RAPAPORT... The Kimberley Process (KP) is trialing the use of digital certificates for rough-diamond shipments, claiming the method will increase efficiency and reduce fraud.Russia, which is chairing the global certification scheme this year, will test the idea with exports to select countries, a spokesperson for the country's KP operation told Rapaport News. Participating nations will identify of...Read More
RAPAPORT... The recent declines in diamond trading and pricing follow a rise in supply and a severe drop in demand, Rapaport Senior Analyst Avi Krawitz explained in a webinar last week. The presentation, titled "Understanding the Impact of the Coronavirus on the Diamond Market," highlights some of the ways the pandemic is changing the trade, along with an opportunity to ensure a return to growth w...Read More
(IDEX Online) - A British jeweler died in hospital 12 days after he was diagnosed with coronavirus. Tributes have been paid to father-of-two Kelly Dunning, 48, who ran a family-owned jewelry store in Kings Langley, Hertfordshire, 20 miles from London. He suffered no underlying health issues and had boxing sessions twice a week with his personal trainer.He was rushed to hospital by...Read More
(IDEX Online) - The sister of former De Beers diamond boss Nicky Oppenheimer has matched his billion-rand ($52m) donation to South Africa's coronavirus battle.Mary Oppenheimer's money will help the Solidarity Fund diagnose, treat and support those with Covid-19.In a joint statement with her daughters, she said: "We join all South Africans in expressing our profound hope that, together, w...Read More
(IDEX Online) - The American Gem Society (AGS) is to hold its first virtual Conclave after coronavirus forced the cancelation of the actual event in Denver, Colorado.It will feature up to eight hours of online education over two days, April 27-28, plus a social event - a video dance party. The virtual Conclave will be free to AGS members.The annual education, social and networking even...Read More
(IDEX Online) - The CEO of Russian mining giant Alrosa has sold half his stake in the company and donated the proceeds to fighting coronavirus. The sale of Sergey Ivanov's shares raised RUB18.5m ($240,000) and will help counter the spread of Covid-19 in the Siberian town of Mirny. Most of the town's 35,000 residents work for Alrosa, the state-owned mining company which is the world'...Read More
Maximising available resources and optimising plant efficiency while minimising environmental impact is just one of the challenges that wet processing equipment manufacturer CDE continues to address.“Working in sub-Saharan Africa requires an understanding that each country has its unique challenges and advantages. We, therefore, cannot approach projects with a one-size-fits-all outlook, but...Read More
RAPAPORT... Martin Rapaport, chairman of the Rapaport Group, explained how the Rapaport Price List works during a webinar this week. He clarified its role as a list of high asking prices, and gave an overview of the data and resources the company uses to decide on price changes.Watch the full webinar here:Read More
Diamond markets under continued pressure and facing severe liquidity crisis as jewelry retail, manufacturing, trading and mining companies shut operations during COVID-19 lockdown. Trading limited to online deals, with opportunistic buyers pushing for even higher discounts. 1 ct. RAPI -6.8% in March. China business reopening amid new coronavirus reality. Signet Jewelers temporarily lays off worker...Read More
(IDEX Online) - The president of the the world's largest diamond exchange is calling for urgent government help. Yoram Dvash appealed for targeted assistance to the 1,500 businesses that operate from the Israel Diamond Exchange - or Bursa - in Ramat Gan. The vast majority of workers are on unpaid leave, he said, as coronavirus brings trading to a virtual standstill at the Bursa, on which 15,0...Read More
(IDEX Online) - Coronavirus saw India's gem and jewelry exports fall by more than half last month. Estimates put the total gross figure for March 2020 at $1.5bn, compared with $3.44bn in March 2019, according to the country's Gem and Jewellery Export Promotion Council. That's a drop of 56.4 per cent. February figures for the world's cutting and polishing capital were down...Read More
(IDEX Online) - Two more high-profile Las Vegas shows have been canceled, in response to the Covid-19 crisis. The Couture 2020 and the Las Vegas Antique Jewelry & Watch Show had both been due to take place in June. Organizers of both events, Emerald Expositions, said in a statement that it was cancelling or postponing all planned shows through June. Last month JCK Las Vegas, the biggest j...Read More
(IDEX Online) - Lucara says its sale of large stones from the Karowe mine, in Botswana, may not take place next month as planned. The quarterly tender in Gabarone in May is under threat from Covid-19 and may be replaced by sales in Antwerp, the Canadian miner said. Most of Lucara's revenue comes from the sale stones over 10.8 cts. Other diamonds are sold on Clara, the...Read More
Nimesh Patel will step down as CFO of diamond miner De Beers, effective July 26.Patel has resigned to join Spirax-Sarco Engineering as its CFO.AdvertisementPatel joined Anglo American – parent company of De Beers – in 2012 as group head of corporate finance before moving to De Beers Group to take up the role of CFO in 2016.De Beers CEO Bruce Cleaver says Patel has built a strong financ...Read More
RAPAPORT... Lucapa Diamond Company has whittled down activities at its Lulo mine in Angola to essential operations amid a government lockdown on the country.The shutdown, currently in force until April 11, excludes the mining industry, though authorities have stipulated certain health-and-safety measures that companies must take. However, Lucapa has chosen to cut back activities in an e...Read More
RAPAPORT... Alrosa is allowing full flexibility at next week's monthly rough-diamond sale, enabling long-term clients to delay purchases until later in the year due to the current weak market."The spread of coronavirus and counter-pandemic measures implemented around the globe have severely affected the diamond industry," a spokesperson for the Russian miner said Wednesday in a statement to Rapapo...Read More
RAPAPORT... De Beers chief financial officer Nimesh Patel will exit the company on July 26 to become CFO and executive director at UK-based Spirax-Sarco Engineering.Patel joined De Beers parent company Anglo American in 2012 as group head of corporate finance. He moved to the diamond miner in 2016 as CFO, becoming a member of its executive committee and board."Nimesh has worked closely with m...Read More
RAPAPORT... Signet Jewelers has furloughed a number of its employees to cut costs and ensure the long-term sustainability of its business."Due to the unprecedented impact of COVID-19 and the closure of our stores, we have moved quickly to proactively reduce expenses...to preserve liquidity," David Bouffard, Signet's vice president of corporate affairs, told Rapaport News Tuesday. "In addition...Read More
RAPAPORT... Emerald Expositions has canceled its Couture and Antique Jewelry & Watch shows amid restrictions due to the COVID-19 pandemic.The organizer scrapped the two events due to a government shutdown of unnecessary business operations, a moratorium on large gatherings, and travel restrictions, it said Tuesday. They were scheduled to run from June 1 to 5 alongside the JCK Las Vegas an...Read More
RAPAPORT... Gem Diamonds garnered $12.1 million from the sale of rough diamonds through its new flexible tender process."The results of the initial round of the flexible tender sales process for a selection of Let??eng's large diamonds demonstrates the continued demand for these high-quality diamonds," Gem Diamonds CEO Clifford Elphick said Wednesday. "The [money] raised from the sale maintai...Read More