News
Richemont, Signet in talks to join De Beers consortium – report
Luxury group Richemont and US retailer Signet Jewelers are in advanced talks to join the Global Diamond Consortium (GDC) bidding for De Beers, according to five people familiar with the matter, Bloomberg reports.
Today
Silver market deficit to widen in 2026 - report
In the latest World Silver Survey prepared by the Silver Institute and Metals Focus, the global silver market deficit is forecast to widen for the sixth consecutive year to 46.3 million ounces.
Today
Tharisa signs PGM offtake deal with Valterra Platinum, expands chrome collaboration
South Africa’s Tharisa has entered a binding arrangement for the sale of PGM concentrate to Rustenburg Platinum Mines, a subsidiary of Valterra Platinum, effective 1 January 2027.
Today
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.
Yesterday
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.
Yesterday
Hong Kong June Fair Provides Mid-Year Snapshot of a Cautious Diamond Trade
09 july 2019
(thediamondloupe.com) - The Hong Kong Jewellery & Gem Fair last week (20-23 June) provided a snapshot of a cautious diamond industry in the midst of a period of weak sentiment and even weaker demand, according to several traders we spoke with this week. And they do not see any quick fixes on the horizon. While it may not be the largest diamond show of the year, Hong-Kong June is the most important mid-year jewelry sourcing event in Asia, and as such provides us the opportunity to take the pulse of the polished diamond trade. The consensus? Sentiment is poor.
Huge discounts on polished diamonds to clear inventories
08 july 2019
(timesofindia.indiatimes.com) - Diamantaires in the world’s largest diamond cutting and polishing centre in Surat are offering huge discounts to clear their inventories because prices of polished diamonds have witnessed a sharp fall beyond 20% in the last one year. Diamond traders of Mahidharpura and Varachha diamond markets are purchasing polished diamonds at discounts ranging from 5% to 10% from the manufacturers who fear prices to fall further in the next few months.
WDC newsletter: KP reform takes center stage at Intersessional Meeting in Mumbai
08 july 2019
(worlddiamondcouncil.org) - Members of the 82-nation Kimberley Process (KP) traveled to Mumbai from June 17 to June 21, for the first of two gatherings to take place in India during 2019. A range of issues were up for discussion, but dominating proceedings were the review and reform of the Kimberley Process Certification Scheme (KPCS), and in particular the expansion of its scope.
Why Sotheby’s Agreed to Be Bought by a Telecom Executive for $3.7 Billion
05 july 2019
(nytimes.com) - In recent years, the competition between the world’s two largest auction houses, Sotheby’s and Christie’s, has seemed at times like a bit of an unfair fight. Sotheby’s, which is publicly traded, has lost out to its privately held archrival for several headline-grabbing consignments. Last year, Christie’s sold the collection of Peggy and David Rockefeller for $835 million, the highest-grossing auction ever of a private collection. In 2017, Christie’s sold Leonardo da Vinci’s “Salvator Mundi” for $450.3 million, the highest auction price ever for a work of art.
Exclusive: Banks Face New Challenges In Italian Diamond Scandal
04 july 2019
(oann.com) - A long-running criminal probe into diamond sales by Italian banks has uncovered what prosecutors say is further evidence of corruption by officials at UniCredit, Italy’s largest lender, and smaller rival Banco BPM. The allegations, some previously unreported, are laid out in documents used by prosecutors when they sought a magistrate’s order seizing assets from the banks and two diamond brokers. Reuters viewed the documents, which also included excerpts of wire taps and witness statements. The allegations relate to suspected crimes and do not necessarily mean that prosecutors will charge the companies and their employees when their investigation, which has been running since 2016, is concluded. The number of bank officials under suspicion, and the allegations they may face if they are charged, however, are widening.
