Diamond Stocks Articles

Four More Cleared over $50m Brussels Diamond Heist

March 09, 23 / John Jeffay

(IDEX Online) -  Four defendants in the 2103 diamond heist at Brussels Airport were yesterday acquitted on appeal. It follows the acquittal of 18 other defendants in a 2018 trial and means just one person has been convicted and jailed over the theft of diamonds valued at the time at $50m. The appeals court in Brussels ruled there was insufficient evidence to convict the four. The shipment of...Read More

Farewell to Princess Cut Inventor Izzy Itzkowitz

March 09, 23 / John Jeffay

(IDEX Online) - Izzy Itzkowitz, who co-invented the princess cut in 1979, has passed away at the age of 68, his son said in a Facebook post.During a lifelong career in diamonds he also developed iconic private label designs for De Beers, Tiffany & Co, and Graff, as well as the "invisible set".Itzkowitz, born and bred in Tel Aviv, he also invented the Asscher Cut Princess and the Asscher Queen....Read More

De Beers Sales Slow to $495m as Buyers Delay

March 08, 23 / John Jeffay

(IDEX Online) - De Beers today announced slower sales during Cycle 2, down 24 per cent on last year, as uncertainty persists and many sightholders delayed purchases.   Total sales were $495m (provisional) compared with $652m during Cycle 2 of 2022. They were up nine per cent on the previous Cycle.   De Beers reportedly raised the prices of smaller goods at its latest sight, amid speculat...Read More

January Surge in Hong Kong Watch and Jewelry Sales

March 08, 23 / John Jeffay

(IDEX Online) - Hong Kong's sales of watches, jewelry, clocks and other valuable gifts leapt 23.1 per cent in January, buoyed by an early lunar Chinese New Year and Covid relaxations. It follows a yo-yo 2022, marked by dramatic monthly drops (-35.9 per cent in April) and increases (30.1 per cent in July). Sales for January 2023 were $566.8m, the highest figure for three years, according to th...Read More

Diamond Sanctions: US and EU to Consult Industry Leaders

March 08, 23 / John Jeffay

(IDEX Online) - US and EU officials are to consult diamond industry leaders on further measures against Russia for its "unprovoked war in Ukraine".James O'Brien, head of the Office of Sanctions Coordination in Joe Biden's administration, will seek the views of diamond retailers, manufacturers, laboratories, and industry trade associations.The US currently sanctions rough diamonds from Ru...Read More

First Diamonds from Marsfontein Project

March 06, 23 / John Jeffay

(IDEX Online) - Botswana Diamonds says it expects to see the first recoveries from its Marsfontein project, in South Africa, later this month.Work began at the end of January and the British-based diamond exploration and development company says about 1,500 tons of eluvial gravels from the main Marsfontein pipe have been excavated and are awaiting processing. The Marsfontein Mine, in Limpopo...Read More

Safety First, says New De Beers CEO

March 06, 23 / John Jeffay

(IDEX Online) - Al Cook, the new CEO at De Beers, says workers' safety is his first priority as he visits the company's operations."Over 27 years in the energy business, including three years in offshore operations, I've learned that we have to put safety first," he said on LinkedIn, marking his first day in the post.Cook takes over from Bruce Cleaver, was executive vice president o...Read More

122-ct Diamond Recovered at Letseng

March 06, 23 / John Jeffay

(IDEX Online) - Gem Diamonds yesterday recovered a 122-carat D color Type II white diamond at its Letseng mine, in Lesotho.It's the first +100-ct diamond of the year at the highest average dollar per carat kimberlite diamond mine in the world.Recoveries of large diamonds last year were below average - four +100-cts compared with an average since 2008 of eight per year, which was a factor in t...Read More

US Watch and Jewelry Sales: A Fourth Month of Decline

March 06, 23 / IDEX Online

(IDEX Online) - Watch and jewelry sales in the US fell for a fourth consecutive month in January. A mood of caution persists within the industry and, to some extent, among consumers. Trade is slow and production is low. The January fall is provisionally recorded at 2.1 per cent by the US Department of Commerce, though that is likely to revised next month. December was initially reported a loss of...Read More

IDEX Polished Price Index Down: The Decline Slows in February

March 05, 23 / IDEX Online

(IDEX Online) - The IDEX Polished Price Index showed signs of stabilizing in February, with its smallest decline in a year, of just 0.55 per cent. Some short-term shortages appear to be forcing up the prices of smaller goods. Melee prices were reportedly up as much as 10 per cent at Sight 2 (20 to 24 February), although the prices of some larger goods were reduced. Russian goods have largely been...Read More

Sanctions Row: Buyer Sues over $645,000 Diamonds

March 05, 23 / John Jeffay

(IDEX Online) -  A US jewelry buyer who spent $645,000 on diamonds using a Russian-linked debit card is taking legal action - claiming she received neither the goods nor a refund.Maria Zurabova, from Florida, says  made her purchase at jeweler Royal Star Inc, in Manhattan's Diamond District, paying paid with a card linked to Alfa Bank - Russia's biggest private bank - whic...Read More

Three Arrested at Sagar Diamond in Money Launder Probe

March 05, 23 / John Jeffay

(IDEX Online) - Three people have been arrested in a series of raids in India at premises linked to the manufacturer and exporter Sagar Diamond Limited.The Directorate of Enforcement (ED)said it was investigating money-laundering claims relating to a China-based app called Power Bank, listed on Google Play Store, which offered investors returns of up to 10 per cent, then blocked their accounts.A n...Read More

TAGS Sells $20m as Sentiment Improves

March 02, 23 / John Jeffay

(IDEX Online) - Trans Atlantic Gem Sales (TAGS) says it sold around $20m of South African rough at its February tender, in Dubai.That's an increase on the $14m it sold in December, but still far short of the record $75m it sold last March."We presented a relatively conservative volume of goods in line with recent events," the company said. "The overall reaction this month would indicate a sli...Read More

Kareevlei Mining in Business Rescue

March 02, 23 / John Jeffay

(IDEX Online) - British miner BlueRock Diamonds has put its Kareevlei Mining subsidiary into business rescue amid mounting debts.It follows the suspension of its shares on the AIM last week.Kareevlei Mining currently owes $4.1m to Teichmann South Africa, the construction and mining service group, though it said it had paid its February salaries and diesel bill.Business rescue temporarily protects...Read More

De Beers Deals with Botswana, Namibia are "Win-Win"

March 02, 23 / John Jeffay

(IDEX Online) - Bruce Cleaver, outgoing CEO of De Beers, says the company's joint ventures with the Botswana and Namibia government are "win-wins" for both countries.   He was speaking on Tuesday during a courtesy visit to Namibia's President Hage Geingob.   The long-standing De Beers deal with Botswana has come under intense scrutiny in recent weeks, after its President Mokgwe...Read More

World's First 5G Smart Diamond Mine

March 01, 23 / John Jeffay

(IDEX Online) - Debswana yesterday announced details of "the world's first 5G-oriented smart diamond mine project" in conjunction with the Chinese tech corporation Huawei.By connecting over 260 pieces of equipment at the Jwaneng mine, in Botswana, it says it has increased both efficiency and safety.Transferring data in real time makes equipment like mining vehicles more efficient, increasing...Read More

Lower Sales Hit Sarine's Profits

March 01, 23 / John Jeffay

(IDEX Online) - Sarine has reported a fall in net profits for FY2022, down just over 46 per cent from $16.5m to $8.8m.It also said revenue for the year were down by 5.4 per cent, from $62.1m to $58.8m, down from a high base in H1 2021 due to post-Covid spike in US jewelry spending.Sales to India, its biggest market by far, fell 25 per cent from $40.5m to $30.3m.The Israel-based diamond tech firm b...Read More

IDEX Price Report for 1 March: Uncertainty Pushes Round Prices Down, Fancies Up

March 01, 23 / IDEX Online

(IDEX Online) - Rounds suffered yet another month of losses during February, as ongoing uncertainties drove demand for the less expensive fancy cuts. De Beers reported a 30 per cent drop in rough sales at its first cycle of 2023, amid reports that some prices were hiked by as much as 10 per cent. Manufacturing remains well below capacity in India. Consumer demand is still slow, although US in...Read More

LVMH Boss "Wants to Buy Richemont"

February 28, 23 / John Jeffay

(IDEX Online) - The French luxury conglomerate LVMH is reported to be considering a possible takeover of its Swiss rival Richemont, owner of Cartier, the world's second-largest watchmaking brand.Bernard Arnault, LVMH chairman and CEO - and currently the world's richest person - is eyeing the empire founded by South African businessman Johann Rupert in 1988, according to the Swiss newspap...Read More

Robbers Take $500,000 Diamonds in Car Raid

February 28, 23 / John Jeffay

(IDEX Online) - Police say $500,000 of diamonds were stolen from a car by knife-wielding robbers in Inglewood, California, USA.Video of the incident appears to show a suspect climb through a passenger window and grab a duffel bag.The victim's car was boxed in by one vehicle in front and another behind.Two suspects then drove off in a white car.  Police say there were no reported injuries...Read More

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