Innovation and automation can conquer any challenges

Rahul Gaywala, the CEO of STPL has been with the Sahajanand Group since 1993 and in his tenure with STPL, he has proved to be a hard-core innovator and technocrat intent on helping to transform the diamond trade from a labour-intensive industry to an...

Today

Memorial Foundation of Carl Fabergé continues to fulfill its tasks

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Gaetano Cavalieri: We need to protect the long-term health of our industry

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23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

De Beers to proceed with March diamond sales as Botswana issues travel ban – report

18 march 2020

De Beers is planning to proceed with its diamond sales scheduled for end of the month although sightholders won’t be allowed to inspect goods in person, according to a news report. 
Botswana, where De Beers conducts its 10 sales each year, introduced a travel ban last Monday on 18 high-risk countries to protect itself from the COVID-19 coronavirus. 
The countries include Belgium, India and China. 

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     Image credit: De Beers


“Our intention remains to hold the sight, in line with the desire for it go ahead expressed by customers, but we are developing a suite of contingency plans in the event that it is not possible to hold the sight in the usual manner,” De Beers was quoted by Bloomberg as saying in a statement.
The diamond company was reportedly mulling options such as a “blind” sight, where buyers don’t inspect the goods they are purchasing in person.
Another option was for the buyers to send local staff to the sale.
De Beers and the Botswana government were expected to convene an emergency meeting next week, according to the local media.
De Beers raked in $355 million from its second rough diamond sale compared with $496 million, a year earlier and $551 million, the previous month. 
Group chief executive Bruce Cleaver said early this month that they recognised the impact of COVID-19 Coronavirus on customers focused on supplying the Chinese market. 
The group had to put in place additional targeted flexibility to enable customers to defer allocations of the relevant rough diamonds. 
The diamond industry experienced an oversupply of polished diamonds last year, which led to sharp price drops than for rough stones.     
De Beers was forced to lower prices across the board by about 5%.

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