The IDEX Online Newsletter, July 3, 2008‏‏

< JULY 3RD, 2008 >

Announcing IIJS 2008, August 7 - 11

Chaim Even-Zohar
St. Petersburg: A Revolution in The Making
Alrosa’s Vybornov, whom we already identified as one of the industry’s main shakers, has demonstrated that Alrosa has the guts and vision to assume a leadership role in the diamond industry.
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Tamar Katzav, Natalie J Raps, Ronit Scheyer
Activity in the U.S. has slowed further with the arrival of the summer vacation season, although strong demand for high-quality goods remains intact. In Antwerp, traders are reporting low levels of movement and demand.
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IDEX Online Research: Record Leaps in Polished Diamond Prices in June
Global polished diamond prices continued to surge in June, according to the IDEX Online Polished Diamond Price Index. On a year-over-year basis, overall diamond prices rose by just over 16 percent, a record level. Further, all major size diamonds one carat and larger posted double-digit price increases for the same period.
(July 3, '08, KEN GASSMAN)
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DTC to Raise Prices, Says Won’t Be a “Significant” Increase (Updated)
The Diamond Trading Company (DTC) is planning to raise prices, the company told Sightholders, some of whom understood the increase to be a “significant” one. The hike will most likely not take place at the upcoming July Sight, but rather at the August Sight.
(June 30, '08, EDAHN GOLAN)
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IDEX Online Research: April Jewelry Sales Continue to Show Moderate Gains in U.S. Market
We hear nothing but tales of woe from U.S. merchants in the jewelry business. But for the second month in a row, the U.S. government figures show that specialty jewelers’ sales rose by almost 4 percent. For the first fiscal quarter, the government’s Department of Commerce says total specialty jewelers’ sales rose by 3.4 percent. While these figures aren’t robust, they aren’t a disaster, either.
(July 1, '08, KEN GASSMAN)
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Consumers Aware of Grading Importance But Confused About Labs, Survey Finds
Only 13 percent of American consumers would not accept a diamond if it’s lab was unfamiliar to them, a recent study commissioned by the World Gemological Institute (WGI) found. The other 87 percent said they would accept a report as legitimate even if they were not familiar with the lab, or they were unsure whether they would accept it.
(June 29, '08, IDEX ONLINE STAFF REPORTER)
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More and Cheaper Goods Headed to Japan in May
Japan’s polished diamond imports continued to shrink in value in May, totaling $67.08 million, a 16.7 percent decline in dollars, and a sharp 27.6 percent decline as measured in yens. The trend of preferring cheaper goods continued, with the average per carat price declining from $432 (¥51,703) in May 2007 to just $320 (¥33,244).
(July 2, '08, EDAHN GOLAN)
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Integrity of Diamonds Impacted by Trade Transparency in Africa, Penny Says
De Beers Managing Director Gareth Penny called for increased transparency in the way diamonds are traded in Africa, saying that such transparent and good governance has a positive impact on the integrity of diamonds as a product.
(July 3, '08, IDEX ONLINE STAFF REPORTER)
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Damas Raises $270.6 Mln Ahead of IPO
The Damas jewelry group lowered the pricing of its stock to $1 per share, and institutional investors responded favorably, purchasing 270.6 million shares in an initial sale, the company stated. The company is expected to be listed on the Dubai International Finance Exchange on July 8.
(July 2, '08, IDEX ONLINE STAFF REPORTER)
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Ira Launches Diamond Jewelry in Partnership with Bollywood Film
Ira Diamond Jewellery, an Indian brand owned by DTC Sightholder and jewelry manufacturer Suashish, recently launched its Ira-Love Story 2050 collection, inspired by the upcoming Bollywood film Love Story 2050.
(July 2, '08, IDEX ONLINE STAFF REPORTER)
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Tel Aviv Trend at Jovella
With an aim to raising the profile of the Israeli Jovella jewelry show, the event organizers brought over Paola De Luca and Paolo Novembri of the TJF Group for a seminar entitled "Jewelry Directions – Seasons 2009."
(July 3, '08, DANIELLE MAX AND EDAHN GOLAN, TEL AVIV)
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WDC Annual Meeting Calls to Continue Fight Against Conflict Diamonds
The sixth annual meeting of the World Diamond Council (WDC) concluded Tuesday, with a call to continue the drive to eradicate the trade in conflict diamonds. WDC Chairman Eli Izhakoff said that while the Kimberley Process (KPCS) has been effective in preventing diamonds from conflict areas from entering the market, the system will work effectively only if all diamonds are traced.
(July 2, '08, IDEX ONLINE STAFF REPORTER)
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5.2 Carat IF Diamond Ring at Sotheby’s
Sotheby’s ‘Important Jewels Antique and Contemporary’ auction will offer a 5.20 carat H / IF pear shaped diamond ring. The diamond is expected to realize anywhere from £80,000 to £120,000 ($159,000 to $239,000).
(July 2, '08, IDEX ONLINE STAFF REPORTER)
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Van Cleef & Arpels Opens Saudi Arabian Boutique
Fine jewelry retailer Van Cleef & Arpels recently opened its fourth store in the Middle East region, in the Saudi Arabