(IDEX Online) - Following the alleged $2 billion fraud by jeweler Nirav Modi and Gitanjali owner Mehul Choksi at the Punjab National Bank, the Reserve Bank of India (RBI) has moved to ban the use of letters of undertaking (LoUs) and letters of comfort (LoCs). They are two of the instruments issued by Indian banks to domestic importers to get foreign exchange from banks abroad at a cheaper...Read More
(IDEX Online) - The Dubai Multi Commodities Centre (DMCC) will hold an in-depth discussion on "The Evolution and Impact of Taxation on Gold" and "Challenges in the Jewellery Sector" on the first day of the 7th edition of the Dubai Precious Metals Conference. In India, the government imposed a 5% customs duty on gold jewelry last year. And in the UAE, a 5% VAT rate has been imposed on gold...Read More
RAPAPORT... Polished-diamond imports to the US grew 3% to $1.81billion in January, according to government data. By volume, polished imports slid 4% to 805,320 carats, whilethe average price of imports jumped 7% to $2,252 per carat. US polished exports, meanwhile, jumped 22% to $1.52 billion,causing net polished imports - the excess of imports over exports -to slide 44% to $289 million. Rough ex...Read More
RAPAPORT... Jewelers of America (JA) has announced the winners of its 28thannual CASE Awards for jewelry design, recognizing retail members whose piecesfeature creativity, artistry, style and excellence.This year, the jewelry group debuted a special People'sChoice category, which was determined by the public voting for its favoritejewelry piece of those pictured on the JA's website. The winner was...Read More
(IDEX Online) - Gem Diamonds Limited reported revenue of $214.3 million (US$189.8 million in 2016). Profit for the year (pre-exceptional items) was $20.8 million (US$32.4 million in 2016). After the exceptional items of $3.6 million, attributable profit was $5.5 million and earnings per share was 4.0 US cents. Clifford Elphick, Chief Executive of Gem Diamonds, said: "The seco...Read More
RAPAPORT...Baselworld exhibitors should be vigilant of thieves who lurkoutside the show or scour social media for information that can help them stealgoods, a security group has warned.Every year, there are reports of traders leaving theexhibition area with merchandise and subsequently being robbed, according toItay Hendel, CEO of Israel-based ISPS, which specializes in theft prevention for the je...Read More
(IDEX Online) - Signet Jewelers Limited reported that same store sales declined 5.2% in the fourth quarter and declined 5.3% in full year fiscal 2018. It expects to close more than 200 stores following an evaluation of its real estate footprint, utilization, and cost structure, aiming to "reposition its portfolio to drive greater store productivity". "Signet anticipates, pending th...Read More
RAPAPORT... Tiffany & Co.'s manufacturing unit, Laurelton Diamonds,plans to shut its polishing center in Antwerp, shifting the operations to its otherworkshops in Botswana, Cambodia, Mauritius and Vietnam. Laurelton will continue to carry out rough sourcing,sorting, marking and sawing at its Antwerp headquarters, but will move thepolishing work to its other locations, or to external suppliers,...Read More
(IDEX Online) - Gem Diamonds Limited has recovered a 169 carat, top white color Type IIa diamond from the Let??eng mine in Lesotho (pictured above, the highest dollar per carat kimberlite diamond mine in the world. It is the seventh diamond of over 100 carats recovered so far this year. Last week, the firm announced the recovery of a 152-carat stone from the same mine. Read More
RAPAPORT... Pandora has hired Karl Walsh as its senior vice president ofglobal e-commerce in an effort to improve online sales and customer experience. Walsh (pictured), who has previously worked atAccenture and McKinsey, will be responsible for leading the newly formede-commerce department, part of a strategy to boost the brand's omni-channelpresence. He will report to CEO Anders Colding-Friis. "...Read More
Shares in Africa-focused Gem Diamonds (LON:GEMD) jumped as much as 6.5% on Wednesday after the miner revealed it had dug up yet another big rock at its flagship Let??eng mine in Lesotho.The 169-carat, top white colour, Type IIa rock is seventh diamond of over 100 carats the company has recovered so far this year at the mine, the world's highest dollar per carat.The finding comes barely a day af...Read More
RAPAPORT... Signet Jewelers has unveiled a three-year plan for returningthe company to growth, after sales slid last year.The retailer, whose brands include KayJewelers, Zales and Jared, aims to close more than 200 stores by February2019 and upgrade its e-commerce business in a bid to reverseits recent disappointing financial performance. It also plans to reduce costs and improve value for cu...Read More
RAPAPORT... Gem Diamonds returned to profit last year, after thedevaluation of an underperforming mine drove it to a loss in 2016. The miner recorded a net profit of $17.2 million for 2017,versus a loss of $144.1 million in 2016, it said Wednesday. The 2016 loss was mainlythe result of a $170.8 million impairment charge, after the company decided tocease production at the Ghaghoo mine in Botswana...Read More
(IDEX Online) - The World Federation of Diamond Bourses' (WFDB) Executive Committee Meeting in Idar-Oberstein on Monday discussed a wide variety of subjects. The WFDB said they included the World Diamond Council's proposed changes to its System of Warranties (SoW), nomenclature issues, Know Your Client, the proposed inclusion of the International Diamond Manufacturers Association...Read More
JOHANNESBURG (miningweekly.com) - Diversified mining company Anglo American has outlined an innovative approach to three major areas of sustainability – the environment, community development, and driving greater trust and transparency across the mining industry.Its ambitious goals include:AdvertisementCreating five jobs off-site for every job on-site in its host communities;Working with gov...Read More
RAPAPORT... A new fine-jewelry show will launch in Las Vegas duringthe upcoming trade-fair season, the event's organizers said last week. Premier, which will feature jewelry manufacturers andbrands, emerging designers, and timepieces, will be located at the Las VegasConvention Center, alongside the Las Vegas Antique Jewelry and Watch Show, andthe AGTA GemFair Las Vegas. The show is scheduled to ru...Read More
RAPAPORT... Sotheby's April Hong Kong auction will feature more than $93.6million-worth of jewels, among them a step-cut, 14.18-carat, fancy blue,VVS2-clarity diamond ring.That lot, with a surround of pink diamonds, carries an estimated price of $6 million to $7.7 million, the auction house said Tuesday. Also included at the event is a Van Cleef & Arpels gem-setand diamond bracelet valued at $...Read More
RAPAPORT... Lipari Mining predicts sales from its Bra??na diamond mine in Brazil will rise 11% to $50.6 million this year, as it expects a rise in the recovery of large stones at the operation.The company achieved an average price of $201 per carat last year, but sees that jumping to $220 per carat in 2018, as it is commissioning a large-diamond recovery circuit this month."We expect to see an inc...Read More
JOHANNESBURG (miningweekly.com) – LSE-listed Gem Diamonds has recovered a 169 ct to white colour Type IIa diamond at its Letšeng mine, in Lesotho.This is the seventh diamond larger than 100 ct recover at the mine so far this year.AdvertisementTo watch Creamer Media's latest video reports, click here AdvertisementRead More
The world's fifth biggest gem-quality diamond ever found was sold for $40 million on Monday, the company that found the massive rock said.Africa-focused Gem Diamonds (LON:GEMD) dug up the D colour, Type IIa rough diamond, which is about the size of two golf balls, at its flagship Let??eng mine in Lesotho in January.The rock, named "The Lesotho Legend," was acquired by an unnamed buyer in Ant...Read More