The IDEX Online Newsletter, June 26, 2008‏‏

< JUNE 26TH, 2008 >

Announcing IIJS 2008, August 7 - 11

Chaim Even-Zohar
Enhancing the Industry’s Capital Base
Diamond Circle Capital Plc, a closed-ended investment company incorporated in the Isle of Man, has successfully completed its IPO on the London Stock Exchange.
Go to full memo

Tamar Katzav, Natalie J Raps, Ronit Scheyer
As the summer season approaches, traders in the U.S. diamond market are noting slow movement in general, as well as a tight cash flow situation. Diamantaires in Antwerp
Go to full report

IDEX Online Research: U.S. Jewelry Price Inflation Moderates in May
After surging for several months, jewelry price inflation at both the retail and wholesale levels moderated in May in the U.S. market, based on a market basket of jewelry price data from the U.S. government.
(June 26, '08, KEN GASSMAN)
Go to Full Article

House of Taylor Shuts Down
Following news that Elizabeth Taylor and Kathy Ireland had terminated their licensing agreements with the company, House of Taylor Jewelry (HOTJ) announced Wednesday that it was in default of an $11.2 million minimum loan and that it can no longer continue to operate.
(June 26, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

IDEX Online Research: Harry Winston Retail Results Rebounds Strongly in Q1
At first glance, it appears that sales in the retail division of Harry Winston were up, but losses widened in the first fiscal quarter of 2008. After all, this would be a continuation of trends established last year.
(June 23, '08, KEN GASSMAN)
Go to Full Article

Whitehall Jewelers Files for Chapter 11 Bankruptcy
Whitehall Jewelers Holdings, Inc. and its operating subsidiary Whitehall Jewelers, Inc. on Monday filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Last week, the company announced that it has accumulated approximately $13.5 million in trade debt.
(June 24, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Whitehall Jewelers Creditors List: Owes $88 Mln to 30 Largest
Whitehall Jewelers Holdings has listed 30 creditors holding the 30 largest unsecured claims against the company. According to the list, the company owes $11.3 million to its largest creditor, S.D.C., and another $9.4 million to Kiran Jewels.
(June 24, '08, EDAHN GOLAN)
Go to Full Article

Diamond Fund Raises $74 Million on LSE
Diamond Circle Capital PLC listed on the London Stock Exchange Wednesday, raising $74.32 million. The fund, listed under the code DIAM, will invest in high-quality diamonds. A year ago, it planned to raise $400 million, but pulled back without explanation.
(June 26, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Sales “Medium,” Some Resistance to Prices at Hong Kong Show
Sales and movement at the recent June Hong Kong Jewellery and Watch Fair were medium, according to exhibitors, and the overall show, taking into account foot traffic and buying activity, was good, but not great, especially in comparison to last year’s June event.
(June 23, '08, RONIT SCHEYER)
Go to Full Article

Classic Diamonds Net Profit Up 38%
Indian diamond manufacturer Classic Diamonds reported annual net sales of Rs 7.104 billion ($165.4 million), a 10 percent increase over the previous year and a 14 percent rise over the year ended March 2006, according to information filed with the Bombay Stock Exchange.
(June 24, '08, RONIT SCHEYER)
Go to Full Article

Rajesh Exports Q4 Profit Up 47%
Gold jewelry manufacturer and exporter Rajesh Exports reported a fourth quarter net profit total of Rs 489.4 million ($11.39 million) for the three-month period ended March 31, a 47 percent increase over the previous year period. Total revenue for the period increased 41 percent year-over-year to Rs 25.25 billion ($587.82 million).
(June 24, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Suashish Diamonds Investing $35 Mln in Jewelry Plant
A heavy investment in erecting a new jewelry factory is planned by Suashish Diamonds Ltd. The Mumbai-based firm announced Monday that it will spend Rs 1.5 billion ($35 million) through its wholly owned subsidiary Suashish Jewellery to set up a state-of-the-art manufacturing facility in Mumbai’s Santacruz Electronic Export Processing Zone (SEEPZ).
(June 23, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Blue Nile Sued by Hearts on Fire for Trademark Infringement
Hearts on Fire Inc. has filed a lawsuit against Blue Nile Inc., alleging trademark infringement and unfair competition. Hearts on Fire says Blue Nile bought the search phrase “hearts on fire,” which is directing traffic to bluenile.com, Bloomberg reports.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Seventh U.S. Store for De Beers Opens in San Francisco
De Beers Diamond Jewellers opened its seventh U.S. retail store in Union Square, San Francisco, on June 19. The 2,659-square-foot store will feature new collections designed by De Beers creative director Raphaele Canot, including Talisman, Ice on Fire and Radiance.
(June 22, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Dalumi Launches Online Diamond Inventory
DTC Sightholder Dalumi has developed an online inventory, allowing customers to access the company’s latest stock availability from any location and at any time.
(June 26, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

DTC Summit Addresses Catalysts for Change
A three-day summit with leaders of African nations and De Beers’ rough diamond distribution arm, the Diamond Trading Company (DTC), and its clients recently concluded. The event marked the start of a new three-year contract and partnership between the DTC and its 78 Sightholders.
(June 26, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Belgium Polished Exports Rise 14% in May
Belgium exported $1.1 billion worth of polished diamonds in May, a 14.1 percent year-over-year increase. The country, however, shipped a decreased volume of goods, 792,630 carats in total, a 3.97 percent decline. The average value of exports rose to $1,390 per carat.
(June 23, '08, EDAHN GOLAN)
Go to Full Article

IDL Launches Jewelry Certification Service in India
The Dubai-based International Diamond Laboratories (IDL), an initiative of the Dubai Multi Commodities Centre, has launched its diamond jewelry certification service in India. The service is now available, with grading results provided on a credit card-sized IDL Diamond Jewelry Certificate.
(June 24, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

IDL Launches Istanbul Diamond Grading Lab
International Diamond Laboratories (IDL) has opened a fully fledged diamond grading facility in Istanbul. At the inauguration event, the first class of Turkish diamond graduates of the DubaiDiamondAcademy received their diplomas.
(June 26, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

U.S. Marshals Auction Earns $2.6 Million
A U.S. Marshals auction of forfeited jewelry items recovered from a convicted Cleveland, Ohio bank embezzler, garnered proceeds of over $2.6 million. The two-day online auction, according to local news reports, was held by Bid4Assets, and the items included pieces from such names as Harry Winston, Tiffany & Co., Mikimoto, Patek Philippe and Laurence Graff.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Zales Premiers Fashion-Forward Column on Website
Zales Jewelers recently introduced a new fashion-forward feature on its website, www.zales.com. The new “Z Trends” column will focus on the season’s ‘in’ looks, each month, from both the runway and the red carpet and everywhere in between.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Paz: No Trade for Venezuela Rough Diamonds
Avi Paz, president of the World Federation of Diamond Bourses, has called on diamond bourse members to take all measures necessary to ensure that they do not trade, directly or indirectly, in rough diamonds originating from Venezuela. The call follows Venezuela's suspension from the Kimberley Process last week.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Alrosa 2007 Net Profit $598 Mln, Declares $474 Dividend per Share
Alrosa’s posted a RUB 14.133 billion ($598 million) net profit in 2007, the company revealed Monday. Shareholders approved on Saturday the annual financial statement as well as dividends.
(June 23, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Dianor Recovers Fancy Colored Diamonds in Ontario
Canadian diamond exploration firm Dianor Resources announced Wednesday results for 13 drill holes in Ontario. Over fifty percent (52.4) of the diamonds recovered were colored diamond, including one pink diamond.
(June 26, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Flinders Mines Makes South Australian Diamond Discovery
Australian exploration and mining company Flinders Mines, formerly known as Flinders Diamonds, announced recently the recovery of 10 “macro and micro” diamonds in an initial soil sampling in four adjacent magnetic targets within the Nackara-2 area in South Australia.
(June 26, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Anglo Faces Criticism over Zimbabwe Investment
Anglo American is facing criticism in the British press for a proposed $400 million investment in Zimbabwe, due in part to growing pressure on the African country to allow free and democratic elections. Some of the steps taken against the country include pressuring companies to withdraw from Zimbabwe as long as Mugabe is in control.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Archangel Share Offering Nets $172 Million
Archangel Diamond Corporation announced Wednesday that it raised $172.4 million in a private placement offering. The company issued 137,920,000 subscription receipts at a price of $1.25 per subscription receipt.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Rough Diamond Legal Compliance Training by JVC
The Jewelers Vigilance Committee (JVC) will hold “Training for Rough Diamond Traders: U.S. Statutory Requirements” at the JA/NY Summer Show on July 28. The training follows two recent amendments to the U.S. Clean Diamond Trade Act that will affect rough diamond importers and exporters’ businesses.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Rio Tinto: Indian Diamond Site “World Class”
Rio Tinto announced Monday that its Bunder diamond project in the Bundelkhand region of Madhya Pradesh could be the first significant world class diamond mine in India.
(June 23, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

DRC State Miner MIBA in Loan Talks for Infrastructure Rebuild
MIBA, the Democratic Republic of the Congo’s (DRC) state-owned mining company, is planning to sign a deal with state lenders in South Africa to support its infrastructure and industrial mining operations rebuilding effort.
(June 22, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

FSB Prevents Diamond Deposit Fraud
The Federal Security Service of Russia (FSB) revealed Monday that it has prevented an attempt made by an Israeli to fraudulently gain control of a large diamond deposit in the northwestern Arkhangelsk region of Russia, RIA reported.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Jacob the Jeweler Gets 30-Month Prison Sentence
Jeweler to the stars Jacob Arabov, better known as ‘Jacob the Jeweler,’ was sentenced Tuesday to two and a half years in federal prison. Arabov, 43, was convicted of lying to investigators who were gathering information on a large-scale drug operation.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

WJA’s Platinum Wedding Design Contest Winners Announced
The Women’s Jewelry Association (WJA) recently announced the winners of its 12th Annual DIVA Awards design competition, sponsored by Platinum Guild International (PGI).
(June 26, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Kwiat Jewelry to Adorn Today Show Bride
Diamond jewelry designer Kwiat was recently chosen to provide the jewelry for NBC’s Today Show feature, “Today Throws a Wedding.” Kwiat provided the couple with a pair of platinum and diamond wedding bands for the event, which airs June 25.
(June 25, '08, IDEX ONLINE STAFF REPORTER)
Go to Full Article

Calendar

July 4, Independence Day, USA
July 7 - 11, DTC Sight
July 7 - 11, Rio Tinto Rough Diamond Sales
July 21, Independence Day, Belgium
July 28 - 31, NDTC Sight

8 Av. Pictet de Rochemont 1207 Geneva, Switzerland