Kimberley Process to Hold Hybrid Plenary Meeting

 

Kimberley Process Rough diamonds. 

The annual Kimberley Process (KP) plenary will take place online and in person from November 8 to 12, with the digitization of certificates featuring at the top of the agenda.

The hybrid format enables the KP to continue its activities despite the restrictions resulting from the coronavirus pandemic, Russia’s Finance Ministry, which is chairing the organization this year, said last week. Those eligible to visit Moscow under Covid-19 rules will be able to attend the physical event.

The meeting will focus on modernizing the KP export and import documents for rough diamonds. The ministry is currently finalizing a pilot program involving an information exchange with one of Russia’s key trading partners and plans to present its findings soon, it said.

The KP will also consider the applications of new countries wishing to join the group, having paused this due to travel difficulties. Since the easing of the situation, the KP has organized missions to Qatar and Kyrgyz Republic, and plans to do the same in Mozambique. The chairmanship and the committee that handles applications for participation in the KP will consider the reports emanating from those visits.

The Central African Republic (CAR) will also be on the agenda, with the KP planning to send an expert mission to the country to evaluate its compliance with rules aimed at preventing the export of conflict diamonds. In addition, the KP will select a new vice chair for 2022, with that country taking over as chair in 2023 from Botswana, which is slated to take the helm next year.

Meanwhile, Russia will work with KP partners to reach a consensus on the location of a future permanent KP secretariat to help streamline the organization’s work.

The KP canceled the 2020 plenary and intersessional meetings because of the pandemic. However, the 2021 intersessional took place in June, focusing on topics including digitization and human rights.

Source: DCLA

Kimberley Process to Hold Hybrid Plenary Meeting

 

Kimberley Process Rough diamonds. 

The annual Kimberley Process (KP) plenary will take place online and in person from November 8 to 12, with the digitization of certificates featuring at the top of the agenda.

The hybrid format enables the KP to continue its activities despite the restrictions resulting from the coronavirus pandemic, Russia’s Finance Ministry, which is chairing the organization this year, said last week. Those eligible to visit Moscow under Covid-19 rules will be able to attend the physical event.

The meeting will focus on modernizing the KP export and import documents for rough diamonds. The ministry is currently finalizing a pilot program involving an information exchange with one of Russia’s key trading partners and plans to present its findings soon, it said.

The KP will also consider the applications of new countries wishing to join the group, having paused this due to travel difficulties. Since the easing of the situation, the KP has organized missions to Qatar and Kyrgyz Republic, and plans to do the same in Mozambique. The chairmanship and the committee that handles applications for participation in the KP will consider the reports emanating from those visits.

The Central African Republic (CAR) will also be on the agenda, with the KP planning to send an expert mission to the country to evaluate its compliance with rules aimed at preventing the export of conflict diamonds. In addition, the KP will select a new vice chair for 2022, with that country taking over as chair in 2023 from Botswana, which is slated to take the helm next year.

Meanwhile, Russia will work with KP partners to reach a consensus on the location of a future permanent KP secretariat to help streamline the organization’s work.

The KP canceled the 2020 plenary and intersessional meetings because of the pandemic. However, the 2021 intersessional took place in June, focusing on topics including digitization and human rights.

Source: DCLA

Petra Diamonds mulls selling Williamson mine

                        

South Africa’s Petra Diamonds is considering selling its Williamson mine in Tanzania, even as it continues to work on bringing the operation back online in the second half of 2021.

Delivering its year-end results, Petra said that Williamson had been classified as a discontinued operation, which will mean an accounting loss of $52.1 million for the company. The mine was mothballed in April last year after diamond prices dropped following the global covid-19 outbreak.

BMO analyst Raj Ray said that while a sale could be viewed positively by the market, he sees potential risks in terms of realizing the value of $84 million (net book value of about $26 million at F2021 year-end) the bank ascribes to the asset, given the recent challenges.

“Recent efforts to procure a $25 million working capital facility with a local bank for the restart have so far been unsuccessful,” Raj wrote in a note to investors.

Petra has faced allegations of human rights abuses at the mine, resulting from the actions of its security guards.

The miner formed in February an internal committee to oversee the investigation, which concluded that “regrettable” incidents did take place at the mine in the past. Shortly after, it reached a £4.3 million (about $6m) settlement with claimants, even though it did not admit liability.

The company is currently engaged in talks with the Tanzanian government over a revised regulatory framework, which would lead to Williamson’s re-opening.

A key issue in those discussions concerns a parcel of 71,654 carats of diamonds effectively placed in limbo after deceased President John Magufuli blocked their export in 2017.

Turnaround
Despite covid-19 and issues at Williamson, Petra has staged a sharp turnaround in fortunes over the past financial year. It cut net debt by two-thirds in the year ended June 30 after a capital restructuring completed in March and rising sales drove strong growth in free cash flow.

Petra ended fiscal 2021 with net debt of $228 million, down from just under $693 million last year. Net profit reached $196.6 million, reflecting a $213.3 million gain after the successful debt restructuring.

Revenue rose 65% to $402.3 million on the back of higher sales of exceptional stones.

As for fiscal 2022, Petra reaffirmed production guidance of 3.3 million-3.6 million carats, with capital expenditure of $78 million- $92 million.

Source: DCLA

Petra Diamonds mulls selling Williamson mine

                        

South Africa’s Petra Diamonds is considering selling its Williamson mine in Tanzania, even as it continues to work on bringing the operation back online in the second half of 2021.

Delivering its year-end results, Petra said that Williamson had been classified as a discontinued operation, which will mean an accounting loss of $52.1 million for the company. The mine was mothballed in April last year after diamond prices dropped following the global covid-19 outbreak.

BMO analyst Raj Ray said that while a sale could be viewed positively by the market, he sees potential risks in terms of realizing the value of $84 million (net book value of about $26 million at F2021 year-end) the bank ascribes to the asset, given the recent challenges.

“Recent efforts to procure a $25 million working capital facility with a local bank for the restart have so far been unsuccessful,” Raj wrote in a note to investors.

Petra has faced allegations of human rights abuses at the mine, resulting from the actions of its security guards.

The miner formed in February an internal committee to oversee the investigation, which concluded that “regrettable” incidents did take place at the mine in the past. Shortly after, it reached a £4.3 million (about $6m) settlement with claimants, even though it did not admit liability.

The company is currently engaged in talks with the Tanzanian government over a revised regulatory framework, which would lead to Williamson’s re-opening.

A key issue in those discussions concerns a parcel of 71,654 carats of diamonds effectively placed in limbo after deceased President John Magufuli blocked their export in 2017.

Turnaround
Despite covid-19 and issues at Williamson, Petra has staged a sharp turnaround in fortunes over the past financial year. It cut net debt by two-thirds in the year ended June 30 after a capital restructuring completed in March and rising sales drove strong growth in free cash flow.

Petra ended fiscal 2021 with net debt of $228 million, down from just under $693 million last year. Net profit reached $196.6 million, reflecting a $213.3 million gain after the successful debt restructuring.

Revenue rose 65% to $402.3 million on the back of higher sales of exceptional stones.

As for fiscal 2022, Petra reaffirmed production guidance of 3.3 million-3.6 million carats, with capital expenditure of $78 million- $92 million.

Source: DCLA

Marie-Antoinette diamonds up for auction for first time in Geneva

Marie-Antoinette diamonds

wo splendid diamond bracelets that belonged to French queen Marie-Antoinette will go under the hammer in Geneva later this year, the auction house Christie’s said Wednesday.

The bracelets, coated with 112 diamonds in total, will be sold together and are estimated to fetch between $2-4 million when they go under the hammer on November 9.

That estimate “includes not only the intrinsic value of the diamonds, but also the possibility to wear jewellery that was once worn by the famous queen Marie-Antoinette,” Christie’s jewellery specialist Marie-Cecile Cisamolo told Agence France-Presse.

The historic jewels could meanwhile easily go for far more than the asking price.

“As seen in recent Geneva sales, the market for jewels of noble provenance continues to perform extremely well,” Francois Curiel, the chairperson of Christie’s luxury division, said in a statement.

In 2018, a natural pearl and diamond pendant that belonged to the ill-fated French queen was estimated by the Sotheby’s auction house at $1 million to $2 million but was snapped up for $36 million.

Marie-Antoinette, the last queen of France before the revolution, was guillotined in Paris in October 1793 at the age of 37.

But Cisamolo said that it was not just their history that made the bracelets extraordinary, pointing to the large size of the diamonds, which range from around 1 to 4 carats.

“It is very difficult to measure their exact size, because these are antique diamonds, and back then the sizes were less precise,” she explained.

While lacking the precision of today’s laser-cut gems, Cisamolo stressed the charm and uniqueness of antique diamonds.

In total, Christie’s estimates that the bracelets comprise 140 to 150 carats.

They are each composed of three rows of gems and can be connected together and worn as a necklace.

Paris, Brussels and Vienna

According to Christie’s Marie-Antoinette ordered the bracelets from jeweller Charles August Boehmer in Paris in 1776, two years after she ascended the throne.

She paid 250,000 livres, “a huge sum at the time,” Christies said.

Then the revolution arrived.

Before attempting to flee France with king Louis XVI and their children, Marie-Antoinette first made sure her jewels were sent out of the country.

They were sent to Brussels, governed by her sister Archduchess Marie-Christine, before being sent on to the French queen’s native Austria, ruled by her nephew, the emperor.

In 1792, the royal family was imprisoned in Paris. The king and queen were executed the next year, and their 10-year-old son Louis XVII died in captivity.

Only their daughter, Marie Therese of France, survived. She was freed in December 1795 and sent to Austria, where she was given her mother’s jewels.

“These jewels can thus be traced all the way back to Marie-Antoinette,” Cisamolo said, adding that she hoped whoever bought them “will cherish them for the rest of their life.”

“Not only are you wearing something that Marie-Antoinette wore,” she said. “The diamonds are extraordinary.”

