Vedanta Resources' Chairman Anil Agarwal will take the London-listed miner private on Oct. 1, his family trust said on Monday, a step seen by some in the industry as a prelude to a potentially broader deal with bigger miner Anglo American.The Volcan Investments trust, which held about two thirds of Vedanta's London-listed arm before it announced a roughly $1 billion buyout offer in July, said hold...Read More
RAPAPORT... The UK's National Association of Jewellers (NAJ) is seekingan upgraded status that would enable it to police the industry on issues such as lab-grown diamonds following cutsto public funding. The group is in talks to become a "primary authority,"granting it the right to regulate participating members, thereby freeing up localgovernments to focus on non-members. The association would be...Read More
RAPAPORT... India will overtake the US as the second-largest market forfine jewelry, behind China, by the end of 2018, according to researchers at Euromonitor International. Sales of fine jewelry in the country are expected to reach $62.8 billion this year, surpassing the US, where consumers will spend $58.6 billion, Euromonitor representatives said during the International Jewellery London (IJL)...Read More
(IDEX Online) - Union Bank of India is pulling out of the Antwerp diamond center, the latest bank to exit the industry. The bank has given notice that it will close its branch in the Belgian port city within a year, according to Chief Executive Officer Rajkiran Rai Gundyadka, Bloomberg reported. Gundyadka said that the Antwerp diamond trade didn't generate "the expected amount of b...Read More
LONDON – Union Bank of India is pulling out of the global diamond hub of Antwerp, joining a retreat of lenders from the industry, which has been hit by fraud and bad debt.The bank has given notice that it will close its branch in the Belgian port city within a year, according to CEO Rajkiran Rai Gundyadka.AdvertisementAntwerp didn’t generate “the expected amount of business, part...Read More
(IDEX Online) - An exceedingly rare fancy pink diamond weighing 5.03 carats will headline Bonhams London Fine Jewellery sale on September 26. The square-cut fancy pink diamond, VS1 clarity, is estimated to sell for at ?600,000- ?800,000 ($780,000-$1,000,000). Emily Barber, Director of Jewellery at Bonhams UK, said: "This pink diamond, offered at auction for the first time, possesses...Read More
(IDEX Online) - Spending on weddings in the United States in Q2 2018 was flat with a slight decline of 0.5% from $25,569 in Q1 2018 to $25,439 for Q2 2018, according to weddingreport.com . "Couples are spending less on service categories like entertainment, photography, and planning, except for beauty and spa while in the product category Invitations saw the biggest increase in spending. B...Read More
The takeover of Peregrine Diamonds by De Beers is expected to close on September 12, the TSX-V-listed junior said on Friday, announcing that its security holders have approved the plan of arrangement between the companies.In terms of the arrangement, announced in July, the Anglo American unit will buy Peregrine Diamonds for $0.24 a share. The arrangement was passed with approval by 98.35% of votes...Read More
RAPAPORT... Diamcor saw its loss more than triple in the first fiscalquarter, as revenue slumped due to weaker production and a lower average priceat its South Africa-based alluvial-mining operation. The company reported a net loss of $1.8 million (CAD 2.3million) in the three months ending June 30, as opposed to a loss of $510,315(CAD 665,599) during the same period last year. During the quarter...Read More
RAPAPORT... Bonhams will spotlight a rare square-cut, 5.03-carat,fancy-pink, VS1-clarity diamond as well as a tiara owned by the family ofWinston Churchill, at the auction house's fine-jewelry sale in London in lateSeptember. "It is extremely unusual to find a pure pink diamond, ofeven saturation, with no secondary component colors, weighing over 5 carats,"said Emily Barber, Bonhams UK director of...Read More
RAPAPORT... A Japanese company claims to be the nation's first producerof gem-quality lab-grown diamonds, targeting initial annual output of 24,000carats. Tokyo-based Pure Diamond Co. launched in July as a spin-offfrom a producer of synthetic diamonds for industrial purposes. It plans tobegin by selling its stones to Japanese wholesalers and retailers, beforemoving directly into the retail and e-c...Read More
(IDEX Online News) - The IDEX polished diamond price index was stable in August, rising only very slightly during the month as was the case in July. &nbs...Read More
RAPAPORT... Diamcor saw its loss more than triple in the first fiscalquarter, as revenue slumped due to weaker production and a lower average priceat its South Africa-based alluvial-mining operation. The company reported a net loss of $1.8 million (CAD 2.3million) in the three months ending June 30, as opposed to a loss of $510,315(CAD 665,599) during the same period last year. During the quarter...Read More
(IDEX Online News) - Round diamonds saw relatively few changes in August. There were increases in 0.23-0.29 carat stones in E-I, VS2 of 2-3%, and in diamonds of 0.80-0.89 carats, D, VVS1-VS1, and I, SI1-SI3. There were notable decreases in diamonds of 0.30-0.39 carats, D, I-F, VVS2, of 2-3%, and in several categories of 0.40-0.44 carat stones, 0.90-0.99 carats, M-N, IF-VVS1, of 3-4%, and es...Read More
The diamond industry continues to be tainted by links between diamonds and human rights abuses, conflict finance and corruption.This is according to international nongovernment organisation (NGO) Global Witness conflict resources campaign leader Michael Gibb, who notes that, although the diamond industry is not the only sector facing these threats, he believes it is unique in its particular &ldquo...Read More
The price of the large yellow diamond alternately shrank and spiked by about a million dollars as it moved across the globe.The three-carat gem was shipped at least four times between shadowy companies allegedly controlled by Indian billionaire Nirav Modi over about five weeks in 2011, according to a report by a U.S. bankruptcy examiner. The practice of round-tripping-trading a good repeatedly to...Read More
Moscow: 30 August 2018 - The Kimberley Process (KP) delegation conducted a review visit to Russia on August 25-30 to check the system of mining, accounting, implementation and control of operations with rough diamonds, and to assess their compliance with the minimum requirements of the KP Certification Scheme. The delegation was led by Angola and included representatives of Botswana, EU, UAE, So...Read More
Market preparing for Hong Kong show, withconcerns that trade tensions and yuan devaluation will impact buying. ChowSang Sang warns China trade war could reduce future earnings, after 1H sales +19%to $1.2B, profit +54% to $77M. Record-low rupee (INR 70.75/$1) creating concernin India.Cutters shifting away from melee due to lower demand in Indiaand China amid currency declines. Steady demand for rou...Read More
Stable market, but dealers concerned about reducedbank credit, as well as currency devaluation after rupee hits record low (INR70.75/$1). Strong demand for nice SIs. A lot of weak SIs available. Suppliersholding prices firm for certified goods. Manufacturing expected to remain steady until November Diwalibreak. RoundRead More
RAPAPORT... Signet Jewelers raised its outlook for the year afterproduct initiatives and clearance sales drove revenue growth in the secondfiscal quarter. Sales increased 1.5% to $1.42 billion in the three monthsending August 4, the retailer reported Thursday. Same-store sales - at branchesopen for at least a year - rose 1.7%, reflecting the impact of attempts toimprove "newness" and change the fo...Read More