GJ Town India

US authorizes import of certain Russian diamonds & jewelry The United States has authorized the import of certain Russian diamonds until September 1, 2025, according to the updated general license issued by the US Department of the Treasury.  In particular, the United States authorizes the import of Russian diamonds until September 1, 2025, "provided that the diamonds were physically located outside of the Russian Federation before, and were not exported or re-exported from the Russian Federation since: (1) March 1, 2024 for non-industrial diamonds with a weight of 1.0 carat or greater; or (2) September 1, 2024 for non-industrial diamonds with a weight of 0.5 carats or greater." The United States has issued a general license allowing the import of diamond jewelry into the country if they were outside the Russian Federation before March 1, 2024 and were not exported or re-exported from the country after this period. In February, the US government announced that it would ba...

The second exceptional diamond mined & recovered The Ministry of Mines and Mineral Resources and the National Minerals Agency are delighted to announce the recovery of a 391.45-carat diamond from the Meya Mine in Kono District, Eastern Sierra Leone. The diamond, which was recovered, is the second exceptional diamond mined and recovered from the Meya River kimberlite domain, the first of 16 kimberlite domains within the mining licence area to be targeted by the Company. It could be recalled that in November 2017, Meya Mining recovered a 476 carats Type IIa diamond (the Meya Prosperity) during its initial bulk sampling Programme.  As with the Meya Prosperity, which came from a 523.44 carat diamond that was broken into three pieces (476.98 carat, 27.89 carat and 18.58 carat), this stone was a 514.99 carat also broken into 3 pieces (391.53 carat, 105.43 carat and 18.11 carat).  The recovery of yet another large, superdeep Type IIa diamond is significant from a geological persp...

  Q2 2024 produces 398,685 Oz of silver in 2Q Guanajuato Silver Company Ltd announce financial and operating results for the three month and six month periods ending June 30, 2024.  The selected Q2 2024 (Three Month Period) Highlights are, Record revenue for the quarter of $20.5M representing a 16% increase over the previous quarter, and a 22% increase over Q2 2023. Consolidated revenue for the quarter was generated by a realized average price of $28.78 per silver ounce, $2,334 per gold ounce, $0.98 per pound of lead, and $1.29 per pound of zinc. Positive mine operating income of $947,433. During the quarter, the Company posted its first ever positive income from mining operations. Positive EBITDA of $2,007,907 represents the first positive EBITDA reported by the Company and demonstrates improving cash flow from mining operations. EBITDA showed a notable $6.5M improvement from the previous quarter. Adjusted EBITDA was also positive at $1,916,933 for the quarter. During the qua...

An extraordinary 69 carat handcrafted jewelry   Featuring an extraordinary 69 carat cushion-cut sapphire, this one-of-a-kind necklace was handcrafted by the  House’s expert artisans to create an unrivaled masterpiece. Schedule an appointment in a salon to learn more about this creation of distinctive beauty and brilliance. Admired for its velvety blue hue, this 68.79 carat cushion-cut sapphire embodies the highly sought after beauty of one of mother nature’s most breathtaking gemstones. The classic Winston Cluster gets the royal treatment with a magnificent 68.79 carat sapphire center stone that elegantly rests on a necklace consisting of 126 diamonds, weighing a total of approximately 61.89 carats. Creating spectacular jewels from precious gemstones is an extraordinary art unto itself. Master jewelers must possess not only a sound knowledge of the finest materials, but the creative curiosity and technical virtuosity to awaken an unimagined brilliance in each individual gem....

The debut present, the symbolic language inherent in dance New York City based Guzema Fine Jewelry announced the debut of its latest campaign, The Light from Within showcasing prominent contemporary ballet dancers Lloyd Knight, Marla Phelan, and Sophie Bortolussi, each wearing pieces from Guzema’s fringed Hidden Beauty Collection while dancing. The campaign is live on the brand’s website and social media until mid-September. The Light from within is inspired by the art of movement, beauty, and the symbolic language inherent in dance.  Captured by ballet photographer Nisian Hughes and directed by creative director Olga Yanul, the images and video invite viewers to explore the intersection of individuality and hidden beauty, as the shimmering fringe of jewelry moves elegantly with each dancer’s body. The project features the talents of three stars of the dance world in New York City, the new metropolitan home of the Guzema brand. Lloyd Knight is a principal dancer at the Martha Graha...

