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The world has a diamond glut!

Author: Elizabeth Paton - Published 23-08-2019 13:16
Is it ever possible to have too many diamonds? For many in the business of producing and trading these gems in recent years, the answer is yes.

Gold prices hit record highs for fourth day, silver rates remain flat

Author: unknown - Published 23-08-2019 13:06
Gold continued its record-setting trend today by inching closer to ₹ ₹39,000 per 10 grams in domestic markets. Hitting a fresh hit for the fourth day in a row, gold rose ₹25 to ₹38,995 per 10 gram, Press Trust of India reported, citing All India Sarafa Association. Silver held steady at the previous level of ₹45,100 per kg. In the national capital, gold of 99.9% purity advanced ₹25 to ₹38,995 per 10 gram. In futures markets, gold prices struggled today, following a similar global trend.

Rapaport Weekly Market Comment

Author: unknown - Published 22-08-2019 13:21
Polished inventory levels starting to decline as manufacturers cut production and rough buying. Small Aug. sight as De Beers lets sightholders reject 50% of goods. Alrosa slashes 2019 sales forecast from 38M cts. to 33M cts. after 2Q revenue -21% to $859M, profit -47% to $200M. Weak China demand and tight profit margins still a concern. Buyers very selective during downturn. Strong jewelry sales at Macy’s and J.C. Penney highlight discounting and promotional retail environment. Belgian, Indian and Israeli trade bodies call to postpone Hong Kong show. Ian Rowe replaces Dorothée Gizenga as executive director of Diamond Development Initiative. Sean Kell appointed Blue Nile CEO.

Botswana Diamonds renews prospecting licences in central Kalahari

Author: Iain Gilbert - Published 22-08-2019 13:10
Botswana Diamonds said on Thursday that subsidiary Sunland Minerals had extended the PL232 and PL235 licences, which cover just over 500 square kilometres, until 30 September 2021.

Asian Star Revenue Down in First Quarter

Author: unknown - Published 22-08-2019 13:08
Revenue and profit at Indian diamond-manufacturer Asian Star fell in the first fiscal quarter, reflecting a slowdown in demand for polished diamonds.

Recession hits diamond trade in India

Author: unknown - Published 21-08-2019 14:26
The recession in diamond industry in the last six months has become more acute, with the purchase of rough stones by diamantaires based in Surat and Mumbai falling to the lowest level in the last 10 years since the global economic recession hit the industry in 2009. The diamantaires are said to be sitting on a huge inventory and have deferred purchase of roughs worth Rs 14,000 crore during the period.

GIA Education Available in Shenzhen, China

Author: unknown - Published 20-08-2019 13:17
Aspiring gem and jewelry professionals in Shenzhen, China will now have direct access to GIA (Gemological Institute of America) education programs through Peking University Resource College. Starting in 2020, the college will offer GIA’s Jewelry Design, Graduate Diamonds and Blended Graduate Diamonds courses, and lab classes for Diamond Grading, Colored Stone Grading, Gem Identification and Pearl Grading, as well as access to GIA student workrooms.

Diamond industry postpones Rs 14,000 crore roughs purchase

Author: Melvyn Thomas - Published 20-08-2019 13:13
In a grim pointer to the worsening recession in diamond industry, the purchase of rough stones by diamantaires of Surat and Mumbai between January and July this year has fallen to the lowest in the last 10 years.
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