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...

01 april 2024

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

Botswana's ODC pauses diamond sales as industry seeks to reduce surplus

27 october 2023

State-owned Okavango Diamond Company (ODC) has decided to temporarily suspend its rough diamond sales to alleviate the surplus of inventory resulting from declining global jewellery demand.

“For the first time, we have had to build up inventory as we do not want to just irresponsibly release goods into a market, which is already oversupplied," company managing director Mmetla Masire was quoted as saying by Reuters.

"For now, we have stopped the auctions; we will decide on the December auction."

The move is part of an industry-wide effort to reduce the inventory glut caused by a decline in global demand for jewellery.

ODC, which generated a record-breaking $1.1 billion in income in 2022, conducts 10 auctions per year to sell its 25% share of production from Debswana Diamond Company.

ODC received an allocation of approximately 6 million carats of the 24 million carats that Debswana produced in 2022.

ODC's allocation is about to increase to 7 million carats by a new deal between De Beers and Botswana.

“We are still to decide on what percentage of our allocation will be sold through contract sales to complement our auctions," he said.

"We are likely to have two-year sales contracts and we are looking at going into partnership with only a limited number of buyers so that we can better serve them.”

To limit supplies and assist prices in the face of poor demand, trade organisations in India, which processes and polishes 90% of the world's rough diamonds, advised members to suspend rough diamond imports for two months last month.

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