Embattled diamond miner Stornoway Diamond Corp has been informed that it will be delisted from the TSX at the close of market on October 18.The company, which operates the Renard mine, in Quebec, was granted credit protection earlier this month to restructure its business and financial affairs.AdvertisementStornoway said on Wednesday that it would not appeal the delisting decision and that it no l...Read More
The organizers of the September Hong Kong Jewellery & Gem Fair rejected the trade's request for a discount, executives confirmed Wednesday.The Hong Kong Jewelry Manufacturers' Association (HKJMA) had asked Informa Markets for a 25% reduction in exhibitors' fees due to the uncertainty arising from protests in the city. But the company chose instead to provide incentives for buyers to attend, su...Read More
RAPAPORT... The Gemological Institute of America (GIA) has confirmed anew mineral species discovered in Myanmar, which it has called johnkoivulaite. The organization named the substance in honor of renownedmicroscopist and GIA researcher John Koivula. The 40-year industry veteran hasco-authored several books on geology, diamonds and minerals, and has received anumber of industry awards, inclu...Read More
RAPAPORT... Alrosa's supervisory board is set to vote on the acquisitionof diamond manufacturer Kristall, which will enable the miner to focus onincreasing sales in the US and China, it said Tuesday. The deal, which will go up for consideration on September24, will cost Alrosa RUB 1.89 billion ($29.3 million), and will increase thecompany's share of the Russian polished-diamond market from 20...Read More
RAPAPORT... It seems men are tired of letting women do all thesparkling. In September 2018, The New York Times printed a story aboutthe growing popularity of men's jewelry, tying the trend to the introduction ofmen's fashion weeks and the rise of Instagram. More recently, nautical-cordbracelets, upscale chains, signet rings, and dog-tag-like pendant necklaces havemade style headlines in magaz...Read More
RAPAPORT... Gem Diamonds has recovered a diamond weighing 127 caratsfrom its Let??eng mine in Lesotho. The miner found the D-color, type II stone on September 11,it said Monday. The diamond is the fourth white stone of that magnitude, andthe seventh over 100 carats Gem Diamonds has retrieved this year. The miner recovered a 114.2-carat yellow diamond from thedeposit in August, as well as a 13...Read More
(IDEX Online) - Lucara Diamond Corp. has recovered a 123-carat, gem-quality top white Type II diamond from the Karowe Diamond Mine in Botswana. So far this year, Karowe has yielded 22 diamonds larger than 100 carats, with six stone exceeding 200 carats. The mine also yielded the 1,758-carat Sewel?? ? diamond, the largest diamond ever recovered in Botswana.Lucara also announced it had recovere...Read More
(IDEX Online) - British jeweler Beaverbrooks is getting a jumpstart on the holiday season with the launch of its ?, ?100,000 ($125,000) advent calendar. The "diamond a day" calendar includes diamond rings, necklaces and earrings. As reported by Metro, the calendar features 25 drawers that the lucky owner will open in the countdown to Christmas. Nestled inside are a Once platinum diamond solit...Read More
(IDEX Online) - Sarine Technologies Ltd has signed a signed a strategic framework with Chinese gemological lab the National Gemstone Testing Center (NGTC). The two sides said they aim to implement artificially intelligence (AI) based 4Cs and light performance grading, diamond traceability and fingerprinting and other digital solutions for the retail trade in China.Sarine and NGTC also said they wo...Read More
(IDEX Online) - The diamond industry continues to reshape itself with the announcement that Alrosa is considering buying state-owned Kristall from the Russian Federation. The production corporation has been valued at RUB 1.886 billion ($29 million). Kristall process over 200,000 carats of rough diamonds a year, of which 90 percent supplied by Alrosa.After the consolidation, Alrosa's shar...Read More
Canada-based miner Lucara Diamond Corp has recovered a 123 ct gem-quality top white Type II diamond at its Karowe mine, in Botswana.The diamond was recovered from direct milling ore sourced from the eastern magmatic/pyroclastic kimberlite (EM/PK(S)) unit of the South Lobe. AdvertisementThe EM/PK(S) has also delivered several other high-value diamonds, including the 1 109 ct Lesedi La Rona, th...Read More
(IDEX Online News) - Jewelers of America (JA) and Jewelers Board of Trade are gathering data for the Retail Jewelers Benchmarking Study. The study will give a comprehensive overview of the jewelry market place. The organizations say the study is designed to bring retail jewelers the information they need to make informed decisions about their businesses that can improve profitability.The study, wh...Read More
(IDEX Online) - August U.S. retail sales grew 4.6 percent year-over-year. According to the National Retail Federation (NRF), sales also increased 0.4 percent over July. The numbers exclude automobile dealers, gasoline stations and restaurants.NRF's numbers are based on data from the U.S. Census Bureau, which reported that overall August sales - including auto dealers, gas stations and restaur...Read More
(IDEX Online) - Industry charity Jewelers for Children (JFC) has unveiled its 2019 Hope for the Holidays program. The program includes holiday greeting cards made from designs created by children representing St. Jude Children's Research Hospital. For the third year, Hallmark has donated all the printing for the cards.The three designs were created by children who were either patients at...Read More
Russian diamond miner Alrosa is considering the acquisition of Russia's largest producer and exporter of polished diamonds, Kristall, which is valued at 1.89-billion ruble.Kristall processes more than 200 000 ct/y of rough diamonds, with 90% of diamond feedstock supplied by Alrosa.Advertisement"On the back of the increasingly complex economic environment, Kristall has been going thro...Read More
RAPAPORT... Expectations were low among diamantaires as the September Hong Kong Jewellery & Gem Fair opened Monday, with local unrest dampening prospects for attendance.Many companies have skipped the show for safety reasons, as anti-government protests have gripped Hong Kong since June. "The situation in Hong Kong as of now isn't good. Many of my clients don't plan to come," said Sujal S...Read More
RAPAPORT... Sales at specialist jewelry stores in the USslipped 5% year on year to $14.39 billion in the first half, according to datafrom the nation's census bureau. Monthly figures for January to June all droppedcompared with the same time the year before, with June showing the largest dip,sliding 10% to $2.31 billion, the data showed, indicating weak consumer sentiment. The Consumer Confi...Read More
RAPAPORT... Shares in Petra Diamonds slipped 7% in early trading Mondayafter the miner reported its loss had broadened due to a devaluation of itsfour deposits. The company reported a net loss of $258.1 million for theperiod ending June 30, as opposed to a loss of $203.1 million the year before.This was due to the combination of impairment charges - a reduction in the value of an asset- on it...Read More
RAPAPORT... US retail sales rose in August, even as consumer confidence slipped slightly from the previous month amid the escalating trade war. Total sales - excluding automobiles, gasoline andrestaurants - rose 0.4% compared with July and 4.6% year on year, according todata the National Retail Federation (NRF) reported, citing the US CensusBureau. Online and other non-store sales climbed 14%...Read More
(IDEX Online) - Petra Diamonds today announced a 6-percent drop in its full year revenue to $463.6 million (FY 2018: $495.3 million). Diamond prices also dropped 5 percent.The company reported a net after-tax loss of $258.1 million compared to a net loss of $203.1 million in 2018.Production was up marginally over 2018 at 3.87 Mcts compared to 3.84 Mcts. Petra reported production of 705 Kcts for Ju...Read More