Diamond Stocks Articles

Mountain Province Finds More Kimberlite Near Arctic Circle

November 27, 22 / John Jeffay

(IDEX Online) - Mountain Province Diamond (MPD) says it has found more kimberlite during explorations at its Kennady North project in Northwest Territories, Canada, on the edge of the Arctic Circle.It's in addition to the kimberlite identified earlier this year, also on land surrounding the Gahcho Kue mine. The two finds are 450 meters apart.MPD said in a statement that the kimberlite was "a...Read More

Mehta Fails in Bid to Unfreeze $932m Assets

November 27, 22 / John Jeffay

(IDEX Online) - Fugitive Indian diamond merchant Jatin Mehta has lost his legal challenge against the freezing of his assets, worth $932m, by a British court.The high court in London ruled that the worldwide freezing order (WFO) imposed in May 2022 on Mehta and his family must continue.He is accused of defrauding15 lenders out of more than $1bn lent to his companies Winsome Diamonds and Jewellery...Read More

Government Backs India's Lab Grown Industry

November 27, 22 / John Jeffay

(IDEX Online) - India's government has pledged its support for the country's growing lab grown diamond industry as it aims to reach $5m of annual exports.Piyush Goyal (pictured), minister for commerce and industry, said it was working aggressively to develop both the growing and manufacture.He urged industry leaders in Surat to prepare a vision document and said he would share it with Pr...Read More

Petra Sells $61m Rough in "Muted" Market

November 24, 22 / John Jeffay

(IDEX Online) - Petra today announced sales of $61.3m during an extended October tender, in what it described as a "somewhat muted market".Revenue from its Tender 2 FY 2023 were down 40 per cent on Tender 1, in September, though the miner noted that volumes for the second tender cycle are typically lower than the first.Average price per carat fell sharply by 31 per cent from $198 at Tender 1 of FY...Read More

Mystery of 13-ct Pink Diamond Pulled From Sale

November 24, 22 / John Jeffay

(IDEX Online) - A pink diamond valued at up to $35m has been withdrawn without explanation from auction in New York.The 13.15-carat emerald-cut fancy vivid gem, described as "VVS1 clarity, potentially internally flawless", had been due to lead Christie's Magnificent Jewels auction on 6 December.The auction house confirmed the diamond, belonging to a private collector, had been pulled from the...Read More

Rolex "Planning $1bn New Factory"

November 24, 22 / John Jeffay

(IDEX Online) - Rolex is reportedly planning a $1bn new factory, which would create 2,000 jobs and allow it to crank up production.The company, privately owned by the Hans Wilsdorf Foundation currently produces just over 1m watches a year, but demand always outstrips supply. Rolex had a turnover of almost $8 billion in 2021, according to Morgan Stanley.Acccording to Swiss TV and newspaper rep...Read More

Zimbabwe Experiencing "Biggest Growth in Diamond World"

November 23, 22 / John Jeffay

(IDEX Online) - Zimbabwe, new chair of the Kimberley Process, says its diamond sector will grow to $1bn by the end of 2023.Winston Chitando (pictured), the country's mines and mining development minister, says Murowa Diamonds and the ZCDC (Zimbabwe Consolidated Diamond Company) were expanding their operations and would help bring total output to 7m carats, up from 2m in 2018.In an interview w...Read More

Gold Miner Finds Huge 1.1m-Ounce Resource

November 23, 22 / John Jeffay

(IDEX Online) - UK-based Endeavour Mining says it has discovered "one of the most significant" new gold resources in West Africa.The Tanda-Iguela property, in eastern Cote d'Ivoire, contains an estimated 1.1m ounces.Sebastien de Montessus, the company's CEO, said: "It ranks as one of the most significant discoveries made in West Africa over the last decade and shows potential to be anoth...Read More

31-ct Blue Diamonds Leads Christie's Auction

November 23, 22 / John Jeffay

(IDEX Online) - A 31.62-carat fancy blue diamond pendant necklace will lead Christie's Magnificent Jewels auction next month, with an estimate of $10m to $15m. The pear modified brilliant stone has been graded by GIA as natural color, VVS1 clarity and potentially Internally Flawless.  The color is natural, fancy blue, even. It is set among round diamonds and pink diamonds in platinum and...Read More

Indian Banks Ease Rupee Trade with Russia

November 22, 22 / John Jeffay

(IDEX Online) - Nine banks in India have received approval for measures that will allow diamond manufacturers to buy Russia goods in rupees.HDFC Bank and Canara Bank have already opened "vostro accounts" according to the Business Standard newspaper, and seven more are expected to follow.To settle international trade transactions in rupees, a foreign bank can open a vostro account - one that a corr...Read More

Diamond Foundry Buys German Lab Grown Firm

November 22, 22 / John Jeffay

(IDEX Online) - Diamond Foundry, which counts Leonardo DiCaprio among its high-profile backers, has bought a German lab grown company for an undisclosed sum.Augsburg Diamond Technology, also known as Audiatec, makes diamond wafers for jewelry and manufacturing."We had a good feeling about a possible cooperation with Diamond Foundry right from the first talks," said Audiatec's CEO Dr. Stefan G...Read More

India's Polished Exports Down by 26% in October

November 22, 22 / John Jeffay

(IDEX Online) - India's polished diamond exports plunged by more than a quarter (26.1 per cent) in dollars during October amid ongoing weak demand.   Total foreign sales for were $1.89bn, according to figures released by the Gem and Jewellery Export Promotion Council (GJEPC), down year-on-year from $2.56bn. The drop was just over 18.7 per cent in rupee.   Exports for the six mo...Read More

Richemont Reports Sales Up by 24%

November 22, 22 / John Jeffay

(IDEX Online) - Richemont saw overall sales rise sharply, by 24 per cent in the six months to the end of September.But the Swiss luxury goods conglomerate, which owns Cartier, Van Cleef & Arpels and Jaeger-leColutre, warned of "volatile times ahead".It reported revenue during the period at $9.9bn, and said operating profit was up 26 per cent to $2.8bn.The results were better than expected, esp...Read More

The $600,000 Diamond Dog Necklace

November 21, 22 / John Jeffay

(IDEX Online) - A British jeweler has created a 15-carat diamond necklace for a dog, with a price tag of almost $600,000.Nathalie Knauf, who runs Knauf Jewels in Soho, London, says it was designed for a client, to complement her necklace and earrings.The silver dog necklace has a total of 91 D-color diamonds, with a total weight of 15 carats, and a para ba tourmaline pear-shaped pendant."It is def...Read More

US Jewelry Spending Down 3.8% in October

November 21, 22 / John Jeffay

(IDEX Online) - Spending on jewelry in the US fell by almost four per cent in October, compared with the same period last year.That's according to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment.It says the jewelry sector saw a 3.8 per cent drop, second only to all other luxury goods, which saw an 8.7 per cent drop.Across all sectors, excl...Read More

NDC Updates Buyers' Guide for Verification Instruments

November 20, 22 / John Jeffay

(IDEX Online) - The Natural Diamond Council (NDC) has updated its Assure 2.0 portal, which objectively assesses the relative performance of diamond verification instruments (DVI).It provides fact sheets, a list of features, performance tests and independent lab test results for a wide range of DVIs, used to check that diamonds are natural.The first generation of the Assure program was launched in...Read More

Jewelers Foil Bid to Sell Stolen Diamond Worth $95,000

November 20, 22 / John Jeffay

(IDEX Online) - A man has been arrested for allegedly trying to sell a stolen 9.46-carat diamond ring to a jewelry store in Georgia, USA.Staff say they've been able to return the ring to its rightful owner, a 90-year-old woman.They were offered the $95,000 piece noticed the name and address he gave didn't match those on the certificate. They called the police and kept him talking.In a Fa...Read More

Tiffany Announces 2040 Net-Zero Carbon Pledge

November 20, 22 / John Jeffay

(IDEX Online) - Tiffany & Co. has announced a raft of measures aimed at achieving net-zero greenhouse gas (GHG) emissions. It says that by 2030 emissions from its own stores, distribution centers, manufacturing and offices should be down 70 per cent and from its supply chain by 40 per cent. By 2040 is should reach net-zero. Total emissions should be down by 90 per cent, with high-quality carbo...Read More

Jewelry Guard Shot Dead in US Raid

November 17, 22 / John Jeffay

(IDEX Online) - A security guard at a jewelry store was shot dead yesterday during a heist at a shopping mall in Illinois, USA.Surveillance video shows three raiders step round the 57-year-old man as he laying bleeding on the floor.Police officers who happened to be on a training exercise at the mall property gave him CPR but he died hours later in hospital.The crime happened at River Oaks Center...Read More

Lucara And HB Extend Deal for 10 Years

November 17, 22 / John Jeffay

(IDEX Online) - Lucara has extended its "groundbreaking partnership" with HB Antwerp to sell its specials (+10.8-cts) for the next 10 years.The Canadian miner first joined forces with HB in July 2020 to sell the high-value rough from its Karowe mine, in Botswana (pictured).Under the agreement, Lucara's +10.8 carat production is sold at prices based on the estimated polished outcome of each di...Read More

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