Alrosa's July diamond sales drop 79%, state help may be on its way

Russian diamond producer Alrosa said on Monday that its rough and polished diamond sales totalled $35.8 million in July, down 79% from a year earlier after the coronavirus pandemic hit demand and the supply chain.

It marked a fourth consecutive month of weak sales as falling demand and supply chain disruptions since March have prompted Alrosa and other producers to reduce output and relax payment terms for clients.

Alrosa’s sales rose from $31.3 million in June but still were only a fraction of the usual sales of the world’s largest producer of rough diamonds. Its sales in July 2019 totalled $170.5 million.

The state-controlled firm has previously said that it was prepared for months of weak sales and that in coming months it will discuss with Russia’s finance ministry whether state precious metals and gems repository Gokhran could buy $0.5 billion-$1 billion of the firm’s rough diamonds.

The finance ministry is yet to take the final decision but is positive about the possibility of such a deal, the Kommersant newspaper reported on Monday, citing an unnamed source at the ministry.

Such a deal would help to improve the situation in the market, as it did in 2008-2009 when Gokhran bought diamonds worth $1 billion from Alrosa during the global financial crisis, the source told Kommersant.

Source: DCLA

Alrosa's July diamond sales drop 79%, state help may be on its way

Russian diamond producer Alrosa said on Monday that its rough and polished diamond sales totalled $35.8 million in July, down 79% from a year earlier after the coronavirus pandemic hit demand and the supply chain.

It marked a fourth consecutive month of weak sales as falling demand and supply chain disruptions since March have prompted Alrosa and other producers to reduce output and relax payment terms for clients.

Alrosa’s sales rose from $31.3 million in June but still were only a fraction of the usual sales of the world’s largest producer of rough diamonds. Its sales in July 2019 totalled $170.5 million.

The state-controlled firm has previously said that it was prepared for months of weak sales and that in coming months it will discuss with Russia’s finance ministry whether state precious metals and gems repository Gokhran could buy $0.5 billion-$1 billion of the firm’s rough diamonds.

The finance ministry is yet to take the final decision but is positive about the possibility of such a deal, the Kommersant newspaper reported on Monday, citing an unnamed source at the ministry.

Such a deal would help to improve the situation in the market, as it did in 2008-2009 when Gokhran bought diamonds worth $1 billion from Alrosa during the global financial crisis, the source told Kommersant.

Source: DCLA

Russia unearths its largest ever colour 236 carat rough diamond

The stunning gem aged from 120 to 230 million years was mined in Arctic Yakutia.

The rough diamond is of deep amber colour, its dimensions are 47x24x22 mm.

The precious discovery was made by workers of remote Ebelyakh mine on river Anabar in the extreme north of Yakutia, not far from shores of Laptev Sea and some 1,211km north west from Yakutsk. 

The mine belongs to Diamonds of Anabar, part of ALROSA Group. 

The rough diamond is of deep amber colour, its dimensions are 47x24x22 mm.

The decision hasn’t yet been made as to whether it’ll be sent to Alrosa’s in-house cutting and polishing division, or sold rough. 

‘Such a large natural color rough diamond is a unique discovery.

‘Now, the stone is at ALROSA’s United Selling Organization being studied and evaluated by our specialists.

‘After that, we will decide whether to give it to our manufacturers for cutting or sell it as a rough.

‘Of course, cutters in any country will be interested in such a diamond, as it has the potential to give several high quality polished diamonds,’ said Pavel Vinikhin, head of ALROSA’s cutting and polishing division.

The Ebelyakh mine has produced several brightly-coloured rough diamonds in the past several years.

In summer 2017 alone a crimson, a pink and an intense yellow stones were found within a month. 

Pictured below are the intense yellow and pink diamonds cut and polished from rough stones mined at Ebelyakh. Pictures: ALROSA

Source: DCLA

Russia unearths its largest ever colour 236 carat rough diamond

The stunning gem aged from 120 to 230 million years was mined in Arctic Yakutia.

The rough diamond is of deep amber colour, its dimensions are 47x24x22 mm.

The precious discovery was made by workers of remote Ebelyakh mine on river Anabar in the extreme north of Yakutia, not far from shores of Laptev Sea and some 1,211km north west from Yakutsk. 

The mine belongs to Diamonds of Anabar, part of ALROSA Group. 

The rough diamond is of deep amber colour, its dimensions are 47x24x22 mm.

The decision hasn’t yet been made as to whether it’ll be sent to Alrosa’s in-house cutting and polishing division, or sold rough. 

‘Such a large natural color rough diamond is a unique discovery.

