Russia Increases Rough Exports to India

Russian exports of rough diamonds to India increased by well over a fifth, to 4.1m carats, during the first six months of the G7 sanctions.

Total sales were up by 22.23 per cent for January to June 2024, according to the Indian Ministry of Commerce and Industry. But revenue fell by 15.22 per cent, as prices keep declining, from $614m to $520m.

Russian exports for June alone were 347,620 carats, an increase of almost 32 per cent on the same month last year.

The G7 and EU nations imposed sanctions on all Russian diamonds of 1.0-cts and above, regardless of where they were cut and polished, from 1 January. The threshold was lowered to 0.50-cts and above from 1 September.

Rough diamonds imported from Russia to India can only be sold to markets beyond the G7 and EU.

India’s diamond industry has been calling on the government to allow direct payments to Russia so it can more easily buy sanctioned goods.

Source: DCLA

De Beers Supports New G7 Restrictions on Diamond Imports

Diamond giant De Beers is fully prepared for the expanded G7 restrictions on diamond imports from Russia, which took effect on September 1st. These restrictions now include diamonds weighing 0.5 carats and above, according to Rough&Polished.

De Beers stated that its customers will continue to provide proof of the origin of the diamonds they sell, even as the sanctions now cover rough diamonds weighing 0.5 carats and above, instead of 1 carat and above, as previously stipulated.

The company added that it welcomes the G7’s measures, which stand alongside the diamond industry and diamond-producing nations, aiming to trace the origin of diamonds. “De Beers fully supports the work being carried out by the G7 to prohibit the trade in Russian diamonds, and we are committed to working with the G7, the diamond industry, and our partner governments to ensure there is an effective system put in place,” said De Beers CEO Al Cook.

Diamond giant De Beers

Source: DCLA

Gem Diamonds finds 122 carat stone at Letšeng mine

Africa-focused miner Gem Diamonds has unearthed yet another massive white diamond at its prolific Letšeng mine in Lesotho, just days after another major find.

The 122.2 carat Type II white diamond was recovered over the weekend and is the eleventh greater than 100-carat precious stone mined this year at the operation, the company said.

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Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.

The Letšeng mine, owned 70% by Gem Diamonds, is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.

The operation has a track record of producing large, exceptional white diamonds, which makes it the highest-dollar-per-carat kimberlite diamond mine in the world.

Source: DCLA

Perth Mint continues luxury diamond coin series with turtle

The Perth Mint continues its Jewelled series of coins with a 10 ounce gold Jewelled Turtle coin with a mintage of eight coins.

And it comes with a price tag of $269,000 Australian ($182,229 U.S.).

This is the seventh release in the Jewelled series. It features a handset rare trademarked Argyle Pink Diamond and lustrous white diamonds that form the head and limbs of the three dimensional 18 karat gold turtle.

Each Jewelled Turtle coin is a Proof 10 ounce .9999 fine gold $2,500 denominated coin, with the centerpiece the 18-karat gold sea turtle surrounded by depictions of coral and dory fish.

The turtle’s head and limbs are embellished with 52 white diamonds, and two emeralds for its eyes. Additional white diamonds are set in a ribbon shaped line symbolizing the sea surface, with an Argyle Pink Diamond set at the heart of a stylized sun.

The Jewelled Series is developed each year in association with John Glajz, a Singapore based Argyle Pink Diamonds Icon Partner.

Each Jewelled Turtle coin is presented in a luxury display case adorned with 18 karat gold furnishings and inset with two Argyle Pink Diamond.

For the first time in the series, the coin bears the Dan Thorne effigy of King Charles III, as well as the P125 privy mark for the Perth Mint’s 125th anniversary.

Source: Coinworld

Zimbabwe Ramps up Diamond Production

Zimbabwe’s state-owned diamond company is forecasting a 16 per cent increase this year.

The Zimbabwe Consolidated Diamond Company (ZCDC) said it was ramping up production to 5.7m carats in 2024 and would aim to increase that figure to 10m carats next year.

Munashe Shava, ZCDC board chairman, said: “Commodity prices are depressed on the global market and we have come up with various initiatives to offset this worrisome development.

The Chronicle newspaper reported him as saying: “We have ramped up production and this year we have set a target of 5.7m carats and we see this target nearly doubling to 20m carats in the coming year.”

Zimbabwe, the world’s seventh biggest diamond producing nation, recorded an output of 4.9m carats, according to Kimberley Process data, valued at $303m. It exported 5.6m carats valued at $297m.

Earlier this year the US sanctioned Zimbabwe’s President Emmerson Mnangagwa for human rights abuses, corruption and smuggling gold and diamonds.

Mnangagwa, 81, who has held office since 2017, insists the claims against him are “defamatory” and “malicious”.

Source: DCLA

Michael Hill Reports Slight Loss for 2024

Australia-based jewelry retailer Michael Hill International reported a slight loss for FY 2024, amid “challenging” trading conditions.

Net profit after tax (NPAT) was minus AUD 479,000 (minus USD 322,000), compared to a positive AUD 35.2m (USD 22.5m) in FY 2023 and AUD 46.7m (USD 29.9m) in FY 20222.

The company has 300 stores in Australia, New Zealand and Canada, including low-price retailer Bevilles, Medley, and its new luxury business TenSevenSeven.

It reported increased revenues, up 4.2 per cent to AUD 644.9m (USD 437.4m), with Australia up 10.3 per cent, New Zealand down 11.8 per cent and Canada flat.

“While FY24 earnings were disappointing, with challenging economic conditions and inflationary pressures impacting consumers across all markets, the business continued to execute on its clearly articulated strategy, focus on retail fundamentals and drive topline sales,” said CEO Daniel Bracken, CEO and managing director.

He said it had been “a challenging and busy year”. The company noted in its FY 2024 Full Year Results that third-party data indicated it had continued to outperform the broader jewelry market.

Source: DCLA

 $300m Loan to Boost Okavango Diamond Purchases

Botswana’s state-owned diamond marketing company will increase its borrowing to fund additional rough purchases.

Finance Minister Peggy Serame said last Thursday (29 August) that the government had arranged a $300m credit facility, with the Standard Chartered Bank for the Okavango Diamond Company (ODC).

It hopes to capitalize on a long-awaited recovery the global diamond market.

At the moment ODC’s limited cash reserves mean it can only buy $70m of its allocation of diamonds produced by Debswana, the 50/50 joint venture between De Beers and the Botswana government.

ODC holds 10 auctions a year to sell its 25% allocation from Debswana. That share is set to double to 50 per cent over the next decade, as part of a deal agreed last year between Botswana and De Beers.

Last October ODC halted its rough sales amid weak demand.

Source: DCLA