Diamond News Archives

(IDEX Online) - The businessman who launched the Cofix chain of no-nonsense coffee shops in Israel is now moving into lab-grown diamonds.

Avi Katz has just opened the first X Lab Diamonds store at a mall near Tel Aviv and plans a roll-out to London and Moscow, as well as more locations within Israel.

His introduction in 2013 of a fixed five-shekel ($1.50) price for coffee and a range of other drinks and snacks disrupted the market, forcing rivals to lower their prices. 

Now he's moving into lab-grown diamonds, saying they'll sell for around half the price of comparable mined equivalents.

A one-carat solitaire ring, set in 18k white gold, is priced on the website at just over $2,000.

Katz, a serial entrepreneur, told The Jerusalem Post he'd attracted almost $6m from backers and was importing diamonds from Hong Kong and India.

He went on to sell 80 per cent of his stake in Cofix, which had 145 outlets in Israel and 135 in Russia.

Pic shows flagship X Lab Diamonds store ...

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(IDEX Online) - Surat's diamond industry remains at a standstill after another surge in COVID-19 cases.

The city's 5,000 factories had been due to re-open yesterday after a two-week closure.

But the Surat Diamond Association is urging all diamond units, markets and safe vaults to remain closed until 19 July at the earliest to prevent further infections.

Surat Diamond Association president Babubhai Katheriya said: "We had to take this decision as a large number of diamond polishers and traders, especially from Varachha and Katargam zones, tested positive. 

"This voluntary lockdown will bring down the cases in Surat. Further decision will be taken after July 19."

So far 600 diamond workers have tested positive for the virus.

The plea to stay closed comes as India's polished diamond exports for June fell 41 per cent year-on year to $931m, according to figures released by the Gem and Jewellery Export Promotion Council (GJEPC).

Increasing numbers of migrant workers are returning to their Gujurat villages because there is no work for them and the rise in coronavirus cases shows no signs of slowing....