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Search Results - Sections, Diamonds

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De Beers' Tracr aims to offer improved trust in diamond provenance for consumers and traders, and will also be used to identify potential inefficiencies within the value chain.

News
New blockchain digital provenance platform launched

De Beers Group has launched a blockchain-backed diamond sourcing platform. Read more »

News
Diamond industry at a strange and extraordinary crossroad

Russia’s status as a leader in the jewellery industry has been one of the most talked about issues of 2022 in the wake of the invasion of Ukraine in February. ROBERT BOUQUET provides an update on the current trading environment. Read more »
The world’s largest blue diamond, the De Beers Cullinan Blue, has been sold at auction for $US57.47 million ($AU80.96 million) at Sotheby’s in Hong Kong. Source: De Beers

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World’s largest blue diamond falls short of record at auction

The world’s largest blue diamond, the De Beers Cullinan Blue, has been sold at auction for $US57.47 million ($AU80.96 million) at Sotheby’s in Hong Kong. Read more »
The Fuchsia Rose is an 8.82-carat fancy intense purple-pink pearl shaped diamond that sold for US$6.78 million. Image: Christie's

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Colour diamonds shine at Christie’s; pink diamond fetches $6.7 million

Colour diamonds dominated the Christie’s New York ‘Magnificent Jewels’ auction last week, led by the 8.8-carat pink diamond dubbed ‘The Fuchsia Rose’ which was sold for $US6.7 million ($AU9.1 million). Read more »
The stone – a fancy yellow cushion-shaped diamond – is considered one of the largest in the world, was mined in 1901 by DeBeers in South Africa and originally weighed around 375 carats.

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Red Cross Diamond hoped to fetch $10.7 million at auction

The 205-carat fancy yellow diamond dubbed the “Red Cross Diamond” will be auctioned next month, and is expected to fetch around $US10.7 million ($AUD14.41 million). Read more »
The new sanctions directive also covers companies owned by international conglomerates directly importing rough and polished diamonds from Russia that were previously not explicitly covered by the sanctions by the US issued in March.

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US imposes crippling sanctions on Alrosa; congress asks to close loopholes

In what could be a significant blow to Russia, the US has designated state-run mining company Alrosa in its Specially Designated Nationals (SDN) roster, which increases sanctions that carry substantial economic impacts on Russian companies. Read more »
“The World Federation of Diamond Bourses (WFDB) is deeply concerned over the loss of life and suffering that is inflicted on so many as a result of the conflict in Ukraine” – WFDB Statement

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Moscow out of World Federation of Diamond Bourses

The Moscow Diamond Bourse has suspended its membership of the World Federation of Diamond Bourses. Read more »
Under CECA, India’s gem and jewellery exports to Australia which are currently estimated at $US300 million ($AU400 million) are expected to double in value in the next three years.

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Diamonds and jewellery to benefit from new India trading agreement

A billion-dollar bilateral trade agreement has been reached between India and Australia which is expected to boost the trade of gems and jewellery between the two countries. Read more »
The key causes for this dip in pricing for rough remains open to investigation. It may indicate a steady flow of non-Russian product being made available to the market as economic sanctions are placed on Alrosa from European and US sources. Source: Alrosa

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Rough diamond prices dropping

Rough diamond prices have reportedly fallen after months of frenzied purchasing. The diamond industry was considered a surprise winner as the global economy rebounded from the COVID-19 pandemic and in 2021, rough diamond prices rose by more than 20 per cent after copping significant hits in 2019 and 2020. Read more »
Last week, the UK revealed a list of 65 new sanctions put in place against organisations and individuals identified as contributors to Russian military efforts. A list of ten key individuals or businesses were highlighted and second on that list was diamond mining company Alrosa.

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UK government announces direct sanctions on Alrosa

Russian diamond mining juggernaut Alrosa has been directly sanctioned by the UK government in the latest round of economic sanctions imposed in response to the invasion of Ukraine. Read more »
Holding 'The Rock', a 228.31-carat pear diamond is Christie’s international head of jewellery, ??Rahul Kadakia. Source: Christie's

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'The Rock' expected to fetch $30 million

 A 228.31-carat pear-shaped white diamond, dubbed ‘The Rock’, is expected to fetch around $US30 million ($AU40.50 million) at Christie’s Luxury Week tender in Geneva on 11 May. Read more »
The US tariffs penalise businesses for using diamond polishing services in China to a degree which Diamond Foundry states exceeds the cost of the manufacturing service itself. Image: Diamond Foundry

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Diamond Foundry announces lawsuit against US Government

Diamond Foundry, a US company manufacturing lab grown diamonds in California, has announced it will take legal action against the United States Trade Office. Read more »
Many people within the diamond and jewellery industry, as well as those external to it, are asking: “Should the entire global trade of all rough from Russia be blocked immediately?” Image: Alrosa's Luminous Diamonds Campaign

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The Russian Question: deciphering the diamond disruption

The Ukraine conflict and the resulting sanctions on Russia have had a major impact on the international diamond industry. ROBERT BOUQUET analyses the effect on the distribution pipelines and what’s in store for the jewellery sector. Read more »
A disruption in rough diamond supply would greatly impact India’s diamond industry as a number of major diamond enterprises, managed by Gujarati diamantaires, operate in Russia. Image: AFP / P. Golovkin

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Industry critics admonish India as Russian rough imports resume

Russian mining company Alrosa has resumed exporting rough diamonds to India despite economic sanctions being placed on the country by the US and EU. Read more »
Despite the intensified sanctions, the enhanced restrictions apply only to rough diamonds extracted or polished exclusively in Russia. Cut or polished diamonds from Russian rough imported from other countries are still considered legal.

News
More sanctions on Russia; loophole hounds diamond export ban

The European Union has announced a fourth round of economic santions on Russia following the invasion of Ukraine in late February, and among the restrictive measures is a ban on the importartion of luxury items such as diamonds and jewellery. Read more »

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