Diamond News Archives

(IDEX Online) - The president of the Israel Diamond Exchange has made an impassioned plea for the government to help an industry that has lost $600m to COVID-19.

"We are turning to you with an urgent request to help the diamond industry, which is on the brink of collapse as a result of the coronavirus," says Yoram Dvash (pictured) in a personal letter to President Benjamin Netanyahu.

He says 15,000 families who rely directly or indirectly on diamonds in Israel have been affected by a decline in exports estimated at 80 per cent between March and May.

Many workers have already lost their jobs and many companies may relocate to other countries he warns.

Mr Dvash, who is also acting president of the World Federation of Diamond Bourses, calls on the government to guarantee bank lines of credit, provide grants to business and help promote the industry.

He says steps taken so far by the government have done little to protect one of Israel's oldest and most important export industries.

Israel was initially among the world's most successful countries at tackling COVID-19, but since relaxing a nationwide lockdown infection rates have reached record high levels....

(IDEX Online) - Alrosa reported another poor trading month in June, with sales of rough and polished totaling just $31.3m.

That compares with $222.4m of like-for-like sales in June 2019.

The Russian state-owned miner has revised down its production forecasts, postponed its July and August sales, suffered an 87 pr cent drop in profits and is pursuing a price-over-volume strategy as the COVID-19 pandemic continues.

Alrosa sold $24.8m of rough diamonds in June and $6.5m of polished.

Total sales for the first six months of 2020 total sales were $991.1m - $955.3m of rough and $35.8m of polished.

Overall rough and polished sales hit a low in April - just $15.6m - and rose in May to $40.1m but dipped again last month.

"June sales were expectedly low, as we continue making every effort to maintain stability of the diamond industry and support our customers," said Alrosa's deputy CEO Evgeny Agureev.

He said the company had offered particularly flexible terms to long-term buyers in the last three months.

However a number have reportedly broken their contracts with Alrosa, complaining that they can defer but not cancel their purchases.

Pic courtesy Alrosa...