Login

Lucapa to become a niche diamond company, says Wetherall

Lucapa Diamond believes that it will become the only company in the world with multiple diamond mining operations whose average diamond value is in excess of $1,000 per carat, once the Mothae mine is commissioned this year. Company chief executive and...

19 february 2018

Zimnisky: Diamonds lack fungibility to be a major investment product

Physical diamonds will never be a viable widespread investment product simply because they inherently lack fungibility, meaning they are all unique, according to Paul Zimnisky, an independent diamond industry analyst and consultant, who is based in New...

12 february 2018

Julien-Vincent Brunie: "Being surrounded by beauty and art is a privilege!"

This last December, shortly before Christmas, the Auction House of Christie's arranged a private display of jewelry in Moscow. The correspondent of Rough & Polished, who had an opportunity to visit this event, was able to admire a luxurious collection...

05 february 2018

Ali Pastorini: We would like meeting Mujeres Brillantes 2018 to be held in Russia

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 500 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

29 january 2018

Diamond Exchanges promote healthy development of the diamond industry, besides safe and basic infrastructures for diamond trade

Prior to joining the Guangzhou Diamond Exchange, Liang Weizhang served as a civil servant of Guangdong Entry-Exit Inspection & Quarantine Bureau as the director of the Kimberley Process Office. He participated in the KP Review missions to South Africa...

22 january 2018

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

Comments

Only registered users can add comments (Register, Login)