Diamond News

Diamond News : IDMA’s weekly internet/online news collection  

Dear IDMA Members,

And then it was summer! The outcome of the JCK Las Vegas was, according to various surveys, beyond expectations, and the general atmosphere at the show was good. Still, the jury is still out on how well we will do this year, as consumers are not flocking to the diamond news

retail stores to buy jewelry. Therefore, it was no surprise that at the recent Presidents’ Meeting of IDMA and the WFDB in Tel Aviv, consumer confidence and DESIRE for diamonds were at the top of the agenda.


It was heartening to find consensus on this topic: during the three day event, a variety of speakers tackled the issue of market share for diamonds and diamond jewelry from different angles, urging the players in the diamond supply pipeline not only to sit back and wait for others to pick up the slack of marketing, but to find ways to jointly invest and cooperate to enthuse the new generation of consumers – called Millennials – for diamonds and diamond jewelry.


This is rather long WINC. It covers the recent Presidents’ Meeting and offers articles about the rough diamond market. As we are coming close to the 100th edition of WINC, we’d like to get your feed-back on this service. Send your comments to communications@idma.co. We do want to hear from you!


Have a great summer! 

Ronnie VanderLinden
Secretary General

Speech by Maxim Shkadov,  Opening Session, Presidents’ Meeting 2015
diamond news

Esteemed friends and colleagues
I would like to begin by thanking the organisers of the Presidents meeting and acknowledging their extremely thorough and professional work. Well done, and thank you.
Israel has always been one of the leading centres of our industry, and the experience and strength of Israeli diamantaires will help you retain and grow your position. Your capacity to meet new challenges and to adapt to new conditions , is an important factor in your market strength. The diamond business is, very clearly, prioritised in Israel, – I believe many countries engaged in our industry should look to you as an example of determination and pro activity. I offer my very best wishes for Israel’s continued prosperous development  as a hub for the production,  sales and marketing of diamonds to be treasured across the world.
I should mention that the IDMA represents one important part of the diamond pipeline – a pipeline with many elements which have, for several years, come under significant pressure. I believe there are currently four principal pressures:
Maxim Shkadov (left) and Ronnie VanderLinden during the IDMA working sessions 



Diamond Business Facing “Perfect Storm of Challenges
The diamond industry is being battered by a “perfect storm” of problems, from decreased manufacturing profits to a tarnishing of the industry’s brand, attendees agreed at the biennial meeting of presidents of the major industry associations, held this week in Tel Aviv, Israel.  Ernie Blom, president of the World Federation of Diamond Bourses, one of the groups meeting at the conference, said, “I don’t think many of us can recall a time when there was this ‘perfect storm’ of challenges that has hit our industry.” Falling manufacturer profitability was the biggest concern, Blom said. “The diamond producers have a responsibility to take our concerns extremely seriously and act upon them,” he said.


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diamond news

Industry analyst Chaim Even Zohar (left) taking an active part in the IDMA working sessions. Seated with him are Suresh Shah, Diamond Convener of the Gem & Jewellery Export Promotion Committee  (GJEPC) and an IDMA VP; Kim Lanny, President of the Botswana Diamond  Manufacturers Association; Edward Asscher, President of the Dutch Diamond  Manufacturers Association and WDC President; and Pranay  Narkevar of Pharos Beam Consulting.
The Biggest Challenge
The Presidents’ Meeting that took place in Tel Aviv this week highlighted five challenges facing the diamond industry, but the issue of profitability was the most pressing. Constituents of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), which hosted the meeting, are fighting for survival as they’re unable to make money from polishing rough diamonds.  In that context, speakers at the three-day event noted that their most pressing issues were:
1.    The lack of profitability in the midstream;
2.     Declining bank credit to the industry and the high-risk perception that the banks have about the trade;
3.    Over-grading and the temporary color treatment of diamonds;
4.    Undisclosed mixing of synthetic diamonds; and
5.    The call to increase competition and transparency among service providers, with particular reference to the Rapaport Price List.
Tough times indeed. While the WFDB and IDMA already have systems in place to tackle some of those challenges, and debated solutions for others, the industry remains at a loss about profitability.

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diamond news

Seated from left: Phillippe Roolant, IDMA Vice President and Vice President of the Thai Diamond Manufacturers Association;  David De Toledo, IDMA Vice President and Vice President of the Israel Diamond Manufacturers Association; Stephane Fischler, IDMA Treasurer and President of the Antwerp World Diamond Centre; Jeffrey Fischer, Honorary IDMA President;  Maxim  Shkadov, Ronnie VanderLinden and Parag Shah, Treasurer of the Diamond Manufacturers & Importers Association of AmericaType caption text here.

Presidents’ Meeting: Think Tank Focuses on Diamond Promotion Plan

The 2015 Presidents’ Meeting kicked off with a discussion on one of the chief concerns of the industry and trade: the generic promotion of diamonds in the global consumer market. A core group of presidents of bourses affiliated to the World Federation of Diamond Bourses (WFDB) gathered on Sunday morning to discuss the issue. “The focus of this year’s Presidents’ Meeting is clear,” Israel Diamond Exchange President Shmuel Schnitzer said. “Our industry is facing a range of issues, the most important of which is the changing consumer preferences in the luxury product market. Add to that the difficulties of rough diamond procurement and pricing, industry financing and a relatively weak demand for polished in various consumer markets, and we have a significant roster of topics we will be addressing at this meeting,” he continued. “Fortunately, this meeting is well attended by representatives of the producers, such as De Beers and ALROSA, governmental delegations from African diamond producing nations, such as Botswana, Congo and Zimbabwe, and last but not least, presidents from the majority of diamond bourses and manufacturers associations, and other industry players”, Schnitzer added



From Left: Gideon Petrover, delegate from the Sri Lanka Diamond Manufacturers Association; Paul Van der Steen, Industry Expert of HRD Antwerp NV; Linda Vancauwenberghe, SBD Secretary and IDMA Secretary;  Bart de Hantsetters; SBD Delegate; Chaim Even Zohar and Suresh Shah.

Presidents’ Meeting ends with hope for the future,
but serious challenges remain


The 2015 Presidents’ Meeting closed on Tuesday after three days of intensive discussions regarding the present state of the diamond industry, and how to attempt to create a more productive future across the diamond pipeline. World Federation of Diamond Bourses (WFDB) president Ernie Blom said the talks had been open and honest. “We held highly intensive discussions which allowed us to discuss issues in depth. As we all concurred, the main themes are the lack of profitability, banking and finance, synthetics and over-grading. I feel that we have achieved a great deal in precisely identifying the challenges that face us, and what we need to do to overcome them. We have put processes in motion and a number of committees will look at them in great depth and report back with proposals for how to deal with them.” International Diamond Manufacturers’ Association (IDMA) secretary general, Ronnie Vanderlinden, said the talks had been heated at times, but remained agreeable. He also admitted that as IDMA president, Maxim Shkadov had said, there are no simple solutions. He also concurred with De Beers CEO Phillippe Mellier that the industry is dealing with different perceptions and visions, and that ultimately each business within the pipeline must make decisions that are correct (and profitable) for them. He also stressed that one of the industry’s top priorities must be to drive consumer confidence and demand.


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diamond news

Ofer Laufman, General Manager of the Israel Diamond Manufacturers Association  (IsDMA); Avraham (Bumi) Traub, Immediate Past IsDMA President; and Martin Hochbaum, former General Manager of the Diamond Dealers Club of New York, and currently a director of the American Kimberley Process Authority.
Presidents’ Meeting extremely useful
The 2015 Presidents Meeting in Tel Aviv came to an end on Tuesday, with World Federation of Diamond Bourses (WFDB) President Ernie Blom saying it had provided the opportunity for three days of intensive discussions on the main issues affecting the diamond trade globally. WFDB presidents, as well as their counterparts from the International Diamond Manufacturers Association, also travelled to Jerusalem on Tuesdaywhere they were hosted by Israel’s Prime Minister Benjamin Netanyahu where they briefed him on the state of the diamond trade worldwide. The joint working session of the WFDB and IDMA was addressed by Philippe Mellier, CEO of De Beers, and recently appointed Alrosa President Andrey Zharkov.Read more

From left; Victor Yiu, a director of the China Diamond Manufacturers Association; Shira Ami, Editor-in-Chief of the Israeli Hebrew-English trade magazine HaYahalom; Ilan Kaplan, President of the South African  Diamond Manufacturers Association; and Jacob Thamage, Coordinator Diamond Hub,  Ministry of Minerals, Energy and Water Resources, Botswana. 

8 Reasons Why Our Industry Needs a Chain of Custody


At the recent President’s Meeting, World Federation of Diamond Bourses (WFDB)

president Ernest Blom said something noteworthy: “If customers are checking where their fruit and vegetables and tea and coffee were grown, be sure [they will do the same] when they go to buy an item of diamond jewelry that costs thousands of times more.” The WFDB is generally considered the more conservative of the diamond groups, so his remarks seemed important, in that they implicitly endorse a chain of custody. When I asked him about this later, he didn’t think it was a big shift but noted the industry needs to evolve in this new consumer environment. He’s right. Smart businesspeople deal with the world as it is, not as they wish it to be. They also believe in minimizing risk. As I’ve long argued, the industry faces serious problems if it doesn’t get a better handle on its supply chain. Here are some reasons why this is so important.

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De Beers June Sight Estimated at $550M


The De Beers June sight closed with an estimated value of $550 million. Diamond pricesdiamond newswere reportedly stable at the sight, while sightholders noted a slight increase in the box price of larger goods. Some added that De Beers also improved the assortment quality on those same boxes. Sightholder sentiment remained negative at the sight as manufacturers stated that polishing rough diamonds at current prices is still unprofitable. However, the amount of rejections at the sight was small. “De Beers has made gestures to sightholders that it understands the situation in the market and the lack of profitability in the midstream, but it still has not done enough to address the situation,” said a sightholder with manufacturing operations in southern Africa. The sightholder added that he expected polished demand for diamonds larger than 3 carats would remain soft until the end of 2015, with perhaps a small pickup during the Christmas shopping season.

Diamonds giant De Beers happy with Namibian partnership


Chief executive of diamond giant De Beers Group, Phillippe Mellier said on Wednesdaythat his company was happy with its partnership with the Namibian government.Following his courtesy call on President Hage Geingob at State House, Mellier noted that their partnership in diamond producer, Namdeb Diamond Corporation was going well and bearing fruits for the country. Mellier told journalists that he had discussed with Geingob about a new diamond contract proposed by Namibia. He said he told Geingob that De Beers is happy with the terms of diamonds sales and marketing agreement with the Namibian government.

De Beers sightholders sentiments remain negative


Even as the world’s largest diamond mining company, De Beers closed its June sale sight with an estimated value of $550 million, sightholder sentiments remained negative as manufacturers, especially from India contented polishing rough diamonds at current price is unprofitable. Though the prices at the June sale sight of De Beers were stable, with a slight increase in the box price of larger goods and improved assortment quality on those same boxes, the sightholders are not excited the way market is going. According to Rapaport Group, De Beers boxes were trading on the secondary market at small premiums and on credit terms that averaged between 60 days and 90 days. While many boxes are still being traded below cost, the prevailing prices and credit terms constitute a small improvement in the market compared with recent months. One buyer surmised that the market can’t digest the overhang in polished goods, which should be addressed by reducing the volume of rough supplies and prices. Meanwhile, De Beers firmly believes manufacturing activity and retail demand for diamonds will pick up in the second half of the year.


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Diamantaires should make sustainable returns: De Beers
Diamantaires need to make sustainable returns from their business so as to invest in

things such as new technology, marketing activities and business efficiency, said Philippe Mellier, CEO of De Beers Group. Mellier, who was addressing the president meeting of the World Federation of Diamond Bourses (WFDB) and International Diamond Manufacturers Association (IDMA) on Tuesday said, “First, there is a need to generate consumer demand growth downstream, which will support the value of diamantaires’ polished diamond sales. Second, there is a need ato facilitate efficiency and maintain third party confidence in the midstream to reduce diamantaires’ operating costs. Third, there is a need to maintain availability upstream to limit the escalation in diamantaires’ input costs.” Mellier said that De Beers has to make sustainable returns so as to invest in things such as production capacity, with our current projects requiring expenditure of more than $3 billion.

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Higher diamond prices push Russia’s Alrosa Q1 profit to 22.2 billion rubles
Russian diamond mining company Alrosa said on Thursday its net profit rose to 22.2

billion roubles ($409 million) in the first quarter of 2015, up almoast fourfold year-on-year because of higher diamond prices and a weaker rouble. Alrosa, the world’s top producer by output in carats, recorded a 16.8 billion rouble loss last year, as the tumbling value of the rouble prompted a revaluation of the dollar-denominated part of its debt. But the company said average diamond prices had increased 4 percent year-on-year, driving sales and supporting margins. “The growth of gem-quality rough diamond sales was driven by a higher average diamond price … and by rouble depreciation against the US dollar,” Alrosa said in a presentation to investors.

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Alrosa’s diamond prices down 6% so far this year, but recovery coming

Russia’s Alrosa, the world’s top diamond producer by output in carats, said Tuesday prices for

the precious rocks its mines have fallen by 6% since the start of 2015, but expects market conditions to improve by the end of the year. According to Reuters, the company saw its rough diamond prices decrease by 3% in February and a further 3% at the company’s May trading session. Speaking at the 2015 Presidents’ Meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), Alrosa’s President, Andrey Zharkov, said current prices are stable. He added that trading centres continue to be key for the market. “Alrosa will continue to foster close relations with diamond centres and industry organisations to contribute to the sector development, information exchange and consumer confidence”, Zharkov said in a statement.

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Russians signalling new Botswana diamond find


Analysis used by Russian diamond giant Alrosa indicated that a new diamondiferous kimberlite would emerge in Botswana by Christmas, London Aim-listed company head John Teelingsaid on Tuesday. Speaking at the thirteenth Botswana Resource Sector Conference here, Teeling noted that Alrosa made use of electrical impulses rather than magnetics and approached solid sampling differently. Teeling said the approach speeded up exploration by bringing mobile mineral-analysis laboratories on to site. Currently the world’s largest diamond company, Alrosa has been partnering Teeling’sAfrica-focused BotswanaDiamonds on several programmes, using the technology that helped the Russian company discover 19 diamond mines in Siberia. http://www.iol.co.za/news/crime-courts/de-beers-denies-diamond-scandal-claims-1.1869786  Read more

IDMA calls for acknowledgement of industry’s need for profitability


The IDMA members who attended the2015 Presidents’ Meeting welcomed the recently announced decision of the world’s leading diamond producers to establish the Diamond Producers Association (DPA). IDMA President Maxim Shkadov and Secretary General Ronnie VanderLinden both noted that an alliance of the major rough producers for the purpose of promoting the image of diamonds will prove invaluable to the future of our industry. The IDMA members were unanimous in their hope that the DPA would be allocating resources sufficient to make significant inroads into driving improved consumer demand for diamonds and diamond jewelry.

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Israel’s diamond leaders call for reduced rough supply


Major rough diamond producers should reduce rough sales to help bring stability to the diamond pipeline, according to industry leaders in Israel.  Shmuel Schnitzer, the president of the Israel Diamond Exchange (IDE), and Jacob Korn, the president of the Israel Diamond Manufacturers Association (IsDMA) expressed their support for restoring profitability to the diamond industry’s midstream by indirectly reducing supplies. “Reducing rough diamond prices is not the solution to the lack of profitability in the industry’s midstream because it will hurt market confidence,” said Schnitzer. “In the short term, we need less rough from producers so that the market can correct itself. However, I’m not sure that the miners can afford to maintain this solution long-term.”

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Okavango diamond sales fall 20% 

Botswana’s Okavango Diamond Company (ODC) sold 1.02 million carats worth $193 million in the five months to May, 20% less than the same year-ago period due to a weaker market and lower output, the firm said on Thursday. State-owned ODC, which has held four tenders in 2015, is expected to sell 14% of the production of Debswana, a joint venture between Botswana’s government and Anglo American’s diamond unit De Beers. ODC was established to market a portion of Debswana’s rough diamond production as Botswana seeks to develop its own price book through an independent window outside of De Beers’ channels. “Global rough diamond prices have softened since the fourth quarter of 2014, largely as a result of weaker polished prices,” ODC Stakeholder relations executive Kutlo Thathana told Reuters.

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Second default in 10 days: Diamond unit can’t honour 400cr payments
In less than 10 days of a diamond firm defaulting on payments worth Rs 300 crore, yet

another diamond firm from the diamond hub of Surat on Monday defaulted on payments of Rs 400 crore due to rough diamond dealers in Surat, Mumbai and Antwerp. Market sources said the second consecutive default by the diamond firm has jolted the Rs 90,000 crore diamond industry in the city. This is because the two diamond firms have together defaulted on payments worth Rs 700 crore in 10 days. The company was into diamond business for two decades. Sources said the company owners had purchased rough diamonds in huge quantities from Surat, Mumbai and Antwerp last year.

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Second-hand diamonds regain lost glitter in India

India’s polished diamond imports are surging on the back of weak rupee against dollar

and dwindling demand of polished diamonds in key consumer markets across the world. Second-hand diamonds, snapped up by the consumers in the United States, Japan and China due to economic slowdown, are now flooding India. Market sources said diamond jewellery consumers in a few countries including Japan, China and the United States sell their jewellery articles studded with diamonds. While gold, silver and platinum are recycled for jewellery making again, the diamonds and gemstones of such articles are exported to India. The value of second hand diamonds is 35 per cent less than the fresh diamonds of same colour, clarity, size and carat weight. Diamantaires import diamonds at cheaper value and after redesign and processing, sell the diamonds again in the global jewellery market.

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Diamond giant De Beers has denied allegations of illegal diamond dealing made against

it by a former senior valuator of the country’s diamond regulator. Last month, Conrad Dintwe Benn launched an urgent court application in the high court in Joburg challenging the South African Diamond & Precious Metals Regulator’s decision to suspend him in April last year and fire him last month. In his court papers, Benn submitted that his suspension and subsequent expulsion were due to his discovery of alleged acts of wrongdoing by De Beers. He also claimed that De Beers was not complying with section 74 of the country’s Diamond Act. According to Benn, De Beers was exempt from getting permission to sell its diamonds overseas – if it can show that for any of its sales exceeding R5 billion, at least 40 percent of it benefited local companies. Ben said 11 companies were supposed to benefit but said a single off-shore company received the lion’s share. He said that of the 40 percent of the gross value of the production cycle to beneficiaries in South Africa, 35 percent was sold to one customer, “being Ascot Diamonds (Pty) Ltd.

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 Promissory note replaces paper note system in diamond trade

It’s 5pm and Naresh Thummar, owner of a diamond polishing unit in Katargam, has struck a deal in the trading hub of Mahidharpura to sell his polished gems for Rs 3 crore. The trader hands him a small paper chit mentioning the size, carat, colour, purity, and, most importantly, the date by which Thummar will get his payment. The paper chits, which are otherwise thrown nto dustbins, have been an important trade instrument in the Rs 90,000 crore diamond industry for over six decades now. But, this ‘chitthi system’ that is based on mutual trust is set to be banished now. Following an increase in defaults and cheating cases, the small and medium diamond unit owners are readying to embrace a more reliable system of ‘jhangad’, a kind of promissory note to arm fraud victims with stronger evidence for legal action. Since September 2014, defaults at least to the tune of Rs 500 crore have been reported in Surat.

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Surat diamantaires oppose GJEPCs move to form new western regional committee

Even as the Gems and Jewellery Export Promotion Council (GJEPC) has put on hold its

the decision to form a new western regional committee by excluding the existing state committee on, the diamantaires in Surat and other centres are not convinced. On May 18, GJEPC had floated a proposal to form the new committee consisting of four states namely Gujarat, Maharashtra, Goa and Madhya Pradesh and discontinuing the existing. However, the diamantaires from Gujarat, having offices in Mumbai and manufacturing units in Surat and other parts, opposed move at the extraordinary general meeting (EGM) held in Mumbai on Tuesday. They said the committee is needed to effectively represent industry issues to the government. Dinesh Navadia, president, Surat Diamond Association (SDA), said, “Gujarat regional committee is in existence from the last 25 years and we do not want to merge it in the western regional committee. Gujarat will not have a say in the western committee as it will be represented by other states as well”

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GIA Buys Additional Floor at Extell’s Diamond District Tower


The GIA has added an additional floor to its current operations at Extell Development’s International Gem Tower in the Diamond District, property records show. The Gemological Institute of America paid $13 million for an office condominium on the ninth floor of 50 West 47th Street between Avenue of the Americas and Fifth Avenue. The association’s website currently lists its foothold at the 36-story tower for educational, research and laboratory purposes. A spokesman for the institute said it currently occupies the fourth and eighth floors of the 488,000-square-foot building. He declined to comment on the sale, and could not provide how many square footage the institute occupies. Gary Barnett, the president and founder of Extell, did not immediately return a request for comment. The real estate tycoon, who cut his teeth in the diamond industry before moving into development, wrapped up construction on the Diamond District tower last year, as he told Commercial Observer last September.



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Extell Buys Diamond District Building for $15.4M


Gary Barnett’s Extell Development has bought 25 West 47th Street for $15.4 million from Toback Realty LLC, property records indicate. The building is a two-story retail and office property between Fifth Avenue and Avenue of the Americas.The deal closed May 29 and appears in property records today.A person who works at jewelry equipment supplierMyron Toback, which is located in the building, said there was no relation between her firm and the building owner and hung up. The 4,477-square-foot two-story retail and office property was built in 1938, according to CoStar. The Toback clan bought the property in 1980.

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Registration Opens for Summer Edition
of Israel International Diamond Week


The Israel Diamond Exchange (IDE) has opened registration for the upcoming the summer edition of the International Diamond Week in Israel (IDWI). Registered and confirmed buyers will receive three free nights in the IDWI venue hotel.The IDWI is organized in close cooperation with the Diamond Dealers Club of New York (DDC) and the Antwerp Diamond Bourse (Beurs voor Diamanthandel). Both exchanges will be represented by delegations of their members on the IDE trading floor in August. During the 2015 Presidents Meeting… I spoke to all the attending colleagues from other bourses affiliated to the World Federation of Diamond Bourses (WFDB) and invited them to join us, bringing delegations of their own members to Israel in August,” said IDE present Shmuel Schnitzer. “Several bourses already have indicated they will do so for the first time.”
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World Diamond Mark Partners With Museum of Named Diamonds


The World Diamond Mark Foundation (WDMF) and The Museum of Named Diamonds, a non-profit entity, have signed an agreement to promote diamond awareness to consumers and focus attention on the romantic and symbolic nature of diamonds. In addition, the Museum will include educational information for the consumer on the role of the World Diamond Mark and the WDMF will recognize the Museum as the industry’s official registry of named diamonds. The partnership is intended ultimately to help retail jewelers communicate the story of

diamonds to the consumer and, in particular, to target the millennial buyer. Jacques Voorhees, the vice chairman of Museum of Named Diamonds, said, “The Museum is an online space for which both famous diamonds and  ‘personalized’ diamonds are displayed. Personalized diamonds are natural stones that have been officially named, under defined procedures, and have had other personalization elements added to them such as original artwork reflecting the name and a brief story that connects the name to the relationship it represents. This information is showcased in the Museum, where it can readily be shared on social media with the consumer’s friends and relatives.

