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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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Mar 26, 2020
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Rapaport News
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De Beers Enables 100% Deferrals at March Sight
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De Beers is allowing sightholders unlimited deferrals at its upcoming rough-diamond sale as manufacturing closures have obliterated demand, market sources told Rapaport News.The rare step follows the shutdown of the Surat polishing industry this week...
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Rough Markets
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Mar 26, 2020
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Joshua Freedman
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South Africa, Lesotho Mines Set for Shutdown
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Petra Diamonds, Gem Diamonds, Firestone Diamonds and Lucapa Diamond Company are suspending operations at their mines in South Africa and Lesotho due to government measures to curb the spread of the coronavirus.South Africa has introduced...
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Mining
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Mar 25, 2020
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Rapaport News
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Mountain Province Loss Widens Amid Weak Pricing
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Mountain Province’s losses intensified in 2019 as weaker anticipated diamond prices led to the devaluation of its Gahcho Kué mine.The miner posted a net loss of CAD 128.8 million ($89 million), compared with a loss of $14.1 million...
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Mining
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Mar 24, 2020
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Rapaport News
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Production Continues as Miners Fight Virus Impact
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Alrosa, Petra Diamonds and Lucara Diamond Corp. are among the companies putting special procedures in place in preparation for a possible coronavirus outbreak, while still continuing operations at their mines.Alrosa, which has not had...
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Mining
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Mar 19, 2020
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Leah Meirovich
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De Beers Sight Still On Despite Travel Ban
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De Beers’ upcoming sight in Botswana will still take place despite the country’s ban on arrivals from the US, China, India and Belgium, the miner has confirmed.“While this is an extraordinary situation and COVID-19 has...
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Rough Markets
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Mar 18, 2020
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Joshua Freedman
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Sarine Ushers In Era of In-Factory Grading
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Sarine Technologies has launched a new platform enabling manufacturers to tap its automated grading systems and issue a report in-house to support the needs of jewelers.The company this week introduced its eGrading innovation via a video...
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Technology
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Mar 12, 2020
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Avi Krawitz
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Lab-Grown Marketing: Multifaceted Messaging
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When lab-grown diamonds first started to make noise in the consumer jewelry market, much of the marketing power driving them forward was about cutting through the confusion. Are they real? Why do they cost...
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Polished Markets
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Mar 11, 2020
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Rachael Taylor
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Alrosa to Maintain Supply Flexibility
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Alrosa has pledged to remain flexible with its supply policy during the current industry downturn, as the coronavirus has left clients unsure how much rough to buy.“The virus has triggered uncertainty, and our...
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Rough Markets
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Mar 08, 2020
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Rapaport News
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Botswana Mining Decline Hits GDP Growth
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Botswana’s economic growth slowed last year due to lower rough production, further aggravated by weakness in its diamond-manufacturing sector, the nation’s central bank said last week.Gross domestic product (GDP) increased 3.7% in the 12 months...
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Mining
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Mar 04, 2020
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Rapaport News
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De Beers Sales Fall as Virus Impacts Sentiment
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De Beers’ rough-diamond sales declined 28% year on year to $355 million in February as the coronavirus hit demand.Many sightholders took up the miner’s offer to delay buying goods destined for China, sources in the rough market told...
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Rough Markets
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Mar 04, 2020
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Joshua Freedman
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Polished Prices Slide Amid Coronavirus Fears
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RAPAPORT PRESS RELEASE, March 3, 2020, Las Vegas… Diamond trading declined sharply in February due to economic uncertainty surrounding the coronavirus. Manufacturers and dealers are facing a severe liquidity crunch as sales to China and Hong...
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Polished Markets
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Mar 03, 2020
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Rapaport
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De Beers Reveals Overhaul of Sight System
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De Beers plans to split sightholders into three categories and offer each group a more bespoke selection of rough diamonds as part of changes to its sales system.Manufacturers, dealers and retailers will sign specific supply contracts designed...
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Rough Markets
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Mar 01, 2020
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Joshua Freedman
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De Beers Lets Sightholders Defer Chinese Goods
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De Beers has allowed clients to forgo buying certain rough diamonds at this week’s sight, as the coronavirus outbreak has raised concerns about a polished glut.The miner has let sightholders defer purchases of goods that produce...
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Rough Markets
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Feb 26, 2020
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Joshua Freedman
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Virus Likely to Impact Demand at De Beers Sight
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De Beers and its clients expect a slowdown in rough-diamond sales at the company's Botswana sight this week amid concerns about the coronavirus.“It’s fair to say there will be an impact on rough demand in the short term,” De Beers...
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Rough Markets
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Feb 25, 2020
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Joshua Freedman
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De Beers Optimistic After 2019 Earnings Slump
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De Beers gave a positive outlook for 2020 due to an improvement in the industry’s inventory situation, despite growing concerns about Chinese demand.Early data from the holiday season indicate midstream stock levels are more balanced...
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Mining
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Feb 20, 2020
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Rapaport News
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De Beers Adds Grading Specs for Lightbox
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Lightbox has added grading information for its synthetic white diamonds in an effort by the De Beers brand to bring further transparency to the lab-grown sector.The company will provide technical specifications showing the minimum quality of its...
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Retail
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Feb 18, 2020
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Rapaport News
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Star Rays Outlines Plan to Be Carbon-Neutral
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Star Rays revealed its intention to be the first Indian diamond company to become carbon-neutral, arguing that greener credentials will help attract consumers to the product.The Mumbai-based manufacturer aims to reduce travel, produce less plastic...
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Manufacturing
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Feb 16, 2020
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Joshua Freedman
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De Beers Scores Partial CVD Patent Victory
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A court has awarded a limited victory to De Beers’ synthetic-diamond production unit in a patent dispute with Singapore-based grower IIa Technologies.IIa infringed an Element Six patent related to diamond material that’s usable for lab-grown diamond jewelry and...
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Financial-Legal
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Feb 09, 2020
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Rapaport News
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Diamond Market Cautious Amid China Concerns
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RAPAPORT PRESS RELEASE, February 4, 2020, Las Vegas… Diamond market sentiment was positive for most of January but weakened as the outbreak of the coronavirus in China resulted in a shutdown of retail stores over the important Chinese...
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Polished Markets
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Feb 04, 2020
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Rapaport
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