for what they sell, which is why it is of the utmost importance to know your supplier and the legitimacy of their product whether it is ensuring they are Kimberley Process compliant or disclosing synthetics.
The law is clear and the punishment for fraud will be pursued. The WFDB will work with all legal agencies across the globe to assist in the prosecution of those who participate in this type of fraud in the diamond industry.
DCLA is the only laboratory that guarantees all diamonds have been tested for treatments and natural origin. DCLA is the only laboratory working to the International Diamond Council (IDC) rules in Australia.
Over 2 Million for 1.56 ct fancy red diamond.
An Argyle 1.56 ct, fancy red diamond, has sold for over $2 million the highest price per carat for an Argyle produced diamond ever.
Another 2.51 ct fancy deep pink diamond has set a record for the highest price for a Pink diamond. The total tender has sold but the value for the 64 stones ranging in size from 0.20 carats to 3.02 cts was not disclosed by the Argyle mine in Australia.
$20 million for 14Ct Orange Diamond.
The largest fancy vivid orange diamond 14.82 carats will be the top lot in Christie’s Magnificent Jewels sale to be held in Geneva. It is expected to sell for as much as $20 million.
Orange colour is the result of nitrogen in the diamonds atomic structure, present during the diamond’s creation.
Diamond sells for record-setting $30 million.
The 118 carat D Flawless Diamond was recovered at one of the mines of South Africa in 2011. Its weight was 299 carats before it was polished.
The exceptionally rare diamond was auctioned off by Sotheby's on Monday for $30.6 million. While the new owner is unknown it is estimated that more than 80 percent of large rare diamonds have been purchased by Asian buyers.
Lucara Diamonds recovers 257 carat stone
The 257 carat diamond is from Karowe Mine in Botswana.
The AK6 kimberlite, has reported the recovery of 47 diamonds of sizes greater than 50 carats, including 14 that exceeded 100 carats. The Karowe mine continues to outperform with the consistent recovery of large, high value diamonds, the recovery of this magnificent 257 carat diamond, along with the recovery of a significant parcel of larger stones over the past 6 months, strengthens our understanding of the resource at Karowe, said president and CEO William Lamb.
Sotheby's to Sell Pink Star for $60M
The Pink Star a 59.60-carat, internally flawless, fancy vivid pink, type IIa diamond will be up for sale at Sotheby’s Geneva.
The Pink Star originally a 132.50-carat rough diamond that was recovered by De Beers in South Africa in 1999 was then cut and polished by Steinmetz Diamonds taking two years to finish.
The diamond was first shown by Steinmetz in Monaco in 2003.
With a presale estimate in excess of $60 million the exceptional diamond is expected to sell November 13.
The Pink Star weighs more twice the 24.78-carat Graff Pink diamond, which reached a world auction record at $46.2 million at Sotheby’s Geneva in 2010.
The DCLA announces new Laboratory Director Mr Matthew Zamel.
Mr Zamel the third generation diamantaire from the original Zamel family from Adelaide. After 6 years as a control grader at DCLA, Matthew assumes responsibility as DCLA head of Laboratory Director.
Mr Zamel brings years of experience in diamond grading and diamond industry knowledge. Mr Zamel’s history in the in the diamond industry extends back three generations as one of Australia’s best known and respected diamond and Jewellery families. Mr Zamel’s extensive knowledge and technical ability makes him an important asset to the company and trade.
For any further information on services and pricing, please call or email Mr Zamel at DCLA.
De Beers August Sight Estimated at $520M
$520 million De Beers August sight after sightholders refused a significant part of the goods on offer. De Beers have adjusted prices on some cheaper Indian and rejection boxes.
The Indian rupee fell to a low of 69.22/$1 during sight week. The currency has lost fell 8.1 percent in August, recording its worst month since 1992.
The sightholders said that the adjustment wasn’t enough to make a difference for the devaluation of the rupee against the US dollar, which has affected the Indian diamond manufacturers.
