(IDEX Online) - Lucapa Diamond Company Limited has declared an $8 million distribution and loan repayment. Of the $8 million, half will be distributed to the partners in the Lulo mine in Angola, with Lucapa receiving $1.6 million in line with its 40% interest. The other $4 million will be a loan repayment to Lucapa. The $8 million payment will come from the cash reserves of SML, the...Read More
(IDEX Online) - Maxim Shkadov, Director General of Russia's Kristall (Smolensk), the largest diamond manufacturer in Russia, is leaving the company to join ALROSA. He will be involved "in the issues of integration of ALROSA and Kristall, the two largest Russian enterprises in the field of production and manufacturing of diamonds," Kristall said in a statement. The integration o...Read More
RAPAPORT... De Beers and Alrosa have released the dates of theirrough-diamond sales for 2019. Next year, De Beers will not hold a sight inOctober, replacing it with a sight in August instead. Alrosa sales also includegoods from its subsidiaries, Alrosa-Nurba, Severalmaz and Almazy Anabara.De Beers holds 10 sales, or sights, in Botswana every year, atwhich it sells about 90% of its rough suppl...Read More
RAPAPORT... Diamcor Mining's rough-diamond sales rose 62% year on yearto $1.4 million in the third fiscal quarter. The company sold 7,162 carats during the period which ends December 31, for an average price of $196 per carat, it said last week. At its December tender, the last of the quarter, the miner garnered$303,138 from the sale of 1,905 carats, at an average price of $159 per carat.Dia...Read More
RAPAPORT... The Russian government has approved Alrosa's acquisition of Kristall,the diamond manufacturer said Monday.Alrosa has hired Maxim Shkadov, Kristall's director general,to work on integrating the two companies, Kristall added. Alexey Romankov,Kristall's deputy director general and production director, will take over asacting general director at the cutting firm until the next shareholder...Read More
RAPAPORT... Diamond manufacturer Pluczenik must pay $3.3 million to abroker that claimed the company breached a pact made almost 25 years ago, a courthas ruled. The case dates back to a 1994 oral agreement between broker WilliamNagel and Isaac Pluczenik, then CEO of Pluczenik. Nagel agreed to reduce hiscommission for services at De Beers' sights on condition Pluczenik retainedNagel as its bro...Read More
RAPAPORT... The Zambian Revenue Authority (ZRA) has cleared Gemfields' subsidiary Kagem Mining of all tax-evasion allegations following an investigation at itsemerald mine earlier this year. The ZRA has advised Kagem that all matters under scrutinyhave been "suitably addressed," Gemfields said last week. The tax authorityfound no instances of wrongdoing or late payment by either party, the mi...Read More
RAPAPORT... The Zimbabwe government has installed a crushing plant atits Marange diamond deposit as it aims to shift from alluvial operations tohigher-value mining. The Zimbabwe Consolidated Diamond Company (ZCDC) hopes toincrease annual output to 10 million carats within the next five years, the nation'sMinistry of Information, Publicity and Broadcasting Services said in a Twitterpost last w...Read More
(IDEX Online) - The England and Wales Court of Appeal recently ruled in favor of veteran diamantaire Willie Nagel in a case featuring Antwerp sightholder Pluczenik. The Belgian firm will have to pay $3.3 million to its former broker, W Nagel Ltd., after the court agreed with a ruling of a lower court that Pluczenik violated an agreement between the sides from 20 years ago. Nagel told...Read More
(IDEX Online) - Diamcor Mining Inc. sold 1,905 carats of rough stones from its Krone-Endora at Venetia Project for $303,138.39, resulting in an average price of $158.60 per carat. The company tendered 2,256 carats of rough diamonds; the balance of 351 carats will be tendered along with additional rough diamonds delivered by the company in January. Tota...Read More
(IDEX Online) - The head of Angolan diamond marketing company Sodiam said a second diamond cutting and polishing factory is to be established in Saurimo in February. Sodiam CEO Neves Silva said that the plant, part of the company's strategic plan for the 2018-2022 period, will initially be able to process 4,000 carats of rough diamonds per month, according to a report on Macauweb. Th...Read More
RAPAPORT... Alrosa plans to keep its rough-diamond sales in line withproduction in 2019 to avoid flooding the market with excess supply. The Russian miner will sell 38 million to 39 million caratsnext year, despite having more goods available in its inventory, a companyspokesperson told Rapaport News. "We will [have the ability] to sell 41 million caratsnext year, but based on recent demand and fo...Read More
RAPAPORT... Sotheby's garnered a combined $414 million at jewelry sales thisyear, driven by a record-breaking auction of jewels from the Royal Bourbon Parmafamily. That sale, which took place in Geneva in November, fetched $53.1 millionagainst a presale estimate of $7 million. A natural pearl and diamond pendant from Marie Antoinette's personal collection was the highest seller, garnering $36...Read More
RAPAPORT... The Dubai Diamond Exchange (DDE) will join the Gem &Jewellery Export Promotion Council's (GJEPC) digital know-your-customerplatform. All members of the DDE's parent company, the Dubai Multi Commodities Centre(DMCC), that trade in diamonds, gold and precious stones will be able to use MyKYC Bank to manage and share customer information, the DMCC and the GJEPC said lastweek. Th...Read More
Australia's Lucapa Diamond (ASX:LOM) has locked in 100 million rand (about $7m) in development funding from South Africa's Industrial Development Corporation (IDC) for its 70%-owned Mothae diamond plant, in Lesotho.Commercial production at the mine, which the Perth-based company acquired in early 2017, began earlier this month via a new 1.1 million tonne-per-year plant that is progressively rampin...Read More
Precious gemstones miner Gemfields (JSE: GML) has announced that the Zambia Revenue Authority (ZRA) has cleared its Kagem emerald mine following a probe into alleged tax evasion.During an unannounced visit in August, the ZRA seized documents and files including those allegedly used to evade payment of Value Added Tax (VAT), income tax, with-holding tax and other taxes.Probe was part of a wider eff...Read More
Dear Friends,Greetings and best wishes for a happy, healthy, prosperousand peaceful New Year. The New Year is an important time for introspection. Forthinking about our past, present and future. This New Year has special importance for the Rapaport Groupas we celebrate 40 years of continuous publication of the Rapaport DiamondReport. While it is nice to announce longevity, celebrate survival and s...Read More
Positive sentiment in final sales-week beforeChristmas. Fashion jewelry for self-empowered women driving growth. Polishedtrading quiet as US and Belgium firms close for holidays. Dealers hoping strongUS shopping will stimulate wholesale demand in the first quarter. Chinesejewelers preparing for Feb. 5 Lunar New Year. Indian manufacturers cautious, withfactories below capacity after India's Nov. ro...Read More
Cautious sentiment amid rumors of furtherbankruptcies and job cuts among manufacturers. Polished production well belowcapacity, with some small- and medium-size factories still closed since Diwali.Stable rough demand from sightholders at last week's De Beers sight. Shortage ofbetter-quality SIs expected, as new production will only be available in mid-firstquarter. Steady consumer interest during...Read More
RAPAPORT... Swiss watch exports grew last month at their fastest ratefor two years amid an upturn in orders from the US and increased shipments ofhigh-end timepieces. Total exports rose 3.9% year on year to CHF 2.06 billion($2.09 billion) for the month, the Federation of the Swiss Watch Industryreported Thursday. "The strongest increase was in the US, the second-mostimportant market, ag...Read More