Diamond Stock Articles

De Beers' 6% Increase in Q4 Production

February 02, 23 / John Jeffay

(IDEX Online) - De Beers today reported an increase of almost six per cent in its total rough production during Q4, to 8.2m carats.Total output for the full year of 2022 was 34.6m carats (slightly above its production guidance of 32m to 34m carats). That's an increase of seven per cent on 2021's 32.3m carats. The UK-based miner said 2023 production guidance was 30m to 33m carats at...Read More

Logistics Giant Loomis Buys AIB Express

February 02, 23 / John Jeffay

(IDEX Online) - AIB Express Logistics, third-party shippers for diamonds and other valuables, has been bought by Sweden-based Loomis International, provider of global secure logistics, for an undisclosed sum.The agreement was signed last month and Loomis says AIB will carry on operating as normal, albeit with Loomis branding.AIB is primarily based in the US, had a total revenue of more than SEK 10...Read More

Lab Grown Boost: India Abolishes Diamond Seed Tax

February 01, 23 / John Jeffay

(IDEX Online) - The Indian government today announced an immediate abolition of the five per cent import levy on the graphite seeds used to create lab grown diamonds.The move is seen as a major boost to India's small but growing lab grown sector, and follows the announcement last August that the State Bank of India (SBI) would, for the first time, provide loans for manufacturers to buy the ma...Read More

Congo's Diamonds "Smeared with Blood," says Pope

February 01, 23 / John Jeffay

(IDEX Online) - Pope Francis yesterday told crowds in the Democratic Republic of Congo (DRC) how the "poison of greed" had smeared its diamonds with blood.In a hard-hitting speech he condemned the "economic colonialism" of those who had plundered its natural resources.And he described the country's ongoing conflict with neighboring Rwanda as a "forgotten genocide".At the start of a four-day v...Read More

De Beers Rough Sales Down 30% to $450m

February 01, 23 / John Jeffay

(IDEX Online) - De Beers today reported $450m of rough sales during its first cycle of 2023, down over 30 per cent on 2022.That's despite reports that larger stones (+2.0-cts) were discounted by as much as 10 per cent, and a relaxation in its buyback terms - allowing sightholders to reject 20 per cent of goods over one carat from a parcel, rather than the standard 10 per cent. The UK-bas...Read More

IDEX Price Report for 1 February: Rounds Down Again, Fancies Fare Much Better

February 01, 23 / IDEX Online

(IDEX Online) - Round prices fell yet again during January amid continued hesitancy in the markets, although fancies fared much better. Overall demand remains slow, sentiment is weak, and manufacturing in India is still well below full capacity. Estimates for the number of workers laid off in Surat vary between 10,000 and 20,000. China scrapped its zero-COVID policy in December, which has fre...Read More

Zimbabwe "to Double Diamond Output to 10m carats"

January 31, 23 / John Jeffay

(IDEX Online) - Zimbabwe aims to produce 10m carats of rough diamonds this year - which would double its 2022 output.But the figure is at odds with an estimate of 7m carats made by Winston Chitando, the mines and mining development minister, last November.The 10m forecast was given over the weekend by Polite Kambamura, mines and mining development deputy minister.He said there was a lot of investm...Read More

Angola's 2022 Diamond Sales up to $1.95bn

January 31, 23 / John Jeffay

(IDEX Online) - Angola exported 8.75m carats last year, well down on its original forecast of 13.8m.But total revenue was $1.95bn, the Ministry for Mineral Resources, Oil and Gas said, an increase of almost a quarter on $1.5bn in 2021.In January 2022 Angola revised down its forecast output for the year by almost a third to 10.5m carats.Diamantino de Azevedo, Angola's minister for mineral reso...Read More

Belgium Calls For Global Boycott of Russian Diamonds

January 30, 23 / John Jeffay

(IDEX Online) - Belgium's prime minister has again said opposes an EU ban on Russian diamonds, calling instead for a global boycott.Alexander De Croo (pictured) was speaking as the 27 EU members prepared to implement a 10th round of sanctions.He said the only effective way to stem the ongoing flow of Alrosa's goods would be if all Western nations signed up to a ban, backed by a watertigh...Read More

Jewelry Raider Pepper-Sprays Worker

January 30, 23 / John Jeffay

(IDEX Online) - Police in the US are hunting a raider who pepper-sprayed a female staff member during a raid on the jewelry counter at a Kohl's department store.The suspect was caught on surveillance footage smashing a display case with a hammer and stealing wedding rings valued at $80,000.The worker was injured by the pepper spray , but no further details of her condition were given.The susp...Read More

