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Ex-De Beers Exec Joins Lab-Grown Supplier
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Lab-grown brand Altr Created Diamonds has appointed RichardWhitby chief financial officer as part of an effort to broaden the company’s reach. “Bringing Richard on board marks a pivotal point for Altr aswe continue our global expansion...
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Polished Markets
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Sep 22, 2019
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Rapaport News
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De Beers Finds Buyer for Namibia Mine
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De Beers has sold the Elizabeth Bay mine for NAD 120 million ($8.2 million), a year after it ceased operations at the deposit. The miner chose Lewcor Group, a 100% Namibian-ownedconsortium, following an extensive search for...
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Mining
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Sep 15, 2019
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Rapaport News
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Podcast: Young Diamantaires Explore South Africa
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The Rapaport Diamond Podcast interviews Rami Baron, founder of the Young Diamantaires group and leader of a trip to De Beers’ Venetia mine in South Africa.In this episode, Baron speaks to Rapaport senior news reporter Joshua Freedman,...
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Polished Markets
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Sep 15, 2019
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Rapaport News
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Opinion: An Urgent Call to Invest in Marketing
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The diamond industry must significantly increase its marketing spend to ensure the trade’s longevity. This need is highlighted by the difficult conditions the sector has endured over the past few years.Recent challenges have...
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Marketing
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Sep 09, 2019
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Shashin Choksi & Siddharth Choksi
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Tracr Aiming to Be More Than a Blockchain
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As a tech guy, Jim Duffy spends much of his time on the road explaining technical terms in a way laymen can understand. He has his work cut out for him as CEO of Tracr, De Beers’ blockchain project — especially...
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Polished Markets
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Sep 04, 2019
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Avi Krawitz
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WDC Executive Director Exits Organization
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Marie-Chantal Kaninda hasstepped down as executive director of the World Diamond Council (WDC) after two and a half years in the position. “Marie-Chantal’s influence on the WDC has been profound,”WDC president Stephane Fischler said Tuesday.“As...
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Rough Markets
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Sep 03, 2019
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Rapaport News
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China Slowdown Weighing on Diamond Prices
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RAPAPORT PRESS RELEASE, September 3, 2019, Las Vegas … Diamond markets were quiet in August, with dealers taking their summer vacations amid uncertainty about the important Hong Kong Jewellery & Gem Fair. Demand...
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Polished Markets
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Sep 03, 2019
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Rapaport
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De Beers Sales Continue to Fall
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De Beers’ rough-diamond sales plunged 44% year on year thismonth as customers rejected goods or exercised the miner’s buyback option. Sales fell to $280 million in the seventh sales cycle of theyear, as sightholders continued to struggle with weak...
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Mining
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Aug 28, 2019
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Rapaport News
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De Beers Lets Clients Reject 50% of Goods
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De Beers will allow sightholders to refuse more rough diamonds than usual at thisweek’s sight, aiming to ease pressure on the market without reducing prices. Clients will be free to turn down 50% of available goods amid a slump...
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Rough Markets
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Aug 18, 2019
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Joshua Freedman
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Debswana Mourns Death of Albert Milton
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Albert Milton, managing director of De Beers’Botswana joint venture, has died, the company said Friday. Milton passed away early Friday morning after becomingunwell Thursday night in Johannesburg, where he was admitted to the hospital. “De...
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Mining
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Aug 18, 2019
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Rapaport News
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Mountain Province Faces Nasdaq Delisting
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Mountain Province has been given six months toraise its share price or it will no longer be eligible to list on the Nasdaqstock exchange, it said Tuesday. The Canada-based miner’s stock is currently valued at$0.97, below the minimum...
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Mining
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Aug 14, 2019
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Rapaport News
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Who’s Buying the Rough in 2019?
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The stability of the diamond industry is largely in thehands of 122 manufacturers and dealers that buy rough on a contractual basis. Many of the sector’s current problems have resulted from too much rough entering the market...
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Rough Markets
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Aug 11, 2019
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Joshua Freedman
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Currency Gains Boost Mountain Province Profit
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Mountain Province’s profit increased in the second quarter amid a stronger Canadian dollar that reduced its debt levels, it said Tuesday. Profit jumped 61% to CAD 10.3 million ($7.8 million) for thethree months ending...
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Mining
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Aug 07, 2019
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Rapaport News
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Let’s Set Our Sights on the Auctions
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De Beers’ first-half earnings highlighted the many challenges facing the diamond trade. But beyond the sharp declines the mining company suffered, CEO Bruce Cleaver and chief financial officer Nimesh Patel were...
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Rough Markets
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Aug 07, 2019
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Avi Krawitz
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Diamond Trading Quiet Amid Tight Profits
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RAPAPORT PRESS RELEASE, August 6, 2019, Las Vegas … Diamond-market sentiment was weak in July due to tight profits and liquidity. The pressures facing cutters and dealers resulted from high rough supply at inflated prices...
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Polished Markets
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Aug 06, 2019
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Rapaport
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De Beers Sales Sink to Lowest Level Since 2015
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De Beers’ rough-diamond sales plummeted 53% this month ascustomers accepted the miner’s offer to defer purchases until the marketimproves.Weak polished demand and excess supply in the manufacturingand trading sectors have hurt sightholders’ appetite...
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Mining
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Jul 30, 2019
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Joshua Freedman
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Small-Stone Slump Hits Firestone Revenue
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Firestone Diamonds saw a decline in sales during its fiscal fourth quarter due to a drop in demand for small, lower-value diamonds that make up the bulk of its supply. The company reported sales of $12.7 million for...
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Mining
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Jul 29, 2019
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Rapaport News
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De Beers Lets Clients Delay Rough Purchases
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De Beers loosened its purchasing requirements for roughbuyers at last week’s sight in an effort to ease the oversupply affecting the diamond market.Sightholders have struggled to reduce their inventories due to an imbalance of stocks and weak polished demand....
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Mining
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Jul 28, 2019
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Joshua Freedman
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De Beers Profit Falls Amid Market Slump
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De Beers’ profit dropped in the first half of the year asweak demand at the trade and consumer levels impacted diamond prices, thecompany said Thursday. The rough market was subdued due to high inventories inboth...
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Mining
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Jul 25, 2019
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Rapaport News
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De Beers Testing Carbon-Neutral Mining
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De Beers is studying how to eliminate the carbon footprintof diamond mining by storing the emissions inside kimberlite, it saidWednesday. The miner recently received a government grant of CAD675,000 ($514,000) to test the process at its Gahcho Kué mine...
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Mining
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Jul 24, 2019
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Rapaport News
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