News
Botswana, De Beers suitor near deal on ownership stakes – report
Botswana and a consortium leading the race to acquire De Beers are close to agreeing on their future ownership stakes, potentially clearing the way for Anglo American to exit the diamond miner, according to Bloomberg.
Today
Petra Diamonds subsidiary ordered to wind up over unpaid tax
Petra Diamonds has confirmed that a winding-up order has been made against its wholly owned indirect subsidiary, Petra Diamonds UK Treasury Limited (PDUK Treasury), following a petition by HM Revenue & Customs.
Today
LVMH’s watches & jewellery division revenue rose 8% in the first nine months of 2026
The Watches & Jewellery division of the French conglomerate LVMH, home to over 75 world-renowned luxury brands, recorded an 8% organic revenue growth during the first nine months of 2026 thanks to strong jewellery demand, despite a challenging economic...
Today
Russian companies to increase investment in PGM exploration by 17% in 2026
In 2026, Russian companies will increase their investment in the exploration of platinum group metals (PGM) by 17%, with the total reaching nearly 2 billion rubles ($23 million), the Russian Ministry of Natural Resources and Environment...
Today
Diamond jewellery sales in India set to increase 15% - 20% on sharp rise in gold prices
Indian diamond jewellery retailers anticipate a 15% - 20% increase in sales during the 2026 festive season, driven primarily by the sharp rise in gold prices which prompts consumers to consider diamond jewellery in more affordable price range...
Yesterday
De Beers heading for second half sales of $1.8bn as diamond recovery continues
25 november 2020
(miningmx.com) - De Beers was forecast to report full year sales of about $1.8bn in the second half of its 2020 financial year after the diamond market continued to recover from disastrous market conditions in the first half of the year. Assuming De Beers hit this mark, it would take full year sales to about $4bn after reporting $1.22bn in first half sales. The company said last Wednesday it sold some $450m in diamonds for its ninth and penultimate cycle of the year compared to $400m for the ninth cycle in 2019.
Lab-Grown Diamonds ‘Poised to Reach Mass Market’ as Popularity Grows
24 november 2020
(sg.style.yahoo.com) - Lab-grown diamonds continue to grow in popularity and awareness with consumers, according to new research. A report issued today by MVI Marketing says the cultivated stones are “poised to reach mass market status,” with more than 50 percent of independent jewelers in the U.S. expected to stock the stones in time for this holiday season. This information comes despite the world’s top diamond mining firms’ efforts this year to promote natural diamonds through their joint lobbyist venture, the Natural Diamond Council.
Petra on knife edge as Covid-19 second wave threatens diamond price recovery
23 november 2020
(miningmx.com) - Petra Diamonds reported a taxed loss of $223m, including $91.9m in impairments, for the 12 months ended June, and warned the market its viability turned on the conclusion of a recapitalisation that requires bondholders agreeing to hold the firm’s shares. The company also said the diamond market was vulnerable as a second wave of Covid-19 disease swept through buying centres, including Europe. According to a report by Bank of America Securities, recent rough diamond price increases did not imply a recovery in the long-term health of the market.
A Chance to Rebuild the Diamond Industry
20 november 2020
(diamonds.net) - The economic challenges resulting from COVID-19 have forced companies and industries at large to reassess their value propositions. Along with the tremendous health concerns, the coronavirus has also brought unprecedented disruption to the global economy, pushing the business community to modify the way it operates. The changes that have taken effect during the coronavirus will likely reshape the way we conduct business in the future.
End of duty-free 'will cost billions': Luxury goods firms including Gucci and Tiffany warn that ending VAT refunds will hit UK economy hard
19 november 2020
(dailymail.co.uk) - Eleven top luxury brands, including Gucci, L'Oreal and Tiffany, have warned that the end of duty-free shopping will cost billions and hit the UK economy at the 'worst possible time'. Chancellor Rishi Sunak is ending VAT refunds for international visitors to British shops from January 1. It is estimated the move could lead to up to 138,000 job losses and cost the economy £3.5billion. British holidaymakers will also be hit by extra taxes at the till as savings for travellers leaving the UK will be restricted to alcohol and tobacco.
