LVMH-Tiffany Trial Set for January

A US court has approved Tiffany & Co.’s request to fast-track its lawsuit against LVMH, scheduling a four-day trial starting January 5, 2021.

The timeline means a ruling would come after the final deadline for LVMH’s takeover of Tiffany, but before antitrust approvals for the deal begin to expire. The US jeweler had asked for the trial to take place even sooner, before the deal’s November 24 termination date, while the French luxury group had sought to delay the proceedings for several months.

“We appreciate the court’s ruling today to expedite the process,” Tiffany chairman Roger Farah said Monday. “Despite LVMH’s ongoing efforts to avoid paying the agreed-upon price for Tiffany, a trial on January 5, 2021, will hopefully lead to a ruling prior to the expiration of US antitrust clearance on February 3, 2021, and enable us to protect our company and our shareholders.”

LVMH pulled out of the $16 billion transaction earlier this month, citing a letter from the French government urging it to delay closing until after the deadline due to a trade dispute with the US. However, Tiffany claimed LVMH was intentionally stalling the deal so the deadline would pass and it could renegotiate a new takeover at a lower price, adding that the government instructions were not binding.

LVMH later accused Tiffany of mismanagement during the Covid-19 pandemic, and plans to argue to the court that this constituted a “material adverse effect” enabling the buyer to renege on the deal. Tiffany rejected this and accused its sparring partner of breaching the agreement by failing to obtain antitrust approvals promptly.

However, LVMH said it would close the deal if the court found that it could not abandon it, despite the trial occurring after the transaction deadline, Reuters reported, citing court papers.

“LVMH is fully confident that it will be able to defeat Tiffany’s accusations and convince the court that the conditions necessary for the acquisition of Tiffany are no longer met,” the French company said in a statement Monday. “In this regard, in the coming months, LVMH will demonstrate to the American justice system that the mismanagement of Tiffany during the Covid-19 crisis constitutes a material adverse effect.”

Source: DCLA

LVMH-Tiffany Trial Set for January

A US court has approved Tiffany & Co.’s request to fast-track its lawsuit against LVMH, scheduling a four-day trial starting January 5, 2021.

The timeline means a ruling would come after the final deadline for LVMH’s takeover of Tiffany, but before antitrust approvals for the deal begin to expire. The US jeweler had asked for the trial to take place even sooner, before the deal’s November 24 termination date, while the French luxury group had sought to delay the proceedings for several months.

“We appreciate the court’s ruling today to expedite the process,” Tiffany chairman Roger Farah said Monday. “Despite LVMH’s ongoing efforts to avoid paying the agreed-upon price for Tiffany, a trial on January 5, 2021, will hopefully lead to a ruling prior to the expiration of US antitrust clearance on February 3, 2021, and enable us to protect our company and our shareholders.”

LVMH pulled out of the $16 billion transaction earlier this month, citing a letter from the French government urging it to delay closing until after the deadline due to a trade dispute with the US. However, Tiffany claimed LVMH was intentionally stalling the deal so the deadline would pass and it could renegotiate a new takeover at a lower price, adding that the government instructions were not binding.

LVMH later accused Tiffany of mismanagement during the Covid-19 pandemic, and plans to argue to the court that this constituted a “material adverse effect” enabling the buyer to renege on the deal. Tiffany rejected this and accused its sparring partner of breaching the agreement by failing to obtain antitrust approvals promptly.

However, LVMH said it would close the deal if the court found that it could not abandon it, despite the trial occurring after the transaction deadline, Reuters reported, citing court papers.

“LVMH is fully confident that it will be able to defeat Tiffany’s accusations and convince the court that the conditions necessary for the acquisition of Tiffany are no longer met,” the French company said in a statement Monday. “In this regard, in the coming months, LVMH will demonstrate to the American justice system that the mismanagement of Tiffany during the Covid-19 crisis constitutes a material adverse effect.”

Source: DCLA

Letšeng Yields Two More Large Stones

 

Gem Diamonds has recovered an additional two large, high quality diamonds from its Letšeng mine in Lesotho.

An “exceptional” quality, 166 carat, type II diamond was unearthed last week, the same day the company found a yellow diamond weighing 77 carats, the miner said Monday. The 166 carat stone is the 12th over 100 carats Gem Diamonds has recovered this year.

Earlier this month the miner unearthed a 162 carat, white diamond, and a 143 carat, type II stone at Letšeng. It also found a 442 carat, type II diamond on August 23, which it claimed was one of the largest gem quality rough diamonds found this year.

Source: DCLA

Letšeng Yields Two More Large Stones

 

Gem Diamonds has recovered an additional two large, high quality diamonds from its Letšeng mine in Lesotho.

An “exceptional” quality, 166 carat, type II diamond was unearthed last week, the same day the company found a yellow diamond weighing 77 carats, the miner said Monday. The 166 carat stone is the 12th over 100 carats Gem Diamonds has recovered this year.

Earlier this month the miner unearthed a 162 carat, white diamond, and a 143 carat, type II stone at Letšeng. It also found a 442 carat, type II diamond on August 23, which it claimed was one of the largest gem quality rough diamonds found this year.

Source: DCLA

Israel, Dubai Diamond Sectors Sign Trade Deal

 

Diamond bourses in Israel and the United Arab Emirates (UAE) have signed a cooperation deal following the recent peace accord between the two Middle East countries.

The Israel Diamond Exchange (IDE) will open a representative office in Dubai, while the Dubai Multi Commodities Centre (DMCC) will establish an office Ramat Gan, the organizations said Thursday following a virtual ceremony. The two nations’ diamond sectors will also work together to promote trading, and agreed to organize an Israel-Dubai diamond fair.

“Through the World Federation of Diamond Bourses (WFDB), we have come to know and value the leaders of the Dubai diamond industry,” said Yoram Dvash, president of the IDE and the WFDB. “The agreement will enable us to build on these relationships to the benefit of the members of our respective bourses.”

On August 13, Israel and the UAE agreed to normalize relations and cooperate on trade. While diamond executives had quietly been traveling between the two nations for some time, the peace treaty enabled formal business ties.

Image: The Israel Diamond Exchange and executives at the opening of the redesigned

Source: DCLA

Israel, Dubai Diamond Sectors Sign Trade Deal

 

Diamond bourses in Israel and the United Arab Emirates (UAE) have signed a cooperation deal following the recent peace accord between the two Middle East countries.

The Israel Diamond Exchange (IDE) will open a representative office in Dubai, while the Dubai Multi Commodities Centre (DMCC) will establish an office Ramat Gan, the organizations said Thursday following a virtual ceremony. The two nations’ diamond sectors will also work together to promote trading, and agreed to organize an Israel-Dubai diamond fair.

“Through the World Federation of Diamond Bourses (WFDB), we have come to know and value the leaders of the Dubai diamond industry,” said Yoram Dvash, president of the IDE and the WFDB. “The agreement will enable us to build on these relationships to the benefit of the members of our respective bourses.”

On August 13, Israel and the UAE agreed to normalize relations and cooperate on trade. While diamond executives had quietly been traveling between the two nations for some time, the peace treaty enabled formal business ties.

Image: The Israel Diamond Exchange and executives at the opening of the redesigned

Source: DCLA

Israel, Dubai diamond exchanges begin strategic collaboration

 

The Israel and Dubai diamond exchanges have signed an agreement to promote cooperation in a deal certain to boost direct trade between the Middle East’s main diamond hubs.

The agreement was announced on Thursday two days after Israel and the United Arab Emirates signed an historic agreement to normalize ties and marks a further development in economic collaboration.

The diamond deal, finalised in a video conference ceremony, was welcome news for an industry hit hard by the coronavirus pandemic and overall weaker global demand.

As part of the agreement, the Israel Diamond Exchange (IDE) will open an office in Dubai and the Dubai Multi Commodities Centre (DMCC) will open one in Ramat Gan, home to the Israeli exchange.

The two parties said they will share experience and knowledge, work to promote bilateral trade and collaborate on exhibitions, visits and conferences. They also agreed to arrange an Israeli-Dubai diamond fair to be held in Dubai and Ramat Gan and to promote electronic trade.

Israel is one of the leading exporters of polished diamonds. IDE President Yoram Dvash said that Dubai, with its free zone and convenient business conditions, has become one of the most important diamond centers in the world.

The Dubai Diamond Exchange is part of the government-owned DMCC. The total value of rough and polished diamonds traded in Dubai last year exceeded $23 billion, the DMCC said.

“This agreement will attract businesses to the emirate as well as boost the regional and international trade of this precious stone,” said Ahmed Bin Sulayem, executive chairman of the DMCC and chairman of the Dubai Diamond Exchange.

Israel’s diamond exports fell 28% in 2019 to $4.9 billion.

Source: DCLA