Indian diamond industry may halt purchases of all diamonds from 10 to 31, July

The Gem and Jewellery Export Promotion Council of India along with four other industry bodies have again issued an appeal to industry members to halt all purchases of diamonds between 10 and 31 July.

Today

Diamond smuggling rising in Zim – report

The smuggling of Zimbabwean diamonds to Mozambique is on the rise following the closure of official border posts to curb the spreading of Covid-19, according to a study conducted by the Kimberly Process Civil Society Coalition (KPCSC).

Today

India’s jewellery show ‘IIJS Premiere’ rescheduled to January 2021

India’s largest jewellery trade show, the India International Jewellery Show (IIJS) Premiere, has been rescheduled due to the ongoing Covid-19 pandemic, according to a press release from the Gem and Jewellery Export Promotion Council (GJEPC)...

Today

Hong Kong jewellery sales dip 69.7% in May

Jewellery sales in Hong Kong this last May fell 69.7 per cent y-o-y, according to the latest data from the Census and Statistics Department of Hong Kong.

Today

De Beers, Alrosa record ‘rock-bottom’ sales in June – report

Two leading global diamond companies, De Beers and Alrosa recorded “rock-bottom” sales in June as buyers rejected their high rough prices, according to media reports.

Yesterday

Diamonds Need Some New Best Friends

22 may 2020

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Image credit: RJA1988 (Pixabay)

(bloomberg.com) - It’s looking decidedly somber out there for the world’s favorite sparkly stone. Diamonds were ailing even before the coronavirus came along. Now, weeks into lockdowns in the U.S. and elsewhere, all but the largest diggers, polishers and retailers are struggling for cash. Unable to sell its stones, Dominion Diamond Mines, the miner that sold luxury brand Harry Winston to Swatch Group AG in 2013, filed for insolvency protection in late April. Anglo American Plc’s De Beers cut 2020 production guidance by a fifth in the same period, in line with demand. To secure their future, diamond giants may need a rebranding akin to the storytelling feat pulled off by Harry Oppenheimer, the late De Beers chairman who cultivated the engagement ring to overcome a slump after the Great Depression. In so doing, he forged a tradition that fueled sales for decades. Today, a refreshed myth-making effort could target the post-pandemic concerns of millennial consumers: marketing the diamond as a store of value in volatile times comparable to art, which is also authentic, traceable and sustainable.