Certified polished diamond prices were stable in November supported by improving demand during the Christmas shopping season. Diamond dealers were focused on supplying U.S. jewelers with strong demand for lower priced commercial quality diamonds as consumers tighten their holiday shopping budgets.
The RapNet Diamond Index (RAPI™) for 1-carat certified diamonds was down 0.1 percent in November. RAPI for 0.30-carat diamonds rose 1.4 percent during the month, while RAPI for 0.50-carat diamonds increased 0.2 percent. RAPI for 3-carat diamonds declined 0.3 percent.
RapLab, a Rapaport Group company, is now offering synthetic diamond detection services to the diamond trade. The service will utilize DiamondSure® and DiamondView® technology developed by De Beers. RapLab will begin providing services in Ramat Gan, Israel and Mumbai, India on December 2. Additional service centers in New York and Surat will be available in the near future.
RapLab will provide testing for individual diamonds as well as implement statistical sampling protocols for parcels of diamonds.
The De Beers Group of Companies successfully completed its first international Sight in Gaborone, Botswana on Thursday 14th November, providing a seamless transition for Sightholders following the relocation from London, with all systems and processes running smoothly. Strong demand was also in evidence at the Sight ahead of the end of year selling season.
The new US$35 million state-of-the-art De Beers facility, which was completed ahead of schedule and below budget, has been supported by investment in Gaborone airport by the Government of Botswana to improve entry for Sightholders. The relocation of international Sights to Gaborone highlights De Beers’ commitment to beneficiation and is a major milestone in the development of Botswana’s downstream diamond industry.
Certified polished diamond prices fell in October as trading volume did not meet expectations for this time of the year. The U.S. continues to be the dominant market for polished ahead of the Christmas season. India’s pre-Diwali demand was weak and Chinese demand soft after the National Day Golden Week (October 1). Trading is selective with steady demand for 0.30-carat to 0.50-carat goods in commercial qualities (H-K, SI-I1).
The RapNet Diamond Index (RAPI™) for 1-carat certified diamonds fell 1.7 percent in October. RAPI for 0.30-carat diamonds rose 0.4 percent during the month, while RAPI for 0.50-carat diamonds increased 0.2 percent. RAPI for 3-carat diamonds declined 0.7 percent.
The De Beers Group of Companies today began construction of a new underground mine beneath its open pit Venetia Mine in Limpopo Province, South Africa. The US$2 billion (R20 billion) investment will extend the life of Venetia beyond 2040i and replace the open pit as South Africa’s largest diamond mine.
With underground production expected to commence in 2021, over its life, the Mine will treat approximately 130 million tonnes of ore, containing an estimated 96 million caratsii. The Mine will also support over 8,000 jobs directly, and a further 5,000 through the supply chain – benefitting the South African economy.
Certified diamond prices were stable in September with significantly reduced trading volume. Price sensitive Far East buyers are increasingly shifting to commercial qualities, while tight liquidity and weak domestic demand in India have reduced diamond trading and lowered expectations for the important Diwali holiday season. High rough diamond prices have disrupted manufacturing activity as polished suppliers focus on depleting existing high inventory.
The RapNet Diamond Index (RAPI) for 1-carat certified diamonds fell 0.3 percent in September. RAPI for 0.30-carat diamonds rose 0.4 percent while RAPI for 0.50-carat and 3-carat diamonds were both flat for the month. RAPI fell by more than 2 percent in the third quarter in all sizes.
Certified polished diamond prices stabilized in August while dealers remained cautious amid low-volume trading. Cutting center liquidity is being squeezed by the devaluation of the Indian rupee, high rough prices and cautious bank lending. Diamond manufacturers are holding on to relatively large inventories ahead of the fourth quarter selling season, while retail jewelers are expected to delay their buying.
The RapNet Diamond Index (RAPI™) for 1-carat certified polished diamonds fell 0.1 percent in August. RAPI for 0.30-carat diamonds rose 1.2 percent during the month, while RAPI for 0.50-carat diamonds increased 0.8 percent. RAPI for 3-carat diamonds fell 0.6 percent.
Certified polished diamond prices fell in July. China’s economic slowdown significantly reduced diamond demand resulting in overstocked retail inventories. India’s jewelry market plummeted due to the weak rupee and government programs intended to curb gold consumption and jewelry demand. Furthermore, diamond manufacturers are facing tight liquidity as banks become increasingly concerned about the high levels of industry debt and high rough diamond prices, which result in negative cash flow. The only bright spot has been the U.S., where demand has been steady but selective.
The Rapaport International Diamond Conference (IDC) will be held at the Taj Lands End Hotel in Mumbai, India on Wednesday, August 14, 2013.
The conference will focus on the future of the diamond and jewelry industry, with emphasis on the role of India. Topics will range from rough to retail as the best and brightest meet to discuss how to thrive in a rapidly changing and challenging global business environment.
The De Beers Group of Companies announced that it will begin providing customers of its rough diamond auctions with an opportunity to determine the volume of goods they wish to purchase, over a given period, through the introduction of forward contract sales.
Approximately 10 per cent of De Beers’ rough diamonds are sold through its auction platform. De Beers will continue to hold spot auction events that provide customers with additional flexibility to purchase the type and quantity of the goods they need. The introduction of forward contract sales will enable customers to engage in forward planning, and help them meet their business requirements.
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Thursday, Dec 12, 2013 at 11:40 am
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Mechel Announces Finalization of Negotiations on 1-Billion-Dollar Syndicated Loan Agreement with International LendersFriday, Dec 6, 2013 at 9:27 am
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