GJ Town India

  Lucara recovered 92,419 carats of diamonds in Quarter 2   Lucara Diamond reports its results for the quarter ended June 30, 2024. In the accordance with the result, Karowe registered the recovery of a 491-carat Type IIa diamond, a 225.6-carat Type IIa diamond, followed by the recovery of a 109-carat Type IIa diamond. A total of 76,387 carats of diamonds were sold, generating revenue of $41.3 million during the second quarter of 2024. A total of 92,419 carats were recovered during the quarter at a recovered grade of 12.9 carats per hundred tonnes (cpht) of direct milled ore. A further 8,349 carats were recovered from processing of historic recovery tailings.  The recovery of 206 Specials (defined as rough diamonds larger than 10.8 carats) equated to 6.9% by weight of the total recovered carats from Q2's ore processed which is in line with the Company's expectation.    William Lamb, President & CEO commented: "Lucara's performance this quarter reaffirms our pos

Totals 3rd in MP & 34th exclusive showrooms in India  Kisna Diamond and Gold Jewellery, a leading name in the Indian jewellery industry, launches its 3rd exclusive showroom in Madhya Pradesh, Bhopal & 34th showroom in India. The inauguration was graced by Ghanshyam Dholakia, Founder & M.D, Hari Krishna Group, and Parag Shah, Director, Kisna Diamond & Gold Jewellery. To celebrate this grand opening, Kisna is offering up to 100% off on diamond jewellery making charges and up to 20% off on gold jewellery making charges for its esteemed consumers.  Additionally, Kisna is also running a lucky draw contest for the month of September with #Abki_Baar_Aapke_Liye_Shop & Win a Car.  The consumers have to participate by making a Diamond/ Platinum/ Solitaire jewellery purchase of Rs 20,000 or more, or a gold jewellery purchase of Rs 50,000. Lucky ones will be chosen and gifted a car by Kisna. Commenting on the launch, Ghanshyam Dholakia, Founder & M.D, Hari Krishna Group, st

Supports communities in artisanal colored gemstone   Gems Keep Giving, an International Colored Gemstone (ICA) industry initiative that supports communities in artisanal colored gemstone mining and cutting communities, has recently reorganized, appointing a new board and Chair. Securing its stature as an independent, not-for-profit (501-C3) charitable organization, Gems Keep Giving newly elected Board members are Hayley Henning (Chair), Damien Cody, Clement Sabbagh, Ruth Benjamin-Thomas, Brian Cook, Rocco Gay, Cecilia Gardner, Robert Weldon and Henry Ho.   “Our illustrious board members are seasoned professionals from all facets of our industry,” said Board Chair Hayley Henning. “Together, we intend to raise funds to support colored gemstone mining and cutting communities that need it most. Gems Keep Giving originated as an initiative of the International Colored Stone Association (ICA), and we intend to leverage our relationships within ICA to support the communities that serve them.

Resilient physical gold demand played a major role in rally   At the juncture of festive season, Colin Shah, MD, Kama Jewelry share Gold Outlook for the remainder of 2024! He said, Gold witnessed a decent rally since the beginning of this calendar year. The price of yellow metal witnessed an upside in the domestic market especially after the outbreak of the geo-political tensions in the Middle East, triggering volatility in prices around the mid-year.    However, the prices saw some correction soon after the announcement of the customs duty cut in the union budget wherein the prices saw a drop of ~5% and the momentum soon gathered pace after this upside where prices hovered near a new all-time high range.     The factors that played a major role in this rally is strong official sector buying coupled with resilient physical demand which provided structural support that lifted gold’s trading range and also has the potential to continue till the rest of the year.  Another fac

IPO to open on September 10, 2024 at price band of Rs 456per equity!   P N Gadgil Jewellers Limited proposes to open its Initial Public Offering (IPO) on Tuesday, September 10, 2024. Bid/Offer Closing Date will be Thursday, September 12, 2024. Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, Monday, September 09, 2024.    The Price Band of the Offer has been fixed from Rs 456 per Equity Share to Rs 480 per Equity Share. Bids can be made for a minimum of 31 Equity Shares and in multiples of 31 Equity Shares thereafter.    The Company’s initial public offering comprises a fresh issue of equity shares of face value of Rs 10 each aggregating up to Rs 8,500 million and an offer for sale of equity shares of face value of Rs 10 each aggregating up to Rs 2,500 million. The total offer size comprises of equity shares of face value of Rs 10 each aggregating up to Rs 11,000 million. The offer for sale comprises of equity shares of face value of

Sapphire, corundum & ruby auction revenues of US$2.3mn Gemfields announces the results of an auction of predominantly commercial-quality sapphire, corundum and commercial-quality ruby held from 2 to 4 September 2024. Key takeaways are, 1: MRM Commercial-Quality Auction – September 2024, 2: Auction revenues of USD 2.3 million (2023’s MRM Commercial-Quality Auction: USD 1.5 million).  3: All of the 5.7 million carats (1,130 kilograms) offered in 10 lots were sold (100%), 4: Average sales price of USD 0.41 per carat.  Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “We extend our gratitude to the auction participants who made this brief, three-day auction such an enjoyable event. The majority of the auction’s offering consisted of corundum and sapphire, which are considered by- products of MRM. Despite the commercial nature of these goods, the auction saw strong attendance and robust demand.                                                                 

