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Yoram Dvash
Israel Bourse Slices $3M off Expenses
The Israel Diamond Exchange (IDE) has reduced membership fees for 200 companies after a cost-cutting program resulted in $2.8 million (ILS 10 million) in annual savings.The bourse has extended its bursary scheme – which entails...
Financial-Legal Mar 29, 2017 Rapaport News
New York
NY Firm to Launch Diamond Industry Lending
The midstream diamond and jewelry industry is set to gainaccess to more than a billion dollars in loans from a New York-based lender that sees a “dire need” for funding in the sector.Excelsior Capital Ventures will start engagingwith...
Financial-Legal Aug 17, 2016 Rapaport News
Standard Chartered
Standard Chartered Exits Diamond Business
Standard Chartered has terminated lending to the midstream diamond and jewelry industry as it curbed its exposure to businesses that fail to meet its “new risk profile.” “When we announced our new strategy, we saidthat we would look...
Financial-Legal Jun 13, 2016 Rapaport News
blue nile logo
Blue Nile Terminates South Dakota Business Over Tax Law
Blue Nile has stopped shipping to South Dakota in response to an“unconstitutional” new state law that requires online retailers to collectsales tax. “South Dakota’s law is a direct contradiction to federal law,” a Blue Nile spokesperson said in a statement...
Financial-Legal May 05, 2016 Rapaport News
Jewelers Exiting U.S. Trade Soars in 1Q
U.S. jewelry business discontinuances surged 35 percent inthe first quarter, according to data released by the Jewelers Board of Trade(JBT).Of the 380 companies that left the industry, the maximumnumber was in the “ceased-operations” category, which...
Retail May 01, 2016 Rapaport News
India Arch
Indian Jewelers’ Strike Ends Ahead of Gold-Buying Festival
A strike by Indian jewelers to protest a tax has been calledoff permanently, according to the All India Gems & Jewellery TradeFederation (GJF). At least 90 percent of jewelers from around the country returnedto work April 13, but...
Financial-Legal Apr 17, 2016 Rapaport News
India Arch
Indian Jewelers Take Two-Week Pause from Strike
Indian jewelers suspended their strike against a 1-percent taxto eke out a two-week period in which they can open for business ahead of an upcomingfestival and amid signs the government won’t budge on the new excise...
Financial-Legal Apr 13, 2016 Rapaport News
China Scene
China Hikes Taxes on 'Suitcase' Jewelry Imports
Chinese authorities have moved to crack down on a "gray" market in luxury imports by raising taxes on jewelry and watches.The government increasedtariffs on watches ordered from abroad to 60 percent from 30 percent and onjewelry to 15 percent from 10 percent effective...
Financial-Legal Apr 10, 2016 Rapaport News
Standard Chartered
Standard Chartered Seeks to Curb $2B Diamond Exposure
Standard Chartered is demanding its clients in the Indianand Belgian diamond trade get more loan protection in a bid to tighten standardsafter lending about $2 billion to the industry, Bloomberg reported.TheLondon-based bank, one of the biggest lenders to the...
Financial-Legal Mar 24, 2016 Rapaport News
India Arch
India Strike Costing Jewelers $150M per Day
A jewelers’ strike in India protesting anew 1-percent excise tax is causing industry members to lose $150 million perday, Bloomberg reported March 9, citing the All India Gems & JewelleryTrade Federation.The industrial action, which hasentered...
Financial-Legal Mar 09, 2016 Rapaport News
Russia Mulls Privatization of 11% ALROSA Stake: Report
Russia is consideringprivatizing a 10.9-percent stake in ALROSA, press agency TASS reported February29, citing the nation’s finance minister."We’vediscussed the potential sale of a 10.9-percent stake so that the state,including the constituent entity, could keep control of the...
Mining Mar 02, 2016 Rapaport News
ja trade show
Jewelers of America Helps Members Get Cheaper Loans, Web Services
Jewelers of America (JA) announced new and updated benefits for its membersso that the industry “stays competitive and increases profitability.” The trade organization has partnered with Jewelry Asset Services, abank loan...
Financial-Legal Mar 01, 2016 Rapaport News
Pandora ‘Acquitted’ in Court Case over Company Announcements
Pandora said it had been acquitted on all accounts by theEastern High Court in Copenhagen in a case relating to the Denmark-basedjeweler’s downward adjustment of revenue growth expectations in August 2011.The district court in Glostrup, Denmark, found thecompany should have...
Financial-Legal Feb 25, 2016 Rapaport News
London Diamond Bourse Releases Guide to Preventing Investment Scams
The London Diamond Bourse publishedconsumer advice to prevent the public from becoming victims of “boiler-room”scams claiming to sell highly lucrative investment diamonds.The advice, available on the public area of the London Diamond Boursewebsite, was developed...
Financial-Legal Jan 27, 2016 John Costello
Chidliak Project
BHP Billiton, Peregrine Settle Litigation & End Chidliak Royalty Deal
BHP Billiton Canada (BHPB) settled litigationwith Peregrine Diamonds and ended a royalty agreement with the diamond minerrelated to the Chidliak project in Canada.Under theroyalty arrangement, Peregrine had granted BHPB 2 percent of future mineralproduction, including...
Financial-Legal Jan 25, 2016 Rapaport News
tiffany store
Tiffany Announces $500M Stock-Buyback Program
Tiffany & Co.’s board of directors has approved a newstock buyback program under which the jewelry retailer can repurchase up to$500 million of the company’s common stock.Tiffanys’announcement comes after it unveiled a 6-percent drop intotal sales...
Retail Jan 24, 2016 Rapaport News
National Bank of Fujairah Diamond Financing
National Bank of Fujairah Opens Diamond Financing Office in Dubai
The National Bank of Fujairah (NBF) opened its diamond financing office in the Dubai Multi Commodities Centre (DMCC). Thiscomes after the United Arab Emirates bank set up a diamond financing team inApril 2015 to fund...
Financial-Legal Dec 27, 2015 Rapaport News
Paragon Diamonds
Paragon to Delist Shares as Funding Talks Unlikely to Reach Conclusion in 2015
Paragon Diamonds reported it will bedelisted from London’s Alternative Investment Market (AIM) December 29 asnegotiations over the funding for its mining operations in Lesotho are “unlikely”to reach a “conclusion” by year-end.The company’s directors have been“working...
Mining Dec 25, 2015 Rapaport News
Botswana Diamonds
Botswana Diamonds Raises $813K for Exploration, Working Capital
Botswana Diamonds raised $813,099 (GBP 545,316) through anissue of 64.2 million shares to finance exploration activities in Botswana andprovide additional working capital.The diamond explorationgroup raised $683,882 through a private placement of 54 million new shares, accordingto...
Mining Dec 21, 2015 Rapaport News
Peregrine Diamonds
Canada’s Peregrine Diamonds Unveils $7M Rights Issue to Fund Mining Projects
PeregrineDiamonds has announced a $7 millionrights issue to finance the remaining work on its Chidliak mining project at Nunavutin Canada and exploration in Botswana.TheCanadian miner’s rights issue will run from November 30 to January 26, it saidin a statement November...
Mining Nov 22, 2015 Rapaport News
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