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

NY businessman charged for running jewelry Ponzi scheme

22 july 2020
Gregory Altieri, 53, a New York businessman reportedly lured investors with returns of up to 70 % within five months, bought jewelry at closeout prices during the two-year scheme.
He allegedly promised investors huge returns from wholesale jewelry deals and has been charged with running a $200m Ponzi scheme.
In January Altieri's jewelry company LNA Associates, issued $74m of cheques that bounced. The businessman provided investors with ‘jewelry lot sheets’ with false information of purchases made on their behalf, but some of the money was actually used to pay earlier investors.
About 80 investors including police officers, firefighters or first responders from Long Island, Queens, and Staten Island, who jointly invested up $85m, filed a petition in May forcing him and the business into an involuntary bankruptcy. Altieri has pleaded not guilty on count of wire fraud at federal District Court in Brooklyn, and was released on a $750,000 bond.

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