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

Arctic Star Exploration plans to resume work, increase stake in NWT diamond project

Today

() - The idled but promising Diagras project should see new activity as one joint venture partner takes over operations from the other. New manager Arctic Star Exploration TSXV:ADD, which holds the minority portion of the 60/40 JV, announced a proposed $1.6-million budget over the next 12 months to drill the Diagras property next spring. JV partner Margaret Lake Diamonds TSXV:DIA “has elected not to participate in this program and, in doing so, will dilute once the program completes and expenditures are met,” Arctic Star stated.

De Beers looks to restructure as diamond sales plummet

Yesterday

(thenational.ae) - De Beers is considering ways to restructure mines, expand in jewellery and overhaul diamond sales, as the world’s biggest and oldest producer rethinks its entire business in an industry left paralysed by the pandemic. The company founded by British imperialist Cecil Rhodes in the late 1800s was under pressure even before the coronavirus to reform. While De Beers boasts one of the world’s most powerful luxury brands, it remains tied to traditions that in some cases have barely changed for decades. Chief executive Bruce Cleaver began a modernisation process after taking over in 2016, and those efforts will be expanded and accelerated.

Deep Sea Diamonds

31 july 2020

(idexonline.com) - "There's diamonds in them thar oceans." The original quote, "There's gold in them thar hills", heralded the 1848 Gold Rush and appears in Mark Twain's 1892 novel The American Claimant. I've taken the liberty of updating it to reflect the prospect of a new mineral dash. This time for underwater gems. We've been digging diamonds out of the ground for centuries now, but known reserves won't last forever. And there's good evidence that many millions of carats are lying under the seabed, just waiting to be sucked up and sold. Digging for marine diamonds has become a reality in the last couple of decades, thanks to enormous advances in technology.

Jilted by lockdown: Why marriage after global isolation is just what the diamond sector needs

30 july 2020

(miningmx.com) - The wedding economy is estimated to be worth $300bn annually with a host of industries, from travel and hospitality to the garment sector, hanging on to its finely-tailored coattails. Perhaps no industry is more desirous, therefore, of sweet nuptials than the jewellery sector – diamonds in particular.
The last three years have been torrid for the global diamond sector. De Beers exemplified the rut: its 2019 profit of $558m was the lowest in a decade. A sales upturn in January suggested the beginning of the long-anticipated recovery, until COVID-19 sent consumers from high street into lockdown. Unpolished or rough diamond sales to the secondary sector, the cutters and polishers who like to inspect goods in person, was stopped in its tracks. Botswana, where De Beers convenes ten sales meetings a year with selected buyers, closed its borders. Other miners ran into similar travel bans as the pandemic tore through the world. Yet the forces that brought the diamond sector to a halt in March might yet provide the seeds of its recovery.

Upgraded Everledger Platform ready to boost diamond industry recovery

29 july 2020

(everledger.io) - Tom Murphy, Everledger’s head of product, discusses the latest features of the Everledger Platform, which will support demand generation, sustainability and compliance for diamond retailers and manufacturers. The diamond industry took three body blows from the COVID-19 pandemic. Firstly, the lockdown shuttered many retailers on the high street. Diamonds are traditionally a bricks-and-mortar marketplace, so those without an established e-commerce offer were caught cold. Next, the economic downturn had an inevitable impact on sales, not least as the global $250 billion wedding industry was all but frozen due to social distancing. Finally, the cessation of airline travel has complicated supply chains and cancelled all international diamond shows – a crucial networking and sales window in the calendar. They may face additional disruption in the second half of the year, a sign that a V-shaped recovery is wishful thinking. The impact on the industry has shown some startling figures. Gemdax predicts that excess inventories at the largest diamond producers will reach $4.5 billion — or between 40 million and 50 million carats — by the end of the year. The COVID-related restrictions on the supply chain, and faltering consumer demand, will result in a drop in rough-diamond sales of 30% to 40% this year ($7 billion to $8 billion) according to Moody’s. Hope on the horizon?

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