The bracelets, she said, showing off the gems glistening on her wrists, “flow. It is as though you are wearing fabric.”

Source: DCLA

Marie-Antoinette diamonds up for auction for first time in Geneva

Marie-Antoinette diamonds

wo splendid diamond bracelets that belonged to French queen Marie-Antoinette will go under the hammer in Geneva later this year, the auction house Christie’s said Wednesday.

The bracelets, coated with 112 diamonds in total, will be sold together and are estimated to fetch between $2-4 million when they go under the hammer on November 9.

That estimate “includes not only the intrinsic value of the diamonds, but also the possibility to wear jewellery that was once worn by the famous queen Marie-Antoinette,” Christie’s jewellery specialist Marie-Cecile Cisamolo told Agence France-Presse.

The historic jewels could meanwhile easily go for far more than the asking price.

“As seen in recent Geneva sales, the market for jewels of noble provenance continues to perform extremely well,” Francois Curiel, the chairperson of Christie’s luxury division, said in a statement.

In 2018, a natural pearl and diamond pendant that belonged to the ill-fated French queen was estimated by the Sotheby’s auction house at $1 million to $2 million but was snapped up for $36 million.

Marie-Antoinette, the last queen of France before the revolution, was guillotined in Paris in October 1793 at the age of 37.

But Cisamolo said that it was not just their history that made the bracelets extraordinary, pointing to the large size of the diamonds, which range from around 1 to 4 carats.

“It is very difficult to measure their exact size, because these are antique diamonds, and back then the sizes were less precise,” she explained.

While lacking the precision of today’s laser-cut gems, Cisamolo stressed the charm and uniqueness of antique diamonds.

In total, Christie’s estimates that the bracelets comprise 140 to 150 carats.

They are each composed of three rows of gems and can be connected together and worn as a necklace.

Paris, Brussels and Vienna

According to Christie’s Marie-Antoinette ordered the bracelets from jeweller Charles August Boehmer in Paris in 1776, two years after she ascended the throne.

She paid 250,000 livres, “a huge sum at the time,” Christies said.

Then the revolution arrived.

Before attempting to flee France with king Louis XVI and their children, Marie-Antoinette first made sure her jewels were sent out of the country.

They were sent to Brussels, governed by her sister Archduchess Marie-Christine, before being sent on to the French queen’s native Austria, ruled by her nephew, the emperor.

In 1792, the royal family was imprisoned in Paris. The king and queen were executed the next year, and their 10-year-old son Louis XVII died in captivity.

Only their daughter, Marie Therese of France, survived. She was freed in December 1795 and sent to Austria, where she was given her mother’s jewels.

“These jewels can thus be traced all the way back to Marie-Antoinette,” Cisamolo said, adding that she hoped whoever bought them “will cherish them for the rest of their life.”

“Not only are you wearing something that Marie-Antoinette wore,” she said. “The diamonds are extraordinary.”

The bracelets, she said, showing off the gems glistening on her wrists, “flow. It is as though you are wearing fabric.”

Source: DCLA

Hong Kong Retail Sales Still Struggling to Recover

                             Hong Kong Retail

Hong Kong’s hard-luxury market saw its weakest growth figure for six months as the retail sector’s rebound ran out of steam amid a lack of tourism.

Revenue from jewelry, watches, clocks and valuable gifts grew 27% year on year to HKD 3.2 billion ($410.6 million) in July but was still 42% lower than in the same month of 2019, the municipality’s Census and Statistics Department reported Tuesday. The increase was also gentler than June’s 32% year-on-year growth and was the thinnest rise since January, when Hong Kong was struggling with a fourth coronavirus wave.

“Retail sales continued to increase in July over a year earlier as the local epidemic remained stable and labor market situations improved further, although the growth pace moderated somewhat as compared to the preceding month,” a government spokesperson said.

Sales in all retail categories rose 3% year on year to HKD 27.24 billion ($3.5 billion) but were down 21% from two years earlier.

The closure of borders to reduce the spread of Covid-19 has hit Hong Kong — a key luxury destination for tourists. Although the municipality has reduced its border restrictions, tourism has not yet returned to normal levels. The number of visitors was down 58% year on year in July and plummeted 99% for the first seven months of the year, according to the Hong Kong Tourism Board.

However, the government expects sales to pick up in August amid the launch of a consumption voucher scheme — a program to stimulate spending by offering citizens electronic vouchers worth HKD 5,000 ($644).

“The electronic vouchers that the government began to disburse in August have helped stimulate consumption sentiment and will render support to the retail business in the rest of the year,” the spokesperson explained. “Yet, it is essential for the community to keep the epidemic under control and strive towards more widespread vaccination, so as to strengthen the foundation for continued recovery of the retail sector and the overall economy.”

For the first seven months of 2021, sales of jewelry, watches, clocks and valuable gifts climbed 33% year on year to HKD 21.94 billion ($2.81 billion). Revenue from all retail segments increased 8% to HKD 201.6 billion ($25.87 billion).

Source: DCLA