Diamond stocks Articles

Alrosa's May Sales Steady at $365m

June 10, 21 / John Jeffay

(IDEX Online) - Alrosa today reported $365m sales of rough and polished for May, down slightly from $401m in April.Monthly sales since the start of the year have been steady, averaging $365m. By way of comparison, De Beers has averaged rough sales of $408m at the four sights completed so far this year.Alrosa says demand remains strong from the Indian midstream and is "robust" in all key regions."D...Read More

Record Impostor: 6.18-ct "Natural Diamond" was Lab-Grown

June 10, 21 / John Jeffay

(IDEX Online) - Gemologists from the IGI lab in Thailand spotted their biggest ever impostor stone - a 6.18-carat lab-grown that was being presented as a natural gem.It had been submitted for verification and came with a GIA certificate stating it was a natural diamond, D color, flawless clarity and triple excellent cut.The genuine stone had been fraudulently replaced with a lab-grown that had bee...Read More

India Launches New Trade Fair in Dubai

Jun 09, 2021 / Rapaport News

RAPAPORT... India's major jewelry trade body has launched a new exhibition in the United Arab Emirates (UAE), expressing optimism that flights between the two countries will resume this summer.The first International Gem & Jewellery Show (IGJS) will take place from August 14 to 16 in Dubai, India's Gem & Jewellery Export Promotion Council (GJEPC) said Wednesday. It will have space for...Read More

"Kidnappers Would Have Killed Me," Claims Choksi

June 09, 21 / John Jeffay

(IDEX Online) - Mehul Choksi, the fugitive Indian diamond tycoon who claims he was abducted from a Caribbean island, says those responsible were prepared to kill him."I have no doubts that the agents if given enough reason and opportunity, would not have thought twice before killing me," he wrote in a report filed to police and seen by Times of India.Choksi, 62, is wanted by police in India as a s...Read More

54ct. Diamond Crushes Estimate at Christie's

Jun 09, 2021 / Rapaport News

RAPAPORT... The 54.03-carat Chrysler Diamond necklace was among the top sellers at the Christie's Magnificent Jewels sale in New York, bringing in $5.1 million.The pear-shaped, D-color, internally flawless stone was originally purchased by Harry Winston in 1958 from the estate of Thelma Chrysler Foy, the daughter of railroad and automotive executive Walter Chrysler. The necklace beat its high esti...Read More

Israel's Polished Trading Surges Again

Jun 09, 2021 / Rapaport News

RAPAPORT... Israel's diamond exports rose sharply in May as the global industry continued to recover and polished prices climbed, according to government data.Polished shipments after returns more than tripled to $264.2 million from $75 million a year earlier, reflecting a rebound from the 2020 coronavirus crisis, the Ministry of Economy and Industry reported Tuesday.Israel has almost entirel...Read More

Chow Tai Fook Expands as Pandemic Profits Double

June 09, 21 / John Jeffay

(IDEX Online) - Chow Tai Fook saw net profits more than double to $777m, as it recorded its best performance since 2014 - in spite of the pandemic.China's biggest jeweler by market value says it opened 741 new points of sale across the mainland in the year to 31 March, and was planning a further 700-plus in the coming year. It currently has 4,591.The increased profits exceeded forecasts as th...Read More

Russia to Sell Rough Stockpiles as Demand Surges

June 09, 21 / John Jeffay

(IDEX Online) - Russia may release diamonds from its state-controlled stockpiles, allowing Alrosa to replenish dwindling reserves as demand surges.The government holds undisclosed reserves of precious gems and metals in a repository known as Gokhran.It is now reported to be considering the release of some rough reserves through public auctions, according to Bloomberg News, which would Alrosa to re...Read More

India's Polished Exports Set to Jump

Jun 08, 2021 / Rapaport News

RAPAPORT... India's polished-diamond exports will increase 20% to more than $20 billion this fiscal year as sentiment improves in key retail markets, a credit agency has forecast.China's apparent defeat of Covid-19 and the US's vaccine rollout have lifted consumer confidence in both countries, Mumbai-based Crisil Ratings said last week. Those two markets account for around 75% of India's poli...Read More

China Expansion Drives Chow Tai Fook Sales

Jun 08, 2021 / Rapaport News

RAPAPORT... Group revenue at Chow Tai Fook rose for the full fiscal year amid an expansion of the company's mainland China operations and improved consumer sentiment.Sales jumped 24% to HKD 70.16 billion ($9.04 billion) for the 12 months ending March 31, the company said Tuesday. The increase reflects a favorable comparison with the same period in 2020, when the coronavirus pandemic forced numerou...Read More

Banking on Diamonds

Jun 08, 2021 / Avi Krawitz

RAPAPORT... In both financial and diamond industry terms, 2017 seems like an eternity ago. Bankers at the Dubai Diamond Conference in October of that year gave a stark warning to the diamond sector: The trade is over-financed, insufficiently transparent, not profitable enough, and altogether too risky. This was their unanimous observation, to the discomfort of the audience. With bank credit a...Read More

Podcast: After Pandora, Is Cartier Next?

