France and Botswana: Only a Natural Diamond is a Diamond
November 15, 26
France and Botswana say the word diamond, with no qualifier, should refer only to natural stones, not lab grown diamonds. The declaration does not specify an alternative term for lab grown, although both countries appear to favor "synthetic".... Read More...
Richemont Jewelry Sales up 19% in H1
November 15, 26Richemont reported a 19% increase in jewelry sales at constant exchange rates in the first half, helping drive a 16% rise in group revenue to EUR 12.28 billion ($13.58 billion). The Swiss luxury group, which owns Cartier, Van Cleef & Arpels... Read More...
Israel Diamond Exchange Elects Third-Generation President
November 12, 26Shai Schnitzer has been elected president of the Israel Diamond Exchange, continuing a family tradition that now spans three generations. He follows in the footsteps of his father and grandfather, both of whom held the presidency. His grandfather... Read More...
Bulgari Pink Sells for $14.8m at Christie's Geneva
November 12, 26A 24-carat pink diamond ring by Bulgari sold for $14.8 million (CHF12,086,000) at Christie's Geneva auction, above its low estimate of $12 million (CHF10 million) but well below the high of $18 million (CHF15 million). The emerald-cut Fancy Intense Pink ... Read More...
Loss-Making Alrosa Suspends Mining at More Deposits
November 12, 26Alrosa has suspended mining at several more unprofitable deposits as it steps up cost-cutting measures amid continuing weakness in the diamond market. The latest suspensions were announced on November 9 by CEO Pavel Marinychev and include operations... Read More...
Memo by John Jeffay
November 12Botswana wants to double its stake in De Beers. It also wants to reduce the dominance of De Beers in its diamond industry. There's a curious paradox here. On the one hand, President Duma Boko announced just this week that Botswana intended to increase... Read More...