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

Petra sees 20% increase in like-for-like diamond pricing at third tender

11 december 2023

Petra Diamonds realised $58.7 million from 462,800 carats sold at its initial third tender of the fiscal year (FY) 2024, a 20% increase in like-for-like prices compared to the second tender of FY 2024, which closed in October 2023.

The growth was driven by over 20% increases in the prices achieved for goods smaller than 2cts, while 2 to 10.8 carat parcels saw increases in the mid-teens.

However, year-to-date like-for-like prices are down 13.2% compared to the equivalent three tenders for FY 2023.

Petra said final sales for the third cycle are scheduled to close this week, with around 31, 000 carats from Williamson mine on tender at the company's sales facilities in Belgium, and some 25, 000 carats from the South African operations planned to be sold to local clients to meet its South African diamond beneficiation obligations.

"The 20% increase in like-for-like prices for our third tender of FY 2024 supports the view that diamond prices have likely bottomed,” said company chief executive Richard Duffy.

“We believe actions taken by major producers to curb supply and the two-month Indian moratorium that comes to an end on 15 December 2023, together with strengthened retail sales in the US, have improved market conditions as inventory levels across the pipeline rebalance.”

He said ongoing discipline by the key players is imperative to provide some price stability in the new year.

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