In Madhya Pradesh, labourer digs up 2 diamonds in one week

A labourer in Bundelkhand region turned second time lucky when he got another diamond within a week in a piece of land he took on lease from the district administration in Panna district. The value of the diamond is estimated at about Rs 20 lakh, a mineral resources department official said.

The lessee, Kishor Kushwaha, a resident of Sarkoha village got the diamond of 5.69 carat in a field in the area in Panna district. He deposited it with the mineral resources department office on Saturday, said Panna diamond office authority Anupam Singh.

Panna district, 413 km north east of Bhopal in Bundelkhand region, has the only diamond producing mine in the country, which is under operation, as per the department officials.

Panna diamond office authority Anupam Singh said, “The diamond that the lessee has found may get him about Rs 20 lakh on its auction. Earlier, the same person got a diamond of 4.4 carat about a week back, which was, however, of better quality and was valued about at Rs 20 to Rs 25 lakh. The lessee was assisted by three others in his work.”

The labourer got the piece of land on lease on March 1, 2019 and the lease period will expire on December 31, 2019. “It rarely happens when a person gets another diamond twice within a week or so,” he said.

Talking to the media Kishor said, “I am extremely happy that Mother Earth blessed me with this gift of diamonds. I make both ends meet by doing labour work. I will share whatever money I get with my partners Ajay Singh, Mahadev Kushwaha, Purshotam Lal and Vimal who also put in hard labour.”

He said he wanted to spend the money on education of his children.

Source: DCLA

In Madhya Pradesh, labourer digs up 2 diamonds in one week

A labourer in Bundelkhand region turned second time lucky when he got another diamond within a week in a piece of land he took on lease from the district administration in Panna district. The value of the diamond is estimated at about Rs 20 lakh, a mineral resources department official said.

The lessee, Kishor Kushwaha, a resident of Sarkoha village got the diamond of 5.69 carat in a field in the area in Panna district. He deposited it with the mineral resources department office on Saturday, said Panna diamond office authority Anupam Singh.

Panna district, 413 km north east of Bhopal in Bundelkhand region, has the only diamond producing mine in the country, which is under operation, as per the department officials.

Panna diamond office authority Anupam Singh said, “The diamond that the lessee has found may get him about Rs 20 lakh on its auction. Earlier, the same person got a diamond of 4.4 carat about a week back, which was, however, of better quality and was valued about at Rs 20 to Rs 25 lakh. The lessee was assisted by three others in his work.”

The labourer got the piece of land on lease on March 1, 2019 and the lease period will expire on December 31, 2019. “It rarely happens when a person gets another diamond twice within a week or so,” he said.

Talking to the media Kishor said, “I am extremely happy that Mother Earth blessed me with this gift of diamonds. I make both ends meet by doing labour work. I will share whatever money I get with my partners Ajay Singh, Mahadev Kushwaha, Purshotam Lal and Vimal who also put in hard labour.”

He said he wanted to spend the money on education of his children.

Source: DCLA

Lagos Unveils Second Set Of Apple Watch Jewelry Bracelets

Almost a year after the successful launch of its first fine jewelry bracelets for the Apple Watch, the Lagos jewelry brand introduced the second generation of its Smart Caviar collection, designed specifically for the smart watch.

Known for its signature Caviar beaded designs, Lagos offers a set of luxury bracelets that transitions the sporty look of the Apple Watch to a piece of fine jewelry, the company said in a statement. The newest models are available in stainless steel, a two-tone version in stainless steel and 18K yellow gold, and stainless steel with jewelry-grade, scratch-resistant black ceramic.

The Lagos Smart Caviar fine jewelry bracelets are not approved, endorsed or affiliated with Apple, Inc. They are created as a design solution to craft a more elegant and stylish fine jewelry alternative for the popular Apple Watch.

According to Lagos, these bracelets are versatile enough for daily wear and for any occasion. They are designed to slip easily in and out of the Apple Watch face. They come with a sizing tool and extra links for a proper fit.

“I love exploring different materials to bring beautiful and functional solutions to our customers,” said Steven Lagos, founder and creative director of the Philadelphia-based fine jewelry brand. “With Smart Caviar, women can benefit from the functionality of the Apple Watch without sacrificing their personal style.”

Steven Lagos adds that Smart Caviar is designed to be layered with other Lagos jewels.

The new collection of Smart Caviar watch bracelets can be purchased at Lagos.com, the Lagos flagship boutique in Philadelphia, Neiman Marcus, Bloomingdale’s, Nordstrom and independent jewelers throughout the country. Bloomingdale’s for now has exclusive access to the black ceramic model. Nordstrom and Lagos.com are selling the stainless steel and two-tone versions. All of the stainless steel styles will be available November 1.

These new styles join the sterling silver designs, including models that combine sterling silver with yellow gold and diamonds, introduced September, 2018, in an exclusive promotion with Bloomingdale’s. They sold much faster than expected during the two-month run. The company has since made them widely available.

Source: DCLA

Lagos Unveils Second Set Of Apple Watch Jewelry Bracelets

Almost a year after the successful launch of its first fine jewelry bracelets for the Apple Watch, the Lagos jewelry brand introduced the second generation of its Smart Caviar collection, designed specifically for the smart watch.

Known for its signature Caviar beaded designs, Lagos offers a set of luxury bracelets that transitions the sporty look of the Apple Watch to a piece of fine jewelry, the company said in a statement. The newest models are available in stainless steel, a two-tone version in stainless steel and 18K yellow gold, and stainless steel with jewelry-grade, scratch-resistant black ceramic.

