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
Kimberley Process, Cornerstone of the Natural Diamond's Social Commitment
16 october 2020
(idexonline.com) - On August 13, 2020, IDEX Online posted a Memo by its correspondent John Jeffay. In it, he reported on a discussion he had with Jacques Voorhees, a long-time industry entrepreneur, recalling an article that the latter had written in January 2002, entitled "In Search of Conflict Diamonds." There, Mr. Voorhees recounted his experiences in Sierra Leone during the civil war 20 years ago. Speaking to the IDEX reporter, Mr. Voorhees questioned both the effectiveness and purpose of the Kimberley Process Certification Scheme (KPCS). When asked whether conflict diamonds exist, he answered: "If you're talking about the diamonds that were looted by rebels and traded for guns, you could call them blood diamonds. But diamonds get the blame for the atrocities carried out by the rebels. Controlling the movement of diamonds is laughable as a solution. It's like waving chain-link fencing at a virus. It's the wrong tool for the job. What makes me so upset is that it detracts from the real issue, which is what the world needs to do to stop the conflict." As President of the World Diamond Council, which is the body charged with representing the industry in the Kimberley Process, I understand Mr. Voorhees's argument. It's is not the diamonds that were at fault, for they are inert gemstones. It was rather the unscrupulous rebels exploiting them. They were the cause for the violence and suffering that occurred. This also was the position I held 20 years ago, when as a diamond manufacturer and trader I struggled together with my colleagues to help find solutions for a political and humanitarian crisis. But I disagree with Mr. Voorhees's contention that the KPCS can be likened to "waving chain-link fencing at a virus." Our objective in 2000, the year that both the KP and the WDC were established, was to develop a system that would prevent rebel forces from obtaining revenues from the diamond fields they had plundered. It was not simply about removing conflict diamonds from the distribution chain. It was also about ending the indescribable suffering at the hands of rebel forces that was taking place in the artisanal communities that relied on the gemstones for their daily sustenance. It was about creating the conditions in which rough-producing countries suffering from civil conflict could recover, by helping ensure that revenues from diamond sales return through legitimate channels to benefit their mining communities.
Searching for Blood Diamonds
15 october 2020
(idexonline.com) - Search for blood diamonds on Google and you'll find plenty of entries. But try finding the real thing, also known as conflict diamonds, in a jewelry store today and you'll struggle. Or so says Jacques Voorhees, veteran diamond entrepreneur, who is about to publish In Search of Conflict Diamonds, based on the time he spent in Sierra Leone in 2002 after the bloody 11-year civil war finally ended. With apologies for the spoiler, I can tell you he struggled to find any. And as a result of what he saw he feels passionately about what he sees as the sincere but misguided attempts to demonize diamonds.
How Will A Stronger Chinese Yuan Affect Luxury?
14 october 2020
(jingdaily.com) - In the 1960s, France’s then Minister of Finance, Valéry Giscard d’Estaing, said that the US dollar gave America an “exorbitant privilege.” Unfortunately, the Golden Age of US currency is nearing an end. These days, analysts discuss “the new era of weakness” for American currency. Yet, it is worth noting how as the world focused on the depreciation of the dollar and the rise of the euro, which was “becoming the go-to currency for safety and liquidity,” the Chinese yuan has steadily gained in notoriety and power.
Dominion starts cutting jobs at Ekati, offers no severance
13 october 2020
(cabinradio.ca) - In the end of September, Dominion Diamond Mines told some employees of its Ekati mine they have no job to return to, if or when the mine reopens following its closure at the start of the pandemic.
UAE-Israel accord could bring new sparkle to Dubai diamond trade
12 october 2020
(reuters.com) - The week that Israel and the United Arab Emirates normalised ties, Israeli diamond trader Zvi Shimshi headed to the United Arab Emirates to open a company in Dubai, a regional trade hub that is a major centre for the precious stones. He is among 38 Israelis whom the Dubai Multi Commodities Centre (DMCC), home to Dubai Diamond Exchange, said have recently contacted it to set up a presence, in a sign of how shifting regional politics could alter global trade dynamics. Traders in Dubai say they have been inundated with enquiries from Israelis, who traditionally trade in Belgium’s Antwerp -- the world’s biggest centre for traders of rough and polished diamonds. South African company Trans Atlantic Gems Sales (TAGS), which auctions and tenders diamonds in Dubai, had close to 50 Israeli firms interested in participating in tenders register with the company in just a few weeks, said owner Anthony Peters. “It’s a massive game changer,” Peters told Reuters.
