Lab-grown diamonds will eventually dominate the fashion markets across the world, predicts Rohan Siroya, CEO of Evermore

Rohan Siroya, the scion of the Siroya jewellery empire, has a clear ambition to catapult the company into the next phase of development and continued success. Having honed his skills as a real estate developer in Mumbai, Rohan has demonstrated his versatility...

06 february 2023

De Beers to start production at SA's Venetia underground project this year, establishes JV with Endiama in Angola

De Beers is expected to begin production at its Venetia underground project in South Africa this year, almost two years behind the initial commence date. Construction of the underground project started in 2013 and first production was targeted or 2021...

30 january 2023

“Although we’re the 7th world gold producers, we have to buy the metal in USA”

With more than 45 years in the industry, Clemente Guevara runs New Fashion Peru, one of the three largest jewelry companies in the country. All together control the 90% of a 120-million-dollar jewelry export market. Mr. Guevara is also a member of...

23 january 2023

Consumers are testing a vastly less-expensive alternative to natural diamonds - Vin Lee, CEO of Grand Metropolitan

Vin Lee, the self-made billionaire CEO of Grand Metropolitan of USA, is popular as the 'King of Luxury'. The Beverly Hills family office 'Grand Metropolitan' is a $7 billion AUM privately held luxury goods holding company with a 60-brand...

16 january 2023

"Surat Diamond Bourse will become the voice of industry in the coming days," says Vallabhbhai Patel, Chairman of the Surat Diamond Bourse

Vallabhbhai Patel, Chairman of the Surat Diamond Bourse, looks towards the Surat Diamond Bourse (SDB) to play an important role in turning Surat into the world’s largest manufacturing and trading diamond hub in a short period. Vallabhbhai dreamed...

09 january 2023

Diamond is Forever? More like Diamond is for Everyone

06 february 2023

Let's face it: lab-grown diamonds are gaining a wider acceptance on the market each year, and the trend is here to stay. With manufacturers ramping up production despite some signs of an oversupply, there is no slowing down for lab-grown diamond (LGD) consumption, and the bridal category, previously dominated by natural stones, is now being gradually overtaken by man-made diamonds.

Russia’s legislators adopt a strange ‘law of intent’ on precious metals and precious stones

30 january 2023

Federal Law No. 41-FZ “On Precious Metals and Precious Stones” was adopted in March 1998 and it has undergone 25 amendments since that time. The last amendment to Law No. 41-FZ was made through Federal Law No. 607-FZ dated December 29, 2022. Thus, the average ‘lifetime’ of each version of Law No. 41-FZ lasted a little longer than 11 months. It is all the more surprising that the latest amendment to Law No. 41-FZ introduced numerous changes to it, and they were put into force only a year and two months later - from March 1, 2014.

WGC: Global economy at inflexion point while moving forward to year 2023

23 january 2023

The World Gold Council, in its report 'Gold Outlook 2023' presents a picture of the world's economy and gold playing cat and mouse, given the uncertain situation that might arise in the coming year... After being hit by various shocks over the past year, the global economy is currently at an inflexion point. Where is it heading...one has to wait and see. The initiators to fight inflation and curb the trend were the central banks as they took up all steps to aggressively fight inflation. How this will eventually figure out the 'Outlook of Year 2023 and gold's performance' depends on the interplay between central banks and inflation.

What will happen to NDC after the departure of ALROSA?

16 january 2023

On January 1, 2023, Stephen Lussier, former Vice President of De Beers, one of the oldest and most respected members of the diamond corporation, stepped down as Chairman of the Board of Directors of the Natural Diamond Council (NDC). He was replaced by David Prager, member of the De Beers Executive Committee currently responsible for the marketing of De Beers Group and its brands. One may recall that NDC emerged in mid-2020 as a result of the rebranding to the Diamond Producers Association (DPA) established in 2015 with the aim of recreating the generic marketing of diamonds, which ceased simultaneously when De Beers shifted away from monopoly regulation of the diamond market. Stephen Lussier's departure was preceded by ALROSA's withdrawal from NDC accompanied by dramatic statements about a possible sharp (up to 50%) reduction in funding for this organization in 2023. Indeed, ALROSA was the largest sponsor of NDC, and now the main burden of financing the generic marketing obviously falls on De Beers, just like in the good old days. The membership fees of diamond mining companies, which formed the basis of the NDC budget, amounted to $69,515,760 in 2020 and $74,874,571 in 2021, while the report for 2022 has not yet been published1. The amounts are not small, comparable to the budget of an average Hollywood blockbuster. DiCaprio's Blood Diamond, for example, cost $100 million to produce, while Nicolas Cage's Lord of War cost only $50 million. How efficient is NDC with sponsorship money?