The Lagos Smart Caviar fine jewelry bracelets are not approved, endorsed or affiliated with Apple, Inc. They are created as a design solution to craft a more elegant and stylish fine jewelry alternative for the popular Apple Watch.

According to Lagos, these bracelets are versatile enough for daily wear and for any occasion. They are designed to slip easily in and out of the Apple Watch face. They come with a sizing tool and extra links for a proper fit.

“I love exploring different materials to bring beautiful and functional solutions to our customers,” said Steven Lagos, founder and creative director of the Philadelphia-based fine jewelry brand. “With Smart Caviar, women can benefit from the functionality of the Apple Watch without sacrificing their personal style.”

Steven Lagos adds that Smart Caviar is designed to be layered with other Lagos jewels.

The new collection of Smart Caviar watch bracelets can be purchased at Lagos.com, the Lagos flagship boutique in Philadelphia, Neiman Marcus, Bloomingdale’s, Nordstrom and independent jewelers throughout the country. Bloomingdale’s for now has exclusive access to the black ceramic model. Nordstrom and Lagos.com are selling the stainless steel and two-tone versions. All of the stainless steel styles will be available November 1.

These new styles join the sterling silver designs, including models that combine sterling silver with yellow gold and diamonds, introduced September, 2018, in an exclusive promotion with Bloomingdale’s. They sold much faster than expected during the two-month run. The company has since made them widely available.

Source: DCLA

Gem Diamonds first half year profits drop 75 percent compared to 2018

Gem Diamonds published its results for the first half of 2019, reporting a revenue of $91.3 million, compared to $167.7 million during the first half of 2018.

The miner’s earnings before interest, taxes, depreciation and amortization (EBITDA) stood at 25.3 million, compared to 70.7 million in 2018. Its attributable profit, from continuing operations was $6.6 million against $26.8 million in 2018.

The considerable fall in income and profits also had its impact on the basic earnings per share: 4.8 US cents from continuing operations , opposite 19.4 US cents in 2018.

Commenting on the company’s results, Clifford Elphick, Chief Executive of Gem Diamonds, said:

“Letseng achieved $ 1,697 per carat for the period with the sale of the 13.32 carat pink diamond achieving a Letseng record of $ 656,934 per carat, reaffirming the unique quality of Letseng’s diamond production.

The prices achieved for the period are 10 percent up from the prices achieved in the preceding six month period, notwithstanding the planned limited contribution from the Satellite pipe ore and current diamond market conditions.

The Group has successfully implemented the business transformation program, already achieving $42 million net of fees, and is on track to deliver the planned $100 million in cost savings and efficiencies by 2021.”

Source: DCLA

Gem Diamonds first half year profits drop 75 percent compared to 2018

Gem Diamonds published its results for the first half of 2019, reporting a revenue of $91.3 million, compared to $167.7 million during the first half of 2018.

The miner’s earnings before interest, taxes, depreciation and amortization (EBITDA) stood at 25.3 million, compared to 70.7 million in 2018. Its attributable profit, from continuing operations was $6.6 million against $26.8 million in 2018.

The considerable fall in income and profits also had its impact on the basic earnings per share: 4.8 US cents from continuing operations , opposite 19.4 US cents in 2018.

Commenting on the company’s results, Clifford Elphick, Chief Executive of Gem Diamonds, said:

“Letseng achieved $ 1,697 per carat for the period with the sale of the 13.32 carat pink diamond achieving a Letseng record of $ 656,934 per carat, reaffirming the unique quality of Letseng’s diamond production.

The prices achieved for the period are 10 percent up from the prices achieved in the preceding six month period, notwithstanding the planned limited contribution from the Satellite pipe ore and current diamond market conditions.

The Group has successfully implemented the business transformation program, already achieving $42 million net of fees, and is on track to deliver the planned $100 million in cost savings and efficiencies by 2021.”

Source: DCLA

China Slowdown Weighing on Diamond Prices

Diamond markets were quiet in August, with dealers taking their summer vacations amid uncertainty about the important Hong Kong Jewellery & Gem Fair. Demand from China slowed due to an escalation of the US-China trade war, protests in Hong Kong, and the depreciation of the yuan.

Diamond prices continued to soften, with the RapNet Diamond Index (RAPI™) for 1 carat down 0.4% during the month.

RapNet Diamond Index

Expectations are low for the Hong Kong fair, which begins on September 16. Suppliers are anticipating weak buyer attendance as demonstrations continue to affect commerce in the city.

Jewelry retail sales in Hong Kong have declined as Chinese tourists have shifted to spending locally rather than abroad. Luxury shoppers were put off by the protests as well as the 4% depreciation of the yuan against the dollar in August. The devalued yuan puts additional pressure on diamond prices for local importers.

The drop in Chinese demand has made it difficult for diamond manufacturers to rebalance their inventory, since sales have fallen more than supply in certain categories. Cutters have significantly reduced polished production. The number of diamonds on RapNet declined by 2.5% in the past month to 1.5 million as of September 1.

Manufacturers refused about 50% of De Beers’ supply in August as the miner adopted a more flexible sales policy amid the difficult market conditions. De Beers kept its prices stable.

Rough prices need to come down to restore manufacturing profitability. Rough sales are expected to be small again in September, with manufacturers limiting their purchases until after Diwali, which begins October 27. Inventory levels should go down as US jewelers stock up for the holiday season. The challenge then will be to buy only profitable rough so as to ensure a more viable trade in 2020.

Source: DCLA