GJ Town India

CIBJO Gemmological Commission Special Report surveys Gem labs about synthetic and treated diamond reports With fewer than four weeks to go to the opening of the 2018 CIBJO Congress in Bogotá, Colombia, on October 15, 2018, the sixth of the CIBJO commissions' Special Reports has been released. Prepared by the CIBJO Gemmological Commission, headed by Hanco Zwaan, it reveals the results of a survey of 23 gemmological laboratories from around the world, about whether and how they report on synthetic and treated diamonds. "The survey provided a clear picture of the similarities and differences on the reports issued by the various laboratories, and perhaps also suggested the requirements and preferences of different markets around the globe," wrote Mr. Zwaan. "Overall the nomenclature used by laboratories is clear about the nature of the stones described, but there are inconsistencies with regard to the precise terms used, and whether or not grading of

Alrosa, the world's largest diamond mining company, has sold special size rough diamonds (over 10.8 carats) at the auction in Vladivostok. In total, the company sold 108 gem-quality lots with total weight of 2,003 carats. Overall revenue from sales amounted to $12.6 million. 76 companies from Russia, mainland China, Hong Kong, the US, Israel, Belgium, India and UAE took part in the auction. “The Far East is still of strategic interest for us in terms of expanding cooperation with China, and we traditionally invite companies from this country to participate in our auctions. The auctions in Vladivostok are particularly successful this year. We sold more than 100 diamonds of excellent quality at the latest auction, and got a good premium to the starting price. We plan to hold the next auction in Vladivostok in late October - early November,” Evgeny Agureev, the Member of the Executive committee, Director of the United Selling Organization of Alrosa, commented on the res

Petra Diamonds Limited announces its preliminary results (unaudited) for the year ended 30 June 2018. According to the result report, Revenue remained up by 25% to US$495.3 million over the FY 2017 of US$394.8 million. Profit from mining activities gone up by 33% to US$205.1 million over the previous FY 2017 of US$153.9 million. Previously Petra had reported Koffiefontein impairment charge of US$66 million. Total loss on discontinued operations relating to KEM JV shoot up to US$104.3 million against US$52.0 million impairment passed in H1 FY 2018, further impairments of US$40.7 million in H2 FY 2018, and a trading loss of US$11.6 million for the Year. Net loss after tax of US$203.1 million over the FY 2017 net profit after tax: US$20.7 million, including KEM JV. Adjusted operating cashflow13 up 7% to US$157.0 million against FY 2017: US$147.0 million, despite the negative impact of the blocked Williamson parcel and overdue VAT receivables in Tanzania. Net debt reduced to U

Services Agreement for Mining and Marketing Tango Mining Limited announces that it has signed a Services Agreement for Mining and Marketing of Diamonds with Cooperativa Mineira Do Moquita, SCRL on a 147 square kilometer portion of a concession located 50 km north of Lucapa within the Lauchimo River basin, Province of Lunda Norte, Republic of Angola. Tango is responsible for capital expenditures associated with alluvial diamond mine design and equipment acquisition as well as enhancing production. As remuneration, Tango will receive 60% of the proceeds from the sale of produced diamonds. The Moquita Property, is located approximately 50 km downstream from the high diamond value Camútuè kimberlites. These, and possibly other kimberlites, have fed extensive downstream alluvial diamond deposits along ancient, north trending river systems including the Lauchimo River, which flows south to north across the Property. Such alluvial diamond deposits have been exploited by arti

Hundreds of Visitors Already  Registered for BDW from October 8-10 Bharat Diamond Bourse providing Flight tickets for selected buyers The Bharat Diamond Bourse (BDB) in Mumbai says more than 300 visitors from India and overseas has already registered for the second edition of the Bharat Diamond Week at the bourse, to take place from October 8-10. Hundreds more buyers are expected to register in the countdown to the expanded polished diamond fair. The inaugural show, held from April 23-25, was attended by more than 1,000 visitors from India and across the world who did business with 100 Indian exhibitors of polished goods. In addition, the BDB is providing flight tickets to selected buyers to create more sales opportunities for the 100 Indian polished diamonds companies who will be exhibiting at the show. The buyers who have been selected are from Turkey, Thailand and India. The bourse will also be providing 150 rooms for international buyers at a hotel close to

