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Expert reports

Sightholders React to Price Cuts at $250M Sight
(Rapaport) - De Beers sightholders had mixed reactions to the price cuts at last week’s sight, which had an estimate value of $250 million before any additional supply was offered. The company dropped its rough diamond prices by an average of 8 percent to 10 percent, which spurred demand for additional goods during the week. Paul Rowley, De Beers head of global sightholder services, told Rapaport News that the company’s strategy has been to limit supply as there has been an overhang of inventory in the market from 2014. Sightholders, meanwhile, said they don’t expect the company to reduce prices again this year, even if they felt the drop was not far reaching enough.

Is Diamond Demand Determined in Beijing and Washington?
(Rapaport) - Don’t be surprised if diamantaires are suddenly talking about Zhou Xiaochuan and Janet Yellen. The actions of the two – who respectively lead the People’s Bank of China and the U.S. Federal Reserve – may put additional pressure on diamond demand and ultimately polished prices. Simply put, the sudden depreciation of China’s yuan and a looming U.S. interest rate hike couldn’t come at a worse time for the diamond market.

Cheers for Jericho
(PolishedPrices) - I have been receiving several copies, all lovingly endorsed, of an article written by Chaim Even Zohar entitled ‘Love and Hate on the Rough Supply Side.’ Zohar’s article is one long diatribe against the producers and De Beers in particular. However, whilst everyone is ranting and raving about the producers, what are those within the midstream saying about themselves? As imperfect as the sightholder system is, it has been the sightholders who have often been its strongest supporters. To rail against the banks for lack of liquidity rather slithers over the opaque practices beloved of the midstream, which practices may finally caught or is catching up with them.

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KPSC statistics: India largest importer of rough in 2014
The recently released 2014 Annual Global Summary report of the Kimberley Process Certification Scheme, in which the recent production and import-export of rough figures were announced, shows that while India continues to be the largest direct importer of rough with a 37.5% share of global rough imports.

Summer edition of International Diamond Week kicks off in Israel
The Summer Edition of the International Diamond Week in Israel (IDWI) kicked off on Sunday, August 30, with some 400 buyers attending the event.

GJEPC delegation meets Surat Bourse officials to explore potential locations for a SNZ
A delegation of the Gem & Jewellery Export Promotion Council (GJEPC), led by Gujarat Regional Chairman Dineshbhai Nevadia met with officials of Gujarat Hira Bourse and Surat Hira Bourse in Surat on Aug. 25, to review the two locations as possible sites for a Special Notified Zone (SNZ) for rough diamond trading, according to a statement from the GJEPC.

PDE hosts training workshop on Panama's new AML law
On April 23 this year, a new statute came into force in Panama, designed to prevent money laundering, and the financing of terrorism and proliferation of weapons of mass destruction.

Diamond business in Gujarat hit by Patidar rally
Diamond business was hit after clashes between police and the Patel clan, demanding reservation in government jobs and educational institutions, brought Gujarat to a standstill.

Divine Solitaire to offer SGL Nature of Origin Report
Divine Solitaire, India’s premium solitaire diamond brand now offers an additional ‘Nature of Origin’ report with each Divine Solitaire re-authenticating and assuring the consumer that each Divine Solitaire is an earth-mined diamond.

De Beers extends Afrox contract for 5yrs
De Beers has renewed a R57 million contract with South Africa’s Afrox for the supply of industrial and medical gases, welding consumables as well as bulk liquefied petroleum gas.

Surat diamond sector limps back to normalcy
Due to eruption of violence by Patidar community members on Wednesday in Surat, the Federation of Surat Textile Traders Association (FOSTTA) and the Surat Diamond Association (SDA) members, were forced to seek the help of police and the paramilitary forces.


De Beers cautiously optimistic for outlook in major consumer markets
excl_31082015_x.jpgDiamond giant De Beers, which has so far this year adjusted its sales terms for sightholders due to weak diamond market, has said that it is cautiously optimistic for the outlook in the major consumer markets for the all-important end of year selling season. De Beers Group head of media relations Lynette Gould told Rough & Polished’s Mathew Nyaungwa from her base in London that demand conditions in the near term would be dependent upon consumer demand, retail stocking appetite and the rate of midstream inventory depletion. She also commented on the group’s move to provide increased deferral flexibility in sightholder sales as well as its new licences that were granted in Botswana and South Africa.


Diamond Industry in the Russian Federation
Currently, the Russian Federation, despite a slight decrease in rough production in 2012 versus 2006, turned to be the world’s diamond production leader both by volume and value.

Indian diamond industry: Between a rock and a hard place
When the going gets tough, the tough get going goes the saying and that’s precisely what the Indian diamond industry is doing at present. India’s diamond industry, especially the manufacturing sector has been going through tough times. The pressures facing diamond manufacturers and dealers are unprecedented, leaving the market in a state of chaos. But, for the resilient Indian industry, which has gone through worse situations in the past, panicking was not an option.

HRD Antwerp


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