“Lab-Grown Diamonds is probably the biggest scam this industry has ever seen,”: Leibish Polnauer, Founder-President, Leibish & Co.

An interesting story from the Leibish & Co takes you way back to the year 1979 when young Leibish Polnauer, then a diamond polisher, was travelling to London, having just found out that the factory at which he worked had been shut down. He found an advertisement...

24 june 2019

Botswana mining industry players speak on speculative exploration licences

Speculative mineral exploration licences was a recurring theme from presentations made by three players in Botswana mining industry at a conference convened in Gaborone. The country has issued thousands of exploration licences, across the mining industry...

17 june 2019

Design is the key to all markets

Besides being an astute businessman, Mumbai-born Laksh Pahuja is a designer par excellence known globally for his awe-inspiring unusual jewellery pieces. Trained at the Gemological Institute of India and Harrow College of Art England, Laksh combines...

10 june 2019

Mutual mass destruction will not serve anybody’s purposes

The recent moves by the U.S. Federal Trade Commission (FTC), including its letters urging some companies to abide to the revised edition of FTC Jewelry Guides and the explanations from FTC attorney Robert Frisby posted on the FTC website were...

03 june 2019

Pavel Sokolov: Every stone has its beauty

THE ‘GEMSTONES BY SOKOLOV’ brand has been popular for over 25 years. The aim of this company is to supply any kind of gem studs to the Russian market including the unique ones except diamonds of any cut. The product range by the SOKOLOV Company is very...

27 may 2019

Macroeconomic uncertainty, Indian holiday force De Beers rough diamond sales downwards

22 may 2019

de_beers_logo.pngDe Beers, which is 85 percent-owned by Anglo American, said demand for its rough diamonds was weak during the fourth cycle of 2019, which raked in $415 million compared with $554 million, a year earlier. 
The group earned $581 million from the third cycle of 2019.  
"Cycle four saw lower rough diamond sales against a backdrop of macroeconomic uncertainty, and as we enter a seasonally slower period for the industry with Indian factories closing temporarily for the traditional holiday period,” said De Beers chief executive Bruce Cleaver.
Low demand for low-quality goods forced De Beers to reduce prices 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 was also expected to reduce rough supply for the rest of 2019 as it cuts production and fulfills its commitments to support local manufacturing in Africa.
The Voorspoed mine closed at the end of 2018, Victor mine was now depleted, and there was a temporary reduction in availability from Venetia mine as it transitions from an open pit to underground operation. 
De Beers produced 35.3 million carats in 2018 compared to 33,5 million carats produced in 2017. 
It projected output of 31 million to 33 million carats this year. 

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