Diamonds need some new best friends - and short jewellery news 03.05.2020: Rough market faces its toughest year yet: The Gem & Jewellery Export Promotion Council (GJEPC) has called on all members to curtail rough imports for at least 30 days beginning on May 15. That would send a message to the banks that the industry was b

Rough market faces its toughest year yet: The Gem & Jewellery Export Promotion Council (GJEPC) has called on all members to curtail rough imports for at least 30 days beginning on May 15.


That would send a message to the banks that the industry was being careful not to raise its debt levels, and would also ease the financial strain placed on companies. 



Diamonds need some new best friends


Sales of rough and polished stones will change too, as travel restrictions in South Africa, Botswana and India push more deals online. It’s a remarkable feat for a conservative industry that thrives on face-to-face interaction, and arcane systems like De Beers’ “sights,” as its regular sales are known.


 


Baselworld: What went wrong?: "It went from a jumbling but fun giant circus of dealers to some ritual of painful appointments that simply can easily be done elsewhere without the punishment of hotel, restaurant, and travel abuse..."


 
 

De Beers offers 100 percent deferrals at May sight


Alrosa has also continued with its policy of enabling 100% deferrals at its upcoming contract sale, which starts on May 13, after offering that flexibility in April. Clients will be able to buy the rejected goods at future sales.
  
 



India’s cutting sector faces decade-low sales


Diamond sales will decline up to 32%, to $13 billion to $15 billion, in the current fiscal year ending March 31, 2021, India-based Crisil Ratings estimated Tuesday. This compares to approximately $19 billion in the fiscal year that just ended.


 

Lucapa restarts Lulo diamond mine operations


Lulo operations were reduced to essential services only following the declaration of a State of Emergency in Angola. The mine will resume operations on a two shift six-day week basis this week.


     
 
Gem Diamonds to restart operations at Letseng Mine


Looking ahead, Gem Diamonds will provide an update guidance for 2020 once it has completed its assessment of the operational and financial impacts of the outbreak. Shares in Gem Diamonds were up 8.9% in London.


     

Namibia diamond venture output up by nearly 6% in Q1


Mining in Namibia was not disrupted by the pandemic in the first quarter, as the country only went into partial lockdown on March 27.
     
 


Debswana production drops


TDebswana’s mines produced 5.6 million carats between January and March 31, 2020, down from about six million carats in the corresponding period last year. As a group, De Beers produced 7.8 million carats for the quarter, down from 7.9 million in the corresponding period last year.


 

      
Petra Diamonds moves towards $650 million debt restructuring


The company, with a small market capitalisation of 19.83 million pounds ($24.55 million), announced in February it was looking at strategic options in relation to its debt due in 2022.


    

Zimbabwe losing billions as top army chefs continue looting


Highly placed sources within the ZCDC and Ministry of Mines last week spoke of how 12 diamond mining companies are clandestinely extracting diamonds worth billions of dollars in Chiadzwa.


 

Dominion Diamond asks court for more “breathing room”


The Ekati mine has been on “care and maintenance” since the middle of March due to the spread of COVID-19; Diavik has been operating as usual. After Dominion Diamond filed its initial petition, the court granted it a 10-day stay period from creditors, which was scheduled to run until May 1.


     
 

COVID-19 restrictions halt fancy colour diamond trade


The FCRF had concluded the quarterly data collection process from its data suppliers and learned that the volume of transactions conducted in this quarter was not sufficient to establish accurate market pricing data...


 

De Beers donates $200,000 to women’s support organisations


The donations have been made to the organisations across Botswana, Canada, Namibia and South Africa in response to an increase in gender-based violence resulting from the ongoing pandemic.

     
 
Sarine warns of severe earnings impairment


“We cannot yet forecast what our business results will be for the rest of [the second quarter] or the subsequent quarters of 2020,” the maker of equipment used in diamond manufacturing said


 
 
 

LVMH also says “Fair Well” to Baselworld


LVMH—parent company of the TAG Heuer, Hublot, and Zenith watch brands as well as Bulgari—has also decided to leave the annual event, casting further doubt on the show’s future.


    
Watchmakers return to work


The Swiss watch industry is slowly creeping back to life. Rolex said yesterday that its production sites are still closed for the moment but all security measures recommended by the government are currently being put in place for a gradual opening in the near future.


 


Istanbul Jewelry Show postpones Spring edition to 2021


The March edition of the Istanbul Jewelry Show has been postponed until 2021, but the October show is set to go on as scheduled.


    


Abu Dhabi and Dubai prepare to reopen malls


TAbu Dhabi and Dubai have announced preparations to reopen malls and shopping centers, issuing guidelines on Thursday for business owners and shoppers on the eve of the Muslim holy month of Ramadan.

 
 

South Korea: ‘Revenge spending’ fuels luxury goods rebound


So-called ‘revenge spending’ has been credited with a significant upturn in sales of high-priced retail goods in South Korea which has tentatively emerged in recent days from a lockdown during the Covid-19 pandemic.

 
- IDMA -