Diamond Stocks Articles

Botswana Rethinks HB Investment

October 02, 23 / John Jeffay

(IDEX Online) - The Botswana government is rethinking its proposed deal with HB Antwerp, after Canadian miner Lucara last week announced it was pulling out of a 10-year sales agreement with the company.The government said in March that it would be buying a 24 per cent stake in HB, a new venture that  pledged to reinvent the diamond supply chain.But that was only an agreement in principle, and...Read More

TAGS Sells Less Than Half the $40m Goods Offered

October 02, 23 / John Jeffay

(IDEX Online) - Trans Atlantic Gem Sales (TAGS) sold less than half the rough on offer at its September tender in Dubai, amid ongoing weak demand.The company didn't want to provide an exact figure but said it had offered around $40m of goods.It said most sales were of +10.8-ct stones, which remained least affected by negative market sentiment."Unfortunately, we were obliged to withdraw a high...Read More

HB Antwerp Reinstates Mansori

October 02, 23 / John Jeffay

(IDEX Online) - HB Antwerp today (2 October) said it had reinstated Oded Mansori as managing partner, a month after removing him over a "sharp difference in strategic vision and approaches to business".His removal was swiftly followed by Canadian miner Lucara's withdrawal from a 10-year deal to sell its specials (+10.8-cts) through HB, citing "a material breach of financial commitments"."We w...Read More

IDEX Polished Price Index Suffers Biggest Drop of Current Decline

October 02, 23 / IDEX Online

(IDEX Online) - Polished diamond prices suffered their single biggest monthly drop of the current decline in September - down by 3.07 per cent.In addition, after 18 months characterized by near-straight line decreases, we see more volatility, with prices levelling then suddenly dropping again.The Index is now 30 per cent down on its March 2022 peak, the month after Russia invaded Ukraine.Increasin...Read More

De Beers and Botswana Sign Preliminary Agreements

October 01, 23 / John Jeffay

(IDEX Online) - De Beers and the Botswana government today (1 October) said they had taken a significant step towards finalizing their new sales and mining deals, with the signing of Heads of Terms.The document provides further detail and clarity on the commercial and operational aspects of the outline agreement, De Beers said in a statement.The current agreement, under which Botswana receive...Read More

G7 Delegates Visit India Ahead of Sanctions on Russia

October 01, 23 / John Jeffay

(IDEX Online) - G7 representatives have completed a fact-finding mission to explore how India's diamond industry can comply with forthcoming sanctions on Russian stones.They aim to cause "minimal or no disruption to the sector", according to a statement issued issued by the Gem & Jewellery Export Promotion Council (GJEPC), which hosted the delegation.  G7 members - Canada, Franc...Read More

IDEX Price Report for 1 October: Rounds Keep on Falling

October 01, 23 / John Jeffay

(IDEX Online) - It was "more of the same" during September, as round prices again suffered wholesale losses, but fancies fared somewhat better.Markets remain weak, sentiment remains slow and Alrosa has halted sales for two months in a move aimed at stabilizing the market.Lab growns are set to overtake natural diamonds, and currently account for almost half of unit sales. And the global economy rem...Read More

Lucara Ends "Groundbreaking" Sales with HB Antwerp

September 28, 23 / John Jeffay

(IDEX Online) - Lucara has ended its rough diamond sales agreement with HB Antwerp, accusing the company of "a material breach of financial commitments".It was less than a year into a 10-year deal. The move comes less than a month after HB removed Oded Mansori, one of its three co-founders, citing "a sharp difference in strategic vision and approaches to business". He responded by launching legal...Read More

Hundreds Scour Surat Street for Diamonds

September 28, 23 / John Jeffay

(IDEX Online) - Crowds gathered in Surat after reports that angry traders had emptied parcels of diamonds onto the street below, in protest at plunging lab grown prices.As many as 300 people rushed to scour an area outside Mini Bazaar, in the Varachha area of the city, on Sunday (24 September), according to press reports.It later emerged that the "diamonds" were actually plastic fakes used for emb...Read More

Arrested Jeweler "Switched Natural Diamonds with Lab Growns"

September 28, 23 / Staff reporter

(IDEX Online) - A jeweler has been arrested after customers complained that natural diamonds in items left for repair had been replaced with lab growns.Douglas Wayne Gamble, 57, is also accused of selling lab growns as natural diamonds, and of failing to return items sent for repair at his Timeless Jeweler store in Sale, Oregon, USA.Police believe he cheated customers out of at least $250,000. Gam...Read More

