A Good Week for Diamonds
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Friday,June 11 2021 [ Issue 2 June/ 2021 ]
A Good Week for Diamonds
It has been one fantastic week for diamonds. The most anticipated auction at Christie’s didn’t disappoint us. The Chrysler Diamond smashed all records, going under the hammer for a whopping $5 million, way above its estimate. And in the same week, Sotheby’s sold a diamond necklace by designer Andrew Clunn for $4.1 million.

The market in most countries is steadily picking up and needless to say, the Far East is flourishing. Chow Tai Fook reported a 108 per cent jump in its annual sales, the highest we have seen since 2014. Stimulus packages and concessions on rent have been a major contributor to this boom. The same initiatives will work for India as well, but will the Government support the jewellery industry? The domestic council, GJC is in talks with the Reserve Bank of India for the same.

CRISIL earlier in the week noted that the Diamond Industry in India might see a $20 billion boom in this fiscal. With the pandemic said to be contained in China, and the US inoculating 40% of its population, consumer confidence has improved in both countries. Demand will also be bolstered by improving economic growth and declining unemployment, the report noted. All in all, looks like the good days are not far away.

 
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Highlights
Chow Tai Fook reports the highest annual profit since 2014. Earlier this week, itsaid that the net profit surged to HK$6.03 billion ($777 million) from HK$2.9 billion in fiscal 2020. That compared to a forecast of HK$5.23 bil
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Christie’s New York June 8 auction ofMagnificent Jewelsachieved a total of $26,559,250 118% hammer above low estimate, 94% sold by value, and 87% sold by lot. The precedingJewels Onlinesale from May 20 to June 4 additio
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The US-China relationship will be central to the shaping of global trade Uptake of technologies will continue to transform global trade and trade financing A new age of protectionism identified as a key risk Sustainability re
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Kiran Gems participated in the Vaccination Drive conducted by theBharat Diamond Bourse earlier this week. Kiran Gems initiated the Covid-19 awareness digital campaign at the very start of the pandemic and the company has also
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This 62-year old diamantaire has brought disrepute to the whole G & J industry in India, so much so that banks and importers are looking upon every Indian diamantaire with askance. Founder and managing director of Gitanja
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The International Gemological Institute (IGI), the world’s largest independent gemological laboratory, recently analyzed and graded a 6.18 carat round brilliant-cut, loose stone and established it was a lab-grown diamon
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Lucara announced the recovery of a 470 carat top light brown clivage diamond from its 100% owned Karowe Diamond Mine located inBotswana. The diamond, measuring 49x42x26mm, was recovered from direct milling of ore sourced from
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Colin Shah, Chairman, GJEPCsaid, “To cater to the pent-up demand and a call from exhibitors and buyers for a physical show as the pandemic recedes, GJEPC is organising the first ever IGJS in Dubai. We are expecting top
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Diamonds Do Good is committed to empowering communities in which natural diamonds are sourced, and sharing those stories of positive impact. They have been making an impact in the diamond industry since their start in 2007."I
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GJEPC as part of the Expert Committee had made a series of representations and had rigorously followed up with the Govt. to obliterate the lacunae in rules notified under mandatory Hall Marking provisions to keep the jeweller
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The Shenzhen-bound diamonds were to be smuggled through the Sha Tau Kok Control Point to avoid stringent import restrictions and mainland Chinese taxes amounting to between 10 and 20 per cent of the precious stones’ val
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De Beers Group on June 8 announced that together with its joint ventures it will pledge US$6.8 million to support the national vaccine procurement and roll-out programmes of its government partners in Botswana and Namibia, as
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Led by GJEPC Chairman Colin Shah, the delegation included Vice Chairman Vipul Shah, Kirit Bhansali, Chairman, India Jewellery Park Mumbai, and Committee of Administration Member Russell Mehta.Mr Aditya Thakeray, Minister for
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A year after its launch,GET-Diamonds.com, the B2B e-commerce diamond trading site owned by the World Federation of Diamond Bourses (WFDB), signed a new long-term agreement with high-tech company Lucy Platforms. According to t
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GIA India launches its first remote learning programme focused on jewellery designing. Business owners, working professionals and jewellery enthusiasts can now earn a professional GIA credential from the convenience of any lo
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