10 Questions with De Beers CEO Bruce Cleaver
Late last month, leaders of the gem and jewelry industry in India called on their members to pause rough diamond imports for 30 days, starting today, as the world continues to grapple with COVID-19.
The R&M “Lettre”
Sign-up for La Lettre from R&M to get the essentials of current affairs in the diamond industry and privileged access to the articles published below
We keep your data private and only share it with third parties that make this service possible. Read our Confidentiality Policy for more information.
Lucapa unearths 171ct. rough at Lulo
Lucapa Diamond Company has recovered a 171-carat, gem-quality diamond from its Lulo alluvial mine in Angola.
De Beers launches online rough-sales platform
De Beers has launched an e-commerce site that lets clients buy rough on demand, creating an opportunity for sales during the weak market.
De Beers suspends applications for sight contracts
De Beers has paused the application process for its new sightholder contract due to the impact of COVID-19 on its clients’ business operations.
Don’t ban rough buying, De Beers urges
De Beers CEO Bruce Cleaver has called on the trade to allow rough purchases, assuring manufacturers the company won’t require them to buy in the weak market.
Rough market faces its toughest year yet
As the diamond market considers its options during the industry-wide lockdown, manufacturers in India are planning a freeze on rough imports. The move has precedent. Back in 2008, as financial markets collapsed, India imposed a one-month moratorium on rough buying. Ultimately, it helped the local trade realign inventory and gain market share while other manufacturing […]
How Dominion Diamond was bled Canada-Dry
What do you do when you have $180 million in diamonds and can’t sell them?
Podcast: How the pandemic is changing De Beers
Interview with Stephen Lussier and David Prager. The diamond industry will need to tweak its messaging to emphasize the values its product and brands represent, De Beers executives stressed in the Rapaport Diamond Podcast.
Heavy debt looms over mining shutdown
A number of diamond-mining companies that have halted production during the COVID-19 crisis will find it difficult to resume operations amid their struggles with debt, analysts have predicted.
De Beers makes dramatic cut to production plan
De Beers has reduced its full-year production guidance by 7 million carats, putting the miner on course for its lowest output since 2009.
India trade urged to freeze rough imports
India’s leading diamond-trade organizations have called on members to stop importing rough for at least a month to prevent an oversupply and ensure banks maintain their credit to the sector.
India’s rough choice: an import moratorium?
Stuart Brown, the ex-joint managing director of De Beers, and current CEO of Canadian miner Mountain Province Diamonds, made an amazing statement in a Financial Times article, stating the very obvious: “We need India to open up. Until the manufacturing opens up there, there will be no demand for rough diamonds.”
