(IDEX Online) - ALROSA plans to hold two auctions for the sale of rough and polished diamonds at the Hong Kong International Diamond, Gem & Pearl Show, which is organized by the Hong Kong Trade Development Council (HKTDC) in Hong Kong from February 27 to March 3. The United Selling Organization (USO) of ALROSA auctions special size rough diamonds over 10.8 carats. The USO will put up 12...Read More
RAPAPORT... Lucara Diamond Corp's revenue and profit fell in 2017, assales of exceptional diamonds and overall production at its Karowe mine slumpedduring the year. Revenue for 2017 dropped 25% to $220.8 million, with thevolume of goods sold down 27% to 260,526 carats, the company reported Tuesday.The average selling price rose 3% to $847 per carat, which was boosted by thesale of the Lesedi...Read More
RAPAPORT... Effective inventory management is vital in the challengingbusiness environment the jewelry industry is experiencing lately. Insufficientinventory can lead to lost sales; excess inventory ties up capital and incursfinance charges when merchandise is acquired with loans. For merchants, memos can improve inventory control andreduce expenses. Memo financing is a consignment arrangement: A...Read More
RAPAPORT... Indian authorities have reportedly arrested five senior executivesat Nirav Modi Group and Gitanjali Gems as investigations continue into amassive fraud case involving the two companies.Punjab National Bank (PNB) has alleged the jewelersfraudulently obtained loans worth $1.8 billion (INR 113.94 billion), accordingto a complaint filed by the state bank last week. It describes how executi...Read More
RAPAPORT... Construction is under way to develop a diamond bourse in Surat that will house more than 4,400 diamond merchants. The complex is scheduled to be completed in 2020, and to be fullyoperational by the following year, spokespeople for the project told Rapaport News.Located near the international airport, the Surat Diamond Bourse (SDB) willconsist of nine towers covering 6.6 million square...Read More
RAPAPORT... The Gem & Jewellery Export Promotion Council (GJEPC) isplanning to build India's largest jewelry park over the next few years. The council signed a memorandum of understanding with the Maharashtra Industrial Development Corporation to build the 25-acre park in Mumbai, the GJEPC said Monday. The complex will featurebuilt-in units ranging from 500 to 10,000 square feet. "[The] establ...Read More
(IDEX Online) - Sarine Technologies has officially opened the Sarine Technology Laboratory, which it says will be the first in a network of advanced, automated gemological labs. Israel Diamond Exchange (IDE) President Yoram Dvash praised the company on its initiative. "IDE and Sarine have always had very good relations. We are always pleased to see that each new Sarine project starts in Isr...Read More
(IDEX Online) - The Israeli diamond industry is again preparing a major presence at HKTDC's Hong Kong International Diamond, Gem & Pearl Show this year. The Israel Diamond Pavilion, organized by the Israel Diamond Institute (IDI), will host 70 companies. There will also be 10 Israeli companies exhibiting in other locations throughout the show. Among the Israeli exhibitors there will be...Read More
(IDEX Online) - Polished diamond prices in Israel decreased 0.16% during week seven of 2018, with the GDX, Carats.io's general index, closing the week at 10,097.64. The index represents the most tradable diamonds in the Israeli diamond market. Carats tracks the asking prices of tens of thousands of GIA certified, round diamonds offered on Get Diamond by the Israel Diamond Institute. ...Read More
(IDEX Online) - Sarine Technologies Ltd filed a lawsuit on February 12 against Surat-based manufacturer Rose Gems alleging breach of contract and fraudulent use of its Galaxy (R) inclusion mapping technology and systems. This activity was mentioned in a previous press release issued on January 4, 2018 by Sarine, outlining the alleged under-reporting of the weight of rough stones scanned by...Read More
JOHANNESBURG (miningweekly.com) – The front-end engineering and design (FEED) study for the underground mine development at Aim-listed Stellar Diamonds’ Tongo-Tonguma project, in Sierra Leone, is now under way.Stellar on Tuesday said a team of five consultants from contractors Paradigm Project Management (PPM) and SRK Consulting have arrived on site to start the various work streams re...Read More
RAPAPORT... The digital transformation of the jewelry businesswas a major theme at Inhorgenta Munich, with jewelers speaking of the need toadapt to increased online retail sales. "One of the key challengesfaced by the industry is to win younger target groups without losing theregular clientele," said Gesa Michahelles, managing director for the Germany,Austria and Switzerland region at designer bra...Read More
Feb 19 (Reuters) - Petra Diamonds Ltd said core earnings fell 8 percent in the first half of the year, hurt mainly by a strike at its South Africa operations and the blocking of a consignment of diamonds in Tanzania.The miner issued a profit warning and cut its production forecast last month after it faced a string of issues, including a three-week strike at its South Africa operations and the blo...Read More
RAPAPORT... Stargems will host a series of rough-diamond tenders in Dubai this year, enabling miners, suppliers and other companies to buy and sell goods.The sourcing-and-supply company has formed a partnership with the Dubai DiamondExchange (DDE) to stage the events at the bourse, the Dubai Multi Commodities Centre (DMCC) said Sunday."The business case is clear," said Shailesh Javeri, chairmanof...Read More
JOHANNESBURG (miningweekly.com) – Law firm Herbert Smith Freehills Africa practice cochairperson and partner Peter Leon says the postponement of Monday’s scheduled High Court case over the hotly contested Mining Charter 3, signals a welcome change in relations between government and the South African mining industry.The postponement, which was announced at the weekend, f...Read More
RAPAPORT... Sarine Technologies has filed a lawsuit against Indianmanufacturer Rose Gems, alleging breach of contract and fraud, thediamond-technology company said Sunday. The suit, which also alleges copyright infringement, relatesto activities Sarine initially reported last month. By illegally hacking intoand manipulating Sarine's Galaxy inclusion-mapping system, Rose Gemsdeliberately...Read More
RAPAPORT... Petra Diamonds saw a significant loss in the first fiscalhalf, impacted by several factors including a blocked diamond parcel andthe effects of a stronger rand, the company said Monday.The net loss came to $117.7 million for the six-month periodending December 31, while profit from mining activities slipped 7% to $85.6million.The miner suffered a $118 million impairment charge - aperma...Read More
GABORONE – Zimbabwe is reportedly set to sign a diamond processing deal with Botswana within the next three months, after President Emmerson Mnangagwa met with his counterpart, President Ian Khama, this week in Gaborone.According to the state-owned Herald newspaper, Mnangagwa was in Botswana on a state visit.AdvertisementMnangagwa toured the world renowned Diamond Trading Company (DTC) that...Read More
JOHANNESBURG (miningweekly.com) – Strike action at some of its South African mines, currency strength and the inability to sell a parcel of diamonds from its Williamson mine, in Tanzania, negatively impacted on Petra Diamonds’ profitability in the six months ended December 31.The diamond miner swung to a net loss of $117.7-million for the six months under review, from a net profit of $...Read More
RAPAPORT... Three UK suppliers are collaborating on a one-day fair inLondon that will feature only ethically sourced and traceable gemstones forpurchase by jewelry designers. Stuart Pool of Nineteen48, KathyChappell of Fair Trade Gemstones and Ian Bone of Queensland,Australia-based Capricorn Gems will present stones at the March 13 event. All the goods on show will include full provenancedetails,...Read More