Hong Kong: Sotheby’s sold $3.5 million (HKD
26.8 million) worth of jewelry at its Important Jewels and Jadeite auction in
Hong Kong on Tuesday.
The auction was sold 56 percent by lot and
37 percent by value, Sotheby’s said. It was led by an early 20th-century
gem-set and diamond dragon bracelet, which fetched $266,000 (HKD 2.1 million),
beating its pre-sale estimate of $82,528 to $103,160. The piece contained about
5 carats of rubies and 1.40 carats of diamonds.
Gaborone: De Beers said its rough diamond
prices fell 5 percent this year even as the diamond market showed signs of a
Diamond prices declined from January to
November, while prices of other commodities in the conglomerate’s portfolio
rose significantly, Mark Cutifani, CEO of Anglo American, the parent company of
De Beers, said in an analyst presentation.
Dubai: Conflict diamonds from the Central
African Republic (CAR) are entering the supply chain because of poor prevention
controls, non-governmental group Partnership Africa Canada (PAC) alleged.
Rough stones are being smuggled across the
border into Cameroon and adjudged conflict-free after they receive Kimberley
Process certificates, enabling them to then be exported to international
markets, PAC claimed.
Moscow: ALROSA’s diamond sales jumped 63
percent from a year ago, to $255.2 million in November, a signal that the
liquidity crisis in India has failed to derail a recovery in the rough market
Rough sales stood at $245.6 million and
revenue from polished came in at $9.6 million, the Russia-based miner reported.
ALROSA’s results are in line with a
significant increase in demand for rough after last year’s slump, which was
driven by a build-up of inventory in the midstream and sent manufacturers’
profit margins plunging.
Rough sales climbed 20 percent across the
market in the first half as the midstream restocked following steady holiday
sales, according to a report by Bain & Company released this week. The
recovery continued in the rest of the year to date, with ALROSA reporting
diamond sales rocketing 83 percent in the third quarter.
The notable improvement in rough sales
comes as the Indian government’s decision to invalidate INR 500 and INR 1,000
notes last month led to a shortage of cash in circulation, slashing demand from
the nation almost overnight.
"Market activity at year-end was
affected by India's currency reform,” said Yury Okoemov, ALROSA’s vice
president. “One of its effects was a temporary decline in the activity of
India's small and middle-size diamond cutting companies, which also affected
the low-end, small-size rough diamond segment.”
Activity in other parts of the rough market
remains strong, Okoemov added.
Harare: Zimbabwe's diamond production
declined by 62 percent to 924 388 carats since January this year due to court
cases filed by evicted miners resisting Government's decision to consolidate
the sector.Production of the precious mineral totalled 3,2 million carats in
2015, but has been negatively impacted this year by ongoing court cases where
two miners are objecting to consolidation of the industry.
Mumbai: Demand for gold jewellery has
dropped as much as 80 percent with jewellery shops witnessing drastically
reduced footfalls and low volumes.
A month later, footfalls continue to be
lacklustre, especially, at a time when weddings are held across the country
starting by the year-end till mid-February. Business has thinned down to a mere
10 to 15 percent, say jewelers.
According to organizers, the sixth edition of the International Diamond
Week in Israel, to be held on February 13 – 16, 2017, is shaping up to be
bigger and more exciting than ever before. The Israel Diamond Exchange (IDE)
said that it is adding a host of new features, special guests and free
attractions, to make this event even more advantageous to international buyers.
As in the past hundreds of Israeli and
international companies will be exhibiting on the IDE trading floor, offering a
large variety of polished and rough goods. Many hundreds of buyers from around
the world are expected to participate, with registration proceeding briskly
since it was opened this week.
Mumbai: All India Gems & Jewellery
Trade Federation (GJF) has urged the entire gems & jewellery trade to go
cashless in sync with the Honorable Prime Minister’s vision of Digital India
and also to support the Government’s demonetization initiative to create a
compliant, cashless and corruption-free economy.
Surat: Global diamond mining and trading
major, De Beers Group on Tuesday unveiled its newly expanded diamond grading
and testing centre, the International Institute of Diamond Grading &
Research (IIDGR), in Surat at an investment of $5 million (approximately Rs. 34
crore), taking the group’s total investment in Surat to $15 million so far.
The facility, employing about 100, has the
capacity to process diamonds worth over $500 million every year. The newly
expanded facility would provide polished diamond grading services, diamond
verification services, as well as melee (small diamond) testing and screening.
Mumbai: Driving by the booming millennials,
the country is on course to become the third largest diamond market by 2020
overtaking Europe and Japan, says a report.
Currently, the largest markets for this
metal is China, the US, Europe and Japan, and India, and the first two are set
to remain so, says a Bain & Company report.
"We believe India has a potential to
be the fastest- growing diamond jewelry market in coming years on the strength
of increasing urbanisation, middle-class expansion and engagement ring
penetration and overtake Europe and Japan to become the third largest market by
2020," says the report.
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