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Sales Slump at Indian Manufacturer Asian Star
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Asian Star’s sales fell in the second fiscal quarter as the coronavirus pandemic continued to affect business for the Indian manufacturer of diamonds and jewelry.Group revenue — including at subsidiaries — slid 38% year on year to INR 4.98...
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Manufacturing
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Nov 09, 2020
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Rapaport News
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De Beers Lets Sightholders Defer Smaller Goods
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De Beers is allowing customers to defer purchases of smaller rough at this week’s sight, as reduced manufacturing capacity in India has slashed demand.Sightholders can refuse to buy fancies, makeables and sawables up to 0.75 carats, and instead make the...
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Rough Markets
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Nov 02, 2020
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Joshua Freedman
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Manufacturing Rebound Boosts Sarine Revenue
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Sales at Sarine Technology improved in the third quarter as diamond-manufacturing levels increased following a lockdown in India, the equipment producer reported Wednesday.Revenue rose 25% versus the previous quarter to $7.4 million in the three months ending...
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Manufacturing
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Oct 29, 2020
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Rapaport News
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De Beers Notes Recovery Ahead of Holidays
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De Beers’ sales and production rebounded in the third quarter as the impending holiday season revitalized the diamond market following months of slow sales.Rough sales totaled 6.6 million carats during the three months ending...
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Mining
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Oct 22, 2020
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Rapaport News
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India Rushes to Meet US Holiday Demand
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Indian diamond manufacturers are planning a curtailed Diwali break as they scramble to fulfill US holiday orders amid a shortage of polished.Factories will shut for five to 12 days instead of the usual two to three weeks, aiming to offset months...
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Manufacturing
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Oct 22, 2020
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Joshua Freedman
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India’s Asian Star Sees Sales Plunge
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Sales and profit plummeted at Indian diamond manufacturer Asian Star in the first fiscal quarter as the coronavirus froze the company’s activities.Revenue slumped 80% year on year to INR 1.64 billion ($22.2 million) for the...
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Manufacturing
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Sep 29, 2020
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Rapaport News
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HB Antwerp Aims to Shake Up Large-Stone Market
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It’s not often a newcomer sweeps in to buy the largest diamond available on the market. Such deals are usually reserved for high-end jewelers such as Graff, Moussaieff, Harry Winston, or even large-scale retailers like Chow...
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Manufacturing
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Sep 17, 2020
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Joshua Freedman
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India Trading Still Down, but Decline Eases
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India’s polished-diamond exports fell 26% year on year to $1.22 billion in August, a gentler decline than in previous months, as overseas jewelry demand improved, the country’s Gem & Jewellery Export Promotion Council (GJEPC) reported.“We have...
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Polished Markets
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Sep 15, 2020
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Rapaport News
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HB Antwerp Buys Sightholder’s Cutting Factory
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HB Antwerp has acquired the manufacturing facility of Belgian large-stone specialist AMC Diamonds, gaining 13 employees alongside the company’s machinery and technology.“With this acquisition, HB Antwerp confirms its ambition to bring the diamond-polishing process back...
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Manufacturing
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Sep 13, 2020
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Rapaport News
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Jewelry Entrepreneur Nancy Brewer Dies
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Jewelry manufacturer Nancy Brewer died in early August, according to a statement by the Gemological Institute of America (GIA), where she had been a board member for 10 years.Brewer was the founder and CEO of jewelry-design company Nancy...
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Manufacturing
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Aug 16, 2020
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Rapaport News
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Sarine Turns Profit Following Cutbacks
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Sarine Technologies ended the first half of 2020 in the black as deep cost cuts offset the effects of Covid-19.The supplier of diamond-polishing equipment made a profit of $1.2 million for the period, compared with a loss of $2.8...
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Manufacturing
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Aug 09, 2020
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Rapaport News
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Surat Factories to Stay Shut Until July 14
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Surat authorities have extended the shutdown of the Indian city’s diamond-manufacturing sector for another week after the number of coronavirus cases grew.While trading markets can reopen this Friday, cutting factories won’t be able...
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Manufacturing
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Jul 07, 2020
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Rapaport News
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India Extends Import Curbs as Surat Shuts Again
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Indian trade bodies have recommended continued limits on rough-diamond imports in July, with a fresh weeklong shutdown of the Surat cutting sector adding to concerns about the market.The Gem & Jewellery Export Promotion Council (GJEPC)...
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Polished Markets
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Jul 01, 2020
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Joshua Freedman
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Virus Cases Shut Parts of Surat Cutting Units
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Around eight diamond-cutting businesses in Surat have closed parts of their factories after a coronavirus outbreak.Authorities ordered the shutdowns after 20 to 23 workers tested positive for the virus, Colin Shah, chairman of the Gem & Jewellery...
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Manufacturing
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Jun 16, 2020
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Rapaport News
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HRD Shuts Equipment Unit in Reorganization
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HRD Antwerp has closed its equipment division, effective June 9, as part of a restructuring of the Belgian grading laboratory.The organization will increase its focus on its grading and education services, CEO Ellen Joncheere said in a statement...
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Technology
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Jun 10, 2020
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Rapaport News
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Surat Diamond-Cutting Sector Reopens
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The Indian government has allowed diamond businesses in Surat to reopen with limited staff numbers following concerns the shutdown was causing an exodus of workers.Companies can now employ 50% of workers in factories and 33% in offices,...
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Manufacturing
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May 21, 2020
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Rapaport News
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Eight Surat Cutting Units Return to Work
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India has resumed manufacturing and exports of gems and jewelry, as the country starts to ease its restrictions following five weeks of lockdown.Eight production units in Surat, the country’s diamond-cutting hub, have begun operations at the...
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Polished Markets
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May 04, 2020
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Rapaport News
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De Beers Offers 100% Deferrals at May Sight
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De Beers is allowing rough-diamond customers to skip all purchases at next week’s sight, as shutdowns of manufacturing and retail markets have led to minimal demand.The sight will be the second consecutive sale at which the miner has allowed...
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Rough Markets
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Apr 30, 2020
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Joshua Freedman
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India’s Cutting Sector Faces Decade-Low Revenues
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India’s polishing revenues will plummet to their lowest in a decade this year, as prices have dropped and inventory has built up, a credit agency has warned.Diamond sales will decline up to 32%, to $13 billion to $15 billion,...
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Polished Markets
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Apr 28, 2020
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Rapaport News
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Surat Diamond Manufacturing Shuts Down
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The entire polishing industry in Surat has shut until March 31 after Indian authorities introduced tight restrictions to slow the spread of the coronavirus.Activities stopped on Tuesday in line with a lockdown enforced by the Gujarat state government....
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Polished Markets
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Mar 24, 2020
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Rapaport News
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