Allows even greater volumes of jewellery to be screened simultaneously The International Institute of Diamond Grading & Research (IIDGR), a member of De Beers Group, announced the introduction of SYNTHdetect XL, an advanced version of the highly successful SYNTHdetect synthetic screening device launched last year. Unveiled at the Hong Kong Jewellery & Gem Fair, SYNTHdetect XL has a larger base unit that allows multiple volumes of jewellery to be screened simultaneously, providing even greater efficiencies for users. It also provides the opportunity to now scan larger necklaces, multiple solitaire rings and multiple bracelets, while retaining the ease of use of the original device. Jonathan Kendall, President, IIDGR, said: “We’re delighted to be introducing the next innovation in IIDGR’s range of industry-leading synthetic screening devices, SYNTHdetect XL. Using the same revolutionary technology as the original SYNTHdetect, this new device allows more pieces

Diamond Jewelry Sales record $82 billion in 2017 The World Federation of Diamond Bourses (WFDB) has welcomed the De Beers Group's Diamond Insight Report which shows diamond jewelry sales in 2017 at a record $82 billion. In addition, the report finds that the Millennial and Gen Z generations combined accounted for two-thirds of global diamond jewelry sales last year. "There is no doubt that this is a very positive and upbeat report," said WFDB President Ernie Blom. "The diamond industry can take great heart from this report which I would highly recommend that people take the time to read. We can all learn a great deal about how to approach and market to the younger generations because the report contains very detailed information about the buying patterns of the 21 to 39 Millennials age group, and Gen Z of those currently 18-20-years-old. "They are incredibly important demographics with huge spending power, but they want to buy on their terms.

India Russia, immense growth potential in the business Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, recently visited the Eastern Economic Forum (EEF) in Vladivostok in Russia. The visit began with a tour of the diamond cutting and polishing factory set up by the KGK Group of India in Vladivostok. It has a manufacturing capacity of 150,000 carats of diamond per year and employees 400 people. The facility was inaugurated by Russian President, Vladimir Putin, last year. The Commerce Minister had discussions with KGK Group, MD, Vithal Ramani, to explore the potential and sourcing and value addition opportunities in the diamond trade for India. The Minister also held bilateral meeting with Yury Trutnev, Deputy Prime Minister of Russia. Discussions took place on areas of cooperation between India and Russia to strengthen bilateral ties for economic growth. The Minister also interacted with the Governors, Vice-Governors’ and Representativ

Gems & Jewellery exports grew about 23.95% YoY India’s overall exports (Merchandise and Services combined) in April-August 2018-19 * are estimated to be USD 221.83 Billion, exhibiting a positive growth of 20.70 per cent over the same period last year. Overall imports in April-August 2018-19* are estimated to be USD 269.54 Billion, exhibiting a positive growth of 21.01 per cent over the same period last year. At Merchandise Trade front, Exports (including re-exports in August 2018 were US $ 27.84 Billion, as compared to US $ 23.36 Billion in August 2017, exhibiting a positive growth of 19.21 per cent. In Rupee terms, exports were Rs. 1,93,624.74 Crore in August 2018, as compared to Rs. 1,49,398.90 Crore in August 2017, registering a positive growth of 29.60 per cent. In August 2018, major commodity groups of export showing positive growth over the corresponding month of last year are Cumulative value of exports for the period April-August 2018-19 was US $ 136.0

The Diamond Producers Association (DPA) has announced that RZ Murowa Holdings Ltd, majority owner and operator of Murowa Diamonds Private Ltd (Murowa Diamonds), has joined the DPA, effective 1 July.  Murowa Diamonds operates the Murowa mine in Zimbabwe, which was purchased from Rio Tinto in 2015 and expanded significantly under its new leadership. Manit M. Shah, Chief Operating Officer of Murowa Diamonds, will join the Board of Directors of the DPA in September 2018. Mr. Shah has considerable experience driving business performance and managing international operations. Jean-Marc Lieberherr, CEO of the DPA, said “We are delighted to welcome RZ Murowa to the DPA and Manit to our Board of Directors.  The DPA will continue to play a vitally important role in the future of the diamond industry and broadening our representation and geographic reach will help ensure we maximise the positive impact we can have for the sector as a whole. We look forward to working closely with Ma

Strengthens global resource portfolio and supports production potential De Beers Group announces the completion of the previously announced Plan of Arrangement pursuant to which De Beers Canada has acquired all of the outstanding securities of Peregrine Diamonds Ltd at a purchase price of C$0.24 per share, for a total cash consideration of C$107 million. The acquisition includes the high quality Chidliak diamond resource located in Canada’s Nunavut Territory and other properties elsewhere in Nunavut and the Northwest Territories. The transaction, which was announced on 19 July 2018, was approved by Peregrine’s security holders on 31 August 2018 and by the Supreme Court of British Columbia in its final order dated 10 September 2018. The common shares of Peregrine have been approved for delisting from the Toronto Stock Exchange and will be delisted at the end of trading on 14 September 2018. Bruce Cleaver, CEO, De Beers Group, said: “We are very pleased to complete th

Alrosa has launched the first True Colours auction of large coloured diamonds Alrosa, the largest diamond mining company in the world, presented the first of its kind collection of large coloured diamonds at the Hong Kong Jewelry & Gem Fair. This is a stepping stone of a new strategy, executed by Alrosa to become the world leader in the production of coloured polished diamonds. "Alrosa polished branch now focuses on the processing of large and coloured diamonds and the subsequent sales. We are the world's largest producer of diamonds, and that gives reason to believe that we are also ahead in terms of coloured rough diamond production. Today, Alrosa produces at least 7 thousand carats of coloured diamonds per year. We have all it takes to dominate the market of coloured diamonds. The collection presented in Hong Kong demonstrates our capabilities," said Evgeny Agureev, Director of the United Selling Organization of Alrosa. The collection show

CIBJO releases Ethics Commission Special Report, Focuses on impact and implications of revised FTC Guides With fewer than five weeks to go to the opening of the 2018 CIBJO Congress in Bogotá, Colombia, on October 15, 2018, the fifth of the CIBJO commissions' Special Reports has been released. Prepared by the CIBJO Ethics Commission, headed by Tiffany C. Stevens, the report focuses exclusively on the newly revised Guides for the Jewelry, Precious Metals, and Pewter Industries, released in July by the U.S. Federal Trade Commission. The report is co-authored by Ms. Stevens and Sara E. Yood. Addressing comments that had been heard in the jewellery industry that the FTC Guides seem to disregard harmonisation efforts made by the international trade, Ms. Stevens and Ms. Yood note that the primary focus of the American agency is somewhat different. "The FTC tries to harmonise its guidance with international standards when possible, but it must base its guidance on

Gen Z and Millennials now account for two-thirds of Global diamond jewellery demands as sales reach record high   Millennials already represent majority of Global demand while Gen Z is set to be even bigger De Beers publishes The Diamond Insight Report 2018! The Millennial and Gen Z generations combined accounted for two-thirds of global diamond jewellery sales in 2017, as diamond jewellery demand reached a new record high of US$82 billion, according to data published today by De Beers Group in its latest Diamond Insight Report. Millennials, those people currently aged 21 to 39, represent 29 per cent of the world’s population and are the current largest group of diamond consumers. They accounted for almost 60 per cent of diamond jewellery demand in the US in 2017 and nearly 80 per cent in China. Gen Z, those currently aged up to 20, is an even larger consumer generation - representing 35 per cent of the world’s population and will come of age as diamond con