Diamond stocks Articles

De Beers Charged with Environment Breach

June 06, 21 / IDEX Online

(IDEX Online) - De Beers Canada has been charged with an environmental breach after releasing almost 1,600 gallons of diesel at its former Snap Lake mine.The fine for such a breach Environmental Protection Act is from C$100,000 to C$4m.A report by De Beers blames human error for the spill.  A worker forgot to close the tank's outlet valve, a court was told.The miner invested over $2.2bn...Read More

Rapaport Weekly Market Comment

Jun 03, 2021 / Rapaport News

Supply shortages driving uptrend in prices. 1 ct. RAPI +0.8% in May. Inventory declining; number of 0.30 to 0.50 ct., RapSpec A3+ stones on RapNet -23% since April 1. Large US and Chinese retailers stimulating demand. Scarcities and rising prices making it hard for dealers to replenish polished goods. Major suppliers with inventory and efficient online systems are selling at strong premiums compar...Read More

US Suspends Jewelry Tariffs by Six Months

Jun 03, 2021 / Rapaport News

RAPAPORT... The US has approved plans for fresh tariffs on a range of foreign goods, including jewelry, but has delayed the implementation to allow negotiations to continue, the government announced Tuesday.The new duties of up to 25% came in response to digital services taxes in Austria, India, Italy, Spain, Turkey and the UK that - according to the US - discriminated against American e-comm...Read More

Grib Taps Sarine's Traceability Tech

Jun 03, 2021 / Rapaport News

RAPAPORT... Grib Diamonds has signed up for Sarine Technologies' provenance program, enabling the Antwerp-based trader to provide source verification for the rough it offers.Grib, which sells rough from AGD Diamonds' Grib mine in Russia, will use the traceability information to complement the Sarine technology it already offers customers, the Israel-based equipment provider said Wednesday. Th...Read More

US Jewelry Demand Bounces Back

Jun 03, 2021 / Lara Ewen

RAPAPORT... Midway through 2021, retailers were beginning to plot a path back to normalcy. More than a year has passed since the initial shutdowns, and in the interim, store owners have had plenty of time to reassess and reorganize. Self-purchasing and online shopping have both increased, and custom work continues to be strong, jewelers say. Now, businesses are looking forward to an optimistic sum...Read More

Gem Lab IGI Pledges to Become Carbon-Neutral

Jun 03, 2021 / Rapaport News

RAPAPORT... The New York office of the International Gemological Institute (IGI) is aiming to be the first carbon-neutral gemological laboratory by 2022."Our environment is an interdependent system where everyone has a role to play, and I am proud of the institute for stepping up and enacting real change," IGI North America president Avi Levy said Wednesday. "While we are pioneering the practice i...Read More

Jeweler Now Takes Payment by Cryptocurrency

June 03, 21 / John Jeffay

(IDEX Online) - Antwerp-based Baunat has become one of the first diamond jewelry companies to accept payment by cryptocurrency.Customers can now pay for their purchases online using Bitcoin, Ethereum and others.Steven Boelens, the firm's executive director, said: "Baunat has always been an early adopter when it comes to technology and in today's economic climate it's easy to see the...Read More

IDEX Polished Price Index Rises Steadily in May

June 03, 21 / IDEX Online

(IDEX Online) - The IDEX Polished Price Index was up 1.37 per cent in May, an increase almost double that of April (0.73 per cent). The rise was pretty steady day on day, with the Index averaging 124.970 across the month and closing at 125.900.The Index is currently the highest it's been since November 2018. It has been climbing, albeit with some volatility, sinc...Read More

India's Diamond Exports to Exceed $20bn

June 03, 21 / John Jeffay

(IDEX Online) - India's diamond exports are set to exceed $20bn this financial year - an increase of 20 per cent.That's according to an analysis of 70 diamantaires rated by CRISIL, the Mumbai-based Crisil ratings agency.In recent months pent-up demand and stimuli buoyed demand for diamonds and jewelry in the US and China, it says, which account for 75 percent of India's polished dia...Read More

Zimbabwe State Miner to Increase Output by 30 per cent

June 03, 21 / John Jeffay

(IDEX Online) -  Zimbabwe's state-owned miner this week said it aimed to increase diamond production this year by 30 per cent.  It predicts a total output of 3m carats, up from 2.3m in 2020, as a result of improved mining methods.  The Zimbabwe Consolidated Diamond Company (ZCDC) also hopes a joint exploration venture with Alrosa will further increase its diamond production.&nb...Read More

