The R&M “Lettre”

Namibia’s cabinet has voted on a proposal for the country to take a stake in De Beers, according to a report in the Namibian Sun. The newspaper said Namibia was interested in acquiring as much as 10% to 15% of the company, possibly in a consortium with Angola and Botswana, which have both expressed interest in […]

The Kimberley Process (KP) failed to reach a consensus on broadening the definition of conflict diamonds at last week’s plenary in Dubai, according to industry organizations. “While not unexpected, it is obviously a massive disappointment for civil society that, once again, the KP has failed to expand the conflict-diamond definition,” said Jaff Bamenjo, coordinator of […]

The Chinese government has stripped the country’s main diamond exchange of its preferential tax treatment. From November 1, importers of polished diamonds through the Shanghai Diamond Exchange (SDE) will no longer enjoy a heavily reduced rate of import value-added tax (VAT), according to documents the country’s State Tax Administration (STA) released last week. Since 2006, […]

India’s Gem & Jewellery Export Promotion Council (GJEPC) presented a host of policy recommendations to support the industry at a meeting with the country’s prime minister, Narendra Modi. GJEPC chairman Kirit Bhansali called for modernization of India’s Customs Act 1962, which grants the government powers to collect import duties. His recommendations include implementing a risk-management […]

What does the diamond industry want, or expect, from the new owners of De Beers, whoever they turn out to be? Should we expect a notable shift in the company’s character, or another adjustment to its strategy after the substantial changes CEO Al Cook has already introduced over the past two years? New owners usually […]

In the 73rd episode of his Diamond Analytics podcast, Paul Zimnisky welcomes Tom Moses, Executive Vice President of the Gemological Institute of America (GIA)who reflects on nearly five decades of observing the diamond industry. In what he describes as a “unique, but not unprecedented” situation, Tom Moses analyzes the current state of the market, from […]

President Duma Boko addressed the country’s medical supply chain crisis in a recent televised address. Gaborone, Botswana—Botswana’s President Duma Boko has declared a public health emergency as the diamond-producing country feels the effects of the prolonged slump in rough sales. In a national televised address delivered Monday, Boko said the country’s medical supply chain was in crisis, creating […]

At the recent JCK show, I had a joint interview with two of the most important people in Botswana’s diamond industry: Mmetla Masire, CEO of Okavango Diamond Company (ODC), the state-owned seller, and Andrew Motsomi, managing director of Debswana, the De Beers–Botswana joint venture that oversees De Beers’ mines in the country. Masire and Motsomi […]

US President Donald Trump has extended the deadline for implementing tariffs from July 9 to August 1, while threatening to raise the rates of at least 14 countries, two of which are major exporters of diamonds and gemstones.  In an executive order Monday, the president said it was “necessary and appropriate” to extend the suspension by three […]

In the battle for market share, the Natural Diamond Council has resorted to increasingly provocative advertising, aiming to differentiate natural diamonds from their lab-grown counterparts. One recent ad boldly proclaimed that natural diamonds have “rizz” while lab-grown stones are merely “fizz.” This kind of in-your-face marketing has sparked intense debate, with some applauding it as […]

Following De Beers’ annual Friday breakfast at the JCK show in Las Vegas, CEO Al Cook spoke with JCK about the flurry of initiatives he announced at the event, plus recent reports about sightholder deals and possible attempts by two former De Beers CEOs to purchase the company.. Any thoughts on the reports that two of your predecessors, Bruce Cleaver and […]

Source: Richemont