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 warns of slow market recovery as moves to flexible, “near-continuous” sales
25 september 2020
(miningmx.com) - De Beers warned it would “take some time” for the diamond market to return to pre-Covid-19 levels, but a recovery in rough diamond demand was underway. Commenting following sales numbers for the group’s sixth and seventh sales cycles of the year – which came in at £116m and £320m respectively – De Beers CEO, Bruce Cleaver, said diamond markets were benefiting from the easing of Covid-19 restrictions. “Overall industry sentiment has become more positive as jewellers in the key US and Chinese consumer markets gained confidence ahead of the important year-end holiday season, supported by strong bridal diamond jewellery demand across markets,” he said.
Diamonds will be cut by taxes
24 september 2020
(kommersant.ru) - ALROSA, already affected by the pandemic, will lose ₽2-₽3 bn per year as a result of the amendments proposed by the Ministry of Finance in the calculation of the tax on diamond mining. The corresponding bill has already been submitted to the State Duma and involves estimating the value of mined stones based on their sales prices and not on the Ministry of Finance’s price lists. As a result, the amount of the severance tax levied from the company may grow by 10%. Nevertheless, the analysts believe that the impact on the company's financial performance will be negligible.
Three Keys to a Thriving Jewelry Industry
23 september 2020
(idexonline.com) - I wish we had a crystal ball to tell us exactly how the jewelry industry will bounce back from the hand we all have been dealt. Unfortunately, we do not - but even if we did, it would not change the undying focus we have at Jewelers Mutual Group, which is to do whatever we can to help raise the tide of the jewelry industry. These are not just words but are the lens through which we challenge ourselves to see through, think though, and focus our resources through. Regardless of what "shape" the recovery takes, it is important to be realistic and embrace the uncertainty as opportunity. It is an opportunity to connect with customers in ways we have not done before. It is an opportunity to provide enhanced products and services to your customers. It is an opportunity to partner with others with like mindsets in order to pool resources and solutions together to make it easier for customers to realize the synergistic benefits that can be brought to them with new technologies . . . and when we accept that we are often stronger together as an industry than we are going it alone. This current uncertainty can be embraced and I hope makes us all willing to try new things and work with others in ways we have not done before. I also hope it will encourage all of us to embrace much needed digital technology in how we interact with each other and our customers.
GIA Considers Shutting Antwerp Lab
22 september 2020
(diamonds.net) - The Gemological Institute of America (GIA) plans to close or heavily scale back its Antwerp operations following a review of its business in the Belgian city. “Based on global and local market conditions and activity, and the impact of the global pandemic, the GIA conducted an evaluation of the long-term viability of GIA Belgium,” a spokesperson for the organization told Rapaport News on Friday. “As a result of that evaluation, we have the intention to close or significantly reduce the GIA laboratory and offices in Antwerp, which will likely result in a reduction in staff.”
Can India Wrestle Supply Chains Away From China?
21 september 2020
(jingdaily.com) - In April, investor and founder of Mobius Capital Partners, Mark Mobius, told CNBC’s “Street Signs Europe” that global companies will move their supply chains further away from China post-COVID-19. “A lot of buyers and a lot of the people depending on the supply chain in China are now having second thoughts and are beginning to diversify their supply chain as much as possible to be closer to home,” he said. Considering that various Asia-Pacific countries are rebuilding and reimagining their supply chains, Mobius’ assessment isn’t too far-fetched. According to the latest EY Capital Confidence Barometer report, 67 percent of Asia-Pacific executives are undertaking measures to transform their supply chains, compared to 52 percent of respondents across the rest of the globe. Meanwhile, the World Economic Forum and Ernst & Young highlight that 55 percent plan to change their management of workforce (compared to 39 percent globally), 47 percent plan to improve their speed of automation (compared to 36 percent globally), and 39 percent plan to undergo digital transformations (compared to 31 percent globally). India has already started a powerful lobbying campaign to try and benefit from the backlash against its neighbor, China. In fact, The Economic Times’ ET Retail reports that India is designing a set of incentives for luring global businesses away from China.