India's Domestic Trade Pleas for Financial Help

Jun 02, 2021 / Rapaport News

RAPAPORT... The trade group that supports India's domestic jewelry industry has asked the government and the central bank for urgent help amid the "major financial stress" resulting from the Covid-19 crisis.Companies in the sector have been forced to close and have lost out on revenue during the country's latest coronavirus wave, the All India Gem and Jewellery Domestic Council (GJC) stressed...Read More

Diamond Shortages Driving 'Crazy' Rough Prices

Jun 02, 2021 / Joshua Freedman

RAPAPORT... India is experiencing a shortage of diamonds as rough supply has dropped and polished goods remain stuck at the Gemological Institute of America (GIA).Traders are struggling to source rough, and face rising prices when buying from miners and at tenders, Indian manufacturers told Rapaport News this week. This has made it hard to meet strong demand from the US and China."[Buying] ro...Read More

Banks Chase Cash Lost to Winsome Diamonds

June 02, 21 / Staff reporter

(IDEX Online) - Banks that lost money in a $770m gold and diamonds loan scam in India in 2013 have won a legal victory in their bid to trace the missing cash.A British judge yesterday restored four UK shell companies suspected of having laundered money lent to Indian-based Winsome Diamonds.The move may enable Standard Chartered Bank and other lenders to trace the assets of an Indian gold and diamo...Read More

Israel Diamond Exchange Returns to Normal Activity

June 02, 21 / John Jeffay

(IDEX Online) - Hundreds of traders crowded the Israel Diamond Exchange (IDE) for the first Blue and White fair since lockdown restrictions were imposed more than a year ago.Among the 50 industry leaders exhibiting on the trading hall at Ramat Gan were Tache, Lili Diamonds, S. Schnitzer and Andre Messika.Almost all coronavirus restrictions have now been lifted in Israel after a vaccination program...Read More

India's Domestic Trade Pleads for Financial Help

Jun 02, 2021 / Rapaport News

RAPAPORT... The trade group that supports India's domestic jewelry industry has asked the government and the central bank for urgent help amid the "major financial stress" resulting from the Covid-19 crisis.Companies in the sector have been forced to close and have lost out on revenue during the country's latest coronavirus wave, the All India Gem and Jewellery Domestic Council (GJC) stressed...Read More

Hong Kong Cautious Amid Sluggish Sales

Jun 01, 2021 / Rapaport News

RAPAPORT... Hong Kong-based retail sales of jewelry and other hard-luxury items were far below pre-pandemic levels in April as tourism remained stagnant.Revenue from jewelry, watches, clocks and other valuable gifts came to HKD 2.63 billion ($338.6 million) for the month, well short of April 2019's total of HKD 5.86 billion ($747.8 million), the municipality's Census and Statistics department repo...Read More

China, US Drive Recovery in Swiss Watch Exports

Jun 01, 2021 / Rapaport News

RAPAPORT... Swiss watch exports exceeded pre-pandemic levels in April as demand in the US strengthened and China continued to see growth in domestic purchasing.Global shipments were 2% higher than in the same month of 2019, amounting to CHF 1.79 billion ($1.99 billion), the Federation of the Swiss Watch Industry said last week. The organization used 2019 rather than last year as a base because of...Read More

Covid-19 Outbreak Interferes with Ekati Operations

Jun 01, 2021 / Rapaport News

RAPAPORT... Regional health authorities for Canada's Northwest Territories have declared a coronavirus outbreak at the Ekati mine, sending operations temporarily into flux.The Office of the Chief Public Health Officer (OCPHO) recommended workers at the mine enter quarantine after three positive cases were identified following regular testing, it said Monday. Regularly scheduled flights to the...Read More

Steady Demand Lifts Diamond Prices

Jun 01, 2021 / Rapaport

RAPAPORT PRESS RELEASE, June 1, 2021, Las Vegas... Diamond market sentiment was positive during May as the US and China saw upbeat jewelry sales. Supply shortages and a swift recovery in demand supported polished prices. The RapNet Diamond Index (RAPI) for 1-carat diamonds rose 0.8% in May.  RapNet Diamond Index (RAPI) Read More

Antwerp's Recovering Diamond Trade Still Well Below 2019

June 01, 21 / John Jeffay

(IDEX Online) - Antwerp's polished import and export figures for April are well up on a year ago - during the depths of the pandemic - but are still significantly lower than the same month in pre-pandemic 2019.The value of rough exports soared by almost 25 times in April, compared with a year ago, when Covid brought the diamond industry to a near-standstill.Polished exports increased more tha...Read More