Diamonds: A cocktail of optimism, pessimism in the midst of Covid-19 pandemic

Rough & Polished’s Mathew Nyaungwa recently attended a webinar organised by CIBJO Communications to examine consumer demand at the time of the Covid-19 pandemic, importance of data, financial models and lab grown diamonds. The webinar, chaired by Edward...

Yesterday

How Russkiye Samotsvety is coping with the current downturn

One of the key issues facing most Russian companies today is the need for an objective assessment of the new consumption decline due to the quarantine, as well as making forecasts for a way out of it. According to a RBC-Petersburg’s study made in June...

03 august 2020

Global rough diamond sales down 80-90% in value in Q2 –Zimnisky

The COVID-19 pandemic, which is spreading across the globe, having originated from China’s Wuhan has left diamond traders and buyers at sixes and sevens. Traditional diamond tenders were cancelled around March as governments imposed travel restrictions...

27 july 2020

Indian diamond and polishing industry requires forward integration - Dinesh Navadiya

Dinesh Navadiya is now the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India for the 3rd term. He is also the Director on the Board of the Gem & Jewellery Skill Council of India (GJSCI)...

20 july 2020

GJEPC will focus on demand generation for diamonds and jewellery in the next two years

Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing...

13 july 2020

Lucara to sell all +10.8 ct diamonds to HB for the rest of 2020

17 july 2020
Lucara Diamond has signed a novel supply agreement with Antwerp-based HB Group of all diamonds produced at Karowe mine in excess of 10.8 carats for the remainder of 2020.
Large, high value diamonds in excess of 10.8 carats in size account for about 70% of Lucara's annual revenues.
The company continued fully operational throughout the Covid-19 pandemic and made a deliberate decision not to tender any of its +10.8 carat inventory after early March 2020 due to the uncertainty caused by the global crisis.
"This agreement will deliver regular revenues on superior pricing terms to those currently being achieved at tender, and, helps position Lucara to move forward with key underground expansion activities for Karowe in 2020,” said company chief executive Eira Thomas.
“It is our strong view that the success of our industry in these very uncertain times, requires better alignment between producers, manufacturers, and retailers to establish a healthier, more efficient global diamond supply chain.”
The company said the purchase price paid for the +10.8 carat rough diamonds will be based on the estimated polished outcome.
This will be determined through state of the art scanning and planning technology, with a true up paid on actual achieved polished sales thereafter, less a fee and the cost of manufacturing. 

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