Diamond News Archives

(IDEX Online) - TRIGEM has opened a Belgian-certified independent boiling facility in Dubai in partnership with Charlotte Quality Boiling Belgium. The new facility can boil 1.4 million carats of rough and polished diamonds each month using the exclusive Antwerp Charlotte Boil chemical formula.

TRIGEM's Charlotte Boiling facility is located in the Jewellery and Gemplex Building, in Jumeirah Lakes Towers (JLT) and is the second boiling facility in the emirate.

"By offering one of the most critical services in the rough to market value chain, our superior and trusted diamond boiling will not only empower local traders to get more value from their diamonds, but also allow more miners from around the world to begin utilizing Dubai as a one-stop-shop, marketing hub for their productions," said TRIGEM CEO David Zabinsky.

In January, TRIGEM signed an agreement with security and logistics firm Transguard to provide secure transport services for its diamonds.
...

(IDEX Online) - Indian manufacturer and exporter Star Rays has pledged to become the country's first carbon-neutral diamond company.

It will encourage staff to save energy, cut down on single-use plastics and use public transport to get to and from work.

The firm, a De Beers Sightholder, says it's working with consultants Carbon Expert to implement processes and best practices.

Emissions and removals will be measured in accordance with international standards, as part of a World Jewellery Confederation initiative.

"Carbon neutrality is just one of a number of initiatives Star Rays has adopted to ensure that our clients can take pride in purchasing natural diamonds manufactured by an environmentally and socially-conscious company," said Rahul Jauhari, senior vice president, global sales and marketing.

"We are committed to reducing carbon emissions at every step in our business and personal life. As a responsible company, our motto at Star Rays is to make the world a better place to live in."...

(IDEX Online) - Jewelry exporters in India are seeking to extend lines of credit as the coronavirus hits one of their biggest markets, according to reports on the Business Standard website.

An estimated $2 billion of payment receivables are currently stuck with jewelry importers in China, which is effectively in lockdown. The country accounts for almost 30 percent of India's total jewelry trade.

India's Gems and Jewellery Export Promotion Council (GJEPC) has sought to extend credit from six months to a year as retailers in China remain closed indefinitely, fearing the virus will spread.

"We have written to leading banks and the ministries concerned to grant another six months for receivables," said Colin Shah, vice chairman of GJEPC.  

The Chinese New Year, traditionally a peak buying, had been "a whitewash," he said, as people remained indoors and factories and shops stayed closed.

The State Bank of India is estimated to have extended a cumulative Rs 6,000 crore ($8.4 billion in credit and Indian Bank Rs 7,000 crore ($9.8 billion).

"Since the outbreak, not only gems and jewelry sale[s] but the entire trade has come to a grinding halt," said Sabyasachi Ray, executive director at GJEPC.

He said the Reserve Bank of India has granted them a six-month timeline but a further six months would help significantly....

(IDEX Online) - Botswana is set to conclude negotiations with De Beers on a diamond sales agreement that replaces the current 10-year deal, which expires in January. 

As part of the new agreement, the government of Botswana wants an increase in the volume of diamonds cut and polished in the country. The bump in business will create jobs and boost the country's economy. 

"We are looking at April, not beyond, for all of this to happen and be successfully concluded," Lefoko Moagi, the minister of mineral resources, green technology and energy security, said in an interview with Bloomberg^[1]. "We now want further to move into the value space; the bottom end of the business which involves your valuation, your pricing, cutting and polishing, marketing, selling, jewelry making."

Botswana accounts for over two-thirds of De Beers' production. The country owns 15-percent of the mining company and holds a 50-percent stake in Debswana....