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De Beers Sales Sink to Lowest Level Since 2015

Author: unknown - Published 30-07-2019 13:36
De Beers’ rough-diamond sales plummeted 53% this month as customers accepted the miner’s offer to defer purchases until the market improves.

GIA to Advertise Country of Origin Diamond Reports

Author: Rob Bates - Published 29-07-2019 13:07
The Gemological Institute of America (GIA) will spotlight its country of origin diamond reports in its consumer advertising this holiday.

Jewellery exports may jump to $3 billion if US extends duty sops: Trade body

Author: Ram Sahgal - Published 29-07-2019 13:06
India’s nodal jewellery trade body has told commerce minister Piyush Goyal that exports to the US could jump by $1 billion to almost $3 billion if Washington were to extend duty benefits to these products under the Generalised System of Preferences (GSP).

Rapaport Weekly Market Comment

Author: unknown - Published 25-07-2019 15:33
Summer lull continues. Polished suppliers cautious for 2H amid trade-war uncertainty, weak dealer demand and tight manufacturing profit. Miners reducing rough supply, with De Beers allowing additional deferrals at July sight. De Beers 1H revenue -17% to $2.6B, earnings -7% to $187M, rough price index -4%. Petra lowers 2020 production plan to 3.8M cts. US jewelry sales stable, despite weakness at majors and declining store count: JBT reports 185 retailers closed in 2Q, 56 opened. Tariff tensions and political protests impact Hong Kong luxury spending as Luk Fook FY1Q same-store sales -10%. New India data shows June lab-grown polished exports +64% to $24M, imports +132% to $16M.

De Beers curbs diamond supply as earnings drop

Author: unknown - Published 25-07-2019 15:31
Anglo American’s diamond subsidiary De Beers is scaling back production after trade tensions between the US and China contributed to a 27% first-half fall in diamond earnings, its CEO said.

Diamond Recoveries Up 34% At Firestone, But Market Unfavorable

Author: Michael McCrae - Published 25-07-2019 14:29
Firestone Diamonds (LSE:FDI) announced Thursday that it recovered 208,572 carats in Q4, up 34% from its Q3.

However, the diamond market is not great, warned Paul Bosma, chief executive officer.

Gold prices slip but silver rates see sharp fall

Author: unknown - Published 25-07-2019 14:20
Gold prices edged lower in Indian markets today, reflecting the global trend. Silver prices however witnessed a sharper fall. On MCX, August gold futures were off 0.14% at ₹34,980 per 10 gram while October contracts slipped 0.1% to ₹35,560. September silver contracts fell 0.55% to ₹41,558 per kg. In global markets, gold prices slipped today as investors locked in profits ahead of major central bank meetings this month. A higher US dollar, which hovered near multi-week highs against a basket of currencies, also weighed on gold prices.

Huge relief for exporters as govt exempts exhibition jewellery from 3% IGST

Author: Dilip Kumar Jha - Published 22-07-2019 14:26
In a major relief for jewellery exporters, the government has exempted gems and jewellery shipped for display in overseas exhibitions and trade shows, from three per cent Integrated Goods and Services Tax (IGST).
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