Consumers attracted to diamond jewelry more than ever

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association which brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

21 september 2020

WDC actively supports initiatives from mine to retail; and also strives for support for the artisanal and small-scale miners - Edward Asscher, President, World Diamond Council

A member of one of the diamond industry and Amsterdam’s most well-known families, Edward Asscher was elected President of the World Diamond Council in June 2020 for a two-year term. Asscher is serving a second time as WDC President, having led the organization...

14 september 2020

Diamonds are one of the few things that have held human fascination in every nook and cranny of the world across time

Dr Usha R. Balakrishnan, a preeminent historian of Indian jewellery based in Mumbai, is Chief Curator of the World Diamond Museum. Being the author and co-author of several volumes of Diamonds Across Time, a new book and an important venture launched...

11 september 2020

Botswana Diamonds to bulk sample KX36 kimberlite, sees commercial potential

Botswana Diamonds recently acquired Petra Diamonds’ exploration assets in Botswana for $300000. The assets that were owned by Petra through its wholly-owned Sekaka Diamonds Exploration, include the KX36 project, a 3.5 hectare kimberlite that was a new...

07 september 2020

Indian diamond industry looks for recovery options

Webinars being the order of the day due to COVID-19 crisis, the Gem & Jewellery Export Promotion Council (GJEPC) of India organized a virtual meeting under its UNCUT 2020 Webinar series on 17 August 2020, inviting all stakeholders to discuss...

31 august 2020

Anglo confirms plans to “re-think, re-imagine” De Beers’ sell of diamonds to sightholders

04 february 2020

Anglo American’s 85%-owned De Beers is mulling an overhaul in the way in which it sells rough diamonds to its sightholders.
“We have to re-think and re-imagine it, but we also need to do it with the midstream, not to the mid-stream,” Anglo chief executive Mark Cutifani was quoted as saying by Miningmx at the ongoing Mining Indaba in Cape Town. 

Image credit: De Beers Group

“I don’t know where it will land but everyone who is a partner will have to look at a different world.”
De Beers spokesperson David Johnson recently told Rough & Polished that they will be communicating directly with customers in the coming months about the new sightholder contract period, which will focus on maximising the considerable opportunities ahead in the diamond sector.
Bloomberg News reported last month that De Beers is planning to reduce the number of sightholders at the end of the current term.
The six-year sightholder contract, which governs the rules of the sights will come to an end this year.
Poor sales in the final two weeks leading up to Christmas in 2018 (due largely to US stock market volatility and US-China trade tensions), resulted in lower appetite from retailers to restock at the start of 2019. 
This led to the midstream being oversupplied with inventory and rough diamond demand subsequently reduced significantly. 
These challenges were worsened by liquidity tightness in the midstream, as well as downstream impacts including the evolution to a greater share of online sales.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished from Cape Town, South Africa