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Speeches and photos of Andrey Zharkov, the newly appointed President of ALROSA; Philippe Melllier, CEO of the De Beers Group; and luxury consumer product industry specialist Frank Mueller, of Bridge to Luxury.

 Andrey Zharkov

Andrey Zharkov – Speech PM 2015




Philippe Mellier Speech PM 2015


With 3,500 members, the Israel Diamond Exchange is the world’s largest diamond exchange in the international diamond industry and trade. Walking along the corridors of the Israel Diamond Exchange complex, moving from on tower to the next, one meets diamond traders from all over the world, many of whom hold membership in the bourse. On a regular day between 15,000 to 20,000 people come through the turnstiles of the world’s most secure diamond exchange complex to conduct their business on the world’s largest trading floor or in one of the 2,000 offices in one of the complex’s four towers.At the Israel Diamond Exchange complex, members are involved in all aspects of the diamond business, such as the import and export of rough and polished diamonds, manufacturing, diamond brokering and so forth. Here they operate in a business environment that allows them to manage their affairs in maximum comfort and security, enjoying access to all the professional and business services they need, such as shipping and insurance companies, banks, a post office, the customs office, technological equipment, synagogues, restaurants, shops, a gym, a doctor’s office and much more.

During its 90 years of existence, Israel’s diamond industry and trade has become one of the leading export branches, accounts for some 20 percent of the country’s annual gross exports. The diamond industry operates under the auspices of the Ministry of Economy by means of the Diamond Controller’s office at the complex. The exchange ‘s institutions comprise of the President, Directorate and Control Committee – elected by direct, secret and democratic elections; a professionally trained staff headed by the Managing Director; directorate committees; a panel of arbitrators and a disciplinary committee.

The Israel Diamond Exchange also represents its members in the various international trade and professional organizations. The exchange is a member of the World Federation of Diamond Bourses (WFDB), the World Diamond Council (WDC) which represents the diamond industry in the “Kimberley Process” Forum and the World Jewelry Confederation (CIBJO).

Since long, Israeli industry leaders have always show a keen interest in helping shape the future of the international diamond business community. The legendary late Moshe Schnitzer, who served for 26 years as president of the Israel Diamond Exchange, served two terms as WFDB president, from 1968 to 1972 and from 1978 to 1982. His son Shmuel, who currently serves as the Israel Diamond Exchange President, served as WFDB president from 2002 to 2006. The late Ithak Forem served as WFDB president from 1998 to 2000, and Avi Paz served as WFDB president from 2008-2012.

The Diamond Exchange takes an active role in the business and professional development of the diamond trade in Israel and abroad, whether as an independent entity or in cooperation with the Israel Diamond Manufacturers’ Association and the Israel Diamond Institute. In this framework, the Diamond Exchange is an active partner in marketing and promoting the industry, finding new sources of supply for rough diamonds, fostering relationships with existing sources and participating in relevant legislative processes in Israel and abroad. Since 2013, the bourse organizes at regular intervals and several times a year it highly successful International Diamond Weeks, in cooperation with sister bourses in New York and Antwerp.

IDE’s Presidium
Mr. Shmuel Schnitzer
Mr. Jacob Korn
Mr. Jacob Kattan
Mr. Arnon Yuval
Mr. Yehezkel (Hezi) Blum
Mr. Ben Zion Shashu
Mr. Jacob Haron Shelly
Mr. Mordechai (Moti) Fluk

Mr. Meir Dalumi
Mr. Yoram Dvash
Mr. Shlomo (Shizo) Shimshowitz
Mr. Shalom Papir
Mr. Luni Grinker
Mr. Yosef Ben Zion
Mr. Amotz Raz
Ms. Emma Yanover
Mr. Shlomo (Muni) Bachar
Executive Vice-President
Senior Vice-President
Vice-President & Chairman, Finance Committee
Treasurer, Member of the Presidium
Chairman, Judicial Committee, Member of the Presidium
Honorary Secretary
Honorary Secretary, Member of the Presidium
Member of the Presidium
Member of the Board
Member of the Board
Member of the Board
Member of the Board
Member of the Board



Rough Diamond Zimbabwe’s Sales

Rough Diamond Zimbabwe’s Sales

The Herald: Zimbabwe sold 1.4 million carats of rough diamonds worth $75.92 million from local tender sales during the first five months of the year, data received from the Minerals Marketing Corporation of Zimbabwe (MMCZ) shows.

In January, Zimbabwe realized $11.3 million from the sale of 205,863.27 carats of rough diamonds, while the February sale brought in $8.6 million from 142,870.60 carats. In March the government sold 555,889.59 carats for $26.5 million and in April, it tendered 255,346.12 carats for $15.5 million, while the final sale on May 5 raked in $13.8 million from 250,476.86 carats.

Government royalties totaled $15.2 million, while 2.5 percent was assigned to management fees and another 2.5 percent to  depletion fees.

Last year, Zimbabwe conducted its first diamond tender in the country at the newly constructed diamond sale facilities at the MMCZ. The tender attracted 410 buyers from 133 companies and was as successful as other tenders the country held in Antwerp, Belgium and in Dubai.

The construction of the diamond tender facility and the sale of the gems locally was influenced by the need to ensure security of the stones following the seizure of $45 million worth of diamonds by a South African company and some white former commercial farmers in Belgium last year.

Those diamonds were, however, returned after court ruled in Zimbabwe’s favor.

Diamond export receipts last year declined to $350 million from about $466 million in 2013, while annual exports dropped to 5.9 million carats from 8.9 million carats.

