Pulling the Plug
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Saturday,July 13 2019 [ Issue 2 July/ 2019 ]
Pulling the Plug
In a recent development, ABN AMRO has decided to cut funding for the acquisition of rough diamonds. Citing lack of profitability as the primary concern the bank has urged manufacturers to consider purchasing rough if and only if there is sufficient profitability and not acquire roughs for the sake of holding on to existing allocations with the mining companies or just hold on to the roughs anticipating for better times. We will have to think of this move keeping in mind the future - perhaps this will nurture the small and midscale players in the market.

On a lighter note, the Forevermark India Forum was held from 9th to 11th July in Bengaluru with the theme ‘Be Limitless’. The forum was held for all their authorised jewellers, diamantaires and manufacturers from around the world. The goal was to bring its partners together to interact, network and exchange insights on Forevermark’s growth and vision for the industry, within a global framework.

After almost 40 years, Argyle Mine is shutting down. After casting a charming spell on the industry and changing its course over the decades with its stunning fancy color diamonds that are indeed a rare occurrence, Rio Tinto will stop the operation of the mine in late 2020. We can expect the demand and the price for such stones skyrocket in the next few months.

As large mines are shutting down, and nature's resources are becoming scarcer, as responsible businessmen, the key is to be mindful - mindful of what and how muc

 
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Highlights
The world’s biggestdiamondmine — famed more for the fistful of coveted pink and red gems it yields each year than being a major producer of lower-quality stones — is being shuttered by Rio Tinto Group after
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Forevermark, the diamond brand from the De Beers Group, opens its exclusive boutique in Hyderabad for the first time ever. Housed at Forum Sujana Mall in Hyderabad, The Forevermark Boutique is the first such store in the city
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To ignite the love and passion of gemstones, GIA India organised the GemKids programme for the students of V. N. Godhani English School in Surat. More than 70 students from fifth to ninth grade attended the programme to learn
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The 64-diamond collection, including three Fancy Red diamonds and weighing 56.28 carats in total, make up the2019 Argyle Pink Diamonds Tender.Rio Tinto Copper & Diamonds chief executive Arnaud Soirat said “I am deli
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De Beers Group announced that the second translocation of elephants from its Venetia Limpopo Nature Reserve (VLNR) in South Africa to Zinave National Park in Mozambique has taken place. The first herds of elephants were corra
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There has been the issue of lack of profitability within the industry, in the midstream pipeline. As expected, ABN AMRO has decided to not finance the diamond trade when it comes to new rough purchase. In a letter sent by the
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Over the past eight years, Forevermark, the diamond brand from the De Beers Group, has spearheaded an all-encompassing platform, theForevermark Forum, for all their authorised jewellers, diamantaires and manufacturers from ar
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The International Gemological Institute, IGI, conducted a ‘Young gemologist’ workshop at the National Sports Club of India (NSCI), Mumbai. The workshop that is designed to introduce the world of gems to young mind
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At the conclusion of the sixth ordinary meeting of the African Diamond Producers Association (ADPA) Council of Ministers that was held in Windhoek this week, Minister of Mines and Energy Tom Alweendo remained adamant that rou
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Gucci recently launched its first-ever line of high jewellery and it is a kaleidoscope of dazzling, colourful gemstones. Designed by the creative director Alessandro Michele, the exclusive Hortus Deliciarum collection compris
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Leading UAE and pan-Arab media representatives were invited to join Mouawad Co-Guardian Mr.Pascal Mouawadfor this exceptional experience, which brought them face to face with one of the most spectacular diamonds in the world
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The luxuriousness is understated, with its off-white and pale gray walls and lone chandelier floating above the main glass-and-chrome vitrine at the center, which displays the key collections. Satellite vitrines on either sid
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Firestone Diamonds recovered a 54-carat fancy yellow diamond from its Liqhobong Mine in Lesotho, the company announced today. The company said that the diamond will go on sale at the next tender which is scheduled to take pla
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This collaboration underscores the fact that diamonds only enhance the beauty of couture with their timelessness. Owing to the success of the last edition of ‘The Real Cut’, the latest LFW edition takes this uniqu
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The Debt Recovery Tribunal on Saturday directed fugitive diamond merchant Nirav Modi, who is currently lodged in a London prison, and his aides to pay more than Rs 7,200 crore with interest to the defrauded Punjab National Ba
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