Gemfields Faces $73.5m Loss after Ruby Mine Write-Down
September 29, 26
Gemfields expects to report a $73.5 million net loss for the first half of 2026 after writing down the value of its Montepuez ruby mine (MRM) in Mozambique by $125.2 million. It follows lower-than-expected recoveries of premium-grade rubies. The impairment... Read More...
"Dealer" Stole $438,000 of Gems With Forged Checks
September 29, 26A man posing as a gem dealer has admitted stealing $438,000 worth of diamonds, precious stones and jewelry from four victims using forged checks. Arsen Canaj, 58, pleaded guilty at New York State Supreme Court to two counts of Grand Larceny... Read More...
De Beers Adapts Rare Cabochon Cut for Diamonds
September 29, 26De Beers London has adapted the traditional cabochon - one of the rarest cuts for a diamond - to create stones with smooth, rounded profiles resembling water droplets. The stones produce a softer, more luminous appearance than conventional, faceted... Read More...
Huge Diamond Recovered at India's Only Mechanized Mine
September 28, 26A 27.29-carat gem-quality diamond has been recovered at Majhgawan, India's only mechanized diamond mine. The government's National Mineral Development Corporation (NMDC), which owns the mine, estimates it's worth around Rs 1 crore ($105,000)... Read More...
Moody's Downgrades Botswana Again as Diamond Slump Persists
September 28, 26Moody's Ratings has downgraded Botswana's long-term government credit rating, citing the continuing impact of the diamond-market downturn on government revenues and public finances. It cut Botswana's rating to Baa2 from Baa1 on September 25... Read More...
Memo by John Jeffay
September 24Al Cook says diamond prices are starting to rise. Is he right? "In the last few months, we've seen the price stabilize and begin to grow," said the De Beers Group CEO said in Beijing last week. The headline numbers still look like a market in retreat.... Read More...