India, which cuts or polishes about 90% of the diamonds sold in the world, is ramping up sales of laboratory-made gems as demand from the US surges and they become more accepted in other markets. Exports of polished lab-grown diamonds may double in the current financial year started April 1 from $1.3 billion in the … Read more
Signet Jewelers has signed a deal to acquire online retailer Blue Nile for $360 million in cash. The purchase will boost Signet’s bridal, “accessible luxury” and digital businesses, while expanding the group’s consumer base, the US retail chain said Tuesday. The company expects to complete the transaction in the third fiscal quarter, which runs until … Read more
Diamond exploration hits a new low
De Beers’ revenue rose 24% in the first half of 2022, but the miner gave a more somber outlook for the rest of the year. “We can only have strong rough sales if that’s also coupled by what’s going on on the polished side,” De Beers chief financial officer Sarah Kuijlaars told Rapaport News on … Read more
The Gemological Institute of America (GIA) has begun accepting submissions for a new service providing consumers with source verification for diamonds. Leading manufacturers sent the first polished diamonds to the GIA’s Source Verification Service in early July, the institute said Wednesday. GIA-graded diamonds with confirmed origin information will be available to consumers when the initial … Read more
Lucapa Diamond Company has recovered one of the largest pink diamonds in history: a 170-carat stone from the Lulo mine in Angola. The type IIa rough, named the Lulo Rose, is “believed to be the largest pink diamond recovered in the last 300 years,” Lucapa said Wednesday. It is also the fifth-largest diamond from Lulo, … Read more
Las Vegas… Diamond market sentiment received a boost from the Las Vegas shows, which demonstrated robust US demand. However, polished prices declined amid a weak global economic outlook and a rise in inventory levels. The RapNet Diamond Index (RAPI™) for 1-carat diamonds slid 1.8% in June but increased 7.4% between the beginning of the year … Read more
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“The government has approved amendments to the Tax Code, said Deputy Finance Minister Alexei Moiseev According to media reports quoted by Rough & Polished, Russia’s Deputy Finance Minister Alexei Moiseev said during the Cheboksary Economic Forum that the government of the Russian Federation “approved the introduction of a zero VAT rate on rough and polished diamonds.” … Read more
When De Beers first introduced its Lightbox lab-grown jewelry brand in 2018, the diamond world sat up and took notice. The mining giant had long been outspoken about its belief that synthetic stones were neither special nor unique. And despite having entered the field itself, the company still holds by that sentiment. Since first making … Read more