Rapaport Auctions, the largest auction market for recycled diamonds, reported strong activity for the third quarter of 2012 with sales of 82,260cts. for $14.3 million. Melee prices stabilized, increasing 3% after a decline of 13% in Q2. Single stone sales were better than expected with steady demand from Israeli dealers.
“There has been a noticeable uptick in prices and trading volume for small melee diamonds following a slow summer season. The recent strengthening of the Rupee and expectations for a reasonably good U.S. holiday season improved demand and stabilized prices for a broad range of commercial and promotional quality diamonds at popular price points.” said Ezriel Rapaport, Director of Rapaport Global Trading.
Certified polished diamond prices were relatively stable in August easing the steep declines witnessed in previous months. Dealers have sensed a restrained improvement in demand from Far East and Indian buyers ahead of the fourth quarter season but trading volume remains low.
Jewelry retailers, who have been largely absent from the diamond market in 2012, started to inquire about goods again but have yet to resume significant buying. They are content to maintain low inventory levels and are monitoring whether price levels will hold steady through the September Hong Kong show.
The Rapaport International Diamond Conference 2012 held in Mumbai on August 29, 2012 attracted over 300 participants, including many of India’s leading diamantaires. The conference was inaugurated by Mumbai’s Commissioner of Customs Shri P.M. Saleem.
The morning session highlighted India’s new regulatory environment, which will require compliance procedures that the industry is not yet ready to perform. The new laws governing transfer pricing, service tax and cross border investments are becoming increasingly burdensome. Martin Rapaport, Chairman of the Rapaport Group, cautioned companies and warned foreign investors that India’s government authorities are targeting the diamond sector. Sanjay Kothari, Vice Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), said that the industry is in talks with senior government officials.
Certified polished diamond prices softened in February. Far East demand was steady, as evidenced at the Hong Kong International Jewellery Show. However, buyers remain cautious about the first half of 2012 as economic uncertainties persist and diamond trading is restrained.
The RapNet Diamond Index (RAPI) for 1.00-carat polished diamonds fell 1.8 percent to 94.18 in February. The RAPI for 0.30-carat diamonds rose 3.6 percent to 16.04 and the RAPI for 0.50-carat diamonds rose 0.9 percent to 34.81. The RAPI for 3.00-carat stones fell 2.1 percent to 343.32.
De Beers has reported for 2011 financial year, that:
- Total sales increased 26 percent to US$7.4 billion (2010: US$5.9 billion).
- Sales of rough diamonds by the Diamond Trading Company (DTC) increased 27 percent to US$6.5 billion (including those through joint ventures)
- DTC prices increased 29 percent from 1 January 2011 to 31 December 2011.
- Diamond production totalled 31.3 million carats (2010: 33.0 million carats)
- EBITDA increased 21 percent to US$1.7 billion (2010: US$1.4 billion)
- Company’s third party debt reduced to US$1.3 billion (December 2010: US$1.8 billion), and third party gearing to 20.9 percent (December 2010: 29.5 percent)
- Free Cash Flow of US$734 million generated in 2011 (2010: US$943million)
The Government of the Republic of Botswana and the De Beers Group, the shareholders of Diamond Trading Company Botswana (DTC Botswana), today announce the appointment of Mr Tabake Kobedi as Managing Director of DTC Botswana, effective 10 January 2012.
Mr Kobedi is currently the Group Finance Manager for Debswana, managing a diverse range of activities in finance, supply chain, risk management and insurance. He has been a senior figure and key driver of the organisational alignment initiative across Debswana.
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