AWDC Board Elects New President

The Antwerp World Diamond Centre (AWDC), the industry organization representing the interests of 1,600 diamond companies in Antwerp, has elected Nishit (Bali) Parikh as its new President, replacing outgoing President Stéphane Fischler...

22 february 2018

De Beers’ 2017 core earnings up 2pct despite drop in revenue

De Beers, which is 85 percent-owned by Anglo American, said its underlying adjusted earnings before interest, tax, depreciation and amortization (EBITDA) leaped 2 percent to $1.435 billion compared to $1.406 billion a year earlier despite lower...

22 february 2018

Lucapa Diamond CEO perceives good start for rough diamond market in 2018

The rough diamond market has this year started off “very well” as high demand has seen prices go up in January, according to Lucapa Diamond chief executive Stephen Wetherall.

22 february 2018

GJEPC and MIDC sign MoU for Jewellery Park in Mumbai

The Gem & Jewellery Export Promotion Council (GJEPC) of India and the Maharashtra Industrial Development Corporation (MIDC) signed a MoU for the setting up India’s largest Jewellery Park in Mumbai.

22 february 2018

Stellar starts front end engineering, design for Tongo-Tonguma

Stellar Diamonds said it has started the Front End Engineering and Design study (FEED) for the underground mine development of the Tongo-Tonguma project in Sierra Leone.

22 february 2018

War on blood diamond trade loses its lustre in age of digital smuggling

22 february 2018

(telegraph.co.uk) - The diamond industry stands at a crossroads. The Kimberley Process, a scheme designed to certify that diamonds are “conflict-free”, is under pressure to reform. Once regarded as a landmark agreement between industry, governments and NGOs, it has been attacked for widespread shortcomings. Can it restore confidence in the industry and can consumers be sure of what they are buying?

Lab-Grown Diamond Line Shutters First Store

21 february 2018

(nationaljeweler.com) - Less than six months after opening, fine jewelry line Vrai & Oro has shuttered its first brick-and-mortar retail location. The brand began in 2014 as an online-only venture, marketing itself as a company that sold directly to customers without a retail markup. In November 2016, Diamond Foundry—the Silicon Valley man-made diamond start-up that uses solar power technology to create its stones—purchased Vrai & Oro, which led to a slew of growth initiatives for the brand. Vrai & Oro began using Diamond Foundry stones exclusively and launched both a bridal collection and a collection of jewelry that featured significantly larger diamonds than Vrai & Oro had used in the past. In August last year, Vrai & Oro opened its first store in downtown Los Angeles at the ROW DTLA shopping center. In the first week of January, Vrai & Oro founder Vanessa Stofenmacher announced the closing of the store on the brand’s website, writing, “The fact is that retail is a true challenge—one that we would never enter into lightly, and we have to give props to those thriving in that environment.”

Former Gitanjali Gems MD claims Mehul Choksi sold overpriced and fake diamonds

20 february 2018

(moneycontrol.com) - After allegations that Mehul Choksi’s Gitanjali Gems forged letters of undertakings (LoU) issued by Punjab National Bank, a senior ex-employee has now alleged the company would falsify the quality of its diamonds and even pass off fake diamonds as real ones. According to the company's former Managing Director Santosh Srivastava, a huge chunk of diamonds sold by Choksi were lab produced with valuations nowhere near the price at which it was sold to customers.

‘Pudiya Ghumao’: How the diamond industry uses bogus trading to inflate balance sheets

20 february 2018

(livemint.com) - Nirav Modi is most likely to have indulged in round-tripping of diamond consignments to artificially inflate his balance sheet for raising loans. In Mumbai’s diamond trading circles, pudiya ghumao (which literally means “pass the packet”), the colloquial term for round-tripping of diamond consignments from one market to another, ostensibly to artificially inflate company balance sheets, isn’t exactly a secret. While the finer details of the Nirav Modi case are expected to be known in due course, several people with knowledge of the matter whom Mint spoke to, said that the alleged fraud came to light only after Modi failed to secure fresh loans to service his existing debt. According to the people cited above, Modi had been trying to raise money for more than two years and had repeatedly approached several private equity funds, offering to sell a controlling stake in the company, and was also considering an initial public offering, but remained unsuccessful.

US Diamond Trade: The Figures Reveal Oddities

19 february 2018

(edahngolan.com) - Diamond import and export figures can tell a story, and a good story sparkles with oddities. Good stories start with facts that raise questions. In this case, the question is why a consumer market would import eight times the amount of diamonds it consumes. Or how a country with no diamond mining might export more rough than it imports.

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