India’s Polished Exports Fall Again in August

Diamond polisher in a factory

India’s exports of polished diamonds fell by 23.8 per cent year-on-year in August, according to the latest figures from the GJEPC (Gem and Jewellery Export Promotion Council). 

Total foreign sales were $1.04bn, compared to $1.36bn last August. Exports in July were $908m, down 22.7 per cent.

Polished diamond exports have fallen every month this year, down 20 per cent in January, 28 per cent in February, 27 per cent in March, 17 per cent in April, 15 per cent in May and 26 per cent in June. All figures are for US dollars.

Gross exports of all gems and jewelry fell by 18.8 per cent during August – a slower rate of decline than diamonds – to $2.01bn.

Rough imports for the April to August period were down 22.6 per cent to $4.98bn.

Source: DCLA

Another Month of Decline for India’s Diamond Exports

A diamond in a polishing factory

India’s exports of polished diamonds suffered a further drop in May, down by almost 15 per cent to $1.47bn.

But the year-on-year rate of decline shows some signs of slowing, according to new figures from the GJEPC (Gem and Jewellery Export Promotion Council).

It fell 20 per cent in January, 28 per cent in February, 27 per cent in March and 17 per cent in April.

Diamonds are faring significantly less well than India’s overall gems and jewelry sector, which saw revenue for April slip by 6 per cent to $2.48bn.

Manufacturers bought more diamonds year-on-year in April and May (up almost 2 per cent by volume) but the price slump means imports are down almost 10 per cent by value are down by almost 10 per cent to $2.39bn.

Source: DCLA

Breakthrough Tech ‘Pinpoints Origin of Every Diamond’

 

A Swiss company claims it has developed technology that chemically profiles any diamond so it can identify the country – and even the specific mine – of origin.

Spacecode says it analyzes diamonds at a molecular level to determine where it was mined, so it doesn’t matter whether the stone has been registered earlier in the supply chain.

The company has been in talks with the G7 and EU nations about the possibility of using its technology to identify Russian diamonds.

“Our research started 10 years ago, but over the past three years we have developed a specific technology that identifies the provenance of any diamond,” said Pavlo Protopapa the company’s CEO.

“We are the first ever to hold such unique technology, which is a major game changer all along the diamond supply chain.”

“We plan to produce by the end of this year our initial units. By 2024, we will offer on a large scale to the global diamond and jewelry industries, a small easy-to-use device that will define the country of origin of rough and polished diamonds.”

Protopapa added that “in meetings with the G7 and the EU representatives, we have received enthusiastic interest. Within months, we will deliver a small, easy-to-use device that will identify Angolan, Botswanan, South-African and of course, any Russian diamonds. We will leave it for the politicians to decide what to do with it”.

Spacecode’s breakthrough technology analyzes the chemical composition of a diamond on a molecular level, and with Artificial Intelligence tools, creates a “chemical profile” of the run of the mine of a specific diamond mine.

The technology identifies not only the country of origin, but even the specific mine in which it was mined.

Spacecode’s diamond inventory management technology already tracks more than 25 million stones. The company has a team of 15 engineers and specialists, and over 300 clients.
Its technology could be adopted by the G7 and the EU to impose effective sanctions on both rough and polished diamonds from Russia.

It could also be used by the Kimberley Process and other organizations, to end, for example, the export of Angolan diamonds through other African countries.

Source: DCLA

De Beers Reveals 2023 Sight Dates

De Beers has released its sales schedule for next year, with the miner holding its usual 10 sights across the 12-month period.

The miner sells most of its rough to sightholders through a contract system under which clients make certain purchasing commitments in return for consistent supply. In April 2021, the miner introduced a new sales agreement offering more bespoke supply for manufacturers, dealers and retailers. Alrosa, which operates a similar system, has not yet published a 2023 schedule on its website.

The dates for De Beers’ sights in 2023 are as follows:

• Sight 1: January 16 to 20
• Sight 2: February 20 to 24
• Sight 3: March 27 to 31
• Sight 4: May 2 to 5
• Sight 5: June 5 to 9
• Sight 6: July 10 to 14
• Sight 7: August 14 to 18
• Sight 8: September 18 to 22
• Sight 9: October 23 to 27
• Sight 10: December 4 to 8

Source: DCLA

De Beers returns diamond sights to Gaborone as travel opens up

                      

De Beers is bringing its sales activities back to Botswana’s capital Gaborone, it said on Thursday, almost two years after the Covid-19 pandemic forced them to be held in cities including Antwerp and Dubai.

The Anglo American subsidiary had moved its pre-sale viewings – a marketing exercise to showcase its new batch of diamonds – from Botswana in May 2020 when travel restrictions to curb the pandemic prevented its international customers from flying to the Southern African country.

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Customers from across the world fly ten times a year to participate in week-long diamond sales, known as sights, in Botswana, which accounts for 90% of the company’s total annual sales.

“From March, we are bringing back the sights to Gaborone and we look forward to meeting again as an industry after a long time,” De Beers Executive Vice-President Diamond Trading Paul Rowley told a press briefing.

“We will of course maintain some flexibility for some customers who will still not be able to come to Botswana.”

The return is expected to bring in valuable foreign exchange to Botswana, which had lost out additional earnings from travel, hospitality and ancillary services, even though sales income still came to the country.

The majority of diamond mining in the country is done by Debswana, a company jointly held by De Beers and the Botswana government, which sells 75% of the diamonds mined to De Beers. The remaining 25% of the diamonds is sold to state-owned Okavango Diamond Company.

Apart from the large business delegations who visit the country ten times a year, the pre-sale viewings are known to attract more than 100 high net worth diamond magnates who spend heavily in the country.

Source: DCLA