Zimbabwe hopes to recover from the export decline this year  following the discovery of about 105 kimberlites in Marange, with some companies now exploring the deposits as opposed to alluvial mining.  The alluvial deposits, which have a higher rate of industrial gems, are fast running out but the discovery of the 105 kimberlites gives new hope.

The Minister of Mines and Mining Development, Walter Chidhakwa, last year told Parliament that the government had directed diamond mining companies to switch to exploiting the kimberlite deposits.

Copyright The Herald. Distributed by AllAfrica Global Media (allAfrica.com).

Zimbabwe sold 1.4 million carats of rough diamonds worth 75.92 million U.S. dollars from local tender sales in the first four months of the year, state owned Herald reported on Thursday, citing statistics from the Minerals Marketing Corporation of Zimbabwe.

rough diamond


Last year Zimbabwe conducted its first ever diamond tender held in the country at the newly constructed diamond sale facilities in Harare.
The diamond tender attracted 410 buyers, which was the highest number of buyers for the local gems.
Diamond export receipts last year declined to 350 million U.S. dollars from about 466 million U.S. dollars in 2013 while annual exports dropped to 5.9 million carats from 8.9 million carats the prior year.
However, Zimbabwe hopes to recover from the decline in exports following the discovery of about 105 kimberlites in Marange diamond fields, east of Harare, with some companies having started the exploration of the kimberlites deposits moving away from alluvial mining.
Zimbabwe holds about 25 percent of the world’s reserves of opencast extractable diamonds, the government says. Diamond output peaked at 12 million carats in 2012, accounting for 8 percent of the global output, making Zimbabwe the world’s sixth largest diamond producer. Enditem


Rough Diamond Stone Tender

Lucara Diamond Corp.: Exceptional Stone Tender Announced


VANCOUVER, BRITISH COLUMBIA, May 26, 2015 (Marketwired via COMTEX) — Lucara Diamond Corp. (LUC)(botswana:LUC)(nasdaq omx stockholm:LUC) (“Lucara” or the “Company”) is pleased to announce the dates for its first Exceptional Stone Tender of 2015. Viewing will take place in Gaborone from July 6 through to July 16, 2015 with the tender closing at 4.00pm CET.

This Exceptional Stone Tender will be lead by the sale of the 342 carat diamond, recovered from the Karowe Mine in April 2015. It is anticipated that up to 16 diamonds will be sold on tender including up to six diamonds larger than 100 carats.

The sales brochure will be available on the Company’s website during the week of June 18, 2015.

On behalf of the Board,

William Lamb, President and CEO

About Lucara

Lucara is a well positioned diamond producer. The Company has an experienced board and management team with extensive diamond development and operations expertise. The Company’s two assets are the Karowe Mine in Botswana and the Mothae Project in Lesotho. The 100% owned Karowe Mine is in production. The 75% owned Mothae Project has completed its trial mining program.

Information in this release is accurate at the time of distribution but may be superseded or qualified by subsequent news releases.

The information in this release is subject to the disclosure requirements of Lucara Diamond Corp. under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on May 26, 2015 at 2:00 p.m. Pacific Time.


Certain of the statements made and contained herein and elsewhere constitute forward-looking statements as defined in applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or achieved.

Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The Company believes that expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information included herein should not be unduly relied upon. In particular, this release may contain forward looking information pertaining to the following: the estimates of the Company’s mineral reserve and resources; estimates of the Company’s production and sales volumes for the Karowe Mine; estimated costs to construct the Karowe Mine, start-up, exploration and development plans and objectives, production costs, exploration and development expenditures and reclamation costs; expectation of diamond price and changes to foreign currency exchange rate; expectations regarding the need to raise capital; possible impacts of disputes or litigation and other risks and uncertainties describe under Risks and Uncertainties disclosed in the Company’s Annual Information Form.

There can be no assurance that such statements will prove to be accurate, as the Company’s results and future events could differ materially from those anticipated in this forward-looking information as a result of those factors discussed in or referred to under the heading “Risk Factors’ in the Company’s most recent Annual Information Form available at http://www.sedar.com, as well as changes in general business and economic conditions, changes in interest and foreign currency rates, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, costs of power and diesel, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and recoverability assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job actions, adverse weather conditions, and unanticipated events relating to health safety and environmental matters)

Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, and the Company does not assume any obligations to update or revise them to reflect new events or circumstances, except as required by law.

Lucara Diamond Corp.
Sophia Shane
Corporate Development
+1 (604) 689-7842

Lucara Diamond Corp.
Robert Eriksson
Investor Relations, Sweden
+46 701-112615

SOURCE: Lucara Diamond Corp.

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Corlia Roberts

Corlia Roberts | Send Friend Request

The Corlia Roberts Diamond Education College presents fascinating courses on diamond evaluation, grading and polishing. Through the Diamond Education college unique combination of one-on-one coaching and integrated videos, students will learn to grade diamonds, polish diamonds, and evaluate diamond stones more consistently and accurately using the very latest in gemmological microscopes. On completion of the course, successful students will receive a Diamond Education College Completion certificate, which “will undoubtedly open doors within a traditionally insular industry.

Principal of the College – Corlia Roberts

Corlia is a qualified Fashion Designer, has +/-18 years experience in the Diamond Industry.

Corlia be contacted on  +27.829657740  | +27.813190211  or Message  #facebook

Her achievements include:
  • GIA (Gemological Institute of America) Diamond Grading course
  • (GIA) Diamond Course
  • (GIA) Gem Identification Course
  • (GIA) Colored stone Grading Course
  • (GIA) Colored stone Course
  • (GIA) Pearl Course
  • (EGL) European Gemological Laboratories – Diamonds and Diamond Grading Course

The mere mention of the word fills the mind with a multitude of concepts and images.

