Some Recovery in India’s Polished Exports

India’s gross exports of polished diamonds showed some signs of recovery during December, after a couple of months of volatility.

Foreign sales were $773m, down 10.4 per cent in dollar terms on the same month in 2023, according to the latest figures from the Gems and Jewellery Export Promotion Council (GJEPC).

But that compares to a steep year-on-year drop of 40 per cent in November, with total sales of $660m.

That came after a 11.3 per cent increase in October, when sales hit just over $1.4bn.

Before that GJEPC recorded significant year-on-year drops for every month of the year, with foreign sales in September down 22.9 per cent to $1.29bn.

India’s diamond manufacturing has been badly hit by the ongoing slump in prices and demand, with an estimated 30,000 workers having been laid off in Surat over the last six months.

December’s fall in polished diamond exports was broadly in line with the whole gem and jewelry sector (down 10.3 per cent at just under $2bn).

Source: DCLA

Breguet’s Classique Tourbillon: A dazzling mix of diamonds and precision

The latest Breguet watch is a marvelous piece with beautiful diamonds and a unique design. It symbolizes the brand’s innovative spirit and horological elegance, passed down through time. 

Thanks to a unique stone-setting technique, the watch has an elegant pattern that makes the dial stand out. According to Breguet, the Classique Tourbillion 3358 is the embodiment of Abraham Louis Breguet’s ideas, which date back to 1801.

Abraham Louis, the founder of the brand, came up with a unique technique of setting gems on a watch’s dial in the 19th century. While this timepiece has a dazzling front face, it also stands out due to its mechanical precision. Abraham Louis’ innovations merged these two fields into one—mechanical precision and style.

The dial comes with different diamonds, set in different positions to create a circular pattern that converges at one point, reflecting light stylishly. Stones are positioned close to one another to cover the base that supports them.

In terms of performance, this timepiece is powered by one of the most innovative movements from the brand, the in-house caliber 187D tourbillon, which is capable of offering a 50-hour power reserve. It’s a movement that was developed for precision and accuracy by Abraham Louis but has been updated over the past few decades to keep up with the times.

Speaking of which, the watch’s dial has different cuts, which offer views into the mechanism. While the front face features hundreds of diamonds, the back has an interesting moon-like texture, characterized by grooves and ridges.

Source: DCLA

New BHP/Anglo Bid “Almost Oven-Ready”

A renewed takeover bid of Anglo American by rival miner BHP is “almost oven-ready,” according to City sources cited by the UK Sunday Times newspaper (12 January).

Australia-based BHP made an unsuccessful bid for the company that owns De Beers last April, increasing from its all-share offer of $39bn to just over $49bn before it was rejected by the Anglo board.

But the six-month cooling-off period imposed by UK regulators is now over and speculation is again mounting that BHP is set for a new assault.

“Anglo’s management have got the bit between the teeth,” one investor with big holdings in both companies told the Sunday Times.

“Ironically, this may make them more of a target. But the price they could demand for Anglo would be higher.”

BHP is keen to acquire Anglo’s copper mines but has made it clear that it has no interest in De Beers, or in its PGM (platinum group metals) assets.

Since the failed BHP bid, Anglo has raised $4bn from the sale of coal mines, and is preparing to dump De Beers and its PGNs, all of which makes it more attractive to BHP.

Anglo announced in May, shortly after the BHP bid, that it would sell or demerge both its diamond and PGM operations (as well as nickel and steelmaking coal) to focus on copper and other more profitable parts of its business.

De Beers, which seen sales slump in 2023, would “be divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company said.

Source: DCLA

Power Company Pulls Plug at Diamond Mine

The Murowa Diamond Mine, in Zimbabwe, has reportedly had its power supply cut after failing to pay a USD 4.5m bill.

Owner and operator RZM Murowa has also failed to pay some of its workers since October, prompting around 300 of its 700 workforce to take strike action.