US Jewelry Sector is Shrinking - JBT

January 30, 23 / John Jeffay

(IDEX Online) - The US jewelry sector is shrinking, according to the latest listings of retailers, wholesalers and manufacturers by JBT (Jewelers Board of Trade).The number of manufacturers in Q4 2022 was 2,412, down 3.1 per cent on the same quarter in 2021. Retailers fell 2.4 percent from 19,320 to 18,855 and the number of wholesalers fell 1.6 per cent from 3,687 to 3,629.The majority of the...Read More

Government Ordered to Pay Diamond Informant's Widow

January 30, 23 / John Jeffay

(IDEX Online) - A court in India has ruled that the government should pay the widow of an informant in full for a tip-off that led to Customs officials seizing smuggled diamonds.Chandrakant Dhavre provided specific information in 1991 about a consignment of diamonds, mostly polished, worth over $110,000 (90 lakh rupees at today's exchange rate).He received two payments as part of his reward i...Read More

Space Diamonds are Back on Earth

January 29, 23 / John Jeffay

(IDEX Online) - A collection of  "space diamonds" have landed, after an 18 million mile journey orbiting Earth.The first-ever batch of diamonds a NASA mission will be numbered, laser engraved and documented by the American Gem Society Laboratory as having been in space.The gems - a mix of mined and lab growns  - blasted off on Elon Musk's SpaceX-26 from Kennedy Space Center, Florida...Read More

Mountain Province Sales Down a Fifth in 2022

January 29, 23 / John Jeffay

(IDEX Online) - Mountain Province reported a 20 per cent drop in total proceeds for FY 2022 after a "very challenging start to the year".The Canadian miner sold fewer carats - down from 3.16m in 2021 to 2.66m - but average prices per carat were up a third from US$75 to US$112.Q4 sales for 2022 were US$71.3m, up from US$67.5m for Q4 of 2021. In Q3 of 2022 sales hit $81m - the highest quarterly figu...Read More

AGS Supplement Adds Value to GIA Reports

January 26, 23 / John Jeffay

(IDEX Online) - A digital supplement to GIA grading reports has been launched as part of its "strategic collaboration" with the AGS.The two grading labs announced last October that the AGS Laboratories, research staff, intellectual property, technology and Las Vegas facility would be integrated into GIA.The AGS supplement to GIA diamond reports will be available for D-to-Z natural and lab grown ro...Read More

Three Workers Killed at Gold Mine by Illegal Blast

January 26, 23 / John Jeffay

(IDEX Online)  - Three workers at a gold mine in Kenya were killed in a blast caused by illegal miners.Six other employees at the Karebe mine, the Northern Rift Valley region, were seriously injured in the explosion on Monday.The workers who died were deep underground at the time of the blast."Our staff were instantly killed when a wall built to prevent the mine against flooding and illegal i...Read More

US to Spend $5.5bn on Valentine's Jewelry

January 26, 23 / John Jeffay

(IDEX Online) - US consumers are set to spend $5.5bn on jewelry as they splash out on a record Valentine's Day, according to the NRF (National Retail Federation).That will account for just over a fifth (21 per cent) of the forecast $25.9bn, it says in its Prosper Insights & Analytics issued yesterday. Total Valentine's spending in 2021 was $23.9 bn.Top gifts are forecast to include c...Read More

Talented Designer Scoops Jewelry Prize

January 25, 23 / John Jeffay

(IDEX Online) - Talented Wang Xuerui beat over 1,500 jewelry designers to win first prize in HRD Antwerp's 18th Design Awards. Her piece, called Mutualistic, was described as "a stunning work that symbolizes peace at the core of its design". Judges at the Vicenzaoro boutique jewelry show, in Italy, were looking for storytelling, technical skills and the ability to translate them into the des...Read More

Progress in Legal Action on 129,400 Rough Carats

January 25, 23 / John Jeffay

(IDEX Online) - The UK miner Vast Resources says it has made encouraging progress towards the release of a parcel of 129,400 carats of rough diamonds that have been held at Zimbabwe's central bank since 2009.   It began formal proceedings at the High Court of Zimbabwe last December and said in a statement that it was "encouraged that material progress on the outcome of this legal action...Read More

BlueRock Diamonds Halts Work over Safety Breaches

January 25, 23 / John Jeffay

(IDEX Online) - BlueRock Diamonds has again been forced to suspend work at its Kareevlei mine, in Kimberley, South Africa, over breaches of the Mines Health and Safety act.The UK-based miner said most of the contraventions related to its processing plant. It did not provide details, but was adamant that they did not put workers at risk."Management is of the opinion that the instruction to suspend...Read More

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