“The industry is under some pressure, and as we all know, diamonds are formed under great pressure!”, says Dr Martin Leake

A veteran in the field of precious stones, Dr Martin Leake a doctorate geologist had worked for 22 years with BHP Billiton; and also set up a world-class marketing unit for Grib Diamonds in Antwerp. Later, as an Independent Consultant, Dr Martin Leake...

09 september 2019

Recovery of diamond industry within a year if end-consumer demand holds – Zimnisky

An independent diamond industry analyst and consultant said the natural diamond industry will be in a better position within a year time if end-consumer demand holds. Paul Zimnisky, CFA told Rough & Polished’s Mathew Nyaungwa in an exclusive interview...

02 september 2019

Working according to one’s weaknesses and strengths

Canon Jhaveri grew up watching his diamond-dealer father and uncle working with diamonds. The sparkles of the diamonds fascinated the young boy, who became more intrigued every time he visited his father’s office. After graduating in 2002, Canon Jhaveri...

26 august 2019

The diamond business is yet bright and has a good future in the coming days

Hitesh Patel, Managing Director of Dharmanandan Diamonds Pvt. Ltd., joined the family business in 1997 to help his father Laljibhai Patel, the founder of Dharmanandan Diamonds Pvt. Ltd. Egged on by its success, Hitesh set up the overseas presence of...

19 august 2019

The talk around LGDs is all hype

As a teenager, Luca Luterbacher began to design and manufacture single pieces and individual items for wealthy private family friends from Switzerland and Lichtenstein. In 2017, he finally invested in his own luxury trademark "Luterbacher."...

12 august 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