Jun 08, 2021 / Rapaport News

RAPAPORT... The Rapaport Diamond Podcast looks at Pandora's decision to focus on lab-grown stones instead of mined goods, and whether higher-end brands could go down the synthetics route.With Cartier CEO Cyrille Vigneron hinting to Forbes that it wouldn't rule out using lab-grown diamonds, could man-made stones have a future at the top jewelry maisons?The team also reflects on the latest deve...Read More

Lucara Turns Up 470ct. Rough at Karowe

Jun 08, 2021 / Rapaport News

RAPAPORT... Lucara Diamond Corp. has unearthed six diamonds over 100 carats from its Karowe mine in Botswana, including a light-brown stone weighing 470 carats.The miner recovered the clivage diamond - one of lower quality, which needs to be cut before processing - from the site's south lobe EM/PK(S) area, known for its large, high-quality rough, it said Tuesday. The stone is Lucara's third over 3...Read More

$5m to Kickstart Struggling Diamond Miner in DRC

June 08, 21 / Staff reporter

(IDEX Online) - The only commercial diamond miner in the Democratic Republic of Congo (DRC) hopes a $5m cash injection will go some way to revive its flagging fortunes.At its peak in 1961 MIBA, the Bakwanga Mining Company, produced 16m carats, but it has been badly hit by two wars, widespread corruption, embezzlement, poor management and infrastructure, crippling debt, unpaid workers' wages a...Read More

Lucara Recovers 470-ct Diamond at Karowe

June 08, 21 / Staff reporter

(IDEX Online) - Lucara has recovered a 470-ct diamond from its Karowe mine, in Botswana.It's the tenth +100-ct stone, and the third +300-ct so far from the deposit this year.The Canadian miner describes it as a top light brown clivage diamond (pictured) - indicating the rough stone will need to be split before being processed further.The diamond, measuring 49x42x26mm, was recovered from direc...Read More

De Beers Raises Some Rough Prices by 10 per cent

June 08, 21 / John Jeffay

(IDEX Online) - De Beers is reportedly raising prices of larger stones by as much as 10 per cent at its fifth sight of the year, which opened yesterday in Gabarone.The miner has been increasing prices since the end of 2020 as midstream demand rebounds, but not so dramatically.Rough diamonds over two carats are up by 10 per cent, sources have told Bloomberg News, and the prices of some smaller good...Read More

De Beers Raises Prices of Larger Diamonds

Jun 07, 2021 / Joshua Freedman

RAPAPORT... De Beers increased prices of goods above 2 carats at this week's sight amid shortages of rough alongside strong polished demand.Prices rose around 5%, and more in some categories, market insiders told Rapaport News on Monday. Near-gem items also saw significant increases, while prices for other stones under 2 carats were either stable or slightly up."They seem to have picked areas...Read More

Italian Watch Group Becomes CIBJO Member

Jun 07, 2021 / Rapaport News

RAPAPORT... Italian watch association Assorologi has become the second major timepiece group to join the World Jewellery Confederation (CIBJO) this year.Associazione Italiana Produttori e Distributori di Orologeria represents manufacturers and importers of watches and watchmaking supplies, CIBJO said Monday. It is also the industry's representative at Confcommercio, an Italian cross-sector tr...Read More

HK Customs Seizes Millions in Smuggled Diamonds

Jun 07, 2021 / Rapaport News

RAPAPORT... Hong Kong authorities busted smugglers transporting diamonds and other jewels estimated to be worth HKD 25 million ($3.2 million) in the largest case of its kind detected by the municipality's customs department.Officers discovered the illegal contents when they stopped an outbound truck for inspection at the Sha Tau Kok control point last week, the Hong Kong Customs and Excise Departm...Read More

Diamond Suppliers See 'Unprecedented' Sales

Jun 07, 2021 / Joyce Kauf

RAPAPORT... It's almost as if wholesalers want to say, "Pinch me." Sales have been so consistent and strong since January that they're comparing it to Christmas. Even as inventory prices keep rising, they are savoring this welcome sales streak - for now.New York: big business"We're breaking records every month," said Yoni Nitzani, owner of wholesaler Polo Gem Co. in New York. "Every month has...Read More