De Beers Group’s sales decreased to $250-million for the sixth cycle of this year.This compares with the $391-million of diamonds sold in the fifth sales cycle of this year and the $533-million of diamonds sold in the sixth sales cycle of 2018.Advertisement“With ongoing macroeconomic uncertainty, retailers managing inventory levels, and polished diamond inventories in the midstream con...Read More
Greenland Ruby announces that it has become the first colored gem miner to join the Responsible Jewellery Council. The company, with a head office in Nuuk, Greenland, has embarked on the process of becoming certified against RJC's Code of Practices, which defines responsible, social and environmental business practices for companies in the jewelry supply chain. Once Greenland Ruby has complet...Read More
Diamond miner Petra Diamonds’ share price on the LSE rose more than 25% on Tuesday after CEO Richard Duffy assured shareholders that it would not need to raise further equity to refinance its bond.The company’s share price had fallen since it published a trading update for the 2019 financial year and guidance for the 2020 financial year.Advertisement“We are executing our plans an...Read More
RAPAPORT... Sarine Technologies expects to report a loss for the second quarter, ascontinued market uncertainties led to lower demand for its diamond-manufacturing equipment. The net loss will be approximately $1 million, the companycautioned earlier this month, compared with a profit of $4.1 million for the same periodlast year. Sarine also predicted revenue of approximately $11.5 million, a...Read More
RAPAPORT... Two companies dealing in pre-owned luxury jewelry and watches have merged, aiming to tap into what they claim is a $1 trillion market. Circa and Mondiamo will continue to operate under two separate names and logos, but will combine their resources, they said Monday."We are miners - we mine above ground," said OrenSchneider, CEO of Mondiamo parent company Adama Partners, which will...Read More
RAPAPORT... Robyn Hawk, who authored a number of blogs on the jewelryindustry, passed away on July 16 at the age of 63 following a stroke. Dubbing herself a "serial blogger," Hawk, who graduated fromthe Gemological Institute of America (GIA) in 2009 with a degree in gemology,diamonds, colored stones and pearls, wrote for the Tucson Gem Show and postedarticles on the jewelry industry in...Read More
RAPAPORT... The war on conflict diamonds will remain at a standstilluntil the industry can agree on what constitutes systemic violence, accordingto World Federation of Diamond Bourses (WFDB) president Ernie Blom. The lack of agreement on the matter is preventing Africanproducing nations from accepting a broadened definition of conflict stones, asthey fear it might fuel unfair treatment agains...Read More
RAPAPORT... Alex and Ani has filed a $1.1 billion lawsuit against Bankof America, claiming its gender bias and greed have driven the jewelry company toward bankruptcy. Last year, the bank declared the company had defaulted on its revolvingloan, even though it was meeting all the terms of its line-of-credit agreement,Alex and Ani alleged in the suit, filed in a New York district court July 25....Read More
RAPAPORT... The Dubai Diamond Exchange (DDE) will soon unveil its renovated center for rough and polished diamond tenders, the bourse reported Saturday."The DDE is currently under renovation," the exchange said. "Once complete, it will be one of the biggest tender floors in the world with 40 tables, fully secured with cameras and specialist lighting for buyers to examine diamonds and precious...Read More
RAPAPORT... Firestone Diamonds saw a decline in sales during its fiscal fourth quarter due to a drop in demand for small, lower-value diamonds that make up the bulk of its supply.The company reported sales of $12.7 million for the three months that ended June 30, representing a decline of 32% from the previous year. Sales for the fiscal year fell 9% to $56.9 million, according to Rapaport rec...Read More
Avraham Eshed, a veteran Israeli diamond manufacturer, was named an Israel Diamond Industry Dignitary for the year 2019. The biennial Israel Diamond Industry Dignitary Awards aim to recognize and honor those men and women who have advanced and promoted Israel's diamond industry, at home and abroad. Eshed, who is both a manufacturer of large diamonds and high-value colored gemstones, follows i...Read More
The Angolan government hopes that the return of licenses to more than 200 companies and semi-industrial diamond mining cooperatives in seven provinces of Angola will allow for the creation of at least 20,000 jobs, Andr?? (C) Buta , the national director of Mineral Resources said.Buta, who spoke at the end of the delivery of 31 of the 81 licenses for semi-industrial exploration planned for Lunda No...Read More
The Jewelers Board of Trade (JBT) said in ia recent report that in the second quarter of the year, 185 jewelry businesses had ceased operations, constituting a 21 percent drop compared to the second quarter of 2018. Among those 185 closures, 135 were retailers and 36 wholesalers and 14 jewelry manufacturers. In general, the rate of companies closing is slowing down. JBT noted that at the end...Read More
Jewelry designers and manufacturers Alex and Ani LLC is suing Bank of America Corp. for more than $1 billion in damages and alleging discrimination. The female-led company argues that the bank fraudulently declared it in default of a $50 million line of credit last year and that it consequently is driving the jewelry firm toward bankruptcy. Bloomberg noted that this development is a "stark turnar...Read More
RAPAPORT... The Dubai Diamond Exchange (DDE) will soon unveil its renovated center for rough and polished diamond tenders, the bourse reported Saturday."The DDE is currently under renovation," the exchange said. "Once complete, it will be one of the biggest tender floors in the world with 40 tables, fully secured with cameras and specialist lighting for buyers to examine diamonds and precious...Read More
The De Beers Group Designers Initiative’s Shining Light Awards this year encouraged participants to showcase how they celebrate heroines and heritage in their respective countries.Fashion and jewellery gurus from Botswana, Namibia, South Africa and Italy converged in Gaborone, Botswana, over two days in July, to review this year's entries.AdvertisementAccording to the panel of judges, gr...Read More
RAPAPORT... Firestone Diamonds saw a decline in sales during its fiscal fourth quarter due to a drop in demand for small, lower-value diamonds that make up the bulk of its supply.The company reported sales of $12.7 million for the three months that ended June 30, representing a decline of 32% from the previous year. Sales for the fiscal year fell 9% to $56.9 million, according to Rapaport rec...Read More
RAPAPORT... De Beers loosened its purchasing requirements for roughbuyers at last week's sight in an effort to ease the oversupply affecting the diamond market.Sightholders have struggled to reduce their inventories due to an imbalance of stocks and weak polished demand. To tackle the problem, De Beers allowed its customers todefer purchases from the July sight to other sales later this year, aspo...Read More
RAPAPORT... Gemological Science International (GSI) is opening its second testing center in New York dedicated to identifying undisclosed lab-grown diamonds. The 4,200-square-foot facility on Fifth Avenue will be used to spot synthetics in loose-stone parcels and jewelry, GSI saidlast week. It will enable the institute to broaden the services it currentlyoffers at the screening center it laun...Read More
RAPAPORT... Consumers prefer to shop in-store, and spend more on jewelrywhen buying in brick-and-mortar than when purchasing online, a study by Citibank's Citi Retail Services found. "As jewelry is such a personal item, buying in-store largelyprovides consumers with the confidence that comes after physically viewing andhandling a product," Leslie McNamara, chief marketing officer and head ofw...Read More