Strong buying interest from jewellery retailer & consumers   Recently, the World Gold Council (WGC) published the Gold Market Commentary, It's always the quiet ones! WGC said, flying high in August! Following a strong monthly increase in July, gold posted another healthy gain in August to finish 3.6% higher at US$2,513/oz.   It also reached a new all-time on 20 August before a very marginal decline into month end. According to our Gold Return Attribution Model (GRAM), gold was pulled higher by a material drop in the US dollar and, to a lesser extent, lower 10-year Treasury yields as the Fed signalled the time had come for rate cuts.   The main identifiable negative contribution came from a momentum factor, the gold return in the previous month, i.e. when high, the following month typically sees a lower return and vice versa. Also of note in August, the significant cut in import duty on gold in India, which took place in late July, has been a shot in the arm for gol

Road map for third country processed Russian diamonds   This section explains the scope of the measures related to relevant Russian diamonds processed in third countries only, and the evidence traders need to provide to demonstrate compliance. It does not discuss other prohibitions (including other measures related to Russian diamonds). See the statutory guidance on Russia sanctions for this.   In response to Russia’s invasion of Ukraine, the UK government has imposed a range of sanctions measures, including trade, financial, transport and other sanctions, under The Russia (Sanctions) (EU Exit) Regulations 2019 (the Russia Regulations). The sanctions are aimed at encouraging Russia to cease actions which destabilise Ukraine, or undermine or threaten the territorial integrity, sovereignty, or independence of Ukraine.  The Russia (Sanctions (EU Exit) (Amendment) Regulations 2024 (the 2024 Regulations) amended the Russia Regulations and introduced a prohibition on the import of ce

Endeavour to explore UAE & India trade partnerships   Abdulla Husein Salman Mohamed Al-Marzooqi, Consul General (CG) of the United Arab Emirates in Mumbai, recently visited the Bharat Diamond Bourse (BDB) to explore avenues for enhancing trade relations between the UAE and India.  The visit included in-depth discussions with BDB leaders regarding potential collaborative initiatives and trade opportunities within the diamond and precious stones sector. During the visit, Consul General Al-Marzooqi commended the Bharat Diamond Bourse's cutting-edge infrastructure, emphasizing its crucial role in advancing global trade and economic development. He lauded the BDB's modern facilities and its strategic significance in the international diamond market.    Bharat Diamond Bourse President, Anoop Mehta, commented, "We are privileged to host Abdulla Husein Salman Mohamed Al-Marzooqi and are delighted to present our advanced state of the art facilities in BDB.  The Bharat Diamo

Gold alone accounted 54% of the total exports basket   Gold exports jumped to a record gold in the first half of 2024 in Ghana. According to the Chief Executive Officer of the Minerals Commission, Martin Ayisi out of the total exports of US$9.2 billion for the first-half of 2024, gold alone accounted 54% of the total exports which amounted to US$ 5 billion.   This, he said, was as result of the surge in gold prices especially in the second quarter of 2024 and increase in production from both small- and large-scale operations. The gold price averaged a record $2 338 an ounce in the second quarter, 18% higher year-on-year and 13% higher quarter-on-quarter.   The average price of gold for the month of July is about US$2396 an ounce. Gold reached a new record of US$2482 an ounce on 17 July 2024. Ayisi has predicted that if the price of gold stays around the average for the month of July or the second quarter, then the full-year outlook for gold hit US$10 billion or more. The Ch

Reviews performance of precious metals in 2023-2024 With fewer than nine weeks to go to the opening of the 2024 CIBJO Congress in Shanghai, China, on November 2, 2024, the third of the pre-congress Special Reports has been released. Prepared by the CIBJO Precious Metals Commission, headed by Vaishali Banerjee, the report provides a detailed overview of the gold, platinum, palladium and silver markets during 2023 and much of 2024. The group of precious metals showed differing movement, Vaishali wrote, but the trends that influence prices and demand were generally from outside the jewellery industry. Some were investment-driven and others industrial, with the rapid transformation of electric car manufacturing being a quite decisive factor.    “Investment was the overarching theme for gold in 2023 both for institutional and retail investors,” she noted. “The gold price scored several record highs in the year and has continued the momentum. This is projected to lead to a slowdown in invest

AWDC Café announces webinar on 11 September   The Antwerp World Diamond Centre (AWDC) announces the next (virtual) AWDC Café, featuring Diamond Standard (DS). The well announced online webinar’s – by Zoom invitation; topic is protecting the Natural Diamond (ND) Market from Lab-Grown Disruption is to be held on 11 September 2024.   During this session, The Diamond Standard team will cover, Diamond ETP buying $1 Billion, essentially establishing natural diamonds as Investment Grade assets to secure their place in the market. In the row the Diamond Standard team share their message.  The DS Team said, “Unless we take action, lab grown diamonds will permanently destroy the natural diamond market and your business. We must urgently answer the question. Why should I pay more for a natural diamond when a lab grown diamond is indistinguishable?”    The DS Team added, I propose this answer: “Only natural diamonds are Investment Grade.” Investors consistently acquire 15-32% of precio

Chissema the Lunda-Norte reserve projected for 60K carats   Sociedade Mineira do Chissema is working on the discovery of new diamond reserves, to increase its levels of production, turnover and its contribution to the General State Budget (OGE), through taxes payment. Located in the municipality of Capenda-Camulemba, Lunda-Norte province, the mine had a production of 16 carats of diamonds in the first half of the year, levels below the projection, which was 60 thousand carats.   Speaking to the press about the current state of the mine, the head of the geology department, José Van Dúnem, said that initially a monthly production of 10 carats of diamonds per month was planned, but the company decided to reduce the levels due to the fall in the price of the strategic mineral on the world market. He said that only two blocks are currently being explored and the rest are being reassessed, through a prospecting program, which included the discovery of new reserves, to find diamonds