Bank of Namibia’s Warning on US Diamond Tariffs
Namibia’s diamond industry may be pushed into deeper crisis if United States (US) president Donald Trump pushes ahead with implementing an export tariff of 21% on Namibia.
Namibia’s diamond industry may be pushed into deeper crisis if United States (US) president Donald Trump pushes ahead with implementing an export tariff of 21% on Namibia.
The future of De Beers remains uncertain, with parent company Anglo American planning to sell it off, and Anglo itself again the focus of intense speculation.
De Beers’ rough prices spiked in the first half of 2021 as supply shortages coincided with buoyant diamond demand at the trade and retail levels. The miner’s price index rose 14% during the six months, reflecting “tightness in inventories across the diamond value chain, as well as positive consumer demand for polished diamonds,” parent company … Read more
De Beers increased prices of goods above 2 carats at this week’s sight as shortages of rough coincided with strong polished demand. Prices rose around 5%, and more in some categories, market insiders told Rapaport News on Monday. Near-gem items also saw significant increases, while prices for other stones under 2 carats were either stable … Read more
Rough-diamond demand was robust at this week’s De Beers sight despite the ongoing Covid-19 crisis in India, customers reported. Manufacturers snapped up the limited supply in anticipation of rough shortages, sources told Rapaport News. Sales will still be 10% to 25% lower than the previous cycle in March because of reduced availability, they estimated. That … Read more
In celebration of the natural beauty of the countries from which its diamonds are produced, De Beers Jewellers has introduced Reflections of Nature, the venerable house’s latest collection in the stratospheric world of high jewelry. The dazzling collection features five sets Okavango Grace, Motlatse Marvel, Namib Wonder, Landers Radiance and Ellesmere Treasure with a total of … Read more
The diamond sector’s rebound from the Covid-19 crisis will feature ups and downs that will continue into next year at least, De Beers predicted. “The demand recovery is not expected to be linear, particularly as localized lockdowns take place,” De Beers explained Monday in its annual Diamond Insight Report. “Retailer expectations for the second half … Read more
De Beers CEO Bruce Cleaver has called on the trade to allow rough purchases, assuring manufacturers the company won’t require them to buy in the weak market. “We will only sell [rough] when the demand is such that it can create sustainable value for all of us,” the executive wrote in a blog post Friday. … Read more
De Beers has reduced its full-year production guidance by 7 million carats, putting the miner on course for its lowest output since 2009. The miner expects to produce between 25 million and 27 million carats in 2020, compared to the 32 million to 34 million in its original projection, it said Thursday. The revised forecast … Read more
De Beers has called off this week’s sight in Botswana, citing restrictions resulting from measures to contain the coronavirus. Lockdowns in Botswana, South Africa and India are prohibiting sightholders from traveling and preventing the shipment of merchandise to clients’ international operations, De Beers said in a statement Monday. The company is letting sightholders defer 100% … Read more