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

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

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

Botswana wants to fully participate in research and development led by De Beers

Although the government of Botswana has refused to review its latest demands from the ongoing negotiations for a new sales and marketing deal with De Beers, it has indicated its desire to fully participate in research and development led by the diamond...

02 march 2020

High-tech trend is most promising for industries using diamonds

Synthesis Technology is a leading diamond producer in Russia. The company produces carbon single crystals - lab-grown diamonds and single-crystal wafers. The diamonds completely identical to natural ones are ‘grown’ at the laboratory using advanced HPHT...

25 february 2020

Indian diamond industry faces worst price crash in recent times

23 march 2020

The world’s largest diamond cutting and polishing centre in Surat is headed for a doomsday following the worst crash in polished diamonds prices in the international market. The prices have fallen 7%-10% due to a severe economic crisis in the key diamond consuming countries coupled with the outbreak of coronavirus pandemic, says a TOI report. 
The plummeting of prices comes on the heels of India’s export of polished diamonds crashing by 41% to $1.38 bln in February. 
It was in November and December-2019 that the diamantaires had purchased rough diamonds at high prices, anticipating good demand in the international market in 2020. However, the coronavirus outbreak came as a big disruption with export to Hong Kong and China decreasing by almost $1.5 billion during January-February, 2020. 
Rapaport Group chairman, Martin Rapaport reportedly told TOI over the phone: “Our heart goes out to Surat and India’s diamond community in these difficult times. We understand that the reduction of prices in the Rapaport Price List is upsetting, but it is important for the buyers to come back to the market as the prices have been adjusted. It is important to note that the Rapaport Price List is used by buyers and not just sellers. As such, buyers require and expect Rapaport to reflect the lower price realities of the market. We cannot misrepresent prices to the benefit of sellers and we must not mislead buyers.”

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished