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  That brings largely fraught with losses in other countries   Sanctions imposed on Russian diamonds are fraught with restrictions and financial losses for other countries, including African states whose budgets largely depend on income from the sale of precious stones, a study by the Analytical Credit Rating Agency (ACRA) says.   The study, the results of which are available to Russian Media, recalls that the share of Russian diamonds on the global market exceeds 30%, while Russia accounts for about 60% of the world's proven diamond reserves. As the study notes, if Russian diamonds are banned, African diamond mining countries will be forced to certify each of their stones to confirm its geographical origin, which, according to ACRA, is unrealistic!   "As a consequence, integration of the country and its diamonds into the international diamond market is high, while this market affects the interests of many countries. In this regard, ACRA believes that sanctions agai...

GJEPC has prepared a list of FAQs on the Safe Harbour Rule!   Vipul Shah, Chairman, GJEPC, met with Finance Minister (FM) Nirmala Sitharaman during a pre-budget consultation held in Delhi. During the meeting, Shah presented key recommendations on behalf of the gem and jewellery industry, aimed at fostering growth, enhancing global competitiveness, and addressing the industry's critical challenges.   Vipul Shah, Chairman, GJEPC said, "We thank the Hon’ble Finance Minister for reducing the import duty on precious metals in the last budget, a move that has spurred unprecedented growth in the sector. This is evident from the multiple stock market listings of family-run jewellery businesses, the expansion of major retailers overseas, and the planned opening of 3,000 retail outlets in the next two years, creating lakhs of employment opportunities across the country."   Shah further added, “We also thank FM for introducing Safe Harbor Rule for sale of rough diamonds ...

The long-term ND prices outlook remains resilient!!   In a report Lucara Diamond shared their view on Diamond Market. Lucara said, the long-term natural diamond (ND) prices outlook remains resilient due to favourable supply and demand dynamics due to decreasing production volumes from major operating mines.   However, the smaller size stones market remains soft as demand is impacted by a weak Asian market and the increasing uptake of laboratory-grown diamonds. Demand for stones larger than 10.8 carats remains robust, as reflected in the Company's sales in the plus 10.8 carats category.   The G7 sanctions on Russian diamonds over one carat, effective March 2024, caused some trade delays with import times returning to normal during the quarter. The Company views the sanctions as short-term support for diamond prices, as the emphasis on stone provenance increases. Lucara, with its established operations producing exceptional Botswana diamonds, stands to benefit f...

  Sense to fulfill its diamond production plan this year 2024   Alrosa will fulfill its production plan this year, with production volumes amounting to 33 mln carats (cts) of diamonds, the Yakutia government reported, citing Alrosa CEO Pavel Marinychev. In addition, by the end of the year, Alrosa will perform a record volume of mining, having extracted almost 95 mln cubic meters of rock mass, the report noted.   "The company's production plan for the year will be fully met - production volumes will amount to 33 mln carats of diamonds, which is 100% in line with the planned figure. This was largely facilitated by the implementation of projects to improve operational efficiency," the Alrosa CEO was quoted in the statement. In addition, by the end of the year, Alrosa will perform a record volume of mining, having extracted almost 95 mln cubic meters of rock mass, the report noted.    "Despite another price crisis on the global diamond market and ongoing sa...

  Gemfields list four key challenges impacting operations!!   Suggest the related suitable heading & sub heading for the given matter: Following Gemfields’ most recent emerald and ruby auctions (the results of which were published on 22 November and 12 December 2024 respectively).   The Group announces that it has taken, and will continue to undertake, actions to cut costs and streamline business activity amid four key challenges being encountered concurrently, while maintaining focus on the Group’s principal growth project, completion of the second ruby processing plant at Montepuez Ruby Mining Limitada in Mozambique (MRM).   In a Strategic Update, Gemfields’ most recent emerald and ruby auctions have earned revenues of USD 16.1 million and USD 46.2 million respectively, as previously announced. These revenues are materially lower than the company has experienced in recent years due to three principal factors. a) disturbed emerald market dynamics ari...

The first domestic bank to execute a gold forward deal   HDFC Bank, India’s leading private sector bank, has become the first domestic bank to execute a gold forward deal from GIFT City. The deal was executed by HDFC BANK GIFT City IBU in collaboration with Hindustan Platinum Pvt. Ltd., a global refiner and manufacturer of high purity precious metal products and industrial services.  Regulators have enabled onshore entities with gold price exposure to hedge their risk through GIFT City. HDFC Bank is committed to be a part of the development of the GIFT City bullion ecosystem. The Bank’s IBU in GIFT City serves as a trading and clearing member on the Indian International Bullion Exchange (IIBX).    Speaking on the occasion, Arup Rakshit, Group Head – Treasury, HDFC Bank said, “We are delighted to announce the successful execution of the first gold forward deal from GIFT City.  This achievement underscores our commitment to leveraging the opportunities offered...

Angola endeavour to set their diamonds credibility   The chairman of the board of directors of Endiama-EP, Ganga Júnior, and his counterpart at Maaden, Abdul Aziz Al Maqbali, began face-to-face talks between the state diamond company and its future partner.   During the meeting, Abdul Aziz Al Maqbali reported that “the two companies are quite aligned and working smoothly, and should close negotiations on investments to be carried out in the coming days”, when President João Loureço visits the Sultanate of Oman. “There are strong ambitions from both companies to strengthen the Angolan diamond value chain and the economy of both countries,” said Maqbali, after leaving the audience granted to him by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo.    Maaden International Investment is an Omani company that will hold the shares of Alrosa (41% in Catoca) and the indirect part, via Catoca, corresponding to Alrosa in Luele.    We recall ...