‘Now, the stone is at ALROSA’s United Selling Organization being studied and evaluated by our specialists.

‘After that, we will decide whether to give it to our manufacturers for cutting or sell it as a rough.

‘Of course, cutters in any country will be interested in such a diamond, as it has the potential to give several high quality polished diamonds,’ said Pavel Vinikhin, head of ALROSA’s cutting and polishing division.

The Ebelyakh mine has produced several brightly-coloured rough diamonds in the past several years.

In summer 2017 alone a crimson, a pink and an intense yellow stones were found within a month. 

Pictured below are the intense yellow and pink diamonds cut and polished from rough stones mined at Ebelyakh. Pictures: ALROSA

Source: DCLA

July Figures Cast Cloud over US Retail Recovery

The US retail outlook is declining after the country’s economic recovery slowed in July amid a resurgence of coronavirus cases, according to the National Retail Federation (NRF).

“A lack of clarity regarding job outlook and future finances tends to influence spending behavior,” said NRF chief economist Jack Kleinhenz. “Coupled with that, uncertainty about further fiscal support from Congress is likely to cause consumers to shift more into saving their money and away from spending.”

The end of supplemental unemployment insurance benefits, which will result in many consumers losing income, could also disrupt retail sales, the NRF said.

While the US Census Bureau has not yet released monthly figures for July, the Federal Reserve Bank of New York’s Weekly Economic Index — a composite of 10 indicators that measure real-time economic activity — fell to -7.24% on July 25 from -6.65% on July 18. Officials at the bank have cited decreased retail sales as the main factor in the drop. The decline comes after US retail sales were up 8% in May compared with the previous month, and rose another 6% in June, NRF data showed.

Meanwhile, The Conference Board’s Consumer Confidence Index, which assesses consumer sentiment, fell to 92.6 in July from 98.3 in June.

“Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending,” added Lynn Franco, senior director of economic indicators for The Conference Board.

Source: DCLA

July Figures Cast Cloud over US Retail Recovery

The US retail outlook is declining after the country’s economic recovery slowed in July amid a resurgence of coronavirus cases, according to the National Retail Federation (NRF).

“A lack of clarity regarding job outlook and future finances tends to influence spending behavior,” said NRF chief economist Jack Kleinhenz. “Coupled with that, uncertainty about further fiscal support from Congress is likely to cause consumers to shift more into saving their money and away from spending.”

The end of supplemental unemployment insurance benefits, which will result in many consumers losing income, could also disrupt retail sales, the NRF said.

While the US Census Bureau has not yet released monthly figures for July, the Federal Reserve Bank of New York’s Weekly Economic Index — a composite of 10 indicators that measure real-time economic activity — fell to -7.24% on July 25 from -6.65% on July 18. Officials at the bank have cited decreased retail sales as the main factor in the drop. The decline comes after US retail sales were up 8% in May compared with the previous month, and rose another 6% in June, NRF data showed.

Meanwhile, The Conference Board’s Consumer Confidence Index, which assesses consumer sentiment, fell to 92.6 in July from 98.3 in June.

“Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending,” added Lynn Franco, senior director of economic indicators for The Conference Board.

Source: DCLA

Jacob & Co Billionaire ASHOKA Watch Features 189 Carats Of Diamonds

It’d take a pretty special kind of bloke to pull this one off. Even among the richest figures currently walking about on this Earth, I just can’t imagine a Bezos, Buffet, or Musk being able to wear the Jacob & Co Billionaire ASHOKA watch on their wrists without every single one of us scrunching up our faces. In any case, it’s very much real and priced at US$7 million.

Reportedly a new and improved update of Floyd Mayweather’s hella frosty 260 carat Jacob & Co Billionaire’s watch – which itself cost US$18 million – this revised iteration features over 189 carats of proprietary diamond cuts by William Goldberg. What’s so special about a William Goldberg ASHOKA diamond? As it so happens, less than 1% of all rough diamonds meet the criteria to even become an ASHOKA. In other words, what you see before you are the elite stones.

With a distinct rectangular shape highlighted by the skeletonised calibre JCAM09 tourbillon movement, this mind-numbingly opulent timepiece is comprised of 167 elements, 19 jewels, and brings a 72-hour power reserve to the table. The 19 jewels themselves have been divided into 62 individual examples to completely cover the case, bracelet, and clasp. But you didn’t need me to tell you where to look for ’em.

Naturally, an offering such as this will be ultra-exclusive. Given the rarity of ASHOKA diamonds in the world, only a single Jacob & Co Billionaire ASHOKA watch will ever be crafted.

Source: DCLA