Articles and News
Industry News: New Website Shows Good From Diamonds; Rio Tinto To Expand High-End Production; More December 03, 2014 (0 comments)
D.E.F. Launches Consumer Website Highlighting Good That Diamonds Do
New York, NY—The Diamond Empowerment Fund (D.E.F) on Monday launched its new consumer facing global website, diamondsdogood.com. Built in partnership with The Condé Nast Media Group, the site showcases not only the beauty and emotional resonance of diamonds, but also the back-story of how diamond revenues help drive positive change in communities where the industry does business.
“There has been a void in communication of the vast amount of good the industry does,” says D.E.F co-founder, Dr. Benjamin Chavis. “This website will help fill that void.”
DiamondsDoGood.com acknowledges the aggregate ongoing good of the global diamond and diamond jewelry industry. It is a real-time interactive repository of the collective panoply of the good works and impacts of the industry. Initial programs profiled on the site include: how miner Rio Tinto brings water to rural villages in India; journeys of empowerment through education by three of D.E.F’s student scholars; enterprise-building in South Africa supported by The De Beers Group of Companies; educating women on maternal and children’s health in rural China, from retailer Chow Tai Fook; and giving back to children in need in the United States and globally, through Jewelers for Children.
The site takes the visitor through a gradual journey from the charitable giving and corporate social responsibility programs the diamond and jewelry industry embraces, to the origins of diamonds, to how they are interwoven in our lives.
DiamondsDoGood.com homepage.
Says D.E.F co-founder, Russell Simmons, “Through a transparent diamond you can see an empowered community.” Phyllis Bergman, D.E.F. president adds, “This new website shares the good news and great ideas surrounding diamonds in our lives.”
The website is supported through social media channels Facebook, Twitter, Instagram and YouTube. Additional programs from the industry will be featured throughout 2015. Development and the first phase of the website was made possible through a grant from the JCK Industry Fund.
Polished Diamond Prices Keep Dropping: 1.0 Ct. Down 1.7% In November
New York, NY--Polished diamond prices fell again in November as suppliers lowered prices in an effort to raise cash flow. Tight liquidity remains the biggest challenge facing diamond dealers and manufacturers.
The RapNet Diamond Index (RAPI) for 1.0-carat laboratory-graded diamonds declined by 1.7% in November. RAPI for 0.30-carat diamonds fell 2.2% and RAPI for 0.50-carat diamonds dropped 1.6%. Even large stones weren’t immune: RAPI for 3.0-carat diamonds decreased by 1.8% during the month.
Demand is selective with low trading levels, as the focus of the industry shifts to the key holiday shopping season.
According to the Rapaport Monthly Report – December 2014 “Lower Prices,” U.S. demand is stable but Far East markets are quiet due to economic and political uncertainties. Polished inventory levels are high across the pipeline. Profit margins are being squeezed as polished prices have declined since April, while rough prices have been relatively steady.
Rough trading is sluggish with De Beers boxes selling at low premiums, considering the long credit terms being offered on the secondary market. De Beers made minor adjustments to prices at the November sight, while ALROSA reported that market prices rose 3% in the third quarter.
Click here to access the full report.
Rio Tinto To Expand Diavik Diamond Mine’s High End Production
Northwest Territories, Canada--Rio Tinto, operator of the Diavik Diamond Mine here, has formally approved the development of a fourth pipe, known as A21, at the remote subarctic mine site 300 kilometers northeast of Yellowknife, Canada. The Diavik mine produces predominantly gem-quality diamonds used in high-end jewelry in all major consumer markets around the world.
The A21 pipe development was part of the original mine plan, and is estimated to cost US $350 million over four years. The Diavik Joint Venture (Rio Tinto 60%, Dominion Diamond Corporation 40%) has approved the expansion, which will provide an important source of incremental supply for Diavik, ensuring the continuation of existing production levels. Diamond production from A21 is planned for late 2018. The A21 kimberlite pipe is located just south of Diavik’s existing mining operations. Development will require rockfill dike construction to encircle the ore body, located just offshore of existing mining operations at Lac de Gras. Diavik will employ the same design and engineering technologies used to construct the Diavik mine’s two other dikes that enabled mining of three existing pipes.
Alan Davies, chief executive of Rio Tinto Diamonds & Minerals, said, “Our decision to invest in the Diavik A21 project reflects our strong confidence in the diamond sector and in our ability to compete effectively in the industry.” The mine began production in 2003 and became a fully underground mining operation in 2012.
VicenzaOro European Club Again At Dubai International Jewellery Week 2014
Dubai, United Arab Emirates—For the third year running, Fiera di Vicenza is presenting its VicenzaOro European Club format at the Dubai International Jewellery Week, which opened Wednesday and runs through Saturday at the Dubai World Trade Centre. Jewellery Week, the premier jewelry trade event in the Middle East, provides an opportunity for companies in the VicenzaOro European Club to show their latest collections to the more than 20,000 international buyers, distributors, media representatives, and designers who visit the show. In this way, Fiera di Vicenza confirms its role as a high-profile ambassador for Italian and European companies in key global markets.
Corrado Facco, managing director of Fiera di Vicenza, says, “Fiera di Vicenza has accelerated its process of internationalization through a structured presence in various strategic markets. The UAE is undoubtedly a country with the highest potential for the jewelry trade, where, thanks to our strong partnership with the Dubai World Trade Centre, we once again have the privilege of presenting the VICENZAORO European Club brand.”
Dubai is today the leading export destination for Italian jewelry, he continued. Fiera di Vicenza and the Dubai World Trade Centre established a joint-venture company, "DV Global Link,” which will produce the first edition of VICENZAORO Dubai from April 23-26, 2015, at the Dubai World Trade Centre, for the Arabic-speaking countries in the Middle East and Africa, as well as Russia and Central and South East Asia.