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Expert reports

Rough Market Report: Sight +$800M, Prices Inch Up
(IDEX Online) - In response to Alrosa’s announced decline in supply, demand for rough diamonds jumped over the past few months, and De Beers responded with a larger than usual Sight in July to satisfy the market’s request for goods. De Beers’ measured response to the market was a combination of enlarged supply with only a small overall increase in prices.

Dominion Diamond Sees Further Gains at Arctic Gem Mine
( - Dominion Diamond Corp. (DDC) is proving it can operate a diamond mine in the harsh Arctic conditions of Canada’s remote Northwest Territories after selling the luxury Harry Winston jewelry brand last year. The Ekati mine, acquired last year from BHP Billiton Ltd. (BHP), is Toronto-based Dominion’s first attempt at running an excavation. With a promise of higher returns for unpolished stones, Ekati, about 200 kilometers (124 miles) below the Arctic Circle, offers the challenge of improving results in tough conditions.

Will Cutifani answer call for Anglo change?
( – A year ago, at Anglo American's 2013 interim results presentation, the group's then relatively new CEO, Mark Cutifani, set out the broadest of blue-prints for winning back investor interest. At the time, a mere 11% of the group's 90-odd assets had met operational targets to which Cutifani provided the gloss: "We have to get our arses into gear". The question at the time was how a change in gear would be achieved, and whether Cutifani would be bold and quick enough? A year on, and the answer is becoming clearer.

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Gem Diamonds says Letšeng H1 revenue up 80pc
Gem Diamonds said that revenue from its Letšeng mine in Lesotho leaped 80 percent to $147.8 million during the first half of the year 2014.

Debswana to go ahead with use of x-ray machines, workers miffed
Debswana, a joint venture between De Beers and the government of Botswana, has decided to go ahead with its plans to use x-ray machines to deter increasing incidences of diamond theft at its operations.

KGK announces Agreement with Xcel Brands for Judith Ripka Jewellery
KGK Jewellery Manufacturing Limited has come into a licensed agreement with New York based Xcel Brand Ltd for their brand Judith Ripka.

Swatch to use Indian diamonds in Swiss watch making
In order to break into the Indian retail market, watchmaker Swatch is proposing to use polished diamonds that are cut in India, at its manufacturing plants back in Switzerland.

Diamond Bourse of Canada President to Visit International Diamond Week in Israel
David Gavin, president of the Diamond Bourse of Canada (DBC) will participate in the International Diamond Week to be held September 1-4, at the Israel Diamond Exchange (IDE).

Swatch Group to Launch Smartwatch by 2015
Swiss-based watchmaker Swatch Group recently denied reports that Swatch might be partnering with Apple to work on its iWatch project, saying that the only business relationship Swatch has ever had with a mobile phone maker is to supply integrated circuits and other electronic components.

PDE appoints Dirk Blommaert as Business Development Director
The Panama Diamond Exchange has appointed diamond and jewelry industry veteran Dirk Blommaert as its Business Development Director. In this role, he will have direct responsibility for advancing the position of the Panama Gem & Jewelry Center worldwide, and particularly in the Latin America markets as the region's principal trading center for diamonds, colored gemstones and jewelry.

ALROSA’s Net Profit Under RAS +59% in 1H
Following the 1st half of 2014 OJSC AK ALROSA posted net profit under RAS soared by 59%, or 1.6 times, - to RUB 24.174 billion compared to RUB15.209 billion a year earlier, according to the company's financial statement.


Funding alluvial diamond operations a ‘hit and miss affair’: Rand Merchant Bank
henk_de_hoop_preview.jpgThe Rand Merchant Bank (RNB) said that it is not comfortable funding alluvial diamond mining projects as they are highly risky. The bank’s business development director Henk de Hoop, who has an experience in funding diamond projects, told Rough & Polished’s Mathew Nyaungwa in an interview on the sidelines of the Botswana Resource Sector Conference held last month, in Gaborone that funding alluvial diamond operations is a “hit and miss affair”.


Flexible destocking by ALROSA
Following the sellout of nearly 5 million carats of rough in the first quarter of this year, ALROSA sold no more than 400,000 carats of diamonds from its stocks in the second quarter. Meanwhile, global prices for rough diamonds went up 2% in the second quarter compared with the first quarter, which made it possible for ALROSA to have much higher sales. Why was it that ALROSA did not take advantage of the positive market conjuncture and refrained from boosting its destocking schedule?

Interesting times lie ahead for Angola’s diamond industry

The Catoca diamond mine is currently the biggest kimberlite pipe in Angola producing more than half of Angola’s diamonds. The proven and probable diamond reserves of the mine are estimated at 130 million carats. However, despite its moves to boost output, Catoca might have recently felt challenged by Lucapa Diamond Company. The company said last month that its Lulo concession would likely dwarf Catoca as the country’s biggest diamond producer.

HRD Antwerp


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