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Coronavirus Updates: Impact on the Diamond Trade
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The Covid-19 pandemic that has swept the globe has had a notable impact on the diamond industry, with new developments unfolding every day. Here, we present a one-stop, running news feed on industry events impacted...
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Polished Markets
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Sep 29, 2020
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Rapaport News
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Trend Report: Covid-19 Driving Move to Digital
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Las Vegas, September 24, 2020As the diamond industry begins its recovery from the initial impact of Covid-19, its once-lagging progress toward digital is being vastly accelerated. While this will not be a rapid transition...
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Polished Markets
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Sep 24, 2020
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John Costello
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VicenzaOro Lifts Sentiment Despite Slow Sales
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VicenzaOro staged the first major international jewelry trade fair since before Covid-19 amid strict safety measures, with buyers booking modest orders.Attendance was well below pre-pandemic levels due to the absence of participants...
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Polished Markets
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Sep 21, 2020
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David Brough
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The Rough Market’s Window of Opportunity
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The price cuts that took effect in the rough-diamond market last month surprised some, but made perfect sense given the trends in polished trading and the recent earnings reports from De Beers and...
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Rough Markets
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Sep 08, 2020
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Rapaport News
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Rising Polished Prices Boost Sentiment
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RAPAPORT PRESS RELEASE, September 1, 2020, Las Vegas… Diamond markets improved in August as governments eased Covid-19 restrictions and dealers sought to fill specific orders from jewelers. Indian manufacturers increased polished production to fill shortages...
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Polished Markets
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Sep 01, 2020
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Rapaport
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GSI Taps New Chief Learning Officer
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Gemological Science International (GSI) has appointed Alethea Inns as its chief learning officer, to oversee the grading company’s education programs. “Alethea brings valuable expertise and extensive knowledge to her role, which will contribute...
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Research
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Aug 23, 2020
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Rapaport News
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Letšeng Yields 442ct. Diamond
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Gem Diamonds has recovered a 442-carat, type II diamond from the Letšeng mine in Lesotho, claiming the stone ranks among the largest gem-quality rough discovered this year. “The recovery of this remarkable 442-carat diamond,...
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Mining
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Aug 23, 2020
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Rapaport News
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Tiffany Sees Delay in Revamp of Flagship
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Tiffany & Co. has postponed the unveiling of its new-look flagship store in New York due to the impact of Covid-19 on activity in the city. “Due to the temporary halt of all non-essential construction activity in New York...
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Retail
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Aug 23, 2020
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Rapaport News
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De Beers Cuts Prices at August Sight
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De Beers has reduced prices of rough larger than 1 carat ahead of next week’s sight amid a gradual improvement in demand and shortages in certain categories, sources said. The reductions are around 6% to 8%, according to sightholders and...
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Rough Markets
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Aug 20, 2020
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Joshua Freedman
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SK Jewellery Sees Profit Slump
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Singapore-based SK Jewellery Group reported a sharp drop in earnings during the first half of 2020 as store closures and other restrictions implemented during the coronavirus pandemic impacted sales. Net profit fell 81% to SGD 514,000...
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Retail
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Aug 18, 2020
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Rapaport News
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Podcast: Rise in Grading Activity Signals Recovery
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The numberof jewelry pieces being sent to the International Gemological Institute (IGI) forgrading and authentication continues to increase, indicating a faster-than-expected revival among jewelers, according to CEO Roland Lorie.“I think that the problems come...
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Polished Markets
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Aug 17, 2020
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Rapaport News
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World Diamond Congress Goes Virtual
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The World Diamond Congress will take place in a virtual format beginning September 14, giving industry leaders an opportunity to brainstorm ways of navigating coronavirus-related challenges. The biennial event, a joint meeting of the World Federation of Diamond...
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Polished Markets
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Aug 17, 2020
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Rapaport News
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Lucapa Seals Deal to Defer Loan Repayments
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Lucapa Diamond Company, owner of the Lulo mine in Angola and Mothae in Lesotho, has restructured its debt, allowing it more freedom to focus on navigating the weak diamond market. “The refinancing arrangements will give Lucapa...
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Mining
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Aug 16, 2020
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Rapaport News
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A Crucial Moment for Artisanal Miners
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The question of how to tackle the hardships facing informal diamond miners is as pressing today as it was when it first arose nearly 20 years ago.It was first touted as an issue that perhaps the Kimberley Process (KP) could...
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Fair Trade
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Aug 10, 2020
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Avi Krawitz
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Reduced Diamond Supply Lifts Polished Prices
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RAPAPORT PRESS RELEASE, August 4, 2020, Las Vegas… Polished diamond prices firmed in July due to supply shortages for select categories. Sentiment remained weak and trading levels low amid new Covid-19 restrictions.The RapNet...
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Polished Markets
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Aug 04, 2020
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Rapaport
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De Beers Turns to Tech as Layoffs Loom
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De Beers is no stranger to changing strategy. Throughout its 130-plus-year history, the company has often adjusted its approach, sometimes with just a few tweaks, and on other occasions with radical consequences for the diamond market....
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Rough Markets
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Aug 03, 2020
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Avi Krawitz
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Challenges Persist as De Beers Sees Red
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De Beers suffered heavy losses in the first half of the year due to Covid-19, and cautioned that substantial challenges would remain for the diamond market.The diamond miner fell into the red for the...
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Rough Markets
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Jul 30, 2020
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Rapaport News
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Pandemic Is Pushing Industry to Embrace Tech
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The coronavirus pandemic has accelerated the use of technology in the diamond supply chain, diminishing the fear that many in the industry had toward embracing innovation, according to David Block, CEO of Sarine Technologies.“The fear...
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Technology
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Jul 20, 2020
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Rapaport News
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Petra’s Tough Sales Pitch
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The current plight of Petra Diamonds is a frustrating example of the impact Covid-19 has had on the diamond industry, highlighting the lack of readiness for such a downturn.As an important mid-tier diamond miner, the company has annual...
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Mining
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Jul 16, 2020
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Avi Krawitz
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Diamond Price Index Firms Amid Slow Trade
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RAPAPORT PRESS RELEASE, July 7, 2020, Las Vegas… The global diamond market was uncertain in June due to the resurgence of Covid-19 and geopolitical tensions. Polished prices firmed for select goods. The RapNet Diamond...
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Polished Markets
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Jul 07, 2020
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Rapaport
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