India effort to ensure the nonstop rough gemstones supply!    The 10th Edition of the India Rough Gemstones Sourcing Show 2024 (IRGSS), organized by the Gem & Jewellery Export Promotion Council (GJEPC), was inaugurated on 27th August in Jaipur by Neeraj Dubey, Additional Commissioner of Customs, Jaipur in the presence of K. M. Meena, Assistant Commissioner of Customs, Air Cargo Complex (ACC), Jaipur, along with key industry representatives. The show is being held at 5th Floor, Mall 21, Bhagwan Das Road, C-Scheme, Jaipur. The inauguration ceremony was also attended by Nirmal Bardiya, Regional Chairman, GJEPC; B. N. Gupta, Convener, SFT/SS/CFJ Panel; Vijay Kedia, Rambabu Gupta, D P Khandelwal, members of the Regional and Coloured Gemstone Committee, GJEPC.  The Customs officials were warmly welcomed by the GJEPC representatives and other trade members present at the event.    Speaking about the show, Vipul Shah, Chairman, GJEPC said, "It's gratifying to w...

  Aim to boost India’s natural diamond jewellery market   As India becomes the world’s second largest market for natural diamond jewellery, industry leaders De Beers and Tanishq unite to connect even more people to its enduring value.  De Beers Group, the world’s leading diamond company, and Tanishq, India's largest jewellery retail brand from the Tata group, today announced a long-term strategic collaboration to connect more Indian consumers with the rarity and preciousness of natural diamonds and amplify the growing opportunity in the Indian market.    With a vibrant economy, a growing middle class and discerning consumers who seek jewellery with enduring value, demand for natural diamond jewellery from Indian consumers has surged recently and now represents 11 per cent of global demand.    This has seen India replace China as the second largest market in the world for natural diamond jewellery. With diamond acquisition rates in India well below thos...

Provides guidance on how ESG compliance be achieved!   With fewer than 10 weeks to go to the opening of the 2024 CIBJO Congress in Shanghai, China, on November 2, 2024, the second of the pre-congress Special Reports has been released. Prepared by the CIBJO Sustainable Development Commission, headed by John Mulligan, it examines ways in which jewellery companies can meet the growing demand to become compliant with responsible environmental, social and governance (ESG) principles.   If the jewellery industry as a whole is to build and sustain consumer trust, it needs to avoid fragmented and potentially contradictory responses, writes Mulligan. “How then do we strive to encourage and support the global jewellery sector so that it might move in a relatively consistent or broadly convergent manner towards a set of common sustainability objectives?” he asks.   The CIBJO Sustainable Development Commission has been developing solutions, Mulligan reveals in the report, seeking to ...

A distinguished team to address industry challenges   Bharat Diamond Bourse (BDB) had the privilege of hosting a distinguished team from the Gemological Institute of America (GIA) on August 21, 2024.   The visiting delegation included Tom Moses, GIA Executive Vice President & Chief Laboratory and Research Officer; Pritesh Patel, GIA Senior Vice President & Chief Operating Officer; Brandon Pace, GIA Senior Vice President & General Counsel; Jillian Wolk, GIA Vice President of Strategic Initiatives; and Sriram Natarajan, Managing Director of GIA India. The meeting served as a crucial platform for discussing the current challenges facing the diamond industry. The discussions focused on how different organizations may navigate these difficulties and foster resilience and innovation within the sector.    The visit brought together these key industry leaders to engage in critical discussions about the challenges currently facing the diamond sector. ...

Ekati concluding with a final payment in Q3-2027   Burgundy Diamond Mines Limited confirm that the agreement with the surety providers in relation to the reclamation bonds has been formally concluded and signed by all parties, in line with previously agreed principles.     Burgundy is required to post security with key government agencies to ensure reclamation is completed across its mining properties, as required by relevant legislation in Canada and the Northwest Territories. The security is provided in the form of either cash, letters of credit or Surety Bonds (SB), or a combination of these. Significantly, Burgundy can confirm it has successfully concluded the renegotiated cash collateralisation payment schedule to extend over four years, consistent with Ekati’s current life of mine plan, versus the previous terms requiring full payment in Q2-2024. The revised cash collateralisation schedule  provides for quarterly instalments of ~US$11 million, concludi...