Another Blow for Israel's Diamond Trade

September 28, 23 / John Jeffay

(IDEX Online) - Israel's diamond trade suffered another blow in August, with rough imports down 69 per cent year-on-year and rough exports down by 80 per cent.The figures were significantly worse than July, when imports and exports fell by 46 per cent and 44 per cent respectively.Israel imported a total of 314,371 carats, at a cost of $49.8m in August, according to new figures released by the...Read More

The Diamond-Studded Credit Card

September 27, 23 / John Jeffay

(IDEX Online) - The billionaire who has everything can now splash out on the latest luxury excess - a diamond-studded credit card.The gold-plated version of the Visa Infinite, known as the Billionaire Card has been created in a collaboration with top-flight jeweler and watchmaker Jacob & Co. and the luxury group Majestas, Primavera Investments.It will be launched in Dubai in November as a limi...Read More

Call for Two-Month Diamond Import Ban in India

September 27, 23 / John Jeffay

(IDEX Online) - Industry leaders in India are calling for a voluntary two-month ban on all rough diamond imports, to "better manage the balance between demand and supply".They say exports were down by 25 per cent in the year to August, inventories are increasing and prices are falling.The plea comes jointly from the GJEPC (Gem and Jewellery Export Promotion Council), the Bharat Diamond Bourse, the...Read More

Brazen Thieves Wheel Safe through Jewelry Store's Front Door

September 26, 23 / John Jeffay

(IDEX Online) - Brazen thieves broke into a jewelry store from an empty building next door, and wheeled the safe away.The three raiders were caught on surveillance cameras as they broke into Mitch the Jeweler, in South Florida, USA.Media reports put the value of goods stolen at up to $3m.The store owner told local news station WSVN-TV: "I don't know how they moved this safe." He's offeri...Read More

US and Hong Kong Lead Rise in Swiss Watch Sales

September 26, 23 / John Jeffay

(IDEX Online) - Sales of Swiss watches were up by 3.5 per cent in August, with the USA and Hong Kong leading the recovery. The Federation of the Swiss Watch Industry Exports said the increase "confirms the normalisation of growth expected during the second half of the year". It follows an "excellent" increase of 14 per cent in exports during July, although June disappointed with 1.0 per cent drop....Read More

Belgian PM Pushes for G7 Sanctions

September 26, 23 / John Jeffay

(IDEX Online) - Antwerp is calling on the jewelry sector to support its calls for G7 sanctions on Russian diamonds.Belgian Prime Minister Alexander De Croo (pictured) told industry representatives that Russian diamonds have "become a symbol of war and human rights violations".Speaking last week at the Belgian Consul General, in New York, he said: "The G7 wants to reduce Russian diamonds revenues....Read More

More Positive Results from Lulo Exploration

September 26, 23 / John Jeffay

(IDEX Online) - Australian miner Lucapa today reported further positive results from bulk sampling of three kimberlite targets at its Lulo mine, in Angola.The most encouraging kimberlite (L440) yielded eight diamonds with a total weight of 4.16 carats, the largest of which weighed 2.04 carats, from 1,460m3 of material.Lucapa says the primary sources for the large, high-value alluvial diamonds alre...Read More

Plenty of Room for Growth in China, says De Beers

September 24, 23 / John Jeffay

(IDEX Online) - Long-term demand for diamonds will increase in China, says De Beers, despite a slow recovery from Covid lockdowns and a decade of declining marriage numbers.The bigger picture is that consumers in China currently account for 10 per cent of diamond purchases globally and demand closely tracks the country's economic growth.De Beers acknowledges in its newly-published research -...Read More

India Welcomes Alrosa's Suspension of Rough Sales

September 24, 23 / John Jeffay

(IDEX Online) - Alrosa's suspension of rough sale has been welcomed by India's GJEPC (Gem and Jewellery Export Promotion Council) as a positive move to combat overstocking.Russia's state-controlled diamond miner last week confirmed that it had cancelled sales in September and October to stabilize a volatile market.Vipul Shah, GJEPC chairman, said he'd approached a number of dia...Read More

In the Pink: Scientists Hint at More Argyle Mines

September 21, 23 / John Jeffay

(IDEX Online)  - Scientists say they now better understand how pink diamonds from the iconic Arygle mine were formed - which may allow them to predict the location of other sources in the future.They say the clear stones got their distinctive color from the the clash of continents that formed the vast supercontinent Nuna, including Australia  1.85bn years ago.They were brought close to t...Read More

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