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Diamond News Archives

Case Dismissed Against Steinmetz Company

Category: News Archives
Created: 05 October 2020
Hits: 486
October 05, 20 by John Jeffay
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(IDEX Online) - A lawsuit against Octea, a subsidiary of Israeli diamond and real estate billionaire Beny Steinmetz's BSG Resources (BSGR), has been thrown out by a court in Sierra Leone.

The High Court ruled last Wednesday that it was beyond its jurisdiction to hear the case and lifted a freeze on the defendants' assets.

Lawyers claimed in February that an Octea-owned mine in the east of the country had damaged the health and livelihoods of people living nearby.

A separate claim filed in April, alleging that as many as 70 neighbors of another mine suffered respiratory infections and headaches, has yet to be heard.

Mr Steinmetz (pictured) became a major player in the country's diamond industry after the end of its bloody 11-year civil war in 2002.

Representatives of BSGR and Octea told the Reuters news agency it appeared some of the plaintiffs didn't exist. The plaintiffs' lawyer countered that such a claim was bogus and absurd....

Read more from our friends at IDEX

"It's We Time" for the Baselworld Successor

Category: News Archives
Created: 04 October 2020
Hits: 517
October 04, 20 by John Jeffay
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(IDEX Online) - Organizers of the ill-fated Baselworld have announced details of its successor, HourUniverse.

And they have revealed the event's tag line - It's We Time -  to the amusement of some in the trade press.

MCH Group describe HourUniverse in a press release as "a hybrid platform that serves the watch, jewellery and gemstone community with a year-round, modern digital offer combined with a lively exchange independent of physical encounters". 

It will take place from 8 to 12 April In Basel, Switzerland.  MCH did not name any industry players who would be taking part.

  

It announced in May that it was axing Baselworld after an exodus of big-name exhibitors and the launch of a rival event by Rolex, Patek Philippe, and others.

The raft of brands that have deserted Baselworld includes Rolex, Patek Philippe, Chanel, Chopard and Tudor, as well as Bulgari, TAG Heuer, Hublot and Zenith, all part of the LVMH Group.

Their departures followed those in 2018 of The Swatch Group, which had 17 brands in the show, as well as Breitling, Gucci, Bulgari, Seiko, Grand Seiko, Citizen and Bulova.

MCH said: "This brand-new show is a B2B2C meeting point that places the customers of the brands and exhibitors at the heart of its focus. The entire platform is conceived and designed around them. 

"This applies to all players of the distribution chain, traditional and online retailers, including those of the CPO (certified Pre-Owned). It will feature an extended ecosystem with watches, jewellery and gemstones brands, developers of new distribution solutions, marketing and points of sale, and other players of the industry." ...

Read more from our friends at IDEX

Peter Boockvar and Yra Harris on the Financial Markets, Gold/Silver and Economy

Category: News Archives
Created: 03 October 2020
Hits: 533
Diamond Buyers Club
The Roundtable Insight – Peter Boockvar and Yra Harris on the Financial Markets, Commodities and Economy
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Read more from our friends at Gold & Silver

The Fed and the Housing Bubble/Bust

Category: News Archives
Created: 02 October 2020
Hits: 514
Diamond Buyers Club
To validate the Austrian explanation of the housing bubble, we must first establish that interest rates did indeed fall into unusually low territory during the boom phase, while they were hiked going into the bust. Figure 1 below shows the “real” (i.e., consumer price inflation–adjusted) federal funds rate, as a quarterly average from 1970–2006:
...

Read more from our friends at Gold & Silver

New Layoffs Add to Worries Over U.S. Economic Slowdown: NYT

Category: News Archives
Created: 02 October 2020
Hits: 461
Diamond Buyers Club
A standoff over further federal aid and concern over the pandemic’s duration are pushing companies to eliminate jobs.
...

Read more from our friends at Gold & Silver

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