De Beers Sales Slip to $440M

De Beers recorded its lowest-value sales cycle this year as weak Indian demand prompted it to drop prices of cheaper goods.

Proceeds fell to $440 million in November as the miner reduced prices by high-single-digit percentages for rough diamonds costing $100 per carat or less, sightholders said last week.

The Indian manufacturing sector has struggled with thinning profit margins due to relatively high rough prices and the weak rupee, while tighter bank lending has further contributed to a decline in demand.

November is also seasonally slow as factories close for the Diwali festival.

Proceeds from the ninth sales cycle fell 6% compared with the equivalent period a year ago, and were down 9% versus the $482 million it garnered in October, De Beers reported Tuesday.

“As the industry’s focus turns towards the key end-of-year retail selling season, rough-diamond sales continued to be in line with expectation during the ninth cycle of the year,” said De Beers CEO Bruce Cleaver.

“While demand for smaller, lower-quality rough diamonds continues to see some challenges, the latest cycle saw some signs of improvement in this area as factories in India begin to reopen after Diwali.”

Rough-diamond sales came to $4.85 billion for the first nine cycles of the year, in line with a year ago, according to Rapaport calculations. The company offers its rough goods at 10 sales cycles across the year, mainly at sights in Gaborone, Botswana. Its sales figures also include auction proceeds.

Image: A De Beers sightholder examines a parcel of rough diamonds. (Kieran Doherty/De Beers)

Source: Diamonds.net

De Beers Sales Slip to $440M

De Beers recorded its lowest-value sales cycle this year as weak Indian demand prompted it to drop prices of cheaper goods.

Proceeds fell to $440 million in November as the miner reduced prices by high-single-digit percentages for rough diamonds costing $100 per carat or less, sightholders said last week.

The Indian manufacturing sector has struggled with thinning profit margins due to relatively high rough prices and the weak rupee, while tighter bank lending has further contributed to a decline in demand.

November is also seasonally slow as factories close for the Diwali festival.

Proceeds from the ninth sales cycle fell 6% compared with the equivalent period a year ago, and were down 9% versus the $482 million it garnered in October, De Beers reported Tuesday.

“As the industry’s focus turns towards the key end-of-year retail selling season, rough-diamond sales continued to be in line with expectation during the ninth cycle of the year,” said De Beers CEO Bruce Cleaver.

“While demand for smaller, lower-quality rough diamonds continues to see some challenges, the latest cycle saw some signs of improvement in this area as factories in India begin to reopen after Diwali.”

Rough-diamond sales came to $4.85 billion for the first nine cycles of the year, in line with a year ago, according to Rapaport calculations. The company offers its rough goods at 10 sales cycles across the year, mainly at sights in Gaborone, Botswana. Its sales figures also include auction proceeds.

Image: A De Beers sightholder examines a parcel of rough diamonds. (Kieran Doherty/De Beers)

Source: Diamonds.net

Rapaport to Auction Historic Sierra Leone 709ct. Peace Diamond

Rapaport Group has been appointed as the marketing and sales agent of the Peace Diamond by The Government of Sierra Leone.

The 709 carat Rough Diamond was recovered by diamond diggers in the village of Koryardu in Sierra Leone West Africa.
50% of the Peace Diamond sale value will directly go to benefit the community where the diamond was discovered, and the people of Sierra Leone.

Source: DCLA 

Rapaport to Auction Historic Sierra Leone 709ct. Peace Diamond

Rapaport Group has been appointed as the marketing and sales agent of the Peace Diamond by The Government of Sierra Leone.

The 709 carat Rough Diamond was recovered by diamond diggers in the village of Koryardu in Sierra Leone West Africa.
50% of the Peace Diamond sale value will directly go to benefit the community where the diamond was discovered, and the people of Sierra Leone.

Source: DCLA 

37 carat Pink Diamond Up for Sale

Sotheby’s Auctioneers announced  the upcoming 

auction of the Raj Pink diamond.

Read More: DCLA 

Selling your diamond

If you are you considering selling your diamond, but feel as though you have no idea how or where to begin with the process?

This article will give you a few tips to help you along the way.

Read more: DCLA SELL YOUR DIAMOND

DCLA will provide you with an experience expert to advise you and give you the accurate value protecting you when selling. Our goal is to provide you with as much knowledge as possible.

Visit www.dcla.com.au for information advice or to make an appointment.

Or call us on 1300 413 425 or Sydney 02 92612104

Rough Market Cools Despite $572M De Beers Sight

 

De Beers Orapa mine

The rough-diamond market slowed during last week’s De Beers July sight, with prices on the secondary market decreasing.
De Beers sold $572 million of rough in the sixth sales cycle, an increase of 6% from the previous sight and 8% from the same period a year ago, the company said Tuesday. However, rough dealers were reselling boxes of De Beers goods for no premium, or at a loss, in contrast to the buoyant activity in the first half of the year, sightholders said.
While De Beers kept its prices generally steady, prices on the secondary market were about 4% to 5% lower than they were following the June sight, dealers reported. “Taking into account the real cost of the boxes [including tax, broker fees and other costs], the box prices represented a loss to the sellers,” Dudu Harari of diamond broker Bluedax said in a report on the sight.
The cooling of the market comes as diamond cutters are finally realizing that the mismatch between rough and polished prices has made it difficult for them to make money on goods, one rough broker told Rapaport News on Tuesday.
Demand for polished diamonds remains weak, resulting in slim profit margins for manufacturers, sightholders said, as rough prices increased an estimated 3% in the first half. “This sight, we saw a paradigm shift,” the rough broker explained.
“There wasn’t much demand for De Beers boxes on the secondary market. This was a very significant difference from sight five. “The wheels have come off the bus as far as the rough market is concerned,” the broker added. “If something doesn’t change at the end of the pipeline, we could see a drop in rough prices.” De Beers, meanwhile, said demand for its goods was solid across its product range, as the miner had reported in previous sights.
“With Diwali being earlier than normal in 2017, we saw some demand from Indian diamantaires pulled forward from sight seven,” said De Beers CEO Bruce Cleaver. “This was due to these customers needing to make rough-diamond purchases in sufficient time to complete their polishing before the holiday begins.” De Beers continued its recent practice of not offering any “ex-plan” goods — excess rough that the miner makes available beyond what it has agreed to supply sightholders — according to the anonymous broker.
Buyers reported shortages in certain rough categories, in line with earlier sales this year.

 Source:diamonds.net

Sarine Claims Superior Accuracy for Grading Tools

Sarine Technologies’ new automated color- and clarity-grading systems are yielding more reliable results than manual graders, the company has claimed.

Sarine Clarity, which uses technology to analyze flaws in polished diamonds, showed a 97% correlation with the grades given by a reference group of human gemologists, while Sarine Color matched them 99% of the time, Sarine said Sunday.

Read more: DCLA 

Princess cut diamond engagement ring

An old Princess cut diamond engagement ring re-manufactured by the DCLA
from the ordinary into the extraordinary.

Call DCLA to see how we can make your jewellery special. 02 92612104

Rio Tinto Debuts Biggest Red Diamond in Tender History

 

The 2.11 carat radiant cut fancy red Argyle Everglow, the top lot of the 2017 Argyle Pink Diamonds Tender New York.

Four graded fancy red and another four as purplish red. There were also two violet diamonds and one blue, with the remaining 41 graded pink.

Following the preview held this week in New York, the diamonds will travel to Hong Kong and then come back to New York in September, before returning to Australia where they were mined.

Sell a diamond

Selling or upgrading your old or out of date diamond jewellery

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