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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
Seven years after its introduction sent shock waves through the industry, De Beers is closing the Lightbox lab-grown diamond business. As part of the closure process, De Beers will sell certain assets, including inventory. At press time, Lightbox’s site was still up, but De Beers CEO Al Cook tells JCK it will cease functioning within the coming months. At JCK Las […]
The World Diamond Council (WDC), the U.S. based organization representing the international natural diamond value chain, acknowledges the U.S. Government’s emphasis on fair and reciprocal trade and advocates for policies that support strengthening American manufacturing to deliver tangible benefits to U.S. businesses, workers and consumers. • More than 200,000 U.S. jobs in jeopardy • Industry […]
The European Union will not include polished diamonds in the countermeasure package it has put together in response to the new US reciprocal tariffs. The move would have caused “significant harm” to Belgium’s diamond industry, without “meaningfully impacting” the US in return, the Antwerp World Diamond Centre (AWDC) said Wednesday. “We are extremely pleased and […]