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

Correct adjustment of advertising is the major challenge

At the recent Amberforum held in the Baltic city of Svetlogorsk, Andrey Yanchevsky, Head of the trade representation of the LA VIVION jewelery company shared his opinion with the correspondent of Rough&Polished on the state and prospects of the jewellery...

05 august 2019

Small-scale diamond mining is the future in Botswana – Leon Daniels

Pangolin Diamonds, which is currently the most active diamond exploration company in Botswana, has called upon authorities in the southern African country to include diamonds into the minerals permit for small scale mining operations. Pangolin chief...

29 july 2019

“There has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

22 july 2019

De Beers to allow sightholders reject more diamonds at next sale

15 august 2019

de_beers_logo.pngDe Beers has told sightholders that they can reject half of the stones smaller than three-quarters of a carat ahead of a sale next week in Botswana’s capital, Gaborone, according to media reports citing people familiar with the situation.
De Beers will reportedly allow buybacks increase to 20%, meaning sightholders can remove up to a fifth of the diamonds in a box and the group will lower the price by a similar amount. 
The measure, Bloomberg reports, could allow buyers to increase profits since the rejected stones tend to offer the slimmest margins.
"De Beers is working harder to offer its customers flexibility to try to tackle short-term issues," Anish Aggarwal, a partner at specialist diamond advisory firm Gemdax, was quoted as saying. 
"But in the longer term, it’s about aligning the rough situation with polished demand."
Demand for rough diamonds remains subdued as a result of challenges in the midstream with higher polished inventories, and caution due to macro-economic uncertainty, including the US –China trade tensions. 
De Beers’ underlying adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 27% to $518 million in the first half of the year. 
The group sold 15.5 million carats in the first half of 2019, which was 13% weaker compared to the previous half. 
De Beers’ production also dropped 11% on a year-to-year basis to 15.6 million carats.

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