Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

Johan Erikson: The industry needs to spend more on advertising and marketing

First Element is a fully independent Diamond Services Company registered in Belgium, Botswana, South Africa and Dubai. First Element is committed to providing a world class diamond service aimed at adding value to the entire supply chain, from the daily...

08 june 2020

African diamond firms on COVID-19 response, recent developments

Rough & Polished recently contacted several diamond producers and exploration companies with operations in Africa to establish how their operations were affected by the Covid-19 pandemic and what they are doing to alleviate the impact. We also sought...

01 june 2020

Grib Diamonds earns almost $20 million from rough auction in Antwerp

24 march 2020
Grib Diamonds conducted another auction on March 23, 2020. 90% of the lots on offer were sold for approximately $20 million. The company announced this in a press release received by Rough & Polished.
Due to the spread of the coronavirus and the cessation of much of worldwide trade, prices were under considerable pressure, said Grib Diamonds in its statement. This decrease in price was anticipated following the diminution in activity in the main centres of sales and processing of rough diamonds.

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Image credit: Grib Diamonds

“Our customers have been with us for many years and understand and appreciate being able to purchase in a transparent manner both in the good times when prices are high but also in the bad times when prices are low. The ability to buy at market prices ensures that profitability is sustained and customers are able to start replacing the cost of their inventory,” said Igor Prokhorenko, CEO of Grib Diamonds. “This is an essential part of our value proposition, and it allows us to see where the market is in downturns and also allows us to move quickly when the market turns upwards again.”

Victoria Quiri, Correspondent of the European Bureau, Rough & Polished, Strasbourg