Demand for Angolan diamonds is currently higher than supply

Angola’s national diamond trading company, Sodiam announced on Wednesday in Luanda that it has suspended receiving proposals to buy rough diamonds because the demand is higher than the supply.

The state-owned company, announcing the closure of the reception of bids, pointed out that it has already concluded purchase and sale contracts of diamonds mined in the country for the next two years.

The company also said in a statement that interested parties could register on Sodiam’s electronic platform from September in order to qualify as potential customers for the purchase of diamonds by auction.

In the second quarter, Sodiam sold 1.5 million carats at an average price of US$155.3 per carat and gross revenues of US$232.8 million, down by US$135.8 million from first-quarter revenue, “due to the fact that it did not sell the April lot.”

The company posted revenues of US$368.6 million in the first quarter of 2019 from the sale of 2.647 million carats of diamonds.

Source: DCLA

Demand for Angolan diamonds is currently higher than supply

Angola’s national diamond trading company, Sodiam announced on Wednesday in Luanda that it has suspended receiving proposals to buy rough diamonds because the demand is higher than the supply.

The state-owned company, announcing the closure of the reception of bids, pointed out that it has already concluded purchase and sale contracts of diamonds mined in the country for the next two years.

The company also said in a statement that interested parties could register on Sodiam’s electronic platform from September in order to qualify as potential customers for the purchase of diamonds by auction.

In the second quarter, Sodiam sold 1.5 million carats at an average price of US$155.3 per carat and gross revenues of US$232.8 million, down by US$135.8 million from first-quarter revenue, “due to the fact that it did not sell the April lot.”

The company posted revenues of US$368.6 million in the first quarter of 2019 from the sale of 2.647 million carats of diamonds.

Source: DCLA

De Beers hits a rough patch as diamond sales slide

Diamond purchases at De Beers’ latest sale in Botswana plummeted 44 per cent, as the industry struggles with weaker consumer spending and the rise of lab-grown stones.

The world’s largest diamond miner said on Wednesday that sales of rough diamonds were $280m at last week’s sale compared with $503m in the same period a year ago.

The sharp decline follows another weak sale last month. So far this year, at $2.9bn, De Beers’ rough diamond sales are 26 per cent lower than the $3.9bn recorded at the same time last year. In July, Russian diamond producer Alrosa reported a 51 per cent fall in diamond sales.

“The current malaise in the market is due to oversupply,” said Paul Zimnisky, an analyst in New York, who said diamond buyers had too much inventory.

Macroeconomic uncertainty and, in particular, the trade war between the US and China, the world’s two largest diamond-consuming countries, has fuelled nervousness among wholesalers and retailers.

Diamond buyers, who polish and cut diamonds for retailers, are struggling to make money this year due to lower prices and tighter credit, prompting them to delay purchases.

Tiffany’s on Wednesday reported a 3 per cent decline in like-for-like sales, with the luxury retailer’s chief executive Alessandro Bogliolo warning that unrest in Hong Kong was “taking a toll on our business”, as did a drop in Chinese tourists visiting the US.

Shares in Signet, the world’s largest retailer of diamond jewellery, have fallen more than 60 per cent this year.

Increased sales of lab-grown diamonds, which are chemically identical to traditional stones, are also “taking a very precious piece of the mined industry’s modest growth”, noted Mr Zimnisky.

De Beers has responded by cutting production — with a target of 31m carats this year compared with 35.3m lin 2018 — and pledging to increase the amount of money it spends on marketing diamonds.

Anish Aggarwal, a partner at consulting firm Gemdax, said economic uncertainty was being aggravated by retailers shifting to a “just-in-time” stocking model.

De Beers, which made up around 10 per cent of Anglo-American’s earnings in the first half of this year, sells most of its diamonds to approved customers at 10 “sights” a year in Africa.

As an incentive to buyers, at the latest sale it increased the amount of stones customers were allowed to reject in each lot purchased from 10 per cent to 20 per cent, according to people familiar with the auction.

Source: DCLA

De Beers hits a rough patch as diamond sales slide

Diamond purchases at De Beers’ latest sale in Botswana plummeted 44 per cent, as the industry struggles with weaker consumer spending and the rise of lab-grown stones.

The world’s largest diamond miner said on Wednesday that sales of rough diamonds were $280m at last week’s sale compared with $503m in the same period a year ago.

The sharp decline follows another weak sale last month. So far this year, at $2.9bn, De Beers’ rough diamond sales are 26 per cent lower than the $3.9bn recorded at the same time last year. In July, Russian diamond producer Alrosa reported a 51 per cent fall in diamond sales.

“The current malaise in the market is due to oversupply,” said Paul Zimnisky, an analyst in New York, who said diamond buyers had too much inventory.

Macroeconomic uncertainty and, in particular, the trade war between the US and China, the world’s two largest diamond-consuming countries, has fuelled nervousness among wholesalers and retailers.

Diamond buyers, who polish and cut diamonds for retailers, are struggling to make money this year due to lower prices and tighter credit, prompting them to delay purchases.

Tiffany’s on Wednesday reported a 3 per cent decline in like-for-like sales, with the luxury retailer’s chief executive Alessandro Bogliolo warning that unrest in Hong Kong was “taking a toll on our business”, as did a drop in Chinese tourists visiting the US.

Shares in Signet, the world’s largest retailer of diamond jewellery, have fallen more than 60 per cent this year.

Increased sales of lab-grown diamonds, which are chemically identical to traditional stones, are also “taking a very precious piece of the mined industry’s modest growth”, noted Mr Zimnisky.

De Beers has responded by cutting production — with a target of 31m carats this year compared with 35.3m lin 2018 — and pledging to increase the amount of money it spends on marketing diamonds.

Anish Aggarwal, a partner at consulting firm Gemdax, said economic uncertainty was being aggravated by retailers shifting to a “just-in-time” stocking model.

De Beers, which made up around 10 per cent of Anglo-American’s earnings in the first half of this year, sells most of its diamonds to approved customers at 10 “sights” a year in Africa.

As an incentive to buyers, at the latest sale it increased the amount of stones customers were allowed to reject in each lot purchased from 10 per cent to 20 per cent, according to people familiar with the auction.

Source: DCLA

Letšeng Mine recovers a 114 Carat Yellow Diamond

Gem Diamonds has recovered its third yellow diamond over 100 carats this year, following a two year dearth of stones in that hue and size.

The miner found the 114.2-carat rough on August 22 at its Letšeng mine in Lesotho, it said Monday. The company unearthed a 135-carat, yellow diamond from the deposit in June, and a similar 134-carat stone was brought up in March. Prior to those recoveries, Letšeng hadn’t yielded a yellow diamond over 100 carats since June 2017, when Gem Diamonds retrieved a 151.52-carat rough at the site.

The discovery is also the sixth over 100 carats the miner, known for its large-stone retrieval, has unearthed so far this year. These include three white diamonds, weighing 123.5, 140 and 161 carats.

During the first six months of the year, the miner recovered three stones over 100 carats, compared to 10 of that size during the same period a year ago. The lack of large stones in comparison with last year has hurt Gem Diamonds’ revenue. Sales of rough diamonds fell 44% to $94.5 million in the first half, with the average price dropping from $2,742 per carat to $1,697.

Source: DCLA

Letšeng Mine recovers a 114 Carat Yellow Diamond

Gem Diamonds has recovered its third yellow diamond over 100 carats this year, following a two year dearth of stones in that hue and size.

The miner found the 114.2-carat rough on August 22 at its Letšeng mine in Lesotho, it said Monday. The company unearthed a 135-carat, yellow diamond from the deposit in June, and a similar 134-carat stone was brought up in March. Prior to those recoveries, Letšeng hadn’t yielded a yellow diamond over 100 carats since June 2017, when Gem Diamonds retrieved a 151.52-carat rough at the site.