Import duty reduction in India, a catalyst for demand!   Recently Kavita Chacko, Research Head, India- World Gold Council wrote about India’s gold market update: Import duty reduction, a catalyst for demand! The significant cut in import duty on gold and the resultant decline in the landed cost of gold have been a shot in the arm for gold demand in the country. Anecdotal reports suggest that there has been strong buying interest from jewellery retailers as well as consumers since the duty reduction.  At the recently concluded India International Jewellery Show, manufacturers noted that there has been a substantial increase in order bookings from retailers, who are preparing for the festive and wedding season running through December.    In some cases, these orders have reached levels not seen in several years. Additionally, the trend of bar and coin buying remains strong, supported by consumers as well as jewellers who are capitalising on supportive gold prices ...

Sales driving trend strengthens with the onset of festive season  Recently in the context of looming festive season, Colin Shah, MD, Kama Jewelry said, the Gem & Jewellery (GJ) sector domestically has been performing well as compared to the global market scenario.    The resilience in the Indian economy is reflected in the empowered purchasing ability of consumers and we look forward to seeing this trend further strengthen with the onset of festive season. The price correction in gold after the custom-duty cut will be passed down to the buyers, ultimately driving up sales.    Buyers are eventually but steadily shifting from the traditional hobby of investing in bullion and gold-forward jewellery. Instead, the demand for lightweight or contemporary jewellery is gaining significant traction, influenced by the buying habits of young demographics. Due to this, we look forward to an uptick in demand by 10-15% during this phase as compared to the rest of the year...

Examines jewellery’s role in expressing the best in humanity   With fewer than 11 weeks to go to the opening of the 2024 CIBJO Congress in Shanghai, China, on November 2, 2024, the first of the pre-congress Special Reports has been released. Prepared by the CIBJO Marketing and Education Commission, headed by Jonathan Kendall, it considers what must be done to ensure that jewellery remains the ultimate expression of love, friendship and peace. “As we stand at the confluence of tradition and innovation, the role of the jewellery industry in expressing and promoting these universal values becomes ever more significant,” writes Kendall. “In a world teeming with transient messages and fleeting moments, its enduring nature offers a beacon of hope and continuity. It invites us to look beyond the surface, to find within its sparkle a deeper connection to the values that bind us.”    To meet the challenge, the industry is going to have innovate iconic jewellery, which, as it h...

Lucara views 2Q, short-term support for diamond prices   Lucara Diamond Corp reports its results for the Second quarter ended June 30, 2024 & expressed their view on Diamond Market. They said, the long-term outlook for Natural Diamonds (NDs) prices remains positive due to improving supply and demand dynamics due to long-term reductions from major producing mines.    However, the market for the smaller size stones remains soft as demand is impacted by a weak Asian market and laboratory-grown diamonds. Demand for larger stones over 10.8 carats remains robust, as reflected in the Company's sales.  The G7 sanctions on Russian diamonds over one carat, effective March 2024, have caused some trade delays. New regulations require these diamonds to be processed through the Antwerp World Diamond Centre for origin verification.    The Company views this as short-term support for diamond prices, as the emphasis on stone provenance increases. Lucara, with it...

Average price per carat earned US$1,213 in 1H   The Board, management and key stakeholders in Lucapa have deep global diamond industry experience and networks all through the value chain from exploration to retail. Refer to the review of operations contained in the directors’ report of the Interim Financial Report for the six months ended 30 June 2024 and the subsequent events. The consolidated interim financial statements for the half year ended 30 June 2024 have been reviewed by the Company’s auditors.    Lucapa diamond miner and explorer with assets in Angola and Australia. It has an interest in the Lulo Diamond Mine in Angola which has been in commercial production since 2015. The large, high-value diamonds produced from Lulo attracts the highest prices per carat for alluvial diamonds globally.    Lucapa also has a 39% interest in the Lulo Kimberlite Exploration Joint-Venture, which is exploring for the potential primary source kimberlites at the prolifi...