Diamond miner Petra Diamonds achieved a 37% year-on-year increase in adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) to $195.4-million for the financial year ended June 30.Its adjusted Ebitda margin improved to 39%, from 36% in the 2017 financial year.AdvertisementRevenue rose by 25% year-on-year to $495.3-million as a result of a 19% year-on-year increase in produ...Read More
(IDEX Online) - Petra Diamonds Limited said long-time CEO Johan Dippenaar, will be stepping down after 12 years. Chairman Adonis Pouroulis said: "Johan has led Petra through a long period of significant growth, taking the company's annual production from approximately 175,000 carats in FY 2006 to 4.6 million carats in FY 2018, and establishing the company as a leading independent diamond pr...Read More
(IDEX Online) - GSI is opening labs in the heart of New York City's 47th Street 'Diamond District' and in Hong Kong. The New York facility will be dedicated solely to screening and testing of diamond jewelry for undisclosed lab grown diamonds. "Demand for screening and testing services has grown exponentially as the industry faces one of its biggest challenges yet - undisclosed lab-grown d...Read More
LONDON – Petra Diamonds is owed about $25-million in value added tax (VAT) refunds by Tanzania, its chief executive said on Monday."We are not getting paid at the moment. The historical figure owed is $16-million," CE Johan Dippenaar told Reuters in an interview, adding that current VAT is an additional $9 million.AdvertisementTo watch Creamer Media's latest video reports, click he...Read More
RAPAPORT... Manufacturing Jewelers & Suppliers of America (MJSA) hasawarded a total of $10,000 in scholarships to three students pursuing aneducation in jewelry. Nicholas Bates, who plans to study jewelry technology andgemology at Texas Institute of Jewelry Technology, received $4,000, MJSA said. QuinnDavis was awarded $3,500 to aid her pursuit of a graduate-jeweler diploma atthe Gemological I...Read More
Lucapa Diamond (ASX:LOM) said it supports the recent diamond sector reforms announced by Angola's government and that it will sell certain select large premium-value diamonds from its prolific Lulo mine through the country's new marketing channels.In detail, the Australian miner and its partners Empresa Nacional de Diamantes and Rosas & Petalas selected six top white diamonds from Lulo, weighing...Read More
Anglo American Plc has quietly become a commodities trader.In just five years, the century-old miner assembled marketing operations that now sell more metals than the company produces. Yet the trading business gets barely a mention at presentations by Anglo executives or in analyst reports, taking a back seat to mines that produce everything from copper and platinum to diamonds.Anglo's move into t...Read More
RAPAPORT... Jewelers of America (JA) has named Rolex Watch USA CEOStewart Wicht as the recipient of its 2019 GEM Award for Lifetime Achievement. The GEM Awards honor the outstanding achievements ofindividuals or companies whose work raises the visibility and status of finejewelry and watches. "A bigger-than-life personality and an astute businessman,Stewart significantly elevated Rolex's par...Read More
RAPAPORT... Lucapa Diamond Company will sell six large stones weighing atotal of 449 carats from its Lulo mine in Angola after an overhaul of thenation's mining laws prompted it to delay the sale, it said. The Angolan government introduced reforms to its diamondsector in the first half of the year to help boost foreign investment. Thosemeasures included a new marketing policy for Angolan diamonds,...Read More
RAPAPORT... Chow Tai Fook, Hong Kong's largest jewelry company, has ruled out introducing a line of lab-grown diamonds at its stores, noting that Chinese consumers are not interested in the category. "We don't have any idea to develop lab-grown diamonds at this moment because we don't see any market for it right now," Kent Wong, managing director of Chow Tai Fook Jewellery Group (pictured), said i...Read More
RAPAPORT... A ring with a 5-carat, fancy-vivid-blue diamond center stone and white diamonds will headline Sotheby's Magnificent Jewels and Jadeite fall sale in Hong Kong. The Ai diamond, named after the Chinese word for love, is estimatedat $12.5 million to $15.3 million, the auction house said last week. Several pieces by designer Wallace Chan will also go underthe hammer, including a pair...Read More
RAPAPORT... Gemological Science International (GSI) has launched a new screeningand testing office in New York's Diamond District. The facility, which will serve as a hub for the institute'sUS-based customers, will be dedicated to identifying undisclosed synthetic diamonds. "Demand for screening and testing services has grownexponentially as the industry faces one of its biggest challenges yet -u...Read More
RAPAPORT... Alrosa sold $15.6 million worth of rough at a large-stoneauction in Israel last month. The 166 diamonds - each over 10.8 carats - weighed acombined 2,611 caratsand fetched an average price of $5,975 per carat, theminer said last week. The stones sold for more than one-and-a-half times theirasking price, Alrosa noted. Companies from Russia, Israel, Belgium, Hong Kong, theUnited Arab Emi...Read More
(IDEX Online) - The Bharat Diamond Bourse (BDB) in Mumbai says more than 300 visitors from India and overseas have already registered for the second edition of the Bharat Diamond Week at the bourse, to take place from October 8-10. Hundreds more buyers are expected to register in the countdown to the expanded polished diamond fair. The inaugural show, held from April 23-25, was attended by more th...Read More
(IDEX Online) - The International Institute of Diamond Grading & Research (IIDGR), a member of De Beers Group, has announced the introduction of SYNTHdetect XL, an advanced version of the highly successful SYNTHdetect synthetic screening device launched last year. Unveiled at the Hong Kong Jewellery & Gem Fair, SYNTHdetect XL has a larger base unit that allows multiple volumes of je...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has appointed Eran Zini asmanaging director. Zini was formerly the managing director of a company thatworks on vocational rehabilitation for people with disabilities. He was also asenior adviser to Israel's minister of justice. Zini will replace Eli Avidar, who stepped down in April. Image: Eran Zini, IDE Managing Director. Credit: Israel Diamond Exc...Read More
(IDEX Online) - Lucapa Diamond Company said it is supporting its Angolan government partners as Angola establishes the technical regulations for the recent changes in its diamond marketing policy being introduced as part of the government's diamond sector reforms. As part of these discussions, Lulo alluvial mining company, Sociedade Mineira Do Lulo (SML) is preparing to sell certain select...Read More
RAPAPORT... Macau is hoping to leverage its relations with Portuguese-speaking diamond producers to emerge as a competitive rough-trading hub. Members of the newly created Macau China Diamond & Gem Exchange (MDGE) last week signed an agreement with the Shanghai Diamond Exchange and the Industrial and Commercial Bank of China (ICBC Macau) to promote the city as a global diamond and gem trading...Read More
(IDEX Online) - With typhoon Mangkhut smashing into Hong Kong on Sunday, the Jewellery & Gem Fair closed a day early at the AsiaWorld Expo. Sunday was going to be the final day of the show at the location near Hong Kong airport where loose diamonds and gemstones exhibitors are located. The finished jewelry section of the fair, located at the Hong Kong Convention & Exhibition...Read More
RAPAPORT... Hong Kong's largest jeweler has launched a blockchain-powered app that provides consumers with a digital grading report about the diamond's 4Cs, along with data tracking the stone's journey from mine to market. Chow Tai Fook partnered with the Gemological Institute of America (GIA) to develop the platform for its T Mark brand, claiming the technology will revolutionize the way the ind...Read More