Harry Winston Opens In Miami

Harry Winston Opens A New Salon In Miami Design District:

MIAMI, May 14, 2015 /PRNewswire/ — The House of Harry Winston, the legendary “King of Diamonds,” and international luxury brand announces the opening of a new retail salon in the Miami Design District, a historic part of the city known for its innovative art, architecture, and design. Located at 166 NE 39th Street, the impressive 7,168 square foot salon will house Harry Winston’s exquisite jewelry and timepiece collections, including the finest diamonds and rarest gemstones available today.

Miami Design District presents the perfect setting for Harry Winston’s newest salon location,” said Nayla Hayek, CEO of Harry Winston, Inc. “Harry Winston has long celebrated the similarities between fine art and fine jewelry, often exploring various artistic influences as a way to bring its fine jewelry designs to life. With this opening, we look forward to continuing in this rich tradition, as we share the House’s renowned heritage and extraordinary creations with a city that is at the forefront of global creativity and design, and we welcome our new and existing clients from around the world.”

Designed to capture the elegance and intimacy of a private estate, the new two-story salon reflects a contemporary variation on the traditional Winston style, drawing references from the eloquence and architecture of the brand’s iconic Fifth Avenue Flagship. A soft taupe and grey color palette complements the custom designed black lacquer and antique bronze furniture, with bespoke chandeliers, hand-beaded silk walls and antique accents. Dedicated areas for Harry Winston’s high jewelry, bridal, timepiece and fine jewelry collections, ensure clients receive the discreet and highly personalized shopping experience that the House is known for, while private selling rooms provide a luxurious space for the ultimate in exclusivity.

Mary Cunsolo: Salon Director, Harry Winston Miami Design District; Craig Robins: CEO & President, Dacra; Laurie Adorno: US Vice President of Retail, Harry Winston (PRNewsFoto/The House of Harry Winston)
Mary Cunsolo: Salon Director, Harry Winston Miami Design District; Craig Robins: CEO & President, Dacra; Laurie Adorno: US Vice President of Retail, Harry Winston (PRNewsFoto/The House of Harry Winston)
Harry Winston Salon, Miami Design District (PRNewsFoto/The House of Harry Winston)
Harry Winston Salon, Miami Design District (PRNewsFoto/The House of Harry Winston)

Founded in New York City, in 1932, The House of Harry Winston continues to set the standard for the ultimate in fine jewelry and high-end watch making. From the acquisition of some of the world’s most famous gemstones, including the Jonker, Hope and Winston Legacy Diamonds, to adorning Hollywood’s leading ladies on the red carpet, for over eight decades, Harry Winston has been a symbol of the best there is. Headquartered in New York, the company operates retail salons worldwide, in locations including: New York, Beverly Hills, London, Paris, Genève, Tokyo, Hong Kong and Shanghai.

SOURCE The House of Harry Winston


Fancy Color Diamond Index Holds Firm

Fancy Color Diamond Index Holds Firm:

May 13, 2015 5:02 AM   By Fancy Color Research Foundation

Press Release: Analysis of the latest data published by the Fancy Color Research Foundation (FCRF) in its third Fancy Color Index reveals a stark contrast between the performance of colored diamonds and their colorless counterparts. While white diamond categories suffered price declines of 4 percent to 6 percent, according to the Rapaport Group’s RAPI™, the value of fancy colored diamonds continued to hold firm, with key types increasing in value, during the period between January and April 2015.

Commentary from those who contributed data to the quarterly analysis suggests that a key factor in their resilience during this period is the significant shortage of product across most color and size categories.

This has resulted in those working with fancy color diamonds continuing to enjoy the high margins that these assets deliver. It is expected that the analysis and insight provided by the foundation will continue to enable members to make informed decisions ahead of undertaking significant fancy color diamond transactions.

Product segments that showed price increases of more than 2 percent in the period January to April, included 1-carat fancy and intense blues, 3-carat intense blue and 1.50-carat fancy yellows. A complete data analysis by each category is available to FCRF members at FCResearch.org (membership is open to anyone in the jewelry and related industries and payment can be carried out online).

Ephraim Zion, a member of the advisory board of the Fancy Color Research Foundation, commented: “It is encouraging for our members to see that, once again, fancy color diamonds have exhibited a solid growth in value, with fancy and intense blues performing particularly well.

By collating and analyzing sales data from major diamond trading centers we are able to provide far greater levels of understanding as to the performance of fancy color diamonds. This gives our members increased certainty when transacting fancy color diamonds.”

Eden Rachminov, chairman of the board of advisors for the FCRF, said,  “Our members are telling us that our analysis is exceptionally useful as they capitalize on the wealth of information and educational tools at their disposal. We are seeing that increased levels of understanding promoting greater adoption of fancy color diamonds as a product category.”

About the FCRF:
The FCRF is an independent, non-profit organization formed to promote fair-trade, ethics and transparency in the fancy color diamond retail, wholesale and mining industry. The FCRF activity includes the development of innovative research and digital tools that will support the fancy color diamond retail selling process for consumers, retailers and collectors; the promotion of fair trade in fancy color diamonds throughout the value chain underpinned by reliable data analysis to create a uniform knowledge base across all industry layers and the authoring of publications to clarify the complex methodology for evaluating fancy color diamonds.

Membership of the FCRF is open to retailers, auction houses, wholesale traders/manufacturers, financial institutions, insurance appraisers and mining companies. Organizations interested in membership of The FCRF should visit fcresearch.org to register details.

About the Fancy Color Diamond Index:
The Index is a first-of-its-kind tracker of changes in the market prices of yellow, pink and blue fancy color diamonds, the three most commonly traded fancy color diamond categories (a market price is a wholesale transaction taking place in one or more of the global diamond trading centers).

The Index is a composite representation of changes in price points gathered since 2005, based on a statistically significant sample size. It offers insight into variations in the appreciation of diamonds of different colors and sizes.

The Fancy Color Research Foundation oversees proprietary prevalence and pricing data aggregation and production of the index. A third party New York-based audit firm reviews the development of The Index from the various data points gathered.

The Index can be used to understand and track the historical price behavior of different rare fancy color diamonds.

Jewelry history was made at Sotheby’s magnificent jewels auction in Geneva

Sotheby’s Geneva Sets Highest Total for a Jewelry Auction at $161M

May 13, 2015 9:27 AM   By Francesco Rosa

RAPAPORT... Jewelry history was made at Sotheby’s magnificent jewels auction in Geneva on May 11, which achieved the highest total to date for any jewelry auction at $160,914,902. The sale was 94 percent sold by lot and broke a total of six new world auction records.

The top lot of the evening was The Sunrise Ruby (pictured),  a cushion-shaped Burmese ruby of 25.59 carats, which sold to an anonymous buyer for $30,335,698, or $1,185,451 per carat. It set three records: a world auction record for any ruby, a world auction record per carat for a ruby and a world auction record for a jewel by Cartier. auction, record, ruby

The second top lot of the sale was The Historic Pink Diamond, an 8.72-carat, VS2, cushion brilliant-cut, fancy vivid pink type IIa diamond. It sold to a bidder in the room for $15,903,422, or $1,823,787 per carat.

Intense bidding from the international trade and private buyers resulted in record prices for exceptional colored gemstones, natural pearls, signed and period jewels. Four jewels by Cartier achieved the top 10 list of highest selling lots, totaling an outstanding $47,166,909.

White and colored diamonds also registered stable prices, with four diamond-only lots making it into the top 10 list.  Continuing the strong demand for natural pearls, an extremely rare natural double-strand pearl and diamond necklace sold to international trade for $7,003,519, registering a new world auction record for a two-row natural pearl necklace.

WFDB President Expresses Concern Over Discovery of Stones With Undisclosed Diamond Treatment

WFDB President Expresses Concern Over Discovery of Stones With Undisclosed Diamond Treatment

Antwerp, Belgium – May 13, 2015: World Federation of Diamond Bourses (WFDB) President Ernie Blom has expressed his concern over a GIA statement that around 500 colorless to near-colorless diamonds were submitted, primarily to its grading laboratory in Ramat Gan, Israel, which were potentially subjected to an undisclosed temporary treatment. 

“I am extremely concerned by this development,” Blom said in a statement. “This is clearly unlawful behavior. We will have no tolerance whatsoever for this type of alleged illegal activity. 

“It is crucial that this kind of unlawful action is stamped out. We are pleased that the GIA publicized this development so that diamantaires can be on their guard, and that the IDE is moving firmly in order to deal with this issue with the utmost seriousness. Our industry must come together to counter such activity, both for the good of our members and for the end-consumer who is always uppermost in our minds,” Blom added. 

The GIA believes that the treatment temporarily hides the color of the diamonds submitted, giving a color grade that can be up to three grades higher than its actual grade. The GIA said it ended client agreements with the companies that submitted the diamonds and notified the relevant trade bodies. 

The report numbers of the potentially treated stones are posted on GIA’s website, and anyone who has purchased or has access to any of these stones is requested to submit them to any GIA lab for a no-cost, accelerated review. 

Diamond markets under pressure


Diamond markets under pressure. Rough prices must go down, polished prices must go up and manufacturers must make money

Markets don’t lie but they do correct. Over the long term, free markets are perfect because they equate supply and demand by establishing democratic prices that honestly reflect the relative value of all goods and services in the market. In the short term markets are often imperfect, as they reflect manipulation and abuse by interested parties seeking to gain short-term profits at the expense of long-term sustainability. Trading short-term profits for long-term losses is a dangerous game. Going for the easy fast buck in a carpe diem “live for the day” world creates market imbalances. The inevitable correction of these imbalances often takes place at the worst of times, when market forces are negative. Such was the case in the 2008 housing crisis when banks over-extended their credit, resulting in unsustainable housing price increases. Obviously, taking short-term gains at the expense of long-term loss is not wise. Whether it’s going to a party instead of studying for a test, eating too much at a fancy dinner and eventually suffering a heart attack or borrowing too much money and then being forced into bankruptcy, the long-term price you pay is not worth the short-term benefit. Many firms cannot resist the temptation of immediate economic gratification. Whether it’s taking too much money from the banks, bidding up rough prices to unsustainable levels, increasing revenue at the expense of profits, bribing government officials, selling overgraded diamonds, mixing synthetics into parcels of natural diamonds or simply not paying bills, it’s hard to resist an easy fast buck. The situation has become worse as structural defects in the dynamics of the diamond markets have destroyed the ability of firms to make normal profits. Competition from firms engaging in unsustainable practices has also forced some good firms to make bad decisions just to stay in business. For example, if your competitor takes on huge debt so that he can overpay for rough diamonds, what should you do? Must you close your factory or should you also pay too high rough prices in order to stay in business? Unfortunately, global diamond markets have been predisposed to making bad short-term/long-term trade-offs. In a nondifferentiated competitive market, legitimate firms have been forced to compete with firms that take shortcuts enabling them to offer lower prices. The net result is that cycles of negative behavior have developed, exposing the trade to significant economic and reputational risk. We have now reached the stage where leading diamond manufacturers and dealers have come to the realization that their current business models are unsustainable. In the words of Maxim Shkadov, president of the International Diamond Manufacturers Association (IDMA): “Our sector is going through a severe crisis and suffers significant problems. … There is no profitable income to be made in diamond manufacturing.…The seriousness of the ‘disconnect’ between the producers (miners) and the manufacturers can no longer be ignored.” (See “President’s Letter,” page 58.) Shkadov is talking about the unsustainable disparity between high rough and low polished diamond prices. He is protesting the disregard of mining companies to the plight of diamond manufacturers who can no longer make profits. From the miner’s perspective, there is no reason not to accept the high prices that diamond manufacturers offer for the rough. What the manufacturers do with the rough and whether or not they make profit is of no concern to the miners. Underlying all this is the role of the Indian government and bankers who have enabled the over-financing of the diamond business, resulting in irrationally high rough prices that ensure manufacturing losses. More…….



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