Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

Yesterday

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

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Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Gem Diamonds' first-half revenue declines despite higher carats sold

24 august 2023

Gem Diamonds registered a 3% increase in the number of carats sold in the first half of 2023 to 52,163 carats, compared to 50,423 carats the previous year.

However, despite this growth, sales revenue declined 19% year-on-year to $71.6 million.

The decrease in revenue was attributed to the 22% decrease in the price per carat, settling at $1,373.

“The global rough diamond market has experienced a downturn in 2023,” said Gem Diamonds.

“A decrease in the number of large, high-value diamonds recovered, combined with market pressure has negatively impacted the average dollar per carat and revenue achieved during the period.”

The miner sold a 6.63-carat pink diamond for $282,889 per carat, making it the third-highest dollar-per-carat value ever achieved for a Letšeng rough diamond.

It said a Type IIa diamond weighing 58.07 carats was also sold for $34,441 per carat.

During the six months, 12 diamonds were sold for more than $1 million each, resulting in a total revenue of $21 million.

Additionally, two diamonds weighing more than 100 carats were discovered within the same timeframe. One of these has already been sold, while the other will be sold during the third quarter of this year.

Meanwhile, Gem Diamonds produced 50 601 carats in the first half of the year, a 2% drop compared to 51 548 carats, a year earlier.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished