GIA Calls Off New York Career Fair

The Gemological Institute of America (GIA) has canceled next week’s career event in New York due to the coronavirus.

The GIA Jewelry Career Fair was due to take place on March 13. It targets job seekers in the greater New York City area, and is open to the public. The organization plans to find a new date for the event.

“We believe this is in the best interest of all participants’ health and safety,” a GIA spokesperson said Wednesday.

Last year, the fair attracted more than 450 students, GIA alumni, job seekers and other professionals, as well as 56 companies looking to hire and 23 career coaches.

The GIA has already reduced the operating hours at its Hong Kong and Tokyo laboratories due to the health situation. It continues to monitor the conditions in all its locations, the spokesperson added.

Concerns about the spread of the coronavirus in the US increased this week. As of Wednesday, nine people had died out of a total of 80 cases across 13 states, according to the Centers for Disease Control and Prevention. The US has not yet banned public events, but California declared a state of emergency on Wednesday.

The JCK Las Vegas and Luxury shows will still take place in late May and early June, organizers Reed Jewelry Group confirmed on Tuesday. This week’s Hong Kong shows and the Baselworld fair — scheduled for April 30 to May 5 in Switzerland — have both fallen victim to the epidemic.

Source: DCLA

GIA Calls Off New York Career Fair

The Gemological Institute of America (GIA) has canceled next week’s career event in New York due to the coronavirus.

The GIA Jewelry Career Fair was due to take place on March 13. It targets job seekers in the greater New York City area, and is open to the public. The organization plans to find a new date for the event.

“We believe this is in the best interest of all participants’ health and safety,” a GIA spokesperson said Wednesday.

Last year, the fair attracted more than 450 students, GIA alumni, job seekers and other professionals, as well as 56 companies looking to hire and 23 career coaches.

The GIA has already reduced the operating hours at its Hong Kong and Tokyo laboratories due to the health situation. It continues to monitor the conditions in all its locations, the spokesperson added.

Concerns about the spread of the coronavirus in the US increased this week. As of Wednesday, nine people had died out of a total of 80 cases across 13 states, according to the Centers for Disease Control and Prevention. The US has not yet banned public events, but California declared a state of emergency on Wednesday.

The JCK Las Vegas and Luxury shows will still take place in late May and early June, organizers Reed Jewelry Group confirmed on Tuesday. This week’s Hong Kong shows and the Baselworld fair — scheduled for April 30 to May 5 in Switzerland — have both fallen victim to the epidemic.

Source: DCLA

De Beers Sales Fall as Virus Impacts Sentiment

De Beers’ rough-diamond sales declined 28% year on year to $355 million in February as the coronavirus hit demand.

Many sightholders took up the miner’s offer to delay buying goods destined for China, sources in the rough market told Rapaport News. The company let clients reject certain 1- to 2-carat rough diamonds and reschedule those purchases for later in the year.

The coronavirus has shut down retail in China, leaving manufacturers reluctant to buy goods they can’t sell. That has partly reversed an improvement in the market at the start of the year due to post-holiday restocking and positive data from domestic Chinese consumer sales. Cutters’ profit margins had also been rising slightly following De Beers’ rough-price reduction in November, sightholders explained.

“Sentiment was very confused [at the February sight],” a sightholder said. “De Beers corrected prices over the past three or four months, but because of the issue with the coronavirus, people are not sure what to do.”

Proceeds from the second sales cycle of the year were 36% lower than January’s $551 million, which was the highest tally since April 2019. The total includes last week’s sight in Botswana, as well as the company’s auction sales.

“Following an improvement in demand for rough diamonds during the first sales cycle of 2020, we recognized the impact of COVID-19 coronavirus on customers focused on supplying the Chinese market, and put in place additional targeted flexibility to enable customers to defer allocations of the relevant rough diamonds,” said De Beers CEO Bruce Cleaver.

De Beers’ sales have slid 9% year on year to $906 million for the two first two cycles combined. The next sight runs from March 30 to April 3.

Source: DCLA

De Beers Sales Fall as Virus Impacts Sentiment

De Beers’ rough-diamond sales declined 28% year on year to $355 million in February as the coronavirus hit demand.

Many sightholders took up the miner’s offer to delay buying goods destined for China, sources in the rough market told Rapaport News. The company let clients reject certain 1- to 2-carat rough diamonds and reschedule those purchases for later in the year.

The coronavirus has shut down retail in China, leaving manufacturers reluctant to buy goods they can’t sell. That has partly reversed an improvement in the market at the start of the year due to post-holiday restocking and positive data from domestic Chinese consumer sales. Cutters’ profit margins had also been rising slightly following De Beers’ rough-price reduction in November, sightholders explained.

“Sentiment was very confused [at the February sight],” a sightholder said. “De Beers corrected prices over the past three or four months, but because of the issue with the coronavirus, people are not sure what to do.”

