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The mid-stream diamond industry has been given a wake-up call this year by the corporatization of supply. Suddenly, the majority of rough production is being controlled by public companies following ALROSA’s October share placement and Anglo American’s 2012 buyout of De Beers.
As diamond market participants are well aware, the central aim of the Kimberley Process Certification Scheme (KPCS) is to curb trade in conflict diamonds.
The Oxford Dictionaries UK Word of the Year 2012 was ‘omnishambles.’ The word describes “a situation that has been comprehensively mismanaged, and is characterized by a string of blunders and miscalculations.”
Johannesburg – Last year at this time, the stage was set for a climatic meeting in Washington, with the Kimberley Process voting on an issue that had been debated and discussed all year: broadening the definition of “conflict” diamond.
In my blog last week, I closed with two questions: What is De Beers’ long-term plan, and will its parent company, Anglo American, continue to have an interest in supporting a small, declining part of its business?
The image of the diamond industry was somewhat soiled last year when it emerged that several synthetic stones had been marketed as natural.
Company hails smooth transition from London to Gaboron. The De Beers November sight closed with an estimated value of $480 million, slightly higher than presight estimates as sightholders saw a bit more profitability in the goods on offer.
Diamond market overview In the run up to Thanksgiving in the US market, polished traders reported last minute orders from US retailers.
For investors looking for exposure to the diamond market, 2013 has not lived up to expectations. In fact, while U.S. stocks have rallied this year, pure-play diamond companies have struggled along.
In recent months, we have discussed in this column the retail scenarios, including expectations for future sales. Our outlook has been generally cautious, offering data that indicates rising jewelry sales, while pointing out that diamond jewelry sales are losing market share, for example.
In the past two decades, we have witnessed the gradual transition of De Beers from an ivory-towered monopoly to a commercial venture struggling to shake off its past and find a new way.
Gaborone, Botswana – This week marks De Beers’ inaugural sight in Gaborone following the relocation of its sales activities from London to Botswana, a move that has been two years in the making.