ngola, a diamond-cutting company with a capacity to process 100,000 gross carats of diamonds per year, was inaugurated on Monday in Luanda, bringing the number of these units in the country to a total of four, the Angolan media reported.
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The diamond pipeline appears to be heading towards a balance again, as the world’s major producers had reduced supply by a quarter since the beginning of the year, the CFO of Russian miner Alrosa said on Friday.
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Sentiment improving after De Beers reduced rough prices 5%-7% at Nov. sight. Better demand for RapSpec A3+ polished, driven by US holiday orders. Chinese demand and reduced supply supporting 0.30 to 0.50 ct. D-G, IF-VS categories. Potential US-China trade deal boosts expectations for Chinese New Year. 1 ct. RAPI -0.1% in Oct.; 0.30 ct. RAPI +1.5%. Surat manufacturers on Diwali vacation and expected to maintain cautious production. Gem Diamonds sees pressure on large high-end rough, as Letšeng 3Q average price -23% to $1,417/ct. Hong Kong 3Q net polished imports -22% to $1.1B. Peter Meeus and IGI submit competing bids to acquire HRD Antwerp.
Author: Thomas Biesheuvel
Published 04-11-2019 21:54
De Beers is taking more drastic steps to stem the crisis in the diamond industry by cutting prices across the board for the first time in years.
The company, the world’s biggest diamond producer, lowered prices by about 5% at its November sale, according to people familiar with the matter, who asked not to be identified as the information is private.
Actions for De Beers Cuts Diamond Prices by About 5% as Industry Crisis Deepens
Come November 12, you have a chance to buy yourself some coloured diamonds, pearls, Kashmir sapphires, Burmese rubies and Colombian emeralds as well as signed jewels and historic pieces. These precious gems will be up for grabs at Christie’s Geneva Magnificent Jewels auction.
Actions for Kashmir sapphires, Burmese rubies, Colombian emeralds
Polished trading improving as jewelers prepare holiday inventory. US demand supporting the market. China cautious due to trade war and Hong Kong unrest. Luk Fook 2Q same-store sales -37%. Indian dealers and manufacturers on Diwali vacation. Specific demand creating high inventory of less popular qualities. De Beers 2018 global market estimate finds rough sales +3% to $16.9B, production volume -3% to 154M cts. and value +2% to $17.4B, polished demand +2% to $25.3B, diamond-jewelry demand +2% to $76B. Insight Report outlines changing attitudes toward love and their impact on the industry. LVMH makes $14.5B offer to acquire Tiffany & Co.