Proceeds from the second sales cycle of the year were 36% lower than January’s $551 million, which was the highest tally since April 2019. The total includes last week’s sight in Botswana, as well as the company’s auction sales.

“Following an improvement in demand for rough diamonds during the first sales cycle of 2020, we recognized the impact of COVID-19 coronavirus on customers focused on supplying the Chinese market, and put in place additional targeted flexibility to enable customers to defer allocations of the relevant rough diamonds,” said De Beers CEO Bruce Cleaver.

De Beers’ sales have slid 9% year on year to $906 million for the two first two cycles combined. The next sight runs from March 30 to April 3.

Source: DCLA

Population denounces illegal extraction of diamonds in Angola

Luanda, Mar 4 (Prensa Latina) Popular claims in southern Angola warned of the illegal extraction of diamonds and other natural resources in localities of Cuando Cubango, local press reported on Wednesday.
According to the Jornal de Angola daily, the warnings came from the municipality of Mavinga, where the population observed a group of foreigners in clandestine mining activities.

Cited by the newspaper, the province’s governor Julio Bessa said he knew the claims of the population and promised that personnel from the Ministries of Mineral and Petroleum Resources, and Interior will carry out the relevant investigations to adopt measures.

From the Caiundo commune, 135 kilometers from the city of Menongue, reports also arrived on the extraction of various mineral resources, including mercury, confirmed the governor, who assured he was not in doubts about the complaints’ veracity.

As he acknowledged, another similar concern is the uncontrolled exploitation of forest resources in the province, rich in biodiversity, wood, diamonds, copper, gold, bronze, quartz and iron.

The aforementioned irregularities are a concern of the national authorities, which launched Operation Transparency in September 2018, focused primarily on preventing and punishing crimes related to diamond trafficking and immigration.

As a result of the plan, in September 2019 the executive reported on the seizure of about 35,000 carats in one year.

Source: DCLA

Population denounces illegal extraction of diamonds in Angola

Luanda, Mar 4 (Prensa Latina) Popular claims in southern Angola warned of the illegal extraction of diamonds and other natural resources in localities of Cuando Cubango, local press reported on Wednesday.
According to the Jornal de Angola daily, the warnings came from the municipality of Mavinga, where the population observed a group of foreigners in clandestine mining activities.

Cited by the newspaper, the province’s governor Julio Bessa said he knew the claims of the population and promised that personnel from the Ministries of Mineral and Petroleum Resources, and Interior will carry out the relevant investigations to adopt measures.

From the Caiundo commune, 135 kilometers from the city of Menongue, reports also arrived on the extraction of various mineral resources, including mercury, confirmed the governor, who assured he was not in doubts about the complaints’ veracity.

As he acknowledged, another similar concern is the uncontrolled exploitation of forest resources in the province, rich in biodiversity, wood, diamonds, copper, gold, bronze, quartz and iron.

The aforementioned irregularities are a concern of the national authorities, which launched Operation Transparency in September 2018, focused primarily on preventing and punishing crimes related to diamond trafficking and immigration.

As a result of the plan, in September 2019 the executive reported on the seizure of about 35,000 carats in one year.

Source: DCLA

Ellendale revival on the horizon with increased diamond value

Gibb River Diamonds has completed a review of the mothballed Ellendale diamond mine in Western Australia that will help it edge closer to a proposed restart.

The independent appraisal, which was completed by which was completed by Independent Diamond Valuers International (IDVI) valued gems from the Ellendale 9 East Lobe at $US750 ($1120) per carat.

This price represents a 20 per cent increase since 2008, largely due to the high number of fancy yellow diamonds unearthed at the West Kimberley-based mine.

With these results, a mine revival is looking ominous for the site, which was closed in 2015.

Last December, Gibb River Diamonds accepted an offer from the Western Australian Government apply for new tenements at the site.

“This review is important as it helps Gibb River Diamonds to make commercial decisions regarding mine planning and development priorities at Ellendale,” the company stated.

“Previous operators had a contract to sell the fancy yellow component of their production to Laurelton Diamonds (the jeweller Tiffany & Co).

“It is uncertain if similar premium prices can be achieved with any future fancy yellow goods.

“However, there is a potential opportunity to capitalise in the uniqueness of these fancy yellow goods to sell above market prices.”

The independent appraisal showed a further 18 per cent increase at the Ellendale 9 deposit to $US559 per carat since 2008.

The Ellendale 4 deposit also experienced an increase in value to $US135 per carat, representing a 5 per cent rise in 12 years.

IDVI uncovered 16 per cent fancy yellow diamonds within the Ellendale East Lobe, compared with 9 per cent in the West Lobe.

Gibb River has affirmed that as this information is based on generic sales data, future sales results could “vary significantly” from those in the report, as no sales have occurred since 2015.

Source: DCLA