Diamond Stocks Articles

Petra Fined $429,000 over Williamson Dam Burst

December 19, 22 / John Jeffay

(IDEX Online) - Petra Diamonds has been fined 1bn Tanzanian shillings ($429,000) over the breach of its tailings dam at its Williamson mine.Its holding company Williamson Diamonds Limited (WDL) has been ordered to pay sum to the Tanzanian government's National Environment Management Council (NEMC).Dr Samuel Gwamaka, director general of the NEMC said WDL was responsible for compensating victim...Read More

Police Recover Most Items from $129m Dresden Jewel Heist

December 19, 22 / John Jeffay

(IDEX Online) - Police say most of the $129m treasures stolen from the The Green Vault museum, Dresden, Germany, in November 2019, have now been recovered.It follows negotiations between prosecutors in an ongoing trial and the six defendants, all members of the same family.They are accused of the organized robbery of 4,300 diamonds in what has been described as the world's biggest gem he...Read More

India's November Polished Exports are Lowest of 2022

December 19, 22 / John Jeffay

(IDEX Online) - India's polished diamond exports dropped during November to their lowest point this year, down to $1.25bn.Foreign sales have mostly been declining since the 2022 peak in March, of $2.20bn, although there was a notable bounce in September.Sales in November were down just over four per cent year-on-year, but by almost 34 per cent compared with October $1.89bn, according to figur...Read More

Choksi Faces Another $800m of Fraud Charges

December 19, 22 / John Jeffay

(IDEX Online) - Fugitive jeweler Mehul Choksi, accused of a $1.8bn fraud against the Punjab National Bank (PNB) is facing additional charges totalling another $800m.India's Central Bureau of Investigation (CBI) has lodged a fresh FIR (first information report) detailing allegations against Choksi, 62, his three companies - Gitanjali Gems, Gili India and Nakshatra Brands - and their directors....Read More

JCPenney Diamond Suspects Linked to $1.5m Series of Raids

December 18, 22 / John Jeffay

(IDEX Online) - Four men arrested during a jewelry raid at a s JCPenney store may be linked to a series of heists that netted $1.5m.The suspects were apprehended as they smashed display cases with hammers to steal diamond jewelry at the at the CoolSprings Galleria, in Franklin, Tennessee, USA.Police say one suspect pepper-sprayed an employee and another tried to grab an officer's gun.There ha...Read More

Business Slumps in Surat, say Manufacturers

December 18, 22 / John Jeffay

(IDEX Online) - Manufacturers in Surat says business is down by as much as 40 per cent as the ongoing war in Ukraine depresses markets in the US and Europe.Demand in China, where an easing of Covid restrictions has led to a spike in cases, is also weak. It usually accounts for a round a third of India's diamond exports.Many workers in India's cut-and-polish capital have had their wages c...Read More

Petra Rough Sales Down Almost a Third to $42m

December 15, 22 / John Jeffay

(IDEX Online) - Petra saw revenue from rough diamond sales fall by almost a third at this month's tender, down to $42.3m from $61.3m in October/November.The volume sold in Tender 3 FY23 was also down by almost a third as per carat prices remained virtually unchanged. The UK-based miner said the earlier cut-off date for the current cycle was largely to blame for the lower sale. They were...Read More

42 Diamonds, One for Each Time Rapper Didn't Propose

December 15, 22 / John Jeffay

(IDEX Online) - Canadian rapper Drake commissioned a one-off necklace featuring 42 diamonds - one for each time he considered proposing marriage, but didn't.Previous Engagements was crafted by celebrity jeweler Alex Moss over 14 months, using 351.38 carats of diamonds in a range of cuts (round, emerald, princess and pear) and settings, at a reported cost of $12.5m."Each stone meticulously set...Read More

Rough Sales Slow in a Cautious Market, says TAGS

December 15, 22 / John Jeffay

(IDEX Online) - Trans Atlantic Gem Sales (TAGS) says it sold over 70 per cent of the $20m of rough offered this month, in what it describes as a "cautious" market, realizing a total of $14m. In November it offered $23m of rough and said only that it had sold more than the 55 per cent it managed at its previous tender. For comparison purposes, its rough sales in July were $35m.In its Dece...Read More

Rolex Sells Second-Hand Watches for First Time

December 15, 22 / John Jeffay

(IDEX Online) -  Rolex is selling its watches on the second-hand market for the first time.It has launched a Certified Pre-owned Programme for watches that are at least three years old, to be operated through Bucherer, its official retailer, in Switzerland, Austria, Germany, France, Denmark and the UK.The move comes at a time when the prices of used Rolex watches are plunging, with, for examp...Read More

