“Only do business with clients who have impeccable integrity,” suggests Davy Blommaert, banker

Davy Blommaert heads the Diamond Business at National Bank of Fujairah, which falls under the bank’s corporate and institutional banking division. With nearly 10 years of experience in the diamond industry, he was tasked to establish a unit within NBF...

Yesterday

Russia’s export legislation is like a log on the road making it difficult to drive through

Eduard Utkin, General Manager of the Russian Jewellers Guild Association, which is a member of the Russian Federation Chamber of Commerce and Industry, answers the questions from Rough & Polished regarding the activities of the country’s professional...

11 march 2019

Botswana mum on new demands as negotiations with De Beers draw closer

Botswana said it will begin new diamond marketing and sales negotiations with De Beers in June or July this year. Mineral resources minister Eric Molale told Rough & Polished’s Mathew Nyaungwa on the sidelines of a mining conference in Cape Town, South...

04 march 2019

DLX-jewellery will focus more on colour stone designed pieces as well as diamond jewellery sets going forward - Jack Chen, General Manager, DLX-Jewellery

Graduating in International Business from an Institute in Sydney, Australia, in 2015, Jack Chen returned to China to start managing his family-owned jewellery business. Besides holding a certificate in a practical diamond course at Gemological Institute...

25 february 2019

Ali Pastorini: “We have to change a little the way to sell the idea that buying jewelry is just for glamour”

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 1000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

18 february 2019

Increase in demand from India fails to boost De Beers rough sales

05 march 2019

de_beers_logo.pngDe Beers, which is 85 percent-owned by Anglo American, said the overall demand for lower value rough diamonds remained subdued as its second sales cycle of 2019 dropped 13.9% to $490 million compared with $563 million, a year earlier.
De Beers chief executive Bruce Cleaver said they recorded an increase in demand from India as factories begin to restock, despite the weak demand for lower value rough stones.
The group raked in $500 million from the first cycle of 2019.
De Beers reduced prices of low-quality diamonds at its ninth rough sale in 2018 by about 10 percent.
It also took an unordinary step last September of allowing its customers to refuse to buy some lower-quality stones.
The group last had major price cuts in early 2016 amid a credit crunch across the industry and weak demand in China.
De Beers produced 35.3 million carats in 2018 compared to 33,5 million carats produced in 2017.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished