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

De Beers slashes rough prices at first sight of 2024

17 january 2024

De Beers slashed rough diamond pricing by an average of 10 to 15% at this week's sight to promote sales and bring its rates in line with the rest of the market, according to news reports.

Rapaport quoted unnamed sources as saying that the miner reduced prices by five to 10% for rough under 0.75 carats but made no or little decreases for the smallest items that generate melee.

The prices of rough weighing 0.75 to 2 carats decreased by an average of 10 to 15%; similarly, the cost of 2-carat and larger items fell by roughly 15%.

Particularly, makeables, which consist of rough stones weighing 2 to 4 carats and used in the production of SI2 to I2 diamonds, decreased more significantly, by an estimated 20 to 25%.

Sightholders noted that this represents the effect lab-grown competition has had on mid-market US demand over the past year.

However, the reductions were said to be insufficient since De Beers' pricing remained higher than that of external auctions and tenders and was also prohibitively expensive for many businesses to generate a profit.

The sources anticipated that despite the price cut, demand at the location would be restricted, with sales of approximately $300 million.

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