This has cause a liquidity problem in the manufacturing sector as banks have become more prudent in their lending to the industry. Activity on the secondary market is limited as people are not buying without 90 to 120 days credit.
October site will be the final sight that De Beers holds in London. The company will transfer its sightholder sales to Gaborone, Botswana by the November sight.
Premier Blue could make $19 Million USD
Sotheby’s Hong Kong Magnificent Jewels is offering the 7.59 ct fancy vivid blue round diamond as the top lot.
Known as the Premier Blue the internally flawless round brilliant diamond is the largest fancy vivid blue round diamond ever graded by the GIA and is expected to make around $19 million.
The incredibly rare diamond will go on tour throughout Asia as well as in Geneva, London, New York and Doha at before the auction in Hong Kong. Blue diamonds seldom come to market and have been coveted by royals and celebrities for centuries
Settlement of a class action suit against De Beers.
Companies that bought diamonds from De Beers between 1994 and 2006 paid higher prices than they would have in a truly competitive open market.
The DMIA had played a significant role in bringing the suit to a successful conclusion by filing papers in favour of the settlement of a class action suit against De Beers.
It is a milestone moment. And normalises business for De Beers in America.
Diamondsand jewelery worth $53 million stolen from hotel
An armed man wearing a bandana or scarf and a cap, brandishing an automatic weapon stole jewellery worth an estimated value of $53 million.
The brazen broad daylight heist took place at the diamond exhibition in the French Riviera resort of Cannes.
"Everything happened very quickly and without violence," the prosecutors said. The diamond heist was one of the largest in years in France.
De Beers Introduces Forward Contract Sales for Rough Diamonds
De Beers, the world’s largest diamond producer, introduces forward sales contracts for buyers in its rough-diamond auctions.
Owned by Anglo American, The De Beers Company is moving the purchasing, production and sales base for its diamond auctions to Singapore in November.
Forward trades will allow buyers to determine the volume of goods they want to purchase over a given period.
De Beers noted that 10 percent of the rough diamonds are sold via the auction platform.
Gem Diamonds Recovers 100-Ct. Diamond at Letšeng
Gem Diamonds recovered a 100 carat white, type IIa diamond from the Letšeng mine in Lesotho. Clifford Elphick, Gem Diamonds' CEO, reported that the company has recovered three diamonds weighing more than 100 carats at Letšeng in the past two months.
Letšeng’s June export achieved an average price of US$2087 per carat, for a total value of US$22m. This compares to an average value of US$1599 per carat which was achieved for the first three tenders in the year.
Petra Blue Rough Diamond Sold for $16,910,180M
Petra CEO Johan Dippenaar, said, “We are delighted to have concluded such a successful sales process for this important blue diamond.
The process was highly competitive in terms of bids received, due to the incredible rarity of a blue stone of such size and quality. This result further serves to highlight the Cullinan mine’s unique position as the world’s most important source of blue diamonds.”
The 25.50 carat rough blue diamond which recovered from its Cullinan mine in South Africa in April sold for $16,910,180 or $663,144 per carat.
Buying Diamonds Online: Don’t Be Taken Advantage Of
Let’s face it: everything you buy today in store is also available online, and often for far cheaper. While some thought it was a fad at first, Internet shopping is here to stay. These days, if you were looking at a pair of runners, you would be silly not to look at the online offers first!
At the DCLA laboratory, we are asked everyday, “How does this work with diamonds and diamond jewellery?”
While buying diamond jewellery and diamonds online may seem like a simple choice, the truth is that there is one huge difference that puts the online jewellery industry in the “customer-beware” box. The difference is that when it comes to diamonds, you have no clue what you’re buying without an independent certification. If you buy a TV online, chances are it will be the same model, make and carry the same guarantee available at the store – but with a diamond, however, you have no idea whether what you’re paying for is what you really get.
