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
Lab-Grown Diamonds May Develop Their Own Price Scale, Seller Says
24 july 2020
(jckonline.com) - Lab-grown diamonds may soon develop their own distinct price scale that differs from that of natural diamonds, Andrey Zharkov (pictured), the former chief executive officer of Alrosa who now heads the lab-grown diamond company Ultra C, predicted during a recent webinar. “Honestly speaking, I think that, in the future, in two or three years, we will see more pricing for laboratory-grown diamonds based on benchmarking,” he said. “It will be an important differentiation for laboratory-grown diamonds and natural diamonds.”
Ekati mine operations might resume in fourth quarter of 2020, Dominion says
23 july 2020
(nnsl.com) - Dominion Diamond Mines is aiming to resume production at the Ekati mine in the fourth quarter of 2020. Operations were suspended at the Ekati mine in March as a preventive move amid the Covid-19 pandemic. “We hope to reopen Ekati as soon as possible, but there are several factors to consider as we look at restarting operations,” said Dominion CEO Pat Merrin, on June 29. Those factors include “meaningful” resumption of global diamond sales and Dominion’s ability to safely recall its workers during the pandemic. Another factor is how the sale of the mine’s assets plays out. While another subsidiary of The Washington Companies – owner of Dominion Diamond Mines – has expressed interest in purchasing Ekati’s assets and an Alberta court has granted approval, it wasn’t clear yet if it will be the successful buyer as the bidding is also subject to a court-mandated process.
Foreign firms remain committed to China though COVID-19 hit businesses hard
22 july 2020
(news.cgtn.com) - Editor's note: While the raging COVID-19 has claimed huge death tolls and dragged many economies into recession, China, one of the earlier nations to reemerge from the pandemic, has been swiftly pulling its economy back on track. What clues can China's experience offer to help the world go through the troubled time? What can China do to speed up the global recovery? This is the second part of a series of four reports in which CGTN looks at China's efforts in technology cooperation, business environment, financial reform and trade ties. The COVID-19 pandemic has affected all industries, and foreign companies in China are no different than others. After being under the dark clouds of the coronavirus for half a year, what does the Chinese market mean to them?
Jewelers See Positive Signs as Business Restarts
21 july 2020
(diamonds.net) - Times are hard for luxury in general, and jewelry in particular. In a recent survey by McKinsey & Company, jewelry was one of the luxury products consumers were most willing to forgo post-Covid-19, considering the financial crisis the virus has left in its wake. The question is, how does discretionary spending fit into the “new normal,” and what does the future hold for the average independent jeweler? Local community jewelers have been hard hit by the pandemic, which essentially cut off their primary source of income for more than two months. As US businesses grappled with mass closures, furloughs and government aid, they worried not only for their own livelihoods, but for those of all the employees who relied on them. Most of all, they struggled with the uncertainty of day-to-day life: With 50 different states issuing different rules for how business could or couldn’t operate, they had to figure out how to keep customers and workers safe while also reigniting consumer sentiment for a product deemed nonessential.
The view from Ramat Gan: We’re an industry that has always overcome and emerged stronger
20 july 2020
(mail.yandex.ru) - I write to you direct from the Israel Diamond Exchange in Ramat Gan. Our huge trading hall, which is usually teeming with activity, is now fairly empty because of restrictions that allow only 100 people access at a time. Who would have imagined a diamond exchange with no handshakes to seal transactions? Almost four months ago, when the coronavirus broke out, I found myself having to manage the worst crisis the Israel Diamond Exchange has ever known. The challenge was massive and I approached it with great apprehension – to safeguard the health of the community, which includes more than 3,200 members and some 8,000 small and medium-sized business owners, and the health of the industry that is so dear to us all.
