RAPAPORT... Lisa Bridge, CEO of Ben Bridge Jewelers, will serve as president on the board of directors of the American Gem Society (AGS) for a one-year term. Bridge, who has had a spot on AGS's board for the past 10 years, was announced as the head for the 2022 to 2023 term at the organization's annual Conclave in Oklahoma City, Oklahoma, last week. She will succeed Michael Richards of Underwood J...Read More
RAPAPORT... Russia's state gem depository could buy diamonds from Alrosa this year, news wires reported the country's finance minister as saying.The potential move comes amid Western sanctions against Russia and Alrosa that have threatened the company's ability to sell rough."We do not rule out the possibility of Gokhran purchasing diamonds produced by Alrosa," Reuters cited Anton Siluanov as...Read More
(IDEX Online) - A judicial inquiry into systemic political corruption at Alexkor, South Africa's state-owned diamond company, has issued a long list of recommendations to pursue the alleged perpetrators.It focuses on alleged links between Alexkor and members of the super-wealthy Gupta family, who were close to former president Jacob Zuma, who now live in Dubai, and who have been described by...Read More
(IDEX Online) - Alrosa may be about to sell its rough diamonds to the state-run Gokhran, in a swift reversal of fortunes. The Russian miner had been buying back gems of late, as a surge in post-lockdown demand outstripped its production capacities.Now, with widespread sanctions and banking restrictions in place over Russia's invasion of Ukraine, it is hoping the Gokhran - repository of p...Read More
(IDEX Online) - Prices slowed during April. Fancies fell sharply, rounds were more mixed.RoundsA more mixed picture than of late, ending months of near-blanket price rises. Goods over 3.0-ct still saw a raft of increases, albeit with some decreases, especially among 5.0-cts. Price drops dominated in goods under 0.80-cts. Among 0.80-cts-2.99-cts there was much activity and a near-even mix...Read More
(IDEX Online) - Twelve women died in a landslide at an illegal gold mine in Indonesia.They were working two metres underground at an abandoned mine in Mandailing Natal district, North Sumatra, when a cliff collapsed, triggering the landslide on Thursday (28 April). Two women who were above ground at the time survived.Police chief Marlon Rajagukguk told local media: "The cliff around the mine...Read More
Base metals prices on the London Metal Exchange edged up across the board on the morning of Friday April 29, as were most on the Shanghai Futures Exchange, with the exception of aluminium.* The slide in China’s renminbi yuan continues* China’s Politburo promises macroeconomic support for the economy* Apple warns of a hit from supply headwinds* US economy contracts 1.4% in the first quart...Read More
U.S. Index futures were lower this morning. S&P 500 futures were down 43 points in pre-opening trade. Index futures moved slightly lower following release of March Personal Income and Personal Spending at 8:30 AM EDT. Consensus for Income was an increase of 0.4% versus a gain of 0.5% in February. Actual was an increase of 0.5%. Consensus for Spending was an increase of 0.7% versus a gain of 0....Read More
News: Market sentiment mixed. US retail and high-end jewelry sales strong and supporting the trade. China slow. Dealer caution stemming from inflation concerns, China Covid-19 lockdowns, and Russia-Ukraine war. Expectations that Russian sanctions will lead to shortages, especially in smaller goods. UK imposes 35% import duty on Russian diamonds. De Beers 1Q production +25% to 8.9M cts., sales vol...Read More
RAPAPORT... Fawaz Gruosi has departed his position as creative consultant to the jewelry brand that bears his name.The designer stood down in recent days after three years working with Creative Luxury Holding (CLH), the company said in a statement on Tuesday."CLH and Mr Gruosi had committed to a clear long-term commercial strategy for the business," CLH said. "However, recent decisions by Mr...Read More
RAPAPORT... Revenue at Lucapa Diamond Company slipped in the first quarter amid a lack of large-stone sales and the absence of income from a supply agreement with Safdico.Revenue from the miner's Mothae deposit in Lesotho plunged 49% year on year to $5.9 million, Lucapa said Thursday. This reflected an unfavorable comparison with the same period of 2021, when the company sold two D-color diamonds...Read More
(IDEX Online) - Plans to close Canada's Diavik mine in 2025 will have a significant impact on the local economy, owners Rio Tinto warned this week.The deposit (pictured), 300 km northeast of Yellowknife, is one of the largest employers in Northwestern Territories, providing 1,100 jobs, and contributing almost 10 per cent of its GDP.However, Rio Tinto says it will helps workers redeploy within...Read More
(IDEX Online) - Bulk sampling has confirmed a "significant population of fancy orange and yellow diamonds" at Canada's Naujaat mine.Australian owners Burgundy say they are encouraged by results of the project, which is 70 per cent complete.A total of 268 diamonds over 0.21 carats, weighing 117.98 caratswere recovered from 1,316 dry tonnes of kimberlite at the mine, in the remote, Arctic terri...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 63 points at 7:30 AM EDT. First quarter annualized real GDP in the U.S. is scheduled to be released at 8:30 AM EDT. Consensus is an increase of 1.0% versus a gain of 6.9% in the fourth quarter. Meta Platforms (i.e. Facebook) jumped $32.95 to $207.80 after reporting higher than consensus first quarter earnings. Teledoc...Read More
RAPAPORT... A record blue diamond co-owned by De Beers far outstripped its presale estimate in a stand-alone sale at Sotheby's in Hong Kong, garnering HKD 450.9 million ($57.5 million), the auction house said Wednesday.The step-cut, 15.10-carat, fancy-vivid-blue, internally flawless stone, called the De Beers Cullinan Blue, is the largest of its color to appear at auction. The stone, which sold to...Read More
RAPAPORT... Gem Certification & Assurance Lab (GCAL) is set to offer 8X reports for fancy shapes as it expands its service aimed at singling out the best diamond cuts. The grading reports, which GCAL launched for rounds last year, will move on to ovals and princesses this June, just ahead of the JCK Las Vegas show, management announced in a webinar last week. "These shapes have been...Read More
(IDEX Online) - The largest blue diamond ever to be auctioned today sold for just under $57.5m at Sotheby's Hong Kong - way above its $48m estimate, but just short of the Oppenheimer Blue's $58m record.The Type IIb 15.1-carat, IF fancy vivid step cut Cullinan Blue (pictured) went to an unnamed buyer.The hammer price was HK$390m, plus HK$60.9m in auction premiums, totaling HK$450.9m...Read More
(IDEX Online) - A collection of over 200 pieces of jewelry owned by George Schultz - former US secretary of state - and his philanthropist wife Charlotte are to be auctioned at Bonham's New York.Seventy of the items in Style and Substance: The Collection of George and Charlotte Shultz are by Tiffany & Co.Among the highlights are the Hedges and Rows platinum and gold necklace (pictured, de...Read More
RAPAPORT... Burgundy Diamond Mines has discovered a "significant" area bearing fancy-color orange and yellow diamonds at its Naujaat diamond project in Canada.The Australian miner completed testing on 70% of the first bulk sample it retrieved last year from the site, in which it holds a 40% stake, it said Wednesday. North Arrow Minerals owns the other 60%. Burgundy will finish testing the remainin...Read More
(IDEX Online) - Petra Diamonds is seeking a buyer for its loss-making Koffiefontein mine, in South Africa.The UK-based miner says otherwise it will close the underground deposit, in Free State province, when it reaches the end of its life in 2025."The focus of this disposal process will be to identify a technically and financially suitable buyer that could potentially unlock further value from Kof...Read More