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Dominion Seeks Rescue Deal to Avoid Liquidation
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Dominion Diamond Mines may have to enter liquidation if it fails to find a buyer or investor, chairman Brendan Bell warned in a court filing last week.The company has been seeking restructuring options after its planned sale of the...
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Mining
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Oct 28, 2020
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Rapaport News
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De Beers Delays New Sightholder Contract
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De Beers has extended its current sightholder contract by three months after the Covid-19 pandemic disrupted the renewal process.The supply agreement, originally due to expire on December 31, will remain in place until March 31,...
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Rough Markets
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Oct 26, 2020
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Joshua Freedman
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Alrosa Extends Supply Contract to March 2021
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Alrosa has delayed its new supply contract for rough buyers until early next year due to uncertainty in the diamond industry, the Russian miner said Friday.The current market environment has made it hard...
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Rough Markets
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Oct 25, 2020
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Rapaport News
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Alrosa Upbeat as Diamond Sentiment Improves
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Alrosa gave a positive assessment of the diamond market ahead of the holidays after rough and polished trading picked up in the third quarter.The Russian company’s rough-diamond sales climbed to $552.9 million during the three months...
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Mining
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Oct 18, 2020
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Rapaport News
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De Beers September Sales Soar 57%
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De Beers has registered its highest sales total since January, as rough demand has improved ahead of the fourth-quarter holiday season.The company sold $467 million of rough during its September sales cycle, the eighth...
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Polished Markets
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Oct 14, 2020
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Rapaport News
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Alrosa Sees Continued Improvement in Sales
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Alrosa’s sales rose for a second consecutive month in September as manufacturers returned to buying following a lengthy period of inactivity.Revenue from diamonds grew 30% year on year to $336 million, with rough sales up 28% to $328.2 million, the...
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Rough Markets
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Oct 11, 2020
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Rapaport News
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De Beers Reduces Prices of Smaller Rough
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De Beers lowered prices of rough diamonds below 1 carat as the positive sales momentum that began last month continued during this week’s sight, sightholders told Rapaport News.The reductions for the September sight are...
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Rough Markets
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Sep 23, 2020
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Joshua Freedman
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Gem Diamonds Incurs First-Half Loss
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Gem Diamonds fell into the red in the first half of 2020 as the coronavirus crisis froze the rough market and restricted the company’s sales.The net loss of $113,000 — compared with a $9.7 million profit...
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Mining
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Sep 06, 2020
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Rapaport News
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Rough-Market Momentum Set to Continue
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The resurgence in rough-diamond trading will persist for another two months as manufacturers fill supply shortages and retail demand rises, dealers predicted.“There’s still a gap, because demand is there, and supply is very limited and...
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Rough Markets
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Sep 03, 2020
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Joshua Freedman
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India Calls for Inventory Caution
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India’s major trade body has again urged members to avoid taking on unsellable diamond inventory, arguing that the industry’s recent improvement has been only partial.While polished demand is increasing and some categories are...
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Rough Markets
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Aug 26, 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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Alrosa Allows 100% Refusals at August Sale
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Alrosa will enable long-term clients to refuse all their supply allocations at this month’s contract sale, continuing the policy it introduced in July.“We should admit that we are at the very beginning of the market recovery, which...
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Rough Markets
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Aug 18, 2020
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Rapaport News
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US Imports Drop – but at Slower Rate
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US polished-diamond imports fell again in June, but the rate of decline eased as the economy reopened following lockdowns. Shipments were down 34% to $822 million for the month, according to the Commerce Department, compared with...
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Retail
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Aug 17, 2020
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Rapaport News
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Alrosa Nearing Inventory Deal with Govt.
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Alrosa expects to finalize a sale of rough to Gokhran in the next two months, aiming to reduce its stockpiles while ensuring the diamond industry doesn’t receive a flood of goods.Gokhran — Russia’s state gem and precious-metal depository — would...
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Rough Markets
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Aug 06, 2020
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Joshua Freedman
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India Urges ‘Self-Discipline’ from Rough Buyers
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Indian industry leaders have renewed their calls for limits on rough imports during the Covid-19 crisis, noting that diamond demand remains uncertain.The Gem & Jewellery Export Promotion Council (GJEPC) and four...
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Rough Markets
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Aug 02, 2020
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Rapaport News
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Petra Revenue Falls to Nine-Year Low
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Petra Diamonds’ full-year sales dropped to their lowest level in almost a decade as the coronavirus aggravated an already weak rough market.Revenue fell 36% to $295.8 million in the fiscal year ending June 30, reflecting sluggish rough...
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Mining
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Jul 26, 2020
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Rapaport News
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De Beers to Hold Viewings in Antwerp and Dubai
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De Beers will allow clients to view goods in Antwerp and Dubai at next week’s sight, with both the company and its Russian rival Alrosa maintaining their policies of enabling 100% deferrals.The two largest miners...
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Rough Markets
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Jul 23, 2020
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Joshua Freedman
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Alrosa Sees Weakest Performance in Years
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Alrosa’s sales and production slumped to their lowest levels in over a decade in the second quarter amid unprecedented weak demand for rough diamonds during the coronavirus crisis.Rough sales fell 91% year on year to $74.1...
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Mining
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Jul 16, 2020
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Rapaport News
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Covid-19 Ravages De Beers Sales
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De Beers’ sales and production nosedived in the second quarter as the coronavirus crushed diamond demand throughout the pipeline and forced shutdowns at several mines.“Demand for rough diamonds was significantly impacted by a combination of Covid-19 restrictions...
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Mining
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Jul 16, 2020
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Rapaport News
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Alrosa Monthly Sales Plummet Again
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Alrosa’s diamond sales fell 86% year on year to $31.3 million in June as contract customers continued to delay buying rough allocations.“For the third time in a row, we offered our long-term customers unprecedentedly flexible sales conditions, including...
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Rough Markets
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Jul 12, 2020
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Rapaport News
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