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The De Beers July sight closed with an estimated value of $200 million with the amount of goods left on the table estimated to have exceeded 65 percent of the initial sight value. De Beers reportedly kept overall diamond prices and assortment quality stable.
De Beers will allow sightholders to defer as much as 25 percent of their supply at next week’s sight as rough diamond sales continue to slide.
The diamond industry keeps facing hardships that call for a serious bailout plan, and diamond mining companies are starting to respond to the crisis with measures that will provide relief, albeit temporary.
The Indian diamond trade has decided against implementing a ban on rough diamonds. Citing the wellbeing of the workforce as the first priority of the trade, lthe 250 diamond exporters who met today agreed that the situation will be monitored for a month
A referendum is to be held tomorrow (July 7) over the issue of completely banning rough diamond imports into India for at least a month. According to reports in the Times of India (TOI), some 200 top exporters from Surat and Mumbai are set to meet to vote on the issue.
The De Beers June sight closed with an estimated value of $550 million. Diamond prices were reportedly stable at the sight, while sightholders noted a slight increase in the box price of larger goods.
The De Beers Group of Companies today reported that its total rough diamond sales for local beneficiation purposes in 2014 increased 11 percent to $1.56 billion, according to the company’s newly published 2014 Report to Society.
De Beers is selling the Kimberley mine, the century-old South African deposit that was one of the original building blocks of its empire.
The De Beers May sight closed with an estimated value of $470 million as the mining company reduced its rough diamond prices by an average of 3 percent.
Much has been said about unsustainable rough diamond prices in the past year. The lack of profitability in the diamond manufacturing sector has caused manufacturers to significantly scale down their operations and rough purchases in the past six months.
De Beers cut prices some 2–3 percent at its latest allocation in Botswana, sources say, as attendees noted a more conciliatory tone from the company CEO.
Lucara Diamond Corp. recovered a 341.90-carat gem-quality diamond from its Karowe mine in Botswana, while processing fragmental kimberlite from the central and south lobe interface.