UAE Authorities Arrest Traveler Smuggling Diamonds in his Gut

UAE authorities have arrested a man coming from Africa attempting to smuggle 297 grams of raw diamonds estimated at around $90,000 in his gut.

On Thursday, the Federal Customs Authority (FCA) said it received a tip-off about an African man who intends to bring the raw diamonds into the country by smuggling them through Sharjah International Airport.

The FCA, with the coordination of Sharjah’s Department of Sea Ports and Customs, took the necessary measures, and arrested the suspect as soon as he landed at Sharjah Airport. When he reached Sharjah Customs, his passport was confiscated and his bags were checked.

After carrying out an X-ray, officials discovered that the passenger had swallowed 297g of raw diamonds, which were worth around $90,000, the German News Agency reported. The diamonds were seized and the suspect was referred to the concerned authorities.

According to FCA, the suspect said he had visited the UAE on previous occasions but had never committed such a crime. But on this trip, he brought the illegal diamonds, which he purchased from the black market of an African country with the help of two other partners.

He also admitted that he intended to seek potential buyers in the UAE to purchase the diamonds without disclosing names.

Source: DCLA

UAE Authorities Arrest Traveler Smuggling Diamonds in his Gut

UAE authorities have arrested a man coming from Africa attempting to smuggle 297 grams of raw diamonds estimated at around $90,000 in his gut.

On Thursday, the Federal Customs Authority (FCA) said it received a tip-off about an African man who intends to bring the raw diamonds into the country by smuggling them through Sharjah International Airport.

The FCA, with the coordination of Sharjah’s Department of Sea Ports and Customs, took the necessary measures, and arrested the suspect as soon as he landed at Sharjah Airport. When he reached Sharjah Customs, his passport was confiscated and his bags were checked.

After carrying out an X-ray, officials discovered that the passenger had swallowed 297g of raw diamonds, which were worth around $90,000, the German News Agency reported. The diamonds were seized and the suspect was referred to the concerned authorities.

According to FCA, the suspect said he had visited the UAE on previous occasions but had never committed such a crime. But on this trip, he brought the illegal diamonds, which he purchased from the black market of an African country with the help of two other partners.

He also admitted that he intended to seek potential buyers in the UAE to purchase the diamonds without disclosing names.

Source: DCLA

Certified Diamond Insurance

Before you take out insurance on certified diamond jewellery, compare you household policy to CDI stand alone cover.

No excess, No set up costs and replacement by your original jeweler.

These are a few features of the insurance policy underwritten by certain underwriters at Lloyd’s. Lloyd’s is the world’s specialist insurance and reinsurance market.

CDI 

Certified Diamond Insurance

Before you take out insurance on certified diamond jewellery, compare you household policy to CDI stand alone cover.

No excess, No set up costs and replacement by your original jeweler.

These are a few features of the insurance policy underwritten by certain underwriters at Lloyd’s. Lloyd’s is the world’s specialist insurance and reinsurance market.

CDI 

Lucapa Unearths 117ct. Rough

Lucapa Diamond Company has recovered a 117-carat, gem-quality diamond from its Lulo alluvial mine in Angola.

The stone is the miner’s 14th over 100 carats from Lulo to date, and its first in that size category this year, it said Thursday. Lucapa found the stone in mining block 19, located between its high-value mining block 6 and mining block 8 portions of the deposit. That area was where the company recovered the 404-carat 4th February Stone, Angola’s largest diamond, which sold for $16 million in 2016.

“The recovery of this gem-quality, 117-carat diamond represents a positive start for Lulo in 2020 as we continue rolling out our plans to increase production and revenues this year,” said Lucapa CEO Stephen Wetherall.

Source: DCLA

Lucapa Unearths 117ct. Rough

Lucapa Diamond Company has recovered a 117-carat, gem-quality diamond from its Lulo alluvial mine in Angola.

The stone is the miner’s 14th over 100 carats from Lulo to date, and its first in that size category this year, it said Thursday. Lucapa found the stone in mining block 19, located between its high-value mining block 6 and mining block 8 portions of the deposit. That area was where the company recovered the 404-carat 4th February Stone, Angola’s largest diamond, which sold for $16 million in 2016.

“The recovery of this gem-quality, 117-carat diamond represents a positive start for Lulo in 2020 as we continue rolling out our plans to increase production and revenues this year,” said Lucapa CEO Stephen Wetherall.

Source: DCLA

Diamond Prices Stable After Year of Declines

Las Vegas… Diamond market conditions improved in December as US and Chinese holiday demand helped raise sentiment. Polished prices stabilized and improved for sizes under 1 carat, supported by shortages of G+, VS2+ goods. High-end qualities (F+, VVS+) of 3 carats and larger diamonds remain weak.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds slid 0.2% in December and 5.3% for the full year. The index for 0.30- and 0.50-carat stones firmed in the fourth quarter following steep declines earlier in the year. 

The market in 2019 was supply-driven, as noted in the Diamond Price Statistics Annual Report that appears in this month’s issue of Rapaport Magazine.

An oversupply of diamonds set a negative tone, leaving the trade with numerous diamonds that were difficult to sell. Inventory levels declined in the fourth quarter, but there were a lot of lower-quality goods still available at the end of December.

The year also saw a change in consumer patterns. Multi-channel jewelry shopping and online diamond trading gained momentum. That gave buyers access to larger inventories and more information about the goods, enabling them to cherry-pick the best-quality stones and leaving the trade with large quantities of less desirable merchandise.

The industry in 2019 also endured tight manufacturing profits, a reduction in bank credit, and cautious Far East demand resulting from uncertainty about the US-China trade war and Hong Kong protests.

There is some optimism for the new decade. The industry can expect lower rough supply, market consolidation, further changes to the way diamonds are bought and financed, greater use of technology, an emphasis on ethical sourcing, and segmentation of lab-grown and natural diamonds into distinct markets, as the December 2019 Rapaport Research Report predicts.

To navigate these trends and bring about an upswing in diamond prices, the industry must invest in marketing and develop more efficient processes and inventory management. Diamond jewelry sales must outperform the last decade’s and should exceed $100 billion by 2030.

Source: DCLA