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Diamonds will have the greatest potential in 2017

Mumbai-based Rajesh Bhagat, India Consultant of Hong Kong Trade Development Council (HKTDC) who oversees HKTDC’s operations across India, Sri Lanka and Bangladesh, has been assisting companies, particularly small and medium enterprises (SMEs) in the...

Today

Tanzania to cautiously extend ban on export of rough gemstones from tanzanite

Tanzania, which imposed a ban on the export of rough tanzanite more than 1 gram to encourage local beneficiation, said it will cautiously extend the moratorium to other precious stones in the country once it has the capacity to cut and polish all gemstones...

22 may 2017

De Beers sees sales volumes returning to “more normal” levels

De Beers registered a higher than usual volume of sales in the first quarter following a “strong” rebound in demand levels for lower value stones during the first sales cycle of 2017. The unexpected introduction of demonetisation in India late last year...

15 may 2017

If not gemologists, who else will maintain the image of diamonds in consumers’ eyes?

The Moscow State University’s Gemological Centre created in 1995 trains the specialists in rough and polished diamonds, colour gems, jewellery, characterization, expert evaluation, grading and marketing. The MSU’s lecturers and researchers, scientists...

10 may 2017

Manufacturing should be in line with market demand

Ernie Blom, the President of the World Federation of Diamond Bourses (WFDB) for the third term, has served on a range of industry bodies as an executive as well as chairman for many years, including Chairman, Diamond Dealers Club of South Africa; Chairman...

02 may 2017

De Beers fourth sales cycle rakes in $520m, lowest so far in the year

18 may 2017
De Beers has earned $520 million from the fourth rough diamonds sales cycle compared with $636 million accrued, a year earlier.
Although the figure was provisional, the latest sales cycle was weaker compared with $586 million recorded during the third sales cycle for the year.
This makes it the lowest rough diamond sales recorded so far in the year by De Beers.
“We are continuing to see steady demand for rough diamonds, despite the industry entering a typically quieter season,” said De Beers chief executive Bruce Cleaver.
“Sentiment remains positive as we head towards the important Las Vegas trade show in early June.”
De Beers’ competitor, Alrosa of Russia generated $310.2 million from rough diamond sales in April, while its polished diamond sales were valued $7.6 million.
De Beers opened the year with strength as it raked in $729 million during the first sales cycle for the year with the group having recorded “good” demand across the majority of its assortment.
It registered a higher than usual volume of sales in the first quarter following a “strong” rebound in demand levels for lower value stones during the first sales cycle of 2017.
Group senior manager, media and commercial communications, David Johnson told Rough & Polished recently that the unexpected introduction of demonetisation in India late last year had resulted in weak demand, albeit temporary, for smaller, lower quality rough diamonds from the Asian country’s cutting and polishing industry.
De Beers had to temporarily put in place some additional flexibility for Sightholders purchasing a range of lower value rough diamonds following the introduction of the Indian demonetisation programme, as they recognised the challenges some customers would face as they adjusted to the new monetary environment.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished

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