When purchasing a diamond online or not, you should always ensure that it is covered by an IDC-recognised certification. The IDC rules are the internationally-recognised and accepted rules for diamond grading and diamond certification as set out by the WFDB, IDMA and Cibjo – the world’s highest authorities in diamonds and jewellery.
If you buy an IDC-recognised certified diamond from your trusted brick-and-mortar store, you will get the diamond you are expecting. It will undoubtedly cost more than purchasing online, but you will have a face to go with the purchase.
If you buy a diamond online, this is unfortunately a different story.
Local sites seldom own the goods listed. In fact the people trying to sell the diamond probably have never seen the diamond themselves. This is because the diamonds are not always in stock at the particular store but are instead part of virtual lists populating the site from overseas sellers. These virtual lists are filled with stones that aren’t actually owned by the site you’re viewing them on. Hawked from overseas anonymous sellers, often there’s something seriously wrong with these diamonds that would make it impossible to sell them traditionally.
So are there any safe sites to buy from? Yes, certainly, if the goods listed are actually in stock and available immediately. Make sure you always check that the diamond has an independent diamond certification from a respected laboratory. That way, you’ll always know exactly what you’re getting. Also, never put a deposit on a diamond to be sourced or delivered and never buy a diamond without seeing it first.
Not all laboratories have the same grading system, equipment or official master stones for comparison. This you will hear from all the recognised laboratories and the honest retailers and dealers. Armed with the correct information from an independent source, you can take charge of the diamond market whether online or off, and get the best deal for your money.
$26.7 Million for 101.73 Winston Legacy
The record breaking price achieved at Christie’s in Geneva for the D flawless pear shape which sold for $254,400 per carat, $26.7 million total.
The record breaking price achieved at Christie’s in Geneva for the D flawless pear shape which sold for $254,400 per carat, $26.7 million total.
20 lots sold for prices exceeding $1 million each, and the new owner Harry Winston helped the Magnificent Jewels sale realise $102.14 million total sales.
"A perfect diamond commands a perfect price," Christie's
Professional valuers are put to the test
Two diamonds were sent to three Accredited Valuers for valuation.
The synthetic diamond pendant had valuations ranging from $4330 to $5700, which is up to $5100 more than its true value.
The man-made diamond ring ranged from $5350 to $6200, which is $5000 more than it's worth.
The Laboratory created man-made diamonds cost $600 and $1200. Neither of the Synthetics were identified as by any of the Accredited Valuers.
Synthetic diamonds can be created in laboratories by machines that work around the clock to replicate what occurs in nature, subjecting graphite carbon to extreme pressure and temperatures of up to 1500C, machines are able to produce a synthetic diamond in just a few days.
Or by Chemical vapour deposition (CVD) used to produce a synthetic diamond by creating the circumstances necessary for carbon atoms in a gas to settle on a substrate in crystalline form in a matter of hours.
Click here to see VIDEO
25.5 carat blue Diamond
25.5 carat blue Diamond recovered by Petra Diamonds at its famous Cullinan mine in South Africa.
The diamond is a rare blue colour and Petra says the stone is considered to be a “high quality gem diamond of top colour”. Which could fetch more than $10m (£6.5m)?
The World renowned Cullinan mine is known for its large diamonds, including the Great Star of Africa which was discovered at the mine in 1905.
After Red and Purple, Blue diamonds are one of the rarest and most expensive of all diamonds and Cullinan is one of the largest producers of the stones,
Fancy Coloured diamonds are in high demand and because of their rarity are breaking record prices at auctions like Christies in New York earlier this week. Where the 34.65 carat Pink diamond from India sold for $39.3m, or $1.13m per carat.
$30-$40M expected for the Princie Diamond
Christie’s New York is selling the Princie Diamond, a large fancy intense pink diamond from the Golconda region in India.
The 34.65 ct Cushion cut, fancy intense pink stone was originally owned by the royal family of Hyderabad. (Hyderabad where Rulers of the wealthiest provinces of the Mughal Empire.)
The Princie Diamond carries a fabulous provenance and a rich history. This combined with its rare pink colour will attract collectors seeking the best diamonds available today.
After 50 years the diamond will reappear at uk Christie’s auction, and experts expect it to sell for $30 to $40 million USD.
239-Ct. Diamond recovered at Botswana Mine
A 239.2 carat diamond recovered from Karowe mine has been recovered. Lucara Diamond Corporation reported two more exceptional stones were recently found at the mine.
This makes the 239 carat stone is one of the largest diamonds ever to have been recovered from the highly prolific Orapa kimberlite field in Botswana in over 40 years of production.”
The diamonds will be sent to Antwerp to be sold later this year.
Synthetic diamonds are major cause of concern!
Synthetic diamonds have penetrated the world's biggest diamond cutting and polishing center in Surat, becoming a major cause of concern for the industry leaders.
Educating diamond manufacturers and traders about the threat that synthetic diamonds pose to the diamond industry. As well as the importance of the, disclosure, differentiation and detection. Is of paramount importance for the Gems and Jewellery Export Promotion Council (GJEPC).
The objective is to create awareness among the diamond manufacturers, especially the diamond traders about the lab grown diamonds.
Synthetic diamonds are becoming increasingly popular, as aside from the growth structure of natural origin they are exactly like natural diamonds.
Diamond heist at Brussels airport
Police in Brussels report that a group of masked, armed men cut through a security fence at the Brussels airport on Monday night, drove their vehicles onto the tarmac and took the diamonds from a security van waiting to load the cargo onto a plane bound for Switzerland.
Authorities say the robbers completed their theft within minutes, with no shots fired. The thieves have escaped with a cache of diamonds worth at least $50 million, in a daring airport heist. Police found the thieves burned-out vehicle near the airport.
The Antwerp World Diamond Centre confirmed the value of the stolen diamonds, telling the French news agency it is one of the biggest diamond thefts of all time.
Alrosa recovers 145.44 Carat Diamond
Alrosa Russian diamond miner recovered a 145.44 ct. diamond in the Yubileynaya Diamond Pipe in the Yakutia region of Russia in January.
The 145.44 ct octahedron shape stone may fetch $1 million when put up on tender or auction according to experts at Alrosa’s diamond sorting centre.
DTC Goods Return to Premiums
Rough buyers are competing for goods, this has driven up prices from Diamond Trading Company. Sight holders said that the assortment in sight boxes were better for the price.
The DTC first Sight of the year is being held this week, with sight holders reporting premiums. DTC boxes have sold to the trade at a 5 % + premiums.
The reason given for the robust demand for rough.is a reported shortage of better quality polished.
Demand for DTC goods has been low and premiums were either low single digits or non-existent. This is a welcome turnaround from the recent slow market.
DTC has expressed an interest in keeping prices in the market high.
De Beers says it will find diamonds in Angola
The US$250 million De Beers has already spent on prospecting will yield a diamond deposit, the company is confident that it will find a diamond deposit in Angola.
De Beers has already found diamonds at the Mulepe concession, in Lunda Norte province; De Beers has a 49 percent share, Endiama hasthe remaining 51 percent.
In 2001 after its right to sell diamonds worth US$800 million was revoked, The De Beers group left Angola but returned in 2005.
According to the Kimberley Process, Angola sold 8.33 million carats of diamonds worth US$1.16 billion in 2011.
Don't smuggled diamonds from Central African Republic, Kimberley Process warns diamantaires
Diamantaires in the world's biggest diamond cutting and polishing centre in Surat have been warned to be become more vigilant following the warning from the KPC Scheme regarding the possible smuggled diamonds from rebel control areas in the Central African Republic.
