Diamond stocks Articles

GIA to Open Lab in Dubai

Jul 31, 2022 / Joshua Freedman

RAPAPORT... The Gemological Institute of America (GIA) will return to Dubai after an absence of around two years, launching a laboratory in one of the emirate's newest skyscrapers.The GIA offices are scheduled to open in mid-2023, the Dubai Multi Commodities Centre (DMCC) said last week. Local subsidiary GIA Laboratory DMCC will lease more than 41,000 square feet across two floors of Dubai's...Read More

Strong Prices Drive Rio Tinto Profit Surge

Jul 31, 2022 / Leah Meirovich

RAPAPORT... Revenue and profit from Rio Tinto's diamond division soared in the first half of the year as demand strengthened and manufacturers replenished inventory.The unit recorded underlying earnings of $91 million for the six months ending June 30, the miner said last week. That compared with $5 million a year earlier, when the economy was only beginning its recovery from the pandemic. Re...Read More

North Arrow Encouraged by Fancy Orange Finds in Canada

July 31, 22 / John Jeffay

(IDEX Online) - North Arrow Minerals reports "encouraging" results in its search for high-value fancy yellow to orange yellow diamonds in Canada's Arctic Archipelago.More than one in 10 of the diamonds bulk sampled last year from the Q1-4 kimberlite at the Naujaat Diamond Project are fancy color, it said.Of those, 90 per cent are orange and 30 per cent are classified as either "intense" or "v...Read More

Rare (But Tiny) Diamonds Found in Australia

July 31, 22 / Staff reporter

(IDEX Online) - An extremely rare type of diamond has been discovered in Australia - but it will be of more interest to geologists than the gem industry.The "metamorphic diamonds" are invisible to the naked eye and can only be viewed with a laser and a microscope.Researchers from James Cook University, in Queensland, found them in rocks along the Clarke River Fault, west of Paluma in the north of...Read More

Anglo American: Metal Profits Slump, but Diamonds Buck Trend

July 30, 22 / John Jeffay

(IDEX Online) -  Anglo American, parent company of De Beers, announced a slump in revenue and profits for the first half of 2022, as it struggled with Covid-related absenteeism, disrupted supply chains, weather extremes and economic volatility.The British diversified miner saw pre-tax profits fall by 33 per cent to $6.80bn and revenue down 17 per cent to $18.11bn.It faced "considerable challe...Read More

Rapaport Weekly Market Comment

Jul 28, 2022 / Rapaport News

News: Trading centers quiet with Belgium shutting for August summer break. Polished prices declining as demand drops and inventory rises. US dealers resilient despite economic caution. Consumer confidence down in July amid inflation concerns and higher interest rates, Conference Board says. Fed raises rates 0.75%. Rough premiums cool after strong 1H. Cutters maintain low polished production. De Be...Read More

De Beers Cautious Following Sales Jump

Jul 28, 2022 / Joshua Freedman

RAPAPORT... De Beers' revenue rose by almost a quarter in the first half of 2022, but the miner gave a more somber outlook for the rest of the year as polished demand has slowed. "We can only have strong rough sales if that's also coupled by what's going on on the polished side," De Beers chief financial officer Sarah Kuijlaars told Rapaport News on Thursday. "The polished position was very s...Read More

GIA Launches Diamond Origin Service

Jul 28, 2022 / Leah Meirovich

RAPAPORT... The Gemological Institute of America (GIA) has begun accepting submissions for a new service providing consumers with source verification for diamonds.Leading manufacturers sent the first polished diamonds to the GIA's Source Verification Service in early July, the institute said Wednesday. GIA-graded diamonds with confirmed origin information will be available to consumers when the in...Read More

Jewelry Performs Well for Kering in First Half

Jul 28, 2022 / Leah Meirovich

RAPAPORT... Kering reported strong jewelry sales during the first half of 2022, led by a recovery in North America and Europe.The group's Boucheron and Pomellato jewelry houses delivered "very solid performances," outweighing weaker results from Qeelin, which was affected by the health situation in China in the second quarter, Kering reported Wednesday.Sales at Kering's "other houses" segment - wh...Read More

Pastor Robbed of $1m Jewelry During Sunday Sermon

July 28, 22 / John Jeffay

(IDEX Online) - A flamboyant pastor and his wife were robbed at gunpoint of $1m of jewelry as he delivered his Sunday sermon at a New York church.Police are investigating a complaint by Lamor Miller-Whitehead, who goes by the title bishop, at the Leaders of Tomorrow church, in Brooklyn.He says a raider brandishing a gun took off his bishop's ring and chain, his wedding ring, an chains he...Read More

