Ali Pastorini: Challenges make us think out of the box and be closer to customers

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

20 january 2020

Today’s customer needs an offer of something unique that others do not have

Oksana Senatorova is the publisher of the Jewelry Trade Navigator magazine and the founder of the Jewellery Business Academy.
She graduated from I. M. Sechenov Medical Academy and the Faculty of Psychology of Lomonosov Moscow State University...

09 january 2020

Inventories accumulated by De Beers, ALROSA to put ceiling on prices near-term even if demand substantially picks up – Zimnisky

As we are in the last month of 2019, it is prudent to examine what the diamond industry went through and the possible trajectory in the upcoming year. Industry expert, Paul Zimnisky spoke with Rough & Polished’s Mathew Nyaungwa to discuss this and other...

30 december 2019

Empowering customers and engaging more with our stakeholders is the new Mission

The unassuming Govindbhai Laljibhai Dholakia, Chairman, Shree Ramkrishna Exports Pvt Ltd (SRK) is not just an ace businessman but a noted philanthropist. He has contributed immensely to social welfare with special focus on education … a noteworthy...

23 december 2019

‘Dubai has proven to be a great port for diamond tenders’

Stargems, which was established by Shailesh Javeri in 1981, has been involved in the trading of rough diamonds and is now also into manufacturing, wholesaling, retailing, tendering of diamonds and diamond jewellery. Although, the company has operations...

16 december 2019

Will precious stones in Russia be set “free from restraint"?

20 january 2020

Speaking skeptically about the liberality of Federal Law 41-ФЗ “On Precious Metals and Precious Stones” (hereinafter referred to as “Law 41-ФЗ”) enacted on 03.03.1998 with respect to the circulation of precious stones, I allowed some simplification in my previous articles without going into the smaller details of the legal regulation governing this industry branch. In fact, the main prohibitive role in this regulation was played not by Law 41-ФЗ itself, but by-laws adopted on its basis and with a purpose to further develop it. This simplification did not have much significance, because the effect was still integral in nature. But when the “regulatory guillotine” came into the scene, it became clear that this project is a unique “window of opportunity” for eliminating the entire regulatory overlay, which makes the conditions for real work on the market of precious metals and precious stones entirely improper, however using for this the relatively decent legislative industry norms. So, it becomes all the more urgent to raise these “nuances” now, when the Ministry of Finance of Russia itself proposes to add the by-laws that actually block the normal retail circulation of precious stones in the Russian market to the list of decrees, which cease to be in force.

China's third way in the global diamond business

09 january 2020

The rapid social and economic development of China in recent decades has allowed this country to become one of the world leaders and centers of power. China currently holds key positions in the world in the production and consumption of the most important mineral raw materials. The diamond market is not an exception, in which China, having surpassed Japan, confidently ranks second behind the USA. With a further increase in the well-being of the population, and having an enormous potential in increasing the consumption of luxury goods, the country has every chance to take first place in future both in the consumption of diamonds and diamond jewelry and in the production of laboratory-grown diamonds (LGD). Moreover, now in China, the production of the LGDs for technical purposes has reached stratospheric levels and their cost has decreased so much that the diamond mining for technical purposes is already a thing of the past.  

A Year Not to Remember

30 december 2019

As the industry is closing for the New Year holidays, it is the right moment to reflect back on the past year and look forward to what that future will bring us. 2019 certainly was a remarkable year but for many, but not a year to remember.

FATF Recommendations and fight for cleanliness of financial market in Russia

23 december 2019

No one doubts that terrorism is awful and laundering of illicit income is bad. But why should the accomplices of terrorists, corrupt officials and all sorts of fraudsters be considered fools ready to launder their fraudulent gains through tools unsuitable for this purpose, which obviously leads to the loss of most of their cash? Money laundering through jewellery? Doing this in an era when cryptocurrencies are becoming increasingly more accessible and the liquidity of jewellery in the secondary market is getting lower and lower? Let's see if we are not ‘going too far’ in the fight for the cleanliness of our financial market when it comes to controlling the circulation of jewellery in compliance with the requirements of anti-money laundering and combating the financing of terrorism (hereinafter referred to as AML/CFT). To begin with, we will analyze recommendations made by the FATF in its document entitled “International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation – the FATF Recommendations”.

