RAPAPORT... De Beers' upcoming sight in Botswana will still take place despite the country's ban on arrivals from the US, China, India and Belgium, the miner has confirmed."While this is an extraordinary situation and COVID-19 has had an impact, our customers continue to express some demand for rough diamonds and have communicated their desire for the sight to proceed," a spokesperson for De...Read More
Dual-listed Botswana Diamonds has started a bulk sampling campaign at its Marsfontein project, in South Africa, where kimberlite was previously identified as being of “high interest”.Treatment will be undertaken at a nearby diamond processing facility using two-stage crushing, screening, pans, X-ray and grease recovery processes.AdvertisementThe recently declared National State of Disa...Read More
(IDEX Online) - The American Gem Society (AGS) has canceled its Conclave, an annual education, social and networking event for jewelry traders.The event had been due to take place on April 27-29 in Denver, Colorado.Organizers took the decision amid growing concerns over the Covid-19 pandemic and said they were exploring the online option of a virtual mini-conference instead.Details of the 20...Read More
(IDEX Online) - Russian mining giant Alrosa is allowing buyers to defer up to 60 per cent of their allocations at its regular contract sales.The move, effective as of yesterday's sale, is a sign of market uncertainty. In times of stability customers have been able to defer only 20 per cent of the stones offered.Alrosa, which last week reported a 31 per cent slump in 2019 profits, says b...Read More
(IDEX Online) - India's gross exports of cut and polished diamonds slumped by more than 40 per cent last month because of the Covid-19 pandemic.Totals were down from $2.34bn in February 2019 to $1.38bn for this February, according to The Gem & Jewellery Export Promotion Council (GJEPC).But exports of gold jewelry were up, as were overseas sales of polished lab-grown diamonds, albeit from...Read More
RAPAPORT... Sotheby's has rescheduled its Hong Kong Magnificent Jewels sale and other jewelry auctions amid new restrictions on public gatherings due to the coronavirus pandemic."We are closely monitoring the advice of government and health authorities in the countries and cities where Sotheby's is located and adjusting our business and operations accordingly," the auction house said Monday....Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has temporarily reduced fees for members due to the severe slowdown in trading resulting from the coronavirus outbreak.IDE president Yoram Dvash announced a 50% discount on membership charges and a 33% drop in maintenance fees for March and April. "We're talking about significant financial steps that add up to millions of shekels going straight in...Read More
RAPAPORT... Pandora has rescinded its revenue guidance for 2020, as the coronavirus pandemic has hit sales and forced it to shut stores temporarily, it said Monday.In February, the company had forecast revenue would fall between 3% and 6% for the year."Pandora's financial guidance announced on February 4, 2020, excluded any impact from COVID-19," the company noted. "As a consequence of the global...Read More
RAPAPORT... The Kimberley Process (KP) Intersessional Meeting will take place as a virtual conference this year, as European borders close to travelers due to the coronavirus pandemic.The annual forum, in which member states, civil societies and the diamond industry come together, was scheduled to take place in Moscow from June 8 to 12."COVID-19 is a global challenge without parallel in our l...Read More
De Beers, already grappling with a prolonged industry crisis exacerbated by the coronavirus outbreak, now has another headache to contend with: how to conduct diamond sales when key customers are blocked from traveling?Botswana, where De Beers conducts its 10 sales each year, on Monday announced a travel ban on 18 high-risk countries as part of an array of measures to protect itself from the pande...Read More
RAPAPORT... The Kimberley Process (KP) Intersessional Meeting will take place as a virtual conference this year, as European borders close to travelers due to the coronavirus pandemic.The annual forum, in which member states, civil societies and the diamond industry come together, was scheduled to take place in Moscow from June 8 to 12."COVID-19 is a global challenge without parallel in our l...Read More
RAPAPORT... Pandora has rescinded its revenue guidance for 2020, as the coronavirus pandemic has hit sales and forced it to shut stores temporarily, it said Monday.In February, the company had forecast revenue would fall between 3% and 6% for the year."Pandora's financial guidance announced on February 4, 2020, excluded any impact from COVID-19," the company noted. "As a consequence of the global...Read More
RAPAPORT... Diamond resources at Lucapa Diamond Company's Lulo alluvial mine in Angola are 25% higher than it originally estimated, according to an independent valuation.Lulo has 100,700 carats remaining in the mine, a December 2019 study by external consulting company Z Star Mineral Resource Consultants has found. That figure was reevaluated from a previous Lulo resource estimation conducted in D...Read More
(IDEX Online) - Pandora, the affordable jewelry retailer, today withdrew its financial guidance for 2020 saying it was "no longer meaningful" in light of the coronavirus pandemic.It also announced it had axed plans to buy back further shares.The Denmark-based company has 7,400 outlets and 28,000 employees, half of them manufacturing its goods in Thailand.Like-for-like sales in China had fallen bet...Read More
RAPAPORT... The impact of the coronavirus on US retail supply chains may be larger than previously expected, as disruptions to transportation are likely to affect imports in March and April, the National Retail Federation (NRF) said.The NRF was already predicting a sharp drop in imports of goods from mainland China due to factory shutdowns and travel restrictions. However, as the virus spreads, sh...Read More
RAPAPORT... Mountain Province has delayed its year-end results by a week due to the effects of the coronavirus, the Canadian diamond miner said Monday.The company and its auditors have been unable to complete the relevant work in time for the March 16 release date due to travel restrictions and self-isolation, it noted. The outbreak has not disrupted operations at its Gahcho Ku?(C) mine in th...Read More
RAPAPORT... Diamond resources at Lucapa Diamond Company's Lulo alluvial mine in Angola are 25% higher than it originally estimated, according to an independent valuation.Lulo has 100,700 carats remaining in the mine, a December 2019 study by external consulting company Z Star Mineral Resource Consultants has found. That figure was reevaluated from a previous Lulo resource estimation conducted in D...Read More
(IDEX Online) - Estimated diamond reserves at the Lulo mine, in Angola, have been revised up by 25 per cent.Independent consultants have assessed in-situ resources as 100,700 carats, more than five times the 2019 output of around 19,000 carats.They also say the average dollar per carat value is 14 per cent higher than previously thought, up from $1,420 to $1,620.The Australia-based Lucapa Diamond...Read More
(IDEX Online) - GSI is to offer grading reports which identify enhancements to lab-grown diamondsIt says the move will increase consumer confidence by providing buyers with reliable information.The New York-based laboratory says that unlike other labs, it will disclose whether a diamond has undergone post-growth treatments or enhancements.Their reports include the same essential information a...Read More
RAPAPORT... The impact of the coronavirus on US retail supply chains may be larger than previously expected, as disruptions to transportation are likely to affect imports in March and April, the National Retail Federation (NRF) said.The NRF was already predicting a sharp drop in imports of goods from mainland China due to factory shutdowns and travel restrictions. However, as the virus spreads, sh...Read More