Cutbacks are the order of the day!
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Saturday,July 20 2019 [ Issue 4 July/ 2019 ]
Cutbacks are the order of the day!
Following the announcement of ABN AMRO’s decision to cut funding for rough diamonds, the diamond industry suffered another shock. As the diamond industry prepares itself for the upcoming season, iconic diamond producer De Beers announced its intention to reduce their production plans as the company has been catering to the demand of goods with the supply of diamonds. The primary reason for this was the stagnating quantities of polished diamonds. The decision comes at a time when diamantaires have already been struggling with pushing their goods and closing deals. The Anglo American Plc unit will now mine 31 million carats in 2019 making it the lowest quantities in 4 years.

On the other hand, ALROSA also witnessed a 25% slump in sales, the lowest quarter since 2015. Indian diamond manufacturer's difficulty in obtaining credit from banks has been affecting the health of the miners as well.

Things should look up as the festive season approaches, provided people continue to look to investing in diamond jewellery.

 
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Highlights
GIA’s Global Leadership Program at Harvard Business School (HBS), held June 24 to 27, brought together senior gem and jewelry executives for a custom four-day curriculum led by world class professors and based on the re
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De Beers trimmed its production plans for this year as the world’s biggest diamond producer responds to a brewing industry crisis that’s hitting demand for its stones. The Anglo American Plc unit will now mine abo
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This season, Forevermark, the diamond brand from the De Beers Group will showcase a sparkling collection of diamond solitaires at the Apranje Jewellers’ store in the city. These beautiful Forevermark diamonds are on dis
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Reliance Brands has signed a deal to bring iconic American jewellery brand Tiffany & Co. to India, said people with knowledge of the matter. When contacted by ET for a comment, Reliance Brands said it does not comment on
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In advance of its Awards for Excellence Gala on July 29, which will raise funds for scholarships and grants, the Women’s Jewelry Association (WJA) announced that proceeds from 2019 fundraising resulted in awards totally
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Laashikaa Jewels, a Mumbai based brand, entered the Guinness World Record for heir design creation, the Lotus Temple Ring titled ‘the most number of diamonds set in one ring’ on May 7, 2019. The ring containing 7,
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ALROSA,a global leader in diamond mining, and Zimbabwe national diamond miner Zimbabwe Consolidated Diamond Company (ZCDC) have signeda joint venture agreement to develop diamond deposits inZimbabwe. The agreement was signed
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The gem-quality rough diamond was mined on July 9. Its weight is 63.15 carats. The crystal has an octahedral shape with small chips on the edges and tops. The mined diamond is transparent with a yellow hue. In March, ALROSA c
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A new era of cooperation between the Israeli and Chinese diamond industries will be launched this week, when the first Israel Diamond Week opens in Shanghai on July 16, 2019. Jointly organized by the Israel Diamond Exchange (
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