WPIC: Platinum supply fell 13% in the first quarter, while demand went down by 26%

The World Platinum Investment Council (WPIC) said in its latest quarterly report that year-on-year quarterly supply and demand were down more than expected, at 13% and 26% respectively.

Today

Titan reports profit of Rs 232.68 billion in fiscal 2022

Indian jewelery maker Titan, part of the TATA Group, has reported a profit of Rs 232.68 billion in fiscal year 2022. This will allow Titan to increase its core jewelry business by a factor of 2.5 in the course of five years opening more than 600 jewelry...

Today

Pandora will build a factory in Vietnam able to churn out 60 million pieces of jewellery every year

Pandora, the world’s largest jewellery brand, signed a memorandum of understanding to build a new jewellery crafting facility in Vietnam Singapore Industrial Park 3 (VSIP) in Binh Duong Province, about 40km north of Ho Chi Minh City. The new...

Today

Norilsk Nickel receives government permission to trade depository receipts on foreign exchanges

Norilsk Nickel, the world's largest producer of nickel and platinum group metals, has received government permission to continue placing its depositary receipts on foreign exchanges, attracting investments.

13 may 2022

China’s Panyu to host International Laboratory-Grown Diamond Industry Development and Innovation Congress this May

Panyu, an urban district of the prefecture-level city of Guangzhou in China will welcome the First China International Laboratory-Grown Diamond Industry Development and Innovation Congress (LGD-IDIC) to be held on May 18-19, 2022.

13 may 2022

Diavik begins winding down diamond mine

Today

(nnsl.com) - The City of Yellowknife will be feeling the effects of Diavik Diamond Mine’s closure in 2025 as ramping down has begun. “We start decommissioning our first underground pipe later this year, and surface mining ends at the beginning of next year,” Cherish Winsor, a relations representative for Diavik said. “We say we’re closing in ‘25, but that’s starting now.” The closure of the mine is set to affect the Yellowknife job and economic markets in a variety of ways, according to information provided during a presentation at Monday’s Governance and Priorities Committee meeting.

Panic Grips Billion-Dollar Trade Over Russian Diamond Ban

13 may 2022

(bloomberg.com) - US restrictions on Russia’s giant diamond miner are causing panic across the industry. Traders are hunting for workarounds to keep tapping one of the world’s main sources of precious gems. Russian mining giant Alrosa PJSC supplies about a third of the world’s raw gems, and US sanctions against the company are causing panic in the industry. Firms from Tiffany & Co. to Signet Jewelers Ltd. have announced plans to suspend sales of Russian diamonds. With wedding season looming in America, desperate delegations have been seeking a workaround from India, the world’s largest exporter that cuts and polishes nine of 10 stones.

Strange Bedfellows: Diamonds, Blockchain and ESG

13 may 2022

(luxuo.com) - You have visited a jewellery store online and a diamond ring caught your attention, curious as to how it will look on your hand, you make your way to the store to have a look at the piece. The diamond ring is of the highest quality: in terms of cut, colour and fire and brilliance; but when you ask about the origins of the diamond, the salesperson can’t give you a proper answer of where these gemstones were sourced from. They could very well be blood diamonds — mined in an area where there is war or fighting, and are sold to fund armed conflicts. To curb the proliferation of blood diamonds and its associated impact, a certification process was introduced in 2003: The Kimberley Process (KP). It is a multilateral trade regime put into commitment by governments, civil society and the wider industry, with the goal of preventing the flow of conflict diamonds. At the core of the process is the Kimberley Process Certification Scheme (KPCS), under which countries implement safeguards on shipments of rough diamonds and certify them as “conflict free”.

Diamond Prices Are Spiking and Even De Beers Can’t Fill the Gap

12 may 2022

(bloomberg.com) - (bloomberg.com) - Prices are surging in some corners of the rough-diamond market, as sanctions on one of the world’s two giant miners ripple through the supply chain. In the past, the industry could turn to behemoth De Beers to crank out extra gems when supply ran tight — but not this time. The price of a small rough diamond, the type that would end up clustered around the solitaire stone in a ring, has jumped about 20% since the start of March, according to people familiar with the matter. The reason: Diamond cutters, polishers and traders are struggling to source stones after the US levied sanctions on De Beers’s Russian rival, Alrosa PJSC, which accounts for about a third of global production.

Current Russian Diamond Sanction Rules “Murky,” JVC Says

12 may 2022

(jckonline.com) - The current sanctions on Russian diamonds have created a “murky situation” for the industry, Jewelers Vigilance Committee (JVC) president and CEO Tiffany Stevens and deputy general counsel Sara Yood said during an April 26 seminar at the American Gem Society Conclave in Oklahoma City. On April 8, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) put Alrosa on its Specially Designated Nationals (SDN) list, which means no U.S. company can have dealings with the Russian diamond miner. But it’s still not clear if that designation will impact U.S. companies whose overseas parents may have dealings with Alrosa.

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