Petra Diamonds Shares Suspended as Miner Fights for Survival
November 03, 26
Petra Diamonds, once one of the world's largest independent diamond producers, had trading in its shares suspended on the London Stock Exchange on November 2 after failing to publish its annual accounts. Petra is struggling with net debt of $322 million... Read More...
Three Years on, Surat Diamond Bourse is Still 90% Empty
November 03, 26The Surat Diamond Bourse (SDB) still has only 300 of its 4,700 offices in operation, almost three years after it first opened for business. The nine-tower complex, which cost $388 million to build, was awarded a Guinness World Record in August 2023 as the ... Read More...
Diamond Downturn: 100,000 Jobs Lost at Manufacturing Hub
November 02, 26Hundreds of diamond-trading offices have closed in Bhavnagar, a city in Gujarat, western India, as a prolonged industry downturn forces workers to abandon the trade. As many as 100,000 people have lost their livelihoods or moved into other occupations, according ... Read More...
US Jewelry Industry Shrinks as New Business Openings Fall
November 01, 26The number of US jewelry businesses continued to decline in the third quarter, although the rate of contraction slowed slightly, according to the Jewelers Board of Trade (JBT), which provides commercial credit information. There were 21,831 US ... Read More...
IDEX Price Report for 1 November: Decreases Dominate in Rounds and Fancies
November 01, 26October saw further downward pressure on prices, with decreases substantially outnumbering increases in both rounds and fancy cuts. Rounds recorded 267 price decreases against 75 increases. Fancy cuts recorded 253 decreases and 134 increases... Read More...
Memo by John Jeffay
October 29The Swiss watch industry was devastated by quartz technology in the 1970s. Exports halved in a decade as Seiko, Citizen, Casio, Timex and other brands flooded the market with mass-produced watches that did essentially the same job. They told the time. But that ... Read More...