The mine, in Mazvihwa, south central Zimbabwe, had its power supply switched off last Wednesday (8 January), according to local news outlet Zim Now.

“Power was switched off by ZESA (the state-owned Zimbabwe Electricity Supply Authority) yesterday,” according to one worker, it said. “So today there is nothing going. No one has explained what’s next.”

Another worker said they’d received a circular saying part of their October and November pay checks arrive on 3 January.

“Now that power has been cut off we don’t know if we will get anything else,” they said.

A source at the mine said debts to ZESA had been mounting and were now USD 4.5m.

Full-scale production at the mine began in 2004. RioZim took over management in 2015, leading to a comprehensive strategic overhaul aimed at revitalizing operations and expanding capacity.

Murowa produced 216,000 carats in the half of 2024, marginally up on the same period in 2023. But revenue and profitability were down.

Source: DCLA

Gemfields Hit by Shock 15% Export Tax on Emeralds

Gemfields is reeling from the shock imposition of a 15 per cent export duty on the emeralds it mines in Zambia.

The duty on precious gemstones was originally introduced at the start of 2019, but was suspended a year later after protests. It was re-introduced, without warning, on 1 January 2025.

The re-introduction is a further blow for Gemfields, which announced last month that it would have to halt operations at the Kagem mine for up to six months as part of a package of cost-cutting measures.

In a statement the UK-based miner said there had been no notice or prior consultation about re-introducing the duty, and said it was calling on the Zambian government to reverse its position.

“This 15 per cent export duty now applies on top of the existing 6 per cent mineral royalty tax and meaning that Kagem faces an effective tax on revenues of 21 per cent (in addition to corporation tax of 30 per cent),” it said.

Brazil and Colombia, also major emerald producers, impose lesser tax burdens, it noted.

“Brazil’s aggregate tax on revenues is 2 per cent (in the form of mineral royalty) and Colombia’s aggregate tax on revenues is 2.5 per cent (being a 1.5 per cent mineral royalty and a 1 per cent national emerald fund contribution) in addition to corporation taxes of 34 per cent and 33 per cent respectively.”

Source: DCLA

Gold Surge Pushes up Rolex Prices

Rolex has increased the cost of some watches by up to 8 per cent in response to surging gold prices.

A yellow gold Day-Date with a 40 millimeter black dial now costs $45,809, following a 1 January increase, up from $42,587. And a yellow gold Rolex GMT-Master II is up from $45,100.

Gold prices increased by around 27 per cent during 2024 and currently stand at $2,624 per ounce, after hitting a record high of $2,790 last October.

Prices for watches made of platinum, steel, or other materials have also increased, but generally by no more than 3 per cent.

Rolex, the biggest of all; luxury Swiss watchmakers, traditionally puts its prices up on New Year’s Day.

Meanwhile, prices of second hand Rolex’s fell during 2024 by 4.9 per cent, according to the WatchCharts Overall Watch Market index.

Source: Idex

Jennifer Lopez settles divorce with $5M green diamond ring from Ben Affleck

Jennifer Lopez, who recently settled down things with ex-husband Ben Affleck, has reportedly walked away from her divorce, holding onto dazzling green diamond worth $5 million.

Daily Mail has revealed that the 55 year old star will be keeping her stunning green diamond engagement ring from ex-lover.

The ring is a real showstopper, featuring a big green diamond in the center which is framed by two long baguette cut diamonds and finished.

When Ben proposed to Jennifer, she gushed about the green gem, calling it her symbol of luck and the new beginnings in her life.

As per TMZ, the Atlas star is said to be keeping all the things and jewelry given by the Batman actor.

However, insiders further suggested that Lopez sees the piece of art more than just a ring, as it may be her way of holding on to cherished memories while also turning the page to a new chapter.

Jennifer Lopez and her ex-beau Ben Affleck have finally called it quits after giving their romance a second chance. The pair, who tied the knot back in 2022, tried to make things work out between them but they didn’t work in their favor.

Source: DCLA