Diamond News Archives

(IDEX Online) - The Dubai Diamond Exchange (DDE) is to host six tenders this month, three of them by first-time companies - I Henning, KOIN International and Choron/Bonas Group.

The level of activity reflects "strong industry demand," it says, as the sector rebounds from a challenging 2020.

In December Stargems hosted the largest ever rough diamond tender in the United Arab Emirates, at DDE.  A total of 379,912 carats were sold for over $87m. 

Ahmed Bin Sulayem, executive chairman and chief executive officer of the Dubai Multi Commodities Centre free trade zone, said the emirate was "inching closer to becoming the world's leading diamond trading hub."

Dates of the tenders are:

• I Henning 10 - 14 January 

• KOIN International, 10 - 15 January 

• Choron / Bonas, 13 - 17 January

• Trans Atlantic Gem Sales DMCC, 20 - 26 January 

• Stargems DMCC, to be confirmed 

• Rapaport, 24 - 27 January 

Pic shows DMCC, where the DDE is located...

As you can see, the last two times this indicator peaked, 1968 at (1) and 2000 at (2), it lead to flat performance on the Dow Jones Industrial Average for 15 and 13 years, respectively. This indicator is currently at its highest level in 70 years! Is this a “new normal” or something to worry about? Stay tuned!

(IDEX Online) - A decision on what should happen to the statue of De Beers founder Cecil Rhodes has been delayed by Oxford University.

An independent Commission of Inquiry launched last year by Oriel College, was due to report its finding this month, but is said to be dealing with an unexpectedly high number of representations.

The fate of the bronze statue - whether it should be removed and if so where to - is now due to be decided in the spring.  A college spokesperson blamed the "considerable volume of submissions". 

Rhodes, born in England in 1853, was sent to South Africa as a teenager and established De Beers empire in 1888, gaining near-complete domination of the world diamond market.

He gave his name to the territory that was once Rhodesia and endowed the Rhodes scholarships that have been paying for 8,000 students (including Bill Clinton) to attend Oxford University.

Gold rose to an eight-week high as the dollar weakened with traders awaiting results from key elections in Georgia and weighing surging coronavirus cases.