Lucara Mourns Passing of Founder Lukas Lundin

July 28, 22 / John Jeffay

(IDEX Online) - Lucara has announced the death of its founder and former chairman Lukas Lundin at the age of 64, after a two-year battle with brain cancer.He was the driving force behind the Canada-based Lundin Group of Companies, which employs 15,000 people globally in energy and mining.And in 2007 he established Lucara, the diamond mining company that owns the Karowe mine in Botswana. It is know...Read More

Fugitive Diamantaire Mehta Found Living in London

July 28, 22 / John Jeffay

(IDEX Online) - Fugitive diamond merchant Jatin Mehta, wanted in India over sophisticated $1bn fraud, has found living an "expensive lifestyle" in Britain and has had his assets frozen by a court there.He is alleged to have been behind a scam to defraud a gold bullion and jewelry manufacturer and a diamond company in India, using a complex web of companies in the UAE, Britain, Singapore and I...Read More

Tiffany Drives Strong Jewelry Sales at LVMH

Jul 27, 2022 / Leah Meirovich

RAPAPORT... LVMH saw revenue from jewelry and watches jump 22% in the first half of 2022, boosted by an "excellent" performance in the US from Tiffany & Co.Revenues in the category grew to EUR 4.91 billion ($5 billion) in the six months ending June 30, LVMH reported Tuesday. Profit for the division rose 26% to EUR 987 million ($1.01 billion).The debut of Tiffany's new Knot collection saw susta...Read More

De Beers Sales Momentum Continues

Jul 27, 2022 / Joshua Freedman

RAPAPORT... De Beers brought in $630 million at its latest sales cycle as the miner benefited from solid demand for its rough amid shortages of Russian goods.Proceeds from the July sight and auctions were 23% higher than for the equivalent period a year ago, the miner reported Monday. Sales were down 4% compared with the previous cycle in June, which grossed $657 million."Following a period o...Read More

Lucapa Unearths 170ct. Pink from Lulo

Jul 27, 2022 / Leah Meirovich

RAPAPORT... Lucapa Diamond Company has recovered one of the largest pink diamonds in history: a 170-carat stone from the Lulo mine in Angola.The type IIa rough, named the Lulo Rose, is "believed to be the largest pink diamond recovered in the last 300 years," Lucapa said Wednesday. It is also the fifth-largest diamond from Lulo, and the deposit's 27th over 100 carats since commercial producti...Read More

De Beers Sells $630m Rough Amid 'Robust' Demand

July 27, 22 / John Jeffay

(IDEX Online) - De Beers today said it sold $630m (provisional) of rough during Cycle 6, a year-on-year increase of almost 23 per cent as demand remained "robust".The figure is a light drop on Cycle 5's $657m (up a third year-on-year). Rough sales during Cycle 4 were $604m.Bruce Cleaver, CEO, De Beers Group, said: "Following a period of consistently robust demand in the first half, we continu...Read More

Historic 170-ct Pink Diamond 'Could Fetch $100m'

July 27, 22 / John Jeffay

IDEX Online) - A huge pink diamond weighing 170 carats has been recovered at the Lulo mine, in Angola.Australia-based miner Lucapa describes it as "an historic recovery" and says it is believed to be the largest pink diamond found in the last 300 years.The stone, named The Lulo Rose, will be sold at international tender by Sodiam E.P, the Angolan state diamond marketing company.Tobias Kormind, man...Read More

GIA Brings On First Sustainability Head

Jul 26, 2022 / Leah Meirovich

RAPAPORT... Johanna Levy has joined the Gemological Institute of America (GIA) as its first vice president of environmental, social and governance (ESG) programs.Levy will spearhead the GIA's sustainability policy and practices. The aim is to advance its consumer-protection mission of moving itself and the industry closer to a more sustainable future, it said in a LinkedIn post last week.Before jo...Read More

De Beers Hires Exec to Promote Code of Origin

Jul 26, 2022 / Leah Meirovich

RAPAPORT... De Beers has appointed Ivette Nersesyan-Stephanopoulos as vice president of Code of Origin and trade services for North America.In her new role, Nersesyan-Stephanopoulos will be responsible for promoting and growing De Beers' trust-mark program, which enables retail jewelers to sell the miner's diamonds and tap into its branding. She will also endorse the company's trade services to th...Read More

Podcast: How Tracr is Empowering De Beers' Supply Chain

Jul 26, 2022 / Rapaport News

RAPAPORT... Rapaport's Avi Krawitz chats with Wesley Tucker, head of digital transformation and Tracr at De Beers, about the industry's drive to develop diamond tracking programs. In this episode of the Rapaport Diamond Podcast, Tucker outlines the progress Tracr has made as De Beers works toward putting all of its production on the platform. The two discuss how the miner can enable more sigh...Read More

Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok