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Rapaport TradeWire May 28, 2010

Carat and larger sizes facing upward pressure due to shortages of rough.
May 27, 2010 6:00 PM   By Rapaport
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Rapaport TradeWire
RAPAPORT NEWS SERVICE | MAY 28, 2010   www.rapaport.com | news@rapaport.com
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RapUp May 28, 2010

Growing concern that European financial crisis may spread and affect the global recovery. Trading centers stable with moderate expectations for Vegas show. Good demand and trading volume for under the carat goods. Carat and larger sizes facing upward pressure due to shortages of rough. 2ct improving, 3ct hot, 4ct relatively weak. Signet 1Q sales +6% to $810m, profits +98% to $52m. Tiffany 1Q sales +22% to $633.6m, profits +165% to $64.4m. Zale 3Q sales -5% to $360m, loss +38% to $12.1m. Zimbabwe bans all diamond exports, including Rio Tinto production until KP’s Marange approval. China’s 1Q polished imports +127% to $260m. Damas appoints Anan Fakhreddin new CEO.

RapNet Data: May 28, 2010
Diamonds 674,177
Value $4,327,393,551
Carats 759,451
Average Discount -30.37%
RapNet Asking Price

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at the JCK Las Vegas Show

Certified and non-certified diamonds. Single stone lots. 0.50ct. to 5.00ct, range of shapes and qualities.

Viewing at the JCK show: Rapaport Booth 3080
June 4, 6, 7 and Rapaport New York June 8-10.

Buyers: For appointment and bidder registration Email: auctions@diamonds.net  Tel: +1-212-354-9800.

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New Date - Sunday, June 6
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Buyers: Search for diamonds at the show online at www.rapnet.com/showlistings. Visit the Rapaport Group booth 3080 and we will search for you and direct you to RapNet suppliers.

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  We are taking advantage of opportunities related to store expansion, new product introductions and expanded marketing communications in order to grow Tiffany's worldwide presence and market share, and we have considerable financial strength as evidenced by our two most recent dividend increases of 18% and 25%. We are very encouraged with first quarter results, but believe it is prudent to maintain at least a modicum of caution in our outlook due to global economic uncertainties.

Michael J. Kowalski | CEO of Tiffany & Co.

The Rapaport Group is growing rapidly. If you want to work with the best and brightest, join us. We have great opportunities for trading managers, gemologists, sales assistants, and entry level positions for our offices in New York, Antwerp, Mumbai, Dubai, and Shanghai. To get on the fast track, email your resume to careers@rapaport.com. Visit us at the JCK Show Booth 3080.

Zimbabwe Suspends Diamond Exports

Zimbabwe suspended all diamond exports from the country, including those recovered at Rio Tinto’s Murowa and the River Ranch diamond mines. The decision was made until Kimberley Process (KP) certification compliance issues out of the Marange have been sorted out.

Still, smuggling continues from the mine as documents confirm that two Dubai-based firms, Zardiam and PureDiam, have exported about $12 million of rough from Marange between January and April, despite a KP suspension on Marange exports.

KP monitor for Marange Abbey Chikane visited Zimbabwe this week to further assess the various operations at the mine before making further recommendations. The Marange issue is expected dominate the agenda at the KP intercessional meeting in Israel June 21-23.

Israel's Traders Must Declare Cash Transfers

The Israel Tax Authority and the country's diamond controller urged Israel's diamond traders to declare cash transfers made upon entering or exiting the country. This statement proceeded a number of recent cases of cash smuggling within the country. Diamond controller Shmuel Mordechai said that all diamantaires must strictly follow instructions to avoid punishment. Israel does not tax cash brought in and out of the country; rather, the declaration is required by international agreements to prevent money laundering.

Rapaport Weekly Broadcast

WATCH NOW: U.S. chain-store sales this past week certainly turned softer than they've been and year to year comparisons will be getting tighter from this point forward. The Conference Board found that the mood of the U.S. consumer rose slightly, but remains "weak" by historical standards. Shrenuj & Co. employs 150 workers (pictured) at its newly opened 15,000-square-foot Botswana cutting and polishing factory and will be manufacturing diamonds supplied by DTC Botswana. Shree Ramkrishna Export enabled business-to-business (B2B) trading for mobile devices through its new mobile resource titled "SRK Lite." 

Richemont's FY Profits -44%

Richemont's fiscal year closed March 31, with a drop in sales of 4 percent to $6.3 billion (EUR 5.2 billion). Gross margin fell 150 basis points to 61.6 percent. Profits fell 44 percent to $732 million (EUR 600 million). Revenue from jewelry boutiques fell 3 percent to $3.3 billion (EUR 2.7 billion), while sales from specialist watchmakers dropped 6 percent to $1.7 billion (EUR 1.4 billion).

The very top-end for the jewelry market has "not recovered past record levels, but the more traditional high jewelry and more accessible bijoux ranges did well," according to Richemont's financial statement.

Movado's Sales +17%, Plans Boutique Closures

Movado Group's first-quarter revenue rose 17 percent to $78.9 million and its cost of sales was up just 9 percent to $34.7 million. Even with an improved gross profit, however, the retailer reported a net loss of $10.7 million, up slightly from the loss of $10 million it posted one year ago. Movado will close its retail boutique division on June 30 in an effort to streamline its business, redirect investment toward higher-return businesses and improve its overall profitability. The company will continue to sell its watch products primarily through its wholesale model. Watch brands will be sold directly to consumers through its 31 outlet stores and the company will keep the Movado Boutique located in New York's Rockefeller Center open as a flagship store.

Zale's 3Q Sales -5%

Zale's revenue fell 5 percent to $359.8 million during its third fiscal quarter that ended on April 30, while its same-store sales were down by 2.2 percent. The retailer reported a net loss of $12.1 million against the loss of $19.5 million it posted for the third fiscal quarter of 2009 and reduced its inventory levels by $70 million to $693 million. Zale closed six stores during the period and has shuttered a total of 149 locations during the past 12 months, with 1,900 total stores remaining. The company lowered its cost of sales by 6.3 percent for a gross margin of 50.8 percent, versus the 50.1 percent margin it reported one year ago. Zale also incurred a $4.2 million charge for "certain slow-moving inventory."

Tiffany's 1Q Sales +22%

Tiffany & Co. remained cautious about the market due to economic uncertainties as its sales for the three months that ended on April 30 increased by 22 percent year over year to $633.6 million. Comparable-store sales rose by 14 percent worldwide. Tiffany’s net earnings grew by 135 percent to $64.4 million, its cost of sales rose 17 percent and its selling, general and administrative expenses were up by 13 percent on an annual basis. Tiffany raised its net earnings outlook for the fiscal year to $2.55 to $2.60 per share from its previous guidance of $2.45 to $2.50 per share. The company expects sales to gain by 11 percent overall for the year.

Signet's 1Q Sales +6%

Signet Group's sales rose 6.2 percent year over year to $810 million during its first fiscal quarter of 2011, when its same-store sales gained by 5.8 percent. Profits were up by 98 percent compared with one year ago to $52 million and total inventory dropped 15 percent to $1.1 billion. Signet's U.S. division sales rose by 6.8 percent year over year to $667.1 million and same store sales increased by 7.2 percent. The average unit selling price jumped 5 percent to $380, excluding charm bracelets.  In dollar terms, the company's U.K. division sales rose 4 percent to $143 million and on a same-store basis, sales were essentially flat, dropping just 0.2 percent.  The average unit selling price for the U.K. division was up by 11 percent to GBP 89, excluding charm bracelets.

Lazare Kaplan Sues Insurers for $640M

Lazare Kaplan sued various Lloyds of London syndicates and insurers in Europe for $640 million related to the disappearance of diamonds that were insured by the defendants. The federal suit, filed in the U.S., also included consequential damages. The lawsuit alleged that the insurers breached two "all risk" New York property insurance policies, as well as an agreement for interim payment for which the insurers made "a nonrefundable interim payment" of $28 million to Lazare Kaplan in January. The complaint alleged that the insurers, which also issued separate policies to Lazare Kaplan based on British law, created a virtual coverage "whipsaw" by denying coverage on the grounds that the company does not have an insurable interest in the largest portion of the property at issue.

Shree Ganesh Buys Sumit Jewels

Shree Ganesh Jewellery House has acquired Kolkata-based Sumit Jewels as a wholly owned subsidiary. Sumit Jewels has an integrated diamond jewelry factory located in the Manikanchan special economic zone (SEZ) in Kolkata. The company also opened a subsidiary in Ras Al Khaimah, the Free Trade Zone (FTZ) of the United Arab Emirates (UAE), to purchase semi-finished goods.

EQC Accepts Verhoeven Jewellers

The European Quality Circle (EQC) accepted its first member in France, issuing Verhoeven Jewellers in Dunkerque this honor. Verhoeven Jewellers is a renowned jewelry retail company that employs three generations in its family firm. The Verhoeven firm is part of the Cercle International de Joailllerie.

Wealthy Consumers Shoulder Online Sales Growth

Online sales metrics firm comScore reported that retail ecommerce registered a 10 percent year to year gain within the U.S., generating $34 billion in revenue during the first quarter of 2010. While spending gains provided cause for optimism, and reached 8.1 percent of total retail spending, comScore noted that upper-income households shouldered much of this growth. Should the economy falter in the second half of the year and should upper-income consumers return to saving, retail ecommerce growth would decelerate. 

New Ruby Disclosure Standards

Members of the Gemstone Industry & Laboratory Conference's (GILC) ruby committee reached consensus on accepting a disclosure for lead, glass-filled ruby that reads "Composite-Ruby, Glass-Filled, Requires Special Care." The aim of this committee, formed during the recent GILC event held in Tucson, was to recommend disclosure language at the retail level that might not match the disclosure standard language required of gemstone traders. While the phrases "composite ruby" and "glass-filled" are properly utilized in disclosure language, the committee felt the phrase "special care required" should also be included for sales transactions.

Industry Movers and Shakers

Damas appointed Anan Fakhreddin as its chief executive with the goal of enhancing the retailer's product line and customer service channels while identifying expansion opportunities in growth markets.

The World Gold Council appointed David Lamb, managing director of jewelry, to develop the worldwide gold jewelry market.

The Alliance for Responsible Mining elected jeweler Toby Pomeroy as a new board member and welcomed sitting board member Dr. Maria Laura Barreto as its new chair.

Gemvara hired Roy Albers as vice president of operations to oversee and ensure efficient production of Gemvara designs.

Gemologist and jeweler David M. Baker joined Morton Kuehnert Auctioneers & Appraisers as the director of the company's jewelry division.

The Responsible Jewellery Council re-elected Matt Runci as chair, John Hall as vice chair and Mark Jenkins as secretary and appointed the following new board members: Yedwa Simelane, Charles Bonas, Donna Baker, Ruth Batson and Philippe Leopold-Metzger.

RJC Certification System Now Covers PGMs

The Responsible Jewellery Council (RJC) expanded the scope of its certification system to include platinum group metals (PGMs).  During an extraordinary general meeting, the RJC  passed special resolutions to amend its memorandum of association and adopt new articles of association.

Gold Demand -25% in 1Q10

As economic uncertainty continues, sovereign risk stands as a source of concern for the Western markets and the appetite for gold across Asia grows, the World Gold Council expects the current strong demand for the metal to extend through 2010. The growing demand for gold jewelry in China and India, as well as increased investment buying from Europe and the U.S., should remain dominant trends this year.

During the first quarter of 2010, the volume of total identifiable gold demand fell 25 percent to 760.2 tons; in dollar terms, the decline was 9 percent. Gold jewelry demand across non-Western markets rose 43 percent, while in India, gold jewelry demand jumped 291 percent to 147.5 tons. Net retail investment demand, which encompasses retail bar and coin demand, rose 26 percent to 182.5 tons. Industrial and dental demand for gold rose 31 percent to 103.2 tons.

China's Polished Imports +127%

China’s polished imports rose 127 percent to $260 million in the first quarter of 2010, according to data published by the Diamond Administration of China. China imposes a 4 percent value-added tax on polished imports, while the Shanghai Diamond Exchange (SDE) serves as a Free Trade Zone where goods and stones can be brought in on a temporary basis for three months without being taxed.

Total diamond trade conducted through the SDE, including normal and temporary imports and exports, doubled to $523 million during the quarter, with an additional $35 million being traded between members. Another $679,300 worth of rough diamonds for manufacturing was imported through the SDE. Rough goods for manufacturing and processing are not required to pass through the exchange.

Polished imports transacted through the SDE rose by 31 percent to $699 million in 2009 as China surpassed Japan as the number-two consumer market for polished diamonds after the U.S.

Sierra Leone's Rough Exports +25%

Diamond exports from Sierra Leone rose approximately 25 percent year over year to $35 million in the first five months of 2010, compared with one year ago. The government raised its tax on diamond exports valued at more than $500,000 from 6.5 percent to 15 percent at the beginning of 2010 as it sought to raise additional revenues from the resource. The government also stated that it has made smuggling diamonds out of the nation more difficult.

Namdeb Reports Loss for 2009

Namdeb reported pre-tax losses of $74 million for 2009 compared with a pre-tax profit of $184 million for 2008. Namdeb’s diamond-sales revenue fell 40 percent during the year to $449 million and the volume of carats sold decreased by 25 percent. Partner De Beers previously reported that Namdeb’s production fell 57 percent to 929,000 carats in 2009.

Russia's Production Slips

Diamond production in Russia dropped 6 percent during the January through April cycle compared with one year ago. The Federal State Statistics Service, Rosstat, did not specify the volume produced. Diamond mine output fell 4.2 percent year on year in April.  ALROSA reported producing 8.6 million carats in the first quarter, which was down 6.5 percent from one year ago.

Namakwa Secures Private $15M Loan

Namakwa Diamonds secured a $15 million loan from a private investor to be used for general corporate purposes, including the development of group assets in South Africa, Lesotho and the Democratic Republic of the Congo. The loan was secured at a fixed interest rate of 8.5 percent per year against certain assets held by Namakwa’s Southern African Group.

For the week ending May 27, 2010:

  May. 27 May. 20 Chng.  
$1 = Euro 0.811 0.810 0.001  
$1 = Rupee 46.67 46.86 -0.2  
$1 = Israel Shekel 3.85 3.81 0.04  
$1 = Rand 7.56 7.66 -0.10  
$1 = Canadian Dollar 1.05 1.05 0.00  
Precious Metals        
Gold $1,210.70 $1,182.10 $28.60  
Platinum $1,563.00 $1,515.00 $48.00  
Stock Indexes       Chng.
BSE 16,666.40 16,519.68 146.72 0.9%
Dow Jones 10,259.06 10,068.01 191.05 1.9%
FTSE 5,195.17 5,073.13 122.04 2.4%
Hang Seng 19,431.37 19,545.83 -114.46 -0.6%
S&P 500 1,103.08 1,071.59 31.49 2.9%
Yahoo! Jewelry 921.52 842.31 79.21 9.4%
Birks & Mayors $1.16 $1.29 -$0.13 -10.1%
Blue Nile $48.53 $48.29 $0.24 0.5%
Charles & Colvard $2.47 $2.32 $0.15 6.5%
DGSE Companies $2.70 $3.09 -$0.39 -12.6%
Fuqi Intl. $9.24 $8.04 $1.20 14.9%
JCPenney $27.67 $26.16 $1.51 5.8%
Kohl's $50.30 $51.11 -$0.81 -1.6%
LJ Intl. $2.82 $2.47 $0.35 14.2%
Macy's $21.96 $20.44 $1.52 7.4%
Man Sang $2.05 $1.94 $0.11 5.7%
Movado Group $12.81 $11.27 $1.54 13.7%
Nordstrom $39.82 $37.47 $2.35 6.3%
Saks $9.09 $8.39 $0.70 8.3%
Signet $31.40 $30.51 $0.89 2.9%
Sotheby's $32.52 $29.70 $2.82 9.5%
Tiffany $46.72 $41.90 $4.82 11.5%
Walmart $50.51 $51.53 -$1.02 -2.0%
Zale $2.64 $2.40 $0.24 10.0%
Bulgari €6.12 €6.00 €0.12 2.0%
Bijou Brigitte €119.65 €114.00 €5.65 5.0%
Damiani €0.84 €0.85 -€0.01 -1.2%
LVMH €86.87 €83.41 €3.46 4.1%
PPR €96.15 €96.41 -€0.26 -0.3%
Richemont CHF 38.83 CHF 37.55 CHF 1.28 3.4%
Swatch Group CHF 307.10 CHF 298.80 CHF 8.30 2.8%
Theo Fennell (pence) 32.00 34.00 -2.00 -5.9%
INDIA (rupee)        
Classic Diamond 19.15 20.15 -1.00 -5.0%
Gitanjali Gems 94.55 98.60 -4.05 -4.1%
Goldiam Intl. 44.95 46.90 -1.95 -4.2%
Rajesh Exports 94.95 122.00 -27.05 -22.2%
Ren. Jewellery 86.30 85.05 1.25 1.5%
Su-Raj Diamonds 48.10 49.60 -1.50 -3.0%
Titan 2,180.30 2,245.75 -65.45 -2.9%
Zodiac JRD 27.00 27.05 -0.05 -0.2%
Suashish Diamonds 183.85 285.45 -101.60 -35.6%
Michael Hill NZD 0.71 NZD 0.71 NZD 0.00 0.0%
Harry Winston CAD 13.24 CAD 11.63 CAD 1.61 13.8%
Lucara Diamond CAD 0.80 CAD 0.75 CAD 0.05 6.7%
Mountain Province CAD 2.42 CAD 2.35 CAD 0.07 3.0%
Peregrine Diamonds CAD 2.10 CAD 2.00 CAD 0.10 5.0%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.79 CAD 0.71 CAD 0.08 11.3%
Stornoway Diamond CAD 0.53 CAD 0.52 CAD 0.01 1.9%
True North Gems CAD 0.08 CAD 0.08 CAD 0.00 0.0%
UK (pence)        
African Diamonds 31.55 33.25 -1.7 -5.1%
Anglo American 2,666.90 2,416.00 250.9 10.4%
BHP Billiton 1,922.95 1,768.50 154.5 8.7%
Firestone Diamonds 37.00 36.00 1.0 2.8%
Gem Diamonds 230.80 252.00 -21.2 -8.4%
Gemfields 4.78 4.97 -0.2 -3.8%
Mwana Africa 8.25 7.59 0.7 8.7%
Namakwa Diamonds 40.00 39.50 0.5 1.3%
Petra Diamonds 66.75 66.75 0.0 0.0%
Rio Tinto plc 3,188.50 2,812.00 376.5 13.4%
Stellar Diamonds 13.52 13.50 0.0 0.1%

Polished and rough trading activity

POLISHED: Local markets remain slow due to a combination of vacations, volatile dollar exchange rate, and in preparation for JCK.
-1 point: Good demand: +$150 whites.
-2 point: Good demand: $150-$300 whites.
Fair Demand: $350 whites & $250-$350 OWTTLC
2-7 point: Good demand: +$100 whites.
Fair Demand: $250-$350 OWTTLC
8-18 point: Good demand: -$400 whites.
Fair Demand: +$500 whites
20 points: Fair demand: -$350 & +$600 whites.
25 points: Good demand: -$350 & +$700 whites.
33 points: Good demand: $300 - $500 & +$850 whites.
50 points: Good demand: $500-$700 & +$1000 whites.
75 points: Good demand: $700-$900 & +$2000whites.
1 carat+: Very good demand: +$1000 whites.
Good demand: -$1000 whites.
-3 point: Fair demand: $200-$250 whites.
+3 point: Fair demand: $250-$300 whites.
+9-18 point: Fair demand: $250-$350 whites.
20 point: Fair demand: $700-$750 whites.
25 point: Fair demand: $800-$850 whites.
50 point: Fair demand: $400-$700 & $1600-$1,800 whites.
75 point: Fair demand: $800-$1,200 whites.
1 carat+: Good demand: +$2,500 whites.
Fair demand: $1000-$2000 whites
-6 point: Fair demand: $250-$350 whites.
+7-18 point: Good demand: $250-$400 whites.
20 point: Fair demand: $250-$400 & $900-$1,000 whites.
25 point: Fair demand: $250-$400 & $1,100-$1,200 whites.
33 point: Fair demand: $250-$400 & $1,300-$1,500 whites.
50 point: Fair demand: $1,600-$1,800 whites.
75 point: Fair demand: $2,600-$2,800 whites.
1 carat+: Good demand: $300-$600 & +$1,000 whites.
Tapers & Baguettes
Fair demand: $600-$800 +5mm whites. $250-$325
2mm-2.5mm whites; $350-$400, 2.5mm-3mm whites;
             $400-$450 3mm-4mm, $500-$600 4mm –
             5mm & $175-$250 +2mm-3mm whites.
ROUGH: Sharp increase of dollar exchange rate against the rupee is holding back activity in the local rough market.
1-5 point: Good demand: $85-$125 makeables; $95-$195 crystals.
$45-$75 makeables.
Fair demand: $7-$20 & $45-$90 OW TTLB & TTLC.
6-20 point: Very Good demand: $150-220 crystals; $100-$180 makeables.
Good demand: $60-$110 fancy shapes; $45-$75clivage.
Fair demand: $50-$90 OW TTLC & TTLB rounds.
21-50 point: Very Good demand: $190-270 makeables;
$110-$200 & $220-$290 crystals.
Good demand: $80-$190 fancy shapes;
$95-$200 rounds; $50- $90 clivage.
Fair demand $20-$40 OW TTLC & TTLB.
0.51-1.00 carat: Very Good demand: $170-$330 makeables;
$120-$250 & $280-$460 crystals.
Good demand: $80-$120 makeables;
$90-$200 fancy shapes; $55-$110 clivage.
Fair demand $60-$90 OW TTLC & TTLB.
1.01-2.00 carat: Very Good demand: $230-$580 rounds; $280-$735 crystals.
Good demand: $90-$120 clivage; $190-$370 all fancy shapes.
Fair demand: $140-$180 OW TTLC & TTLB.
2.01-3.00 carat: Good demand: $250-$1,000 makeables; $350-$1,300 crystals;
$400-$800 fancy shapes; $210-$300 clivage.
Fair demand: $100-$325 flats & TTLC & TTLB
$350-$800 OW.
5.00 carat+:  Good demand: $1,000+ makeables, crystals & all fancy shapes till L color.
Mixed Lot: Good demand: $2-$40.


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Tags: Abbey Chikane, African Diamonds, Alrosa, Anglo American, Auctions, BHP Billiton, Bulgari, China, Compliance, Consumers, Damas, De Beers, DTC, Dubai, Economy, Fair Trade, Firestone, Gem Diamonds, GIA, Government, Harry Winston, India, Israel, Japan, JCK, Jewelry, Kimberley Process, Lazare kaplan, Lesotho, Lucara Diamond, LVMH, Manufacturing, Michael Hill, Movado, Namdeb, Petra Diamonds, Polishing, Production, Responsible Jewellery Council, Richemont, Rio Tinto, RJC, Rockwell, Russia, Signet, Sotheby's, South Africa, Stellar Diamonds, Theo Fennell, Tiffany, Titan, Zale, Zimbabwe
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