RAPAPORT... Sotheby's will hold an exhibition and sale of pieces Parisian jewelry house Mellerio made for royals including Marie Antoinette.The exhibition, which will showcase some of the jeweler's most important commissions, is set to take place from March 28 to 31. It will feature 17 items made by the 407-year-old brand, which have been worn by Marie de Medici, former queen of France, as we...Read More
RAPAPORT... Gem Diamonds has recovered five large, high-quality stones at its Let??eng mine in Lesotho, it said Friday.The company unearthed four white diamonds weighing 88, 56, 53 and 33 carats between February 28 and March 3. It also found a "top-quality" 13-carat pink diamond. Those are in addition to the recovery of a 114-carat stone the miner reported last week. It found a 183-carat, whi...Read More
RAPAPORT... Nonprofit organization Mercury Free Mining (MFM) will refine and further test equipment that may eliminate the use of mercury in gold processing following positive trial results.Small-scale miners in Ghana used Goldrop, a new separation process created by Sluice Goose Industries, in their daily mining activities over a 10-day period. Results were monitored by MFM together with the...Read More
RAPAPORT... Alrosa has pledged to remain flexible with its supply policy during the current industry downturn, as the coronavirus has left clients unsure how much rough to buy."The virus has triggered uncertainty, and our clients are prudent about the situation and the new challenges we face," Alrosa deputy CEO Evgeny Agureev said following a meeting with the trade in Antwerp last week.The di...Read More
RAPAPORT... Belgium's polished-diamond exports dropped 55% to $560 million in February, reflecting a slowdown in the market due to the coronavirus. However, rough imports grew, continuing a trend that began in January, data from the Antwerp World Diamond Centre (AWDC) showed. Belgium Trade Data for February 2020Read More
(IDEX Online) - Fears over coronavirus have forced the cancelation of this year's GIA's career fair.Hundreds of job seekers had been due to attend the annual event in New York on 13 March.Organizers of the GIA Jewelry Career Fair, which attracted over 400 students last year, hope to rearrange the event.Spokseman Stephen Morisseau said: "Due to evolving concerns about the coronavirus, we...Read More
(IDEX Online) - Diamond billionaire Beny Steinmetz has had his assets frozen in an ongoing compensation row with the Brazilian mining giant Vale, according to a report in the Daily Telegraph newspaper.His mining company Beny Steinmetz Group Resources (BSGR) is embroiled in a bitter and long-running compensation battle with Brazilian mining giant Vale over an ill-fated iron ore joint venture in the...Read More
RAPAPORT... The Canadian Jewellers Association (CJA) has issued a guide to advertising lab-grown diamonds in response to a rise in marketing of the product to consumers in the country.The CJA based its rules on a number of Canadian legal sources, including the Competition Act and the Canadian Guidelines for Gemstones. It also takes into account the US Federal Trade Commission's (FTC) Jewelry...Read More
Canadian junior Star Diamond on Thursday started legal proceedings against Rio Tinto Exploration Canada (RTEC) to protect its interest in the Star-Orion South project, in Saskatchewan.Star Diamond last month flagged possible legal action over RTEC’s purported exercise in November 2019 of its four options under the option and joint venture agreement of June 2017, claiming that it did not comp...Read More
LSE-listed Gem Diamonds has highlighted the recovery of a number of top-quality white, as well as one pink, diamond from its Letšeng mine, in Lesotho, between February 28 and March 3.Five white gem diamonds, weighing between 33 ct and 114 ct, were recovered, along with a 13 ct pink gem diamond.AdvertisementEarlier in February, Gem had recovered an exceptional 183 ct white Type IIa diamond f...Read More
RAPAPORT... Pandora is embarking on a major streamlining process aimed at speeding up its ability to act on customer feedback, the jeweler said Wednesday.The Danish company will close its three regional offices - management centers that oversee stores in specific parts of the world - to eliminate a layer between upper management and customers, it noted. It will cut 180 workers as a result."[T...Read More
(IDEX Online) - More than 500,000 diamond workers are threatening strike action in Surat, India, to demand an end to "unfair" taxation.They're planning three days of walkouts and closures from 15 March in the world's cutting and polishing capital, according to the Times of India.Last year 13,000 diamond workers in the city were laid off because of weak market conditions.The Surat R...Read More
RAPAPORT... Reforms to Angola's diamond industry have boosted the country's tax revenue by 42% over the past two years, according to national diamond-trading company Sodiam.While the previous method required all miners to sell rough to only eight "preferred customers" chosen by the government, the new policy instituted in 2018 enables them to sell to a wider range of buyers. This eliminated t...Read More
RAPAPORT... Tiffany and Co. veteran Victoria Wirth Reynolds will become the company's first female chief gemologist, it said Tuesday. Reynold joined Tiffany in 1987, working in the custom-design department before moving to the diamond office, where she worked as a grader. She held a variety of other positions, before being promoted to vice president of global merchandising for high jewel...Read More
RAPAPORT... The Gemological Institute of America (GIA) has canceled next week's career event in New York due to the coronavirus.The GIA Jewelry Career Fair was due to take place on March 13. It targets job seekers in the greater New York City area, and is open to the public. The organization plans to find a new date for the event. "We believe this is in the best interest of all participants'...Read More
LONDON – As coronavirus cripples the Chinese economy, hardly anyone there is buying diamonds.Diamond sales in China have collapsed since the outbreak of the virus as shoppers stay home. De Beers, the biggest diamond miner, said sales fell by more than a third last week, from its first sale of the year in January.Advertisement“There’s been a full shutdown in China and other parts...Read More
Liquidity tight as companies prepare accounts ahead of March 31 financial year-end. Coronavirus affecting cash flow, with Chinese clients delaying payments or returning unsold goods. Travel restrictions reducing presence of foreign buyers in Mumbai. Strict customs controls and volatile rupee (-2.6% since February 1 to INR 73.4 / $1) creating challenges for cross-border trade. Steady supply of new...Read More
(IDEX Online) - Angola's diamond trading reforms have seen a steep rise in revenue, with 120 companies now eligible to buy stock that was previously available to just eight "preferential customers".Sodiam, the state-owned diamond company, says gross revenue has averaged an 8.5 per cent increase since the new trading policy was introduced in 2018. Total gross revenue for 2019 was $1.29 billion...Read More
(IDEX Online) - The Danish jewelry retailer Pandora is to axe 180 office jobs, in a bid to reduce "organisational complexity".The company, which has 22,000 employees, started as a family-run shop in Copenhagen, and is known for its customizable charm bracelets, designer rings and necklaces.It says it will close its three regional offices in April, in a move that will cost $30m, to streamline its g...Read More
Sharp decline in diamond trading amid fears coronavirus will lead to global slowdown. Midstream inventory losing value as manufacturers consider deeper discounts to raise liquidity. Polished prices falling due to China shutdown, with 1 ct. RAPI -1.6% in Feb. De Beers allows deferral of Chinese goods as sales -28% to $355M at Feb. sight. De Beers to customize sightholder supply for dealers, manufac...Read More