Resilient Market: Christie's Hong Kong Sells $835m in 2022

December 14, 22 / John Jeffay

(IDEX Online) - Christie's says sales in Hong Kong so far this year have been the third highest since it opened in 1986.It says the running total is currently $835m, which is above pre-pandemic levels.It said sales of watches raised over $69m during the year and last month's Magnificent Jewels sale, including a collection owned by retired actress Rosamund Kwan raised over $46m.More than...Read More

Diavik Mine Fined $110,000 after Accident Blinds Worker

December 14, 22 / John Jeffay

(IDEX Online) - The Diavik Diamond Mine has been fined $110,000 (CA$150,000) by a court in Canada for a health and safety breach after an excavator operator was blinded in an accident.Steve Houle, 50, was trapped for four hours in his cab after it was crushed by a slab of stone after a blasting operation in November 2020.He suffered multiple injuries, lost his sight in both eyes and had a toe ampu...Read More

Pink Sapphires Can Turn Orange in Bright Light, says GIA

December 13, 22 / John Jeffay

(IDEX Online) - Pink sapphires exposed to sunlight or incandescent illumination can undergo significant and "unusual" color changes, says GIA.They can acquire the same coloration as highly-prized padparadscha sapphires - a unique mix of pink and orange - or even turn completely orange.The gems are routinely tested for color stability, by exposure to bright light for several hours, which causes an...Read More

Jewelry Boss Under Fire over $14m Pay Packet

December 13, 22 / John Jeffay

(IDEX Online) - The newly-appointed CEO of Australian fashion jewelry business Lovisa is under fire over his US$14.2m annual earnings.Victor Herrero, 51, has been revealed as one of the country's highest-paid bosses, at a time when his company is facing a class action for allegedly underpaying staff by up to US$21.7m.A salary survey by The Australian Financial Review (AFR) put Herrero way ahe...Read More

"New" Super-Rare Gem from Israel Selling for up to $1m

December 13, 22 / John Jeffay

(IDEX Online) - A "new" precious gem, found only in Israel, is now being sold in biblically-themed pieces of jewelry costing up to $1m.Carmeltazite was first discovered in 2014 at Mount Carmel, from which it takes its name, and has since been recognized by the International Mineralogical Association.Small quantities of the mineral are being recovered by the Shefa mining company at the Kishon mine....Read More

Sarine Wins Court Case Against Surat Software Pirates

December 12, 22 / John Jeffay

(IDEX Online) - A court in India has ruled in favor of diamond tech firm Sarine and issued injunctions against five manufacturers that illegally used its software. It follows a series of court-ordered raids at eight locations in Surat, India's cutting and polishing capital, on 18 May.Gopi Impex, Nirghay Impex, Pramukh Gems, Dhiren Diamonds and Bhumika Gems were all found guilty of copyri...Read More

Hong Kong Brides Expect at Least One Carat

December 12, 22 / John Jeffay

(IDEX Online) - Brides in Hong Kong expect at least a one-carat diamond in their engagement ring.And most say they'd reject a proposal outright if there was no ring at all.Those are the findings of survey of 1,226 men and women with marriage plans carried out by the e-commerce website ESDlife.The average wedding budget rose nine per cent year-on-year to by nine per cent to $49,445, after two...Read More

Three out of Three Exceptional Blues Fail to Sell

December 12, 22 / John Jeffay

(IDEX Online) - Two more diamonds from the De Beers Exceptional Blue Collection have failed to sell at auction.A 3.24-carat cushion brilliant-cut internally flawless fancy vivid blue, with a $5m to $8m estimate, was withdrawn before the sale at Sotheby's New York last week.And a 2.08-carat cushion-cut fancy intense blue, with a $1.2m to $1.5m estimate failed to find a buyer at the same auctio...Read More

India's PM to Open Surat Bourse, after Three-Year Delay

December 11, 22 / John Jeffay

(IDEX Online) - Surat Diamond Bourse (SDB) is finally set to open by next April, after more than three years of delays.The $355m bourse (pictured) was originally supposed to open in January 2020, according to the SDB website. That was put back by September 2021, and then to 2022. Vallabhbhai Patel, chairman of the SDB project, said the government had now granted permission for the building to...Read More

WDC Heads Back to Israel after Covid

December 11, 22 / John Jeffay

(IDEX Online) - The World Diamond Congress (WDC) is to take place in Israel next March, it has been announced.The Covid pandemic forced organizers to hold the 2020 event online and to cancel the physical congress, which had been due to take place in Hong Kong. The last physical congress, in 2018, was also held in Israel.The World Federation of Diamond Bourses (WFDB) and International Diamond Manuf...Read More

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