According to KP letter, the residents of CAR's capital city Bangui have started feeling, fearing a major battle over control of the city. Rebels have even rejected an offer to form a unity government there.
De Beers 2012-2015 Term Supply Invitations to customers
Supplier of choice (SOC) the De Beers Group has announce that the eligible Sightholders and non-sightholders that have demonstrated sufficient demand through De Beers’ for rough diamond auctions will be invited to apply for term supply for the remainder of the 2012 to 2015 SOC contract period.
Tiffany Q3 $853 Million increase of 4%
Tiffany & Co. has reported Q3 worldwide net sales of $853 million, up 4 % year on year.
Tiffany & Co continues to maintain a cautious near-term outlook about global economic conditions, but, it expects results to improve during the holiday season.
Tiffany & Co annual net earnings are expected to be $409-$435 million. Tiffany has lowered its sales expectations to 5-6 % versus.
Japan is the best performing market with total sales of $147 million.
Blue Nile's 3Q Sales +20%
Blue Nile's sales rose 20 % year on year for the third quarter of 2012. Turn over for the third quarter was $89.8 million.
4 quarter sales are expected between $140 million and $153 million, compared with $112 million in the fourth quarter of 2011.
We are excited to report solid results in the third quarter, with accelerating revenue growth and expanding earnings per share, Said Blue Nile.
With continued steady execution of our strategy coupled with exciting product offerings for the holiday season, we believe we are well positioned to achieve our goals for 2012.
Washington Diamonds Corp. announced recently that it will begin selling loose, colorless synthetic diamonds online
The stones will be grown using the chemical vapour deposition (CVD) process at a facility located of Washington, D.C., Washington Diamonds Corp has been able to grow stones as large as 2.30 carats.
The company plans to produce stones of one carat or slightly larger in size, Concentrating in colours ranging from G to J colour and VS1 to SI2 clarity.
Gemesis a well-known Laboratory grown diamond producing company began selling colourless diamonds online direct to consumers this year. Gemesis also once had diamond growing facility in Sarasota. It now produced stones overseas.
Late last year Scio Diamond Technology bought the assets of Apollo Diamond a Boston based synthetic diamond Production Company, and has plans for a jewellery division that would include colourless synthetic (CVD) stones.
Diamond Congress Rejects Diamond Source Warranty Protocol
The 35th World Diamond Congress has taken strong exception to the Diamond Source Warranty Protocol, a chain of custody initiative announced by a group of American organizations.
Addressing a press conference at the conclusion of the congress on Wednesday, Earnest Blom and Maxim Shkadov, the new Presidents of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) respectively, said their organizations would enter into “immediate and intense” dialogue with their American colleagues to resolve this matter. The initiative was announced by the Jewellers of America (JA), the Jewellers Vigilance Committee (JVC) and the Diamond Manufacturers and Importers Association (DMIA). Blom said the congress had not come up with a resolution on the idea of imposing a levy on rough sales by miners to fund generic promotions. However, the idea was going to be taken forward. “Both the WFDB and IDMA will talk to the producers to discuss the feasibility of this,” he said. “We don’t exist in isolation. If they don’t have a robust mining business, we won’t have raw material supply. If we aren’t able to promote or product, they won’t have a market to sell to,” he added. He noted that the WFDB’s World Diamond Mark initiative, which was still in the process of being rolled out, offered the potential to generate substantial funds for the industry, which could go towards promotions. “Whichever idea works will be followed up on,” Blom said. Both organizations expressed joint appreciation at the efforts by the Chair of the Kimberley Process to consult all industry stakeholders on the new definition for conflict diamonds and to assure that any decisions made are reached under complete, industry-wide consensus. Blom said the diamond industry was convinced that there was a definite place in the market for synthetics, but that they had to be clearly and completely disclosed. The congress also discussed measures to keep the diamond industry sustainable – primarily ensuring that it was made attractive enough for the new generations to enter into as also attracting new talent. Source: IDEX
Estimate DTC Sight $750M
De Beers rough diamonds sight is estimated to be $750 million USD, The DTC sold the October sight, and maintained relatively stable pricing.
