Chow Tai Fook Honored for Innovation and Technology

Hong Kong: Chow Tai Fook has received two awards in recognition of its advancements in innovation and technology.

The company received the Grand Award in the category of Productivity and Quality at the 2016 Hong Kong Awards for Industries. The award specifically honored the company’s work in automated logistics and distribution work at its center in Shunde, China, and its RFID-technology inventory control system.

The company also received the merit prize in Retail and Supply Chain Management at the 2016 Asia Pacific ICT Alliance Awards.

ALROSA to Rename Overseas Trading Organizations

Moscow: ALROSA is to rename its ARCOS foreign-based trading subsidiaries and affiliates.

The ARCOS sales network will be renamed and offices will bear a name of ALROSA and their region of location. ALROSA will also carry out relevant rebranding.

The decision was made to identify ALROSA with its own sales network and provide clients with the guarantee of origin and quality of rough and polished diamonds sold through the network.

Koin International to Hold 1st Polished Tender at IDWI

Ramat Gan: Koin International Diamond Tenders will hold its first tender in Israel during the International Diamond Week, from February 13 – 16, 2017, in cooperation with the new International Tender Center at the Israeli bourse. Koin specializes in tenders of rough and polished diamonds.

Synthetic Super-Hard Diamond Developed

Mumbai: Scientists have created synthetic diamonds that are harder than the regular ones and may help cut through ultra-solid materials on mining sites.

Nano-sized Lonsdaleite is a hexagonal diamond only found in nature at the site of meteorite impacts.

Retail Investment Market Well Positioned for Growth

Mumbai: The global gold bar and coin market has boomed in the past 10 years. In 2006 global demand was 430t; by 2015 it had more than doubled to 1,051t.  In monetary terms the growth is even more dramatic, surging from just under US$10bn to almost US$40bn, says the latest study report published by the World Gold Council (WGC).

U.S. Fed Raises Rates by 25 Basic Points

New York: The US Federal Reserve on expected lines raised key interest rates by 25 basis points to between 0.50 per cent and 0.75 per cent on Wednesday, its second such hike since last December.

The Federal Open Market Committee (FOMC), which concluded its two-day meeting, said that the inflation expectations have increased “considerably” and forecast a steeper path for borrowing costs in 2017.

Axis Bank Suspends Bullion Dealers’ Accounts

Mumbai: Axis Bank Ltd, India's top importer of gold, has suspended the bank accounts of some bullion dealers and jewellers after two of its executives at a branch were arrested over alleged money laundering, according to a Reuters report.

The move is likely to curtail imports by the world's second-biggest gold consumer this month and could weigh on global prices already near their lowest level in ten months.

Polished Diamond Prices to Recover Soon: ABN Amro

New York: According to an ABN AMRO forecast, polished diamond prices will rise next year thanks to improved economic conditions that boost U.S. and Chinese demand.

U.S. jewelry consumption will grow amid a stronger labor market and rising housing prices, the bank said. Anticipated tax cuts together with higher infrastructure and defense spending will play a central role in boosting economic growth in the U.S.

ALROSA Targets U.S., China for Large Rough Sales

Moscow: ALROSA announced plans to bring its auctions of “special-size” rough diamonds to New York and Vladivostok, while presenting its 2017 sales program to its contract clients.

The company’s executives met last week with more than 70 long-term clients that participate in the ALROSA Alliance program. The meeting provided an overview of market trends and the company’s sales operations. It also allowed clients a preview of the 2017 trading schedule, which will be the final one of the current contract period. ALROSA is preparing a new sales contract that will begin in 2018.

Indian Cash Crunch Slows De Beers Sales

Gaborone: De Beers revenue from rough diamonds declined sequentially to $418 million in the final sales cycle of the year as tighter liquidity in India hit demand for lower-priced stones.

Sales fell 12 percent at last week’s December sight from $476 million in November, the miner reported. They were 69 percent higher than the $248 million recorded a year ago, when demand in the rough market had slumped.