Diamond News Archives

(IDEX Online) – The United Nations’ Economic and Social Council (ECOSOC) has renewed, through CIBJO, the World Jewelry Confederation, its official recognition of the Italian Exhibition Group Spa (IEG), as a body promoting and providing educational services and programs related to Corporate Social Responsibility (CSR) and sustainability within the jewelry, precious metal and gemstone supply chain, in support of the UN’s development program and its Sustainable Development Goals.<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>

The accreditation, which renews the special UN status held by IEG that was first extended in March 2013, was confirmed at a special meeting that took place on February 21 at the United Nations headquarters in New York.

Also at the meeting, CIBJO President Gaetano Cavalieri nominated Corrado Facco (both pictured above), IEG’s Managing Director, who also serves as the CIBJO Vice President with responsibility for CSR and sustainability, as CIBJO’s Main Representative to the United Nations. Since 2006, CIBJO has been the first and only jewelry industry association to have special consultative status with ECOSOC, and for the past five years IEG is the only trade show organizer to be so accredited at the United Nations.

IEG's accreditation is linked specifically to the activities of VICENZAORO, one of the world's leading gold and jewelry trade shows brands, which for the past five years has organized and presented a comprehensive program dedicated to promoting the values and practices of CSR and sustainability within the international jewelry industry. The most recent event was a seminar co-organized last month by IEG and CIBJO at the VICENZAORO January show in Vicenza, which focused on environmental, social and economic sustainability in the pearl and coral sectors....

Zimbabwe’s Minister of Mines, Winston Chitando, held a press conference this week to announce that, following its one-year break, the country has resumed diamond auctions and expects to sell 1.558 million carats of diamonds over the next two months.

According to Chitando, the Zimbabwe Consolidated Diamond Company will conduct separate auctions in March and April to sell all the diamonds it has stockpiled since last year. Known as ZCDC, the state-owned corporation was created in 2016 after the consolidation of seven firms that were mining gems in the Marange diamond fields, located in the eastern part of the country. In 2017, sales were halted as the company underwent a restructuring process that, in the words of government officials, was aimed at aligning its marketing and sales framework to international standards.

But a test sale was conducted two weeks ago and, according to the minister, it was a total success. It made $829,067, was attended by buyers from European, Middle Eastern, Southeast Asian and African countries, and one single rock sold for $1,888. Seeing these results, the ZCDC is expected to host regular tenders throughout 2018.

Chitando also told reporters that the tenders will be conducted on the basis of a reserve price and that the ZCDC and the Minerals Marketing Corporation of Zimbabwe will work on a sales calendar to enable diamond buyers to plan in advance.

The post Zimbabwe resumes diamond sales, expects to auction 1.56 million carats appeared first on MINING.com....

Anglo American’s De Beers, the world’s largest rough diamond producer by value, said Thursday it plans to mine precious rocks this year at a rate not seen since the 2008 global financial crisis.

Delivering its preliminary financial results for 2017, the miner said it intends to dig up as much as 36 million carats this year, up from 33.5 million in 2017, thanks mainly to the participation of its newest mine — Canada’s Gahcho Kué.

However, it expects output to then slide to 32 million carats in 2019 and 2020 due to the closure of its Victor mine in Canada, expected in the first half of 2019, as well as the transitioning of its South African Venetia mine from an open-pit to an underground operation.

The company, which is currently exploring for new deposits in South Africa, its home country, said the planned closure of some of its operations in Namibia would also affect overall production numbers.

De Beers maintained a positive outlook for this year off the back of stronger consumer demand for diamond jewellery in US and China last year. Demand has picked up for certain polished categories that had struggled of late, including VVS-clarity stones, while the miner’s retail unit, De Beers Diamond Jewellers, saw a strong December sales period.

“Improving global macroeconomic conditions remain supportive of consumer demand growth for polished diamonds in 2018,” the company said in the statement. “The degree of global economic growth, however, will be dependent upon a number of factors, including the extent of the positive impact on growth in consumer spending from US tax cuts, the strength of the dollar on consumer demand in non-dollar-denominated countries, and how successfully China manages its adjustment to a more domestic consumer-driven economy,” it noted.

The post De Beers diamond output to peak this year thanks to Gahcho Kue appeared first on MINING.com....

(IDEX Online) – De Beers' total revenue declined by 4% to $5.8 billion (2016: $6.1 billion) – as expected, given the benefit of strong midstream restocking in the first half of 2016, the miner reported. <?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>

The average realized rough diamond price decreased by 13% to $162/carat (2016: $187/carat) mainly owing to a lower value mix; this was partly offset by an 8% increase in consolidated sales volumes to 32.5 million carats (2016: 30.0 million carats). This reflected stronger demand for lower-value goods in Sight 1 of 2017, following a recovery from the initial impact of India’s demonetization program in late 2016, as well as the ramp-up of production from lower value per carat but high margin operations, including Orapa and Gahcho Kué. The lower-value mix was compensated in part by a higher average rough price index, which was 3% above that of 2016.

"Early signs are that global consumer demand for diamond jewelry registered positive growth in 2017 in US dollar terms, following a marginal increase in 2016. Sustained diamond jewelry demand growth in the US was once again the main contributor to this positive outcome. Demand for diamond jewelry by Chinese consumers grew marginally, in local currency and dollar terms. In contrast, consumer demand for diamonds softened in India and the Gulf states, both in local currency and dollar terms, while Japan’s consumer demand growth was flat in local currency and lower in dollars.

"Diamond producers’ primary stocks are estimated to have reduced considerably during the first half of 2017, as sentiment in the midstream improved and rough and polished inventories normalized for businesses in this segment of the value chain. However, as a result of US retailers tightly managing their inventories and the earlier timing of Diwali in India, there was a slight seasonal build-up of polished inventory in the midstream going into the fourth quarter. Overall, early indications are that additional consumer marketing undertaken during the main selling season had a positive effect on polished demand in the US, China and India in the final quarter of the year, leading to a positive impact on overall polished inventories.

"Rough diamond production increased by 22% to 33.5 million carats (2016: 27.3 million carats), reflecting stronger underlying trading conditions as well as the contribution from the ramp-up of Gahcho Kué."

During 2017, De Beers invested more than $140 million in marketing (19% more than in 2016) through a combination of proprietary and partnership activity centered on the US, China and India. De Beers also substantially increased its investment in the Diamond Producers Association, a producer-wide body that works to enhance consumer demand by promoting the appeal, integrity and reputation of diamonds.

"Improving global macro-economic conditions remain supportive of consumer demand growth for polished diamonds in 2018. The...