The discovery is also the sixth over 100 carats the miner, known for its large-stone retrieval, has unearthed so far this year. These include three white diamonds, weighing 123.5, 140 and 161 carats.

During the first six months of the year, the miner recovered three stones over 100 carats, compared to 10 of that size during the same period a year ago. The lack of large stones in comparison with last year has hurt Gem Diamonds’ revenue. Sales of rough diamonds fell 44% to $94.5 million in the first half, with the average price dropping from $2,742 per carat to $1,697.

Source: DCLA

Vara of London Unveils Privé Collection of Jewels

I first met Mayuri Vara in 2014 at an upscale Hong Kong bar with sweeping views of the city. It was there that the former pharmacist showed me her first collection of jewels under the brand, Vara of London.

Diya pink sapphire and diamond ear jackets in 18k Gold that can be converted to studs VARA OF LONDON

At the time I lauded her initial collection of classic and elegant of jewels as a well-thought-out mix of products where individual pieces match but in a variety of innovative ways. The jewels were made of sterling silver plated with yellow gold or white gold, with some pieces having a black rhodium finish. The collection was dominated by a mix of smoky quartz, amethyst, citrines, peridot, tourmaline with some diamonds sprinkled among the gems.

Rani ruby and diamond ear drops in 18k rose gold that can be converted into ear jackets. VARA OF LONDON

Five years later I met Mayuri at Madame Fù, a contemporary Chinese restaurant in a recently opened cultural and shopping center that used to be the Central Police Station. She showed me pieces from her newest collection, “Privé,” which remains true to her original inspirations that include the glamour of Elizabeth Taylor, her British and Indian heritage and the dynamic city of Hong Kong. The self-taught designer said she started creating jewels because she had difficulty finding pieces she loved.

Serpentina Linea 18k rose ring with diamonds VARA OF LONDON

“I design fine jewelry that I would wear myself as an everyday accessory,” she said. “Statement pieces, worn with a crisp white shirt during the day, through to evening wear. My clients, most of whom are women, financially independent, choose to purchase fine jewelry for themselves, wearing pieces that empower them, choosing to self gift for a birthday or reaching a personal or business goal.”

The new collection of approximately 12 elegant and fashionable pieces reveals how Vara has upped her game in materials and versatility. Her new collection boasts pieces in 18k white and rose gold set with rubies, pink sapphires and diamonds.

Mayuri Vara

Mayuri Vara founder of Vara of London VARA OF LONDON
Like her previous collection it has strong focus and the pieces could be mixed and matched without appearing as if it is a suite of jewels. However, she has increased this versatility by creating a few transformable pieces. For example, her Rani earrings, which feature rows of round rubies, could be worn as long silky drops or as ear jackets. Her Diya ear jackets are available with either diamonds or pink sapphires as the dominate gem. Like her other earrings these are transformable with the jackets being removable so they can be worn as elegant studs.

Meanwhile, her Serpentina Linea necklaces, bracelets and rings use thin coiled 18k white or rose gold in the form of a snake, paved with rows of diamonds. Earrings from the same line use black rhodium gold and black diamonds. Like her first collection, the dark color contrasts provide an edge to the elegance of the pieces.

Serpentina Linea earrings in black gold and black diamonds VARA OF LONDON

Vara is involved in certain charitable causes. For example she has donated jewels for charity auctions such as Christina Noble Children’s Charity which support underprivileged children in Vietnam, and The Womens Foundation Hong Kong, which empower women in poverty.

Vara’s next plan is quite ambitious, saying she wants to exhibit at Paris Couture week, which would place her young brand with some of the most important high jewelers in the world.

Serpentina Linea bangle in 18k white gold & diamonds VARA OF LONDON
Vara of London jewels are available through the company’s website or on the website of the Harvey Nichols department store.

Source: DCLA