Polished prices rise due to reduced diamond supply

The RapNet Diamond Index (RAPI™) for 1-carat polished diamonds rose 1.9% during the month, buoyed by improving investment demand and scarcity of D, IF diamonds, says a press release from Rapaport.

Today

GIA begins first Graduate Diamond Course in Shenzhen, China

GIA (Gemological Institute of America) conducted first regional on-campus Graduate Diamonds Course in early July, which was attended by aspiring gem and jewelry professionals in Shenzhen, China, says a press release from the Institute.

Today

Artic Star takes over management of the Diagras property

Arctic Star Exploration Corporation has taken over the management of the Diagras Property in the Northwest Territories of Canada. The project is a joint venture with Margaret Lake Diamonds.

Today

DMCC invites diamond companies to set up operations in Dubai

DMCC has launched its latest discount campaign to encourage international diamond companies to set up operations in Dubai.

Today

Diamond production in Surat begins in a phased manner

Diamond cutting units in Surat have been allowed greater flexibility to operate from 31 July Saturday on condition that they will adhere to a set of norms that include mandatory Covid-19 tests for traders and staff, as per media reports.

Yesterday

How Russkiye Samotsvety is coping with the current downturn

Yesterday

One of the key issues facing most Russian companies today is the need for an objective assessment of the new consumption decline due to the quarantine, as well as making forecasts for a way out of it. According to a RBC-Petersburg’s study made in June, the efficiency of the St. Petersburg’s entrepreneurs has decreased by 40% due to the restrictions during the coronavirus pandemic. These estimates may vary in different business sectors, but one cannot deny that the country’s business and economy have been hurt. Realizing that in the face of forced restrictions on the production activities, the company loses its flexibility, so Russkiye Samotsvety (Russian Gems) relied on new communication mechanisms as they lacked the usual management decisions such as effective pricing or operational managing the accounts receivable. Innovative forms of remote interaction have entered the company’s life - videoconferencing, use of modern communication channels, on-line consulting. The company considers an important aspect of its work to maintain constant interaction with partners in the regions, which made it possible to receive the latest updated information on lifting the quarantine restrictions and to discuss possible options in time for overcoming the downturn. Sergey Dokuchayev, Director General of Russkiye Samotsvety, told Rough&Polished about the challenges facing today his company that is a historical successor as for the St. Petersburg school of jewellery and the stone-cutting art it had in its palmy days.

Global rough diamond sales down 80-90% in value in Q2 –Zimnisky

27 july 2020

The COVID-19 pandemic, which is spreading across the globe, having originated from China’s Wuhan has left diamond traders and buyers at sixes and sevens. Traditional diamond tenders were cancelled around March as governments imposed travel restrictions in a bid to curb the spreading of the novel coronavirus. Global rough sales were down some 80-90% in value in the second quarter compared to the previous year, according to Paul Zimnisky, an independent diamond industry analyst and consultant. He told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the biggest impact on the rough market is an acceleration of a multiyear production decline forecast. Zimnisky said his 2020 global production forecast is now almost 20% lower than it was prior to the pandemic, which would be the lowest output since the late-1990’s. His global natural rough diamond production forecast for the year was 139 million carats. Kimberley Process data shows that the global rough output stood at 130,3 million carats in 2019, although Zimnisky had projected an output of 141 million carats for the year.

Indian diamond and polishing industry requires forward integration - Dinesh Navadiya

20 july 2020

Dinesh Navadiya is now the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India for the 3rd term. He is also the Director on the Board of the Gem & Jewellery Skill Council of India (GJSCI); Director on the Board of Indian Diamond Institute (IDI) and Vice President of The Southern Gujarat Chamber of Commerce & Industries. A graduate in Economics, Navadiya also holds a Master’s Degree in Social Work (MSW) from Gujarat Vidhyapith, Ahmedabad. A diamantaire in his own right, Navadiya is a partner in Tiku Gems.
Navadiya has also served as the President of Surat Diamond Association for 7 years, representing industry matters to Government bodies for the welfare of MSMEs. Here, in an interview with Rough & Polished, Dinesh Navadiya draws a positive picture of the state of the cutting and polishing centres, despite the current difficult phase.  Expressing total confidence, Navadiya sees the revival of the resilient Indian diamond industry in the future.

GJEPC will focus on demand generation for diamonds and jewellery in the next two years

13 july 2020

Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing company to a value-added, vertically integrated business. He has been instrumental in establishing the company’s jewellery business and global distribution network, currently one of the best in the industry. Under his leadership and guidance, the company has attained the status of being one of India’s leading diamantaires. Besides, he has been pro-active in supporting all activities to promote the Indian Diamond Industry, which brought him to the position of the Chairman of GJEPC from October 2012 to September 2015 wherein a host of initiatives were carried out under his leadership for the growth of exports and advancement of Indian gems and jewellery across the world. In this interview given to Rough&Polished Vipul P Shah covers a range of questions regarding the current situation in the global diamond industry.

The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

06 july 2020

The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.

Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

29 june 2020

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express their thoughts, opinions and views in a safe and constructive manner. In an interview with Rough&Polished, Young Diamantaires active members Rachel Sahar and Shai Schnitzer jointly answered questions related to the group's activities.

Those who implement the right anti-crisis strategies have more chances

22 june 2020

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest, member of the award panel of international jewellery contests, participant in the online inauguration of the Watches & Wonders digital platform held at the end of April, told the Rough & Polished industry news agency about the sentiments in the jewellery community and how its representatives prefer to act today.  

The secondary diamond market in Russia is not mature although its prospects are huge

15 june 2020

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant. He has been in the field of the precious stones expert evaluation and grading for more than 15 years.

Johan Erikson: The industry needs to spend more on advertising and marketing

08 june 2020

First Element is a fully independent Diamond Services Company registered in Belgium, Botswana, South Africa and Dubai. First Element is committed to providing a world class diamond service aimed at adding value to the entire supply chain, from the daily recoveries of diamonds at mines to putting them up for sale at tenders, thus optimizing the value of stones sold. In this interview with Rough & Polished First Element’s Managing Director Johan Erikson talks about the pandemic impact on diamond trade and the tenders his company managed to hold and intends to continue, as well as about future polished prices and diamond marketing.

African diamond firms on COVID-19 response, recent developments

01 june 2020

Rough & Polished recently contacted several diamond producers and exploration companies with operations in Africa to establish how their operations were affected by the Covid-19 pandemic and what they are doing to alleviate the impact. We also sought to establish when they will likely resume their operations. Furthermore, we elicited their comments on efforts to temporarily suspend rough imports in India. Petra Diamonds, Lucapa Diamond, De Beers and Botswana Diamonds gave us their comments. Although, Lucara Diamond was yet to respond at the time of writing this article, we managed to extract some information in their first quarter 2020 report, which addressed some of our questions.
Below are responses from the diamond companies:    

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