GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

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Platinum’s rare nature gives it additional value and appeal

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

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30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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23 august 2021

Botswana diamond exports plunge 67% in January

05 march 2012

Botswana's exports of rough and polished diamonds fell 67 percent to P805.9 million in January, compared to the same month last year, as warnings of a market slump in 2012 come to reality, Mmegi reported cited by Polished Prices.
Diamond producers and other industry experts have warned of a flattening of prices at best and a slump as the precious stones suffer from the slowdown in the Euro zone and United States economies this year at worst, said the report.
Although their dominance has declined in recent years, both the US and Europe remain critical markets for rough and polished as well as diamond jewellery, making them the leading determinants of prices for the precious stones, it said.
Preliminary Bank of Botswana data released last week indicates that diamond exports in January slumped to levels last seen in 2009 when the economy went through a diamond mining-led recession
In January 2009, diamond exports were recorded at P438.7 million, compared to P1.7 billion and P2.4 billion in January 2010 and January 2011 respectively, the report said.
The figures released highlight a downward trend as January's exports followed the P1.2 billion exported in December 2011 and the P1.4 billion from November 2011, it said.
By comparison, diamond exports before November and December averaged P8.6 billion in the first three quarters of 2011.
January's figures provide the backdrop to the surprise closure of the BK-11 Mine where its proprietors cited "current weakness" in the diamond market. Firestone Diamonds, the UK-company that commissioned BK11 in late 2010, had previously noted subdued response to its auction in September 2011 where 20,714 small diamonds did not achieve reserve prices and were withdrawn. Although prices improved at its December auction, the company also pointed out that prices had fallen by approximately 30 percent from their July 2011 levels, the report said.
While industry analysts who spoke to BusinessWeek were reluctant to draw conclusions, they said the fact that Firestone's auctions were open meant it was directly exposed to fluctuations in buyers' demand. "De Beers, rather, has contracts binding buyers to supply from its mines and better protecting prices while Firestone's auctions are open," said one analyst. "Rough diamond buyers, who are the cutting and polishing firms, have sensitive financial arrangements and the downturn in Europe is impacting on their access to finance, which in turn lowers their participation in auctions such as those run by Firestone." For 2012, Firestone Diamonds' auctions will be determined by both market conditions in the rough diamond market and production levels at its Lesotho mine, said the report.
Lower international demand is expected to continue applying pressure on diamond exports, with smaller mines in the BK11 category likely to be harder hit than the larger De Beers' operations.
Government will be hoping diamond exports improve going forward as it recalls that February 2009 exports slumped even further by 37 percent from their January levels, triggering the closure of several Debswana operations as well as the suspension of Lerala Diamond Mine, the report said.