Angola Diamond Sales Increase 11.7% in Q3(IDEX Online) - Angolan diamond sales increased 11.7 percent in the third quarter of 2019. Revenues reached $294.85 million compared to 2018, an increase of $30.7 million, reported Macauhub. Sodiam, the Angolan national diamond trading company, said the country sold 2.94 million carats of diamonds during the quarter, an increase of 46 percent or 7...Read More
RAPAPORT... The Rapaport Diamond Podcast interviewed Stephen Lussier, De Beers' vice president, consumer and brands, after the company published its annual Diamond Insight Report.Lussier outlines the key takeaways from the report, titled Diamonds and Love in the Modern World, stressing how the industry can capitalize on the trends in modern relationships. While the bridal segment has struggled to...Read More
(IDEX Online) - Prices of fancy color diamonds remained stable in the third quarter of 2019, according to the Fancy Color Diamond Index (FCDI) published by the Fancy Color Research Foundation. The prices of pinks remained stable this quarter. The slight decrease of 0.1 percent overall was due to a 3-percent decrease in the 5 carat fancy pink category. However, all fancy vivid pinks rose by 0....Read More
(IDEX Online) - The World Jewellery Confederation (CIBJO) has produced a coral report ahead of its annual congress in Bahrain this month. This is the ninth in a series of special publications prepared for the congress. The report was prepared by the Coral Commission, which is headed by Vincenzo Liverino.It covers environmental issues, in particular the efforts by the industry to address the impact...Read More
RAPAPORT... Mountain Province saw a net loss in the third quarter,hampered by bad weather and the negative impact of currency fluctuation. The company reported a loss of CAD 25.8 million ($19.6million) from its Gahcho Ku?(C) mine in Canada for the three months endingSeptember 30, compared with a profit of $17.5 million ($13.3 million) theprevious year, as the Canadian currency weakened agains...Read More
HARARE – Zimbabwean mining firms want to retain all of their export earnings in foreign currencies, saying they are disadvantaged by having a proportion paid to them in Zimbabwe dollars.President Emmerson Mnangagwa's government is pinning its hopes on the mining sector, which generates Zimbabwe's biggest export earnings, to drive the recovery of an economy grappling with power cuts a...Read More
RAPAPORT... Borsheims is offering jewelry- and diamond-related luxury adventuresthrough its holiday catalog this year, catering to millennials' desire for transparencyand experiences. The jeweler - owned by Warren Buffett's Berkshire Hathawayconglomerate - is selling a number of trips revolving around productscarried in the store, it said Tuesday. For $25,000, customers can purchase atrip for...Read More
RAPAPORT... Gem Diamonds has reduced its sales guidance for the year, asa problem with its high-value satellite pipe has forced it to mine from thelower-value portion of its Let??eng mine in Lesotho. The miner now expects to sell between 111,000 and 113,000carats compared to the 115,000 to 119,000 it had previously stated in March.Although it will increase the amount of ore treated, and has n...Read More
RAPAPORT... Revenue from Angola's national diamond-trading company,Sodiam, rose 12% year on year in the third quarter amid an increase in theaverage price. Prices of Angola's diamonds have continued to increase sincethe implementation of the country's new, more competitive diamond-tradingpolicy last year, the government noted. The program allows miners to offer 60%of their production to clien...Read More
RAPAPORT... The International Gemological Institute (IGI) and industry veteran Peter Meeus have put in rival bids to acquire HRD Antwerp.Meeus, HRD's former managing director, lastweek submitted a proposal to buy at least 51% of the lab in partnership withtwo unnamed individuals, he told Rapaport News Wednesday. IGI also placed a bid for thelab in the past two or three months, sources said."A...Read More
RAPAPORT... Sightholders welcomed De Beers' decision to lower pricesat this week's rough-diamond sale, but noted that further discounts werenecessary to improve profits in the manufacturing sector. The company reduced prices of higher-end goods by 5% to7% at this week's November sight, and offered deeper cuts in cheaper categories,sources reported. The move was a response to uncertain polished dem...Read More
(IDEX Online) - The Israel Diamond Exchange (IDE) has announced that the next edition of the International Diamond Week in Israel (IDWI) will be themed "I Love Natural Diamonds." The IDE said this theme is in keeping with its video campaign produced in cooperation with the World Federation of Diamond Bourses.As well as diamond trading, the boutique event will feature a series of TED-like talk...Read More
(IDEX Online) - The Swiss Gemmological Institute (SSEF) has said its Automated Spectral Diamond Inspection (ASDI) device performed with 100-percent accuracy in an evaluation by the Diamond Producers Association's ASSURE testing project.The ASDI device, which was first released in 2014, can screen 6,500 small diamonds an hour.The testing was carried out by UL Verification Services, Inc., an in...Read More
(IDEX Online) - Kleinfeld Bridal is best known for its starring role on the reality TVs show Say Yes to the Dress. Now the retailer has partnered with Reeds Jewelers to create its first bridal jewelry collection.The collection of engagement rings and wedding bands are inspired by the selection of wedding dresses available at Kleinfeld. An as an homage to Kleinfeld's Manhattan flagship store,...Read More
RAPAPORT... Gem Diamonds has reduced its sales guidance for the year, asa problem with its high-value satellite pipe has forced it to mine from thelower-value portion of its Let??eng mine in Lesotho. The miner now expects to sell between 111,000 and 113,000carats compared to the 115,000 to 119,000 it had previously stated in March.Although it will increase the amount of ore treated, and has n...Read More
RAPAPORT... Revenue from Angola's national diamond-trading company,Sodiam, rose 12% year on year in the third quarter amid an increase in theaverage price. Prices of Angola's diamonds have continued to increase sincethe implementation of the country's new, more competitive diamond-tradingpolicy last year, the government noted. The program allows miners to offer 60%of their production to clien...Read More
JOHANNESBURG – South Africa’s beleaguered State power utility and regulatory uncertainty are the biggest risks for investors wanting to put their money in the country, according to Anglo American.The challenges presented by Eskom Holdings “probably represents our single most-important risk we deal with,” Anglo CEO Mark Cutifani told delegates at an investment conference in...Read More
RAPAPORT... Shares in Pandora dropped 18% Tuesday after the Danish jeweler lowered its full-year revenue outlook. The retailer reduced its forecast to a decline of 7% to 9%,from its earlier range of -3% to -7%, despite efforts to reignite sales withits brand relaunch. The decrease was due to a deliberate reduction in promotions in an effort to strengthen its brand, as well asdisappointing res...Read More
RAPAPORT... A fancy-vivid-blue diamond ring with a high estimate of $7.5million will go under the hammer at Christie's Magnificent Jewels auction inHong Kong later this month. The 3.24-carat piece, designed by Moussaieff, contains a square-emerald cut, 3.24-carat, internally flawless center stone surrounded by pink diamonds. Anotherprominent lot featured in the November 26 sale is a jadeite b...Read More
RAPAPORT... Couples are prioritizing personalization and overall costand quality rather than size when buying engagement rings, according to asurvey by wedding-planning resource The Knot. Some 45% of engagement rings contain custom-designedelements, the publication noted last week in a report based on a survey of over21,000 engaged or recently married couples. While diamonds were still the mostpop...Read More