RAPAPORT... Sarine Technologies has launched a valuation service for rough diamonds, aiming to support the lending sector by making it easier to assess how much collateral is worth.The Israeli company will analyze rough stones with its existing technology and then value the expected polished outcome using various sources of pricing data, it said Monday. It will refine the estimate via "statis...Read More
RAPAPORT... Gem Legacy, a nonprofit that provides training, education and community development in East African colored-gemstone mining regions, has launched a for-profit adventure travel company.The business, called Gem Legacy Adventures, will offer guided tours of various initiatives run by the nonprofit and the areas in which it operates, it said Monday. Participants will also be taken on safar...Read More
RAPAPORT... The Dubai Multi Commodities Centre (DMCC) has signed an agreement with Botswana's Okavango Diamond Company to cross-promote the industry through various business endeavors. Under the partnership, Okavango will hold diamond auctions and viewings at the Dubai Diamond Exchange (DDE), which is part of the DMCC. They will also exchange information, analytical materials and forecasts on the...Read More
(IDEX Online) - US sanctions on importing rough diamonds from Russia do not apply to stones mined there but cut and polished elsewhere, according to the Jewelers Vigilance Committee (JVC).The ban, announced last Friday, covers "unworked or simply sawn, cleaved or bruted" diamonds, or what generally referred to as "rough diamonds", but does not extend to gems polished in other countries.The Office...Read More
(IDEX Online) - De Beers issued a brief statement following the imposition of US sanctions on Alrosa, its biggest rival, assuring retailers they could buy from them "with confidence".The UK-based miner gave assurances that all its diamonds were from Botswana, Canada, Namibia or South Africa.An executive order announced by US president Joe Biden last Friday prohibits the importation of rough...Read More
RAPAPORT... Russian-mined diamonds polished in other locations are allowed into the US under the latest import sanctions - but buying them is risky, says the Jewelers Vigilance Committee (JVC).President Joe Biden's March 11 executive order prevents the import of items with either of two harmonized tariff codes: 7102.31.00 or 7102.39.00. The first refers to "unworked or simply sawn, cleav...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade despite weakness in Far East markets. The Shanghai Composite Index plunged 159.57 to 3,063.97 after the government shut down Shenzhen affected by a COVID 19 outbreak.Futures moved higher following release of economic news at 8:30 AM EDT. Consensus for the February Producer Price Index was...Read More
RAPAPORT... The Dubai Multi Commodities Centre (DMCC) has signed an agreement with Botswana's Okavango Diamond Company to cross-promote the industry through various business endeavors. Under the partnership, Okavango will hold diamond auctions and viewings at the Dubai Diamond Exchange (DDE), which is part of the DMCC. They will also exchange information, analytical materials and forecasts on the...Read More
RAPAPORT... A number of diamond pieces scored big at the most recent Christie's jewelry sale, outshining their presale estimates and driving an auction total of $2.8 million.The top seller was a ring featuring an old-cut, 25.14-carat diamond, which fetched $424,538 - more than double its $164,092 upper estimate, Christie's said last week.A pair of old-cut diamond earrings from 1960 also performed...Read More
(IDEX Online) - Hong Kong's Jewellery & Gem World (JGW) trade show will relocate to Singapore in September, where Covid restrictions are less stringent.Organizers Informa Markets Jewellery said the new venue would be more accessible.Hong Kong currently bans flights from nine countries including the United States and Britain, operates a "dynamic zero" strategy to curb infections and has be...Read More
(IDEX Online) - A pair of Boucheron earrings featuring 14.00-ct and 13.75-ct pear-shaped diamonds sold for $1.26m at Sotheby's New York.They led the Important Jewels auction last Wednesday, which raised a total of $12.4m.The detachable pear-shaped diamonds are both Type IIa, a 14.00-ct D/VS1 and a 13.75-ct D/VVS2, as certified by GIA. They are set in 18K gold, together with around 7.80-ct of...Read More
(IDEX Online) - A lab grown diamond made from salad seasoning is being sold for the charity Feeding America.Chicago-based Hidden Valley had its Original Ranch Dressing used as the graphite carbon seed to begins the growing process.After five months growing in the lab, the rough stone was cut into a 2.01-ct G/VVS1 round and set in a 14K white gold band.It has the initials HVR LVR ???,?" for "Hidden...Read More
Base metals prices on the London Metal Exchange were mixed on the morning of Monday March 14, albeit with nickel still suspended from trading on the exchange, while prices on the Shanghai Futures Exchange were all weaker.* US dollar holding at close to 2022 high* US 10-year treasury yields back above 2%* Markets bracing for interest rate rises this weekBase metalsThree-month base metals contracts...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade. Index futures responded to a drop in crude oil prices. WTI crude oil fell $4.41 to $104.89 in pre-opening trade. Loblaw Companies' Shoppers Drug (L Cdn$114.38) subsidiary announced purchase of Lifemark Health Group for Cdn$845 million.FedEx slipped $6.03 to $213.08 after KeyBanc Capital...Read More
RAPAPORT... Sotheby's brought in $12.4 million from its Important Jewels sale in New York, with a pair of diamond earrings by Boucheron taking the top spot.The set features marquise- and pear-shaped diamond clusters suspending two detachable pear-shaped diamonds - a D-color, VS1-clarity stone weighing 14 carats and a D-color, VVS2-clarity diamond weighing 13.75 carats. The pair fetched $1.3 millio...Read More
RAPAPORT... US jewelry sales rose in February amid a rebound in consumer spending on apparel and accessories, according to Mastercard SpendingPulse.Revenue for the jewelry category grew 22% year on year during the month, Mastercard reported last week. The segment also benefited from the extra cash shoppers diverted from their travel and restaurant budgets. Jewelry purchases jumped 24% compared to...Read More
RAPAPORT... US President Joe Biden has issued an executive order prohibiting the import of "nonindustrial" diamonds originating in Russia.The measures, which the White House announced on Friday, follow Russia's continued war in Ukraine and build on earlier US sanctions outlawing debt and equity transactions with Alrosa and its CEO, Sergey Ivanov. Those previous rulings did not constitute an o...Read More
(IDEX Online) - India's polished diamond sales are set to plunge by more than a quarter, say the ratings analysts CRISIL."If the trade disruption is protracted, next quarter's sales will be down by 25 to 30 per cent, shaving off about $2bn to 2.5bn," said its director, Rahul Guha, speaking before Friday's announcement of sanctions by the US government on the purchase of rough diamon...Read More
(IDEX Online) - Nothing Lasts Forever, the new documentary that claims to lift the lid on the "highly secretive" diamond industry, premiered yesterday on the US network Showtime.The trailer opens with a provocative observation about lag growns: "People want diamonds because they've been told to. None of them are really worth anything and, surprise, your big diamond might be fake!"Jason Kohn s...Read More
(IDEX Online) - The US has imposed sanctions on gem quality diamonds from Russia, which accounts for almost 30 per cent of global rough supply.President Joe Biden (pictured) issued an executive order on Friday banning the import of "non-industrial diamonds", along with vodka, caviar and other luxury goods."As Putin continues his merciless assault, the United States and our allies and partner...Read More