Will the crisis unfold in the global diamond market?

16 december 2019

This year, a well-known global diamond business analyst, Chaim Even-Zohar, published the structure of the global diamond pipeline in 2018 (Diamond Pipeline 2018. IDEX Magazine No. 4, April 2018). This time, such enterprises as ALROSA, De Beers and others appeared in it. The fast-growing market for synthetic rough and polished diamonds is shown, which already accounts for 5% of the natural market. The forecast for 2018 on the natural diamonds sales was $15 bn, and the value for cutting diamonds in Russia was $300 mn.

Have Tiffany and the diamond market parted their ways?

09 december 2019

LVMH, the global luxury giant with a French residence permit, acquires US-based Tiffany clinching the industry’s largest deal worth $ 16.2 billion. The purchase will not only strengthen the position of LVMH in the jewelry business and provide access to a wider consumer network in the United States and Asia, but may affect the perception and value of diamonds, which are the main jewelry component in terms of cost. At first glance, the purchase of Tiffany may be explained by the fact that the major owner of LVMH, Bernard Arnault, who is second only to Jeff Bezos and Bill Gates on the list of the world’s richest people, sees great prospects for diamond jewelry demand. But we may equally assume that Tiffany, accepting the offer of absorption with a premium of no more than 10% of its current quotes and abandoning independence, either does not see such prospects or regards them as very moderate.

Indian diamond industry in a balancing act

02 december 2019

The Indian gem and jewellery industry, though known for its resilience, has for some years now struggling to stay afloat as it faced challenges galore…demand down, rough prices up, bank finance tight, high import taxes and what have you.

So, what will the “regulatory guillotine” chop off?

25 november 2019

It seems that the theme of the “regulatory guillotine” is here to stay for a long time. Earlier it was told how it all began. The idea gоt a lot of play, and in a new round it became clear: the Government of the Russian Federation made the final decision irrevocably - a “regulatory guillotine” in the PMPS sphere will be introduced. The request made by the Ministry of Finance of Russia for the non-extension of the “regulatory guillotine” mechanism to the sphere of the state federal assay supervision and to the federal state control when importing the PMPS into the Russian Federation from states outside the EAEU, and when exporting them from the RF to states outside the EAEU, found no understanding in the government.

Purification through pain

18 november 2019

This last October, the diamond market sentiment worsened due to weak September metrics from major shopping centers and a slump in jewelry sales in Hong Kong and mainland China. Diamond miners gave very cautious forecasts, from which we can conclude that a recovery in diamond demand by the end of this year is unlikely. ALROSA announced the need to seriously regulate rough supply next year in order to improve the market. The Russia-based company, unlike De Beers and Rio Tinto, could not cut production this year, but it is ready to adjust production targets by 10-15% in 2020. These measures can stabilize the diamond pipeline as early as next year, but rapid growth after this is not guaranteed at all, experts say.

Why ALROSA should not go in for synthetic diamonds

11 november 2019

Not so long ago, speaking at the Russia – Africa Summit held in Sochi, Yury Trutnev, Deputy Prime Minister and Plenipotentiary Presidential Envoy to the Far Eastern Federal District suggested that ALROSA should possibly get engaged in the production of artificial diamonds and mentioned the successful experience of De Beers in this field. According to him, "this is a close competitive market, new technologies, and taking into account that today synthetic diamonds are already beginning to surpass natural ones by a number of characteristics, it is not very far-sighted to avoid taking part in this market and wait for new jolts." According to the Interfax news agency, he added, “Diamond has always been sold as a legend. Not as a physical object, but as a standard of the highest value. When there emerged an artificial stone of the same quality, the pedestal under this legend turned shaky, and we must take this into account.”

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