Platinum market to roll into supply shortage but demand from green energy transition not in sight

09 january 2023

Platinum market is poised for a profound change on the verge of 2023, as supply surplus is forecast to turn into a deficit. According to a recent study published by the World Platinum Investment Council (WPIC), platinum demand may achieve a double-digit growth in 2023, while production is expected to rise insignificantly, leading to a notable swing in the market balance. Meanwhile, major platinum mining companies have downscaled their production forecasts this year due to various factors. China buying removes large quantities of the metal from European markets as green energy transition continues. Since platinum is widely used in the hydrogen electrolysis process to produce an eco-friendly fuel, this factor is also expected to give the platinum market a big boost. But in order to achieve net zero emissions with platinum fuelling this transition, our planet needs to undergo a fundamental, never seen before change that can well be a thing of a somewhat distant future. More mundane applications of platinum however can give the market a strong support in a shorter term.

How to combine the colors of jewelry correctly

04 january 2023

On the eve of the New Year holidays, women on all continents rush to jewelry stores and shopping malls to choose exclusive jewelry for themselves, thanks to which they will look even more irresistible. At the same time, the approach to the choice of precious products from representatives of the beautiful half of humanity is, of course, purely individual. Some women love gold jewelry, others - silver, and some do not know how to choose them at all! Fortunately, metals of different colors are very well combined. French jewelry designers share their tips on this subject, whose advice is given by an online resource tendances.orange.fr.

Exposing disguise stories used as a cover for the Soviet diamond industry

26 december 2022

My small contributions to the research of the diamond market history published in Rough&Polished and as separate publications aroused keen interest not only in narrow professional circles but also in the academic community, which was quite unexpected, to be honest. So, Academician V. M. Rozin (Institute of Philosophy, the Russian Academy of Sciences) wrote a very voluminous series of articles where he thoroughly analysed and criticized the concepts I formulated and he even built my psychological profile (which was very flattering and funny). The staff of the Africa Institute of the Russian Academy of Sciences, the Institute for Economic Strategies of the Russian Academy of Sciences, the Institute for Systemic and Strategic Analysis, and several universities also paid attention to my efforts. Most of the opinions, reviews and analytics expressed by the academic political scientists, historians and economists boiled down to the thesis “Such an analysis of the diamond market is essentially blatant conspiracy theories”, which, of course, must be debunked scientifically using the most sophisticated methods. In this regard, it’s worth quoting Academician Rozin as saying, “In this case, the methodology was implemented like comparative analysis, methodological problematization, situational analysis, reconstruction and interpretation of the concepts declared by Goryainov. This made it possible to criticize Goryainov’s conspiracy theory and highlight the reasons for the unsatisfactory character of such concepts. As a rule, their authors interpret the facts based on their concept, do not take into account the criticism and other studies’ results, and do not satisfy the basic requirements of scientific justification.”
It’s hardly worth engaging in controversy with academic researchers on the pages of an industry publication, besides, my opponents and I use different conceptual definitions (I don’t even know what “methodological problematization” is). In addition, there has never been any “Goryainov’s conspiracy theory”. This “theory” is just an extrapolation of the results obtained in solving the problem of “exposing cover stories”. Tasks of this type were part of my professional responsibilities during the Soviet days, and although my field of activity had nothing to do with the diamond market, the methodological framework remains unchanged. Therefore, I consider it useful to simply tell the story of the exposing cover stories, and a reader has the right to decide what is conspiracy theories and what is not. I will try to avoid special terms whenever possible to simplify the understanding of the context.

The jewellery business in Russia is losing its attractiveness, but this is not due to sanctions

19 december 2022

The conditions for doing jewellery business in many ‘friendly’ countries today are much better than in Russia. Even in the post-Soviet countries like Kazakhstan, Kyrgyzstan, Armenia, and Uzbekistan, these conditions are much more favourable. Therefore, it is not surprising that many Russian operating jewellery companies are either relocating to ‘friendly’ countries or at least considering the possibility of relocation.  

Copper market: Structural re-evaluation is inevitable, but macroeconomic negativity is in focus so far

12 december 2022

After reaching a new high in early March, the price for copper fell by 25% against December and is still around $8,000 per tonne. The price is supported by risks in the supply side like interruptions in copper production in Latin America. Some experts believe that copper prices may fall even lower due to the strengthening of a dollar amid the fight against inflation and a potential recession. A more particular but no less significant element of this picture is the slowdown in the China’s economy, the metal’s largest consumer, due to a policy of ‘zero tolerance’ to Covid-19. Metal producers, in turn, hope that the price will face a ‘structural re-evaluation’ (this term was used, in particular, by a Trafigura’s representative) as recession fears would subside and the acceleration of the energy transition would return to the agenda. The fact that copper is one of the main beneficiaries of this process is undeniable, but a short-term picture for copper, like other industrial metals, is fraught with negative macroeconomic factors.

Will historic silver supply shortage support the price?

05 december 2022

This year has not been good for silver with prices mostly lagging behind in both futures and spot markets. Initially prices reached a yearly peak in March supported by subsiding COVID-19-related restrictions and elevated geopolitical tensions but then dropped significantly in subsequent months. Recently in late November, silver futures were trading at around $21 per troy ounce. A new study by The Silver Institute however indicates that the supply shortage of silver will reach a new high in 2022, while the demand for the metal is also projected to jump this year. Are all these factors (and more) going to be enough to support silver prices?

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