Some previously deferred sights were also taken up by the sightholders. This made the October sight the most valuable De Beers sale so far in 2012. DTC also had very few refusals of Sight goods this month. Some DTC boxes were trading on the secondary market at low single percentage premiums, or even at discounts.
Blue Nile adds Spanish and French to Website
Blue Nile the online jewellery behemoth has added the Spanish and French language and currency options to its global website.
This enables customers around the world to shop at Blue Nile in six different languages, including traditional and Simplified Chinese and Japanese. BlueNile is Constantly improving service and the online shopping experience for international customers and it is one of BlueNile’s primary goals.
Archduke Joseph Diamond for sale.
Archduke Joseph Diamond will be offered at auction in Geneva in November 2012.
One of the most famous diamonds in the world, the impressive 76.02 carat. D colour, internally flawless diamond. Traces its origin is to Golconda mines in India where some of the best diamond crystals are found.
The Diamond is expected to fetch well over $15 million when it hits the auction block.
Diamond bourse sets up in Botswana
Botswana now boasts diamond production, cutting and polishing, jewellery manufacturing and finally rough diamond trade.
The bourse will provide a platform for producers, brokers, valuers and traders, with new tenants having already taken up residence in the building, adding to the diamond industry chain.
This will make Botswana a vibrant market for diamonds. It is expected that government will market its allocation of Debswana production through the new bourse.
The DTP is a private initiative funded by Safdico, a Diamond Trading Company.
Indian Diamond Dealers Diverted $5.4 Billion Bank Funds To Real Estate
The Indian diamond industry’s liquidity crisis – said to be the worst in 50 years – is claimed to be self made as big and medium diamond firms have diverted $5.4 billion in bank finance for diamond operations into real estate, according to a report published in The Times of India.
Some diamond firms reportedly used finance obtained from several high-street lenders to dress up past losses on their books.
With real estate prices now falling, these firms are now caught in a crunch. The situation is compounded by speculative buying of rough diamonds over the past two years. Rough diamond prices also declining.
De Beers Cuts Prices
De Beers Diamond trading Company (DTC) reduced sight prices by an estimated average of 8 % at its week. The sights total value is estimated at $580 million USD and all site boxes were taken.
Price were down across the range with reductions of up to 17 % for better-quality goods.
DTC is said that rough prices have now in line with polished, which have since stabilized.
DTC sales have declined by 23 % year on year to about $4 billion.
Lonrho and Endiama Diamond Company recover 131.5 ct rough Diamond
Lonrho Mining and joint venture partner Endiama Diamond Company working in the Lulo Diamond Concession located near the Cuango River in northeastern Angola, have recovered Diamonds from the valley of the Cacuilo River within the Lulo Concession.
The larger of the two stones is a 131.5-carat diamond, the biggest diamond recovered since it began treating alluvial gravels at the Lulo project in 2010.
The recovery of the two diamonds comes as Lonrho prepares for the drilling of 61 prioritized kimberlitic targets at the 3000-square-kilometer Lulo Concession.
Digital Marketing Workshops free at the Hong Kong Fair
JewelleryNet Asia will hold the free seminars on digital marketing workshops at the upcoming September Hong Kong Jewellery Fair.
A similar seminar was held during the June Hong Kong Jewellery and Gem Show , Based on the success, organizers UBM Asia decided to repeat the venture. The workshops will take place at the fairground in the morning before opening.
The presentations include know-how and practical tips as well as statistics and data taken from JewelleryNet's original research and analytics.
Many jewellery professionals have difficulties in keeping up with the fast developments online. But using digital channels as tools to generate new leads and enhancing existing business jewellers can generate a direct advantage.
With the workshops, we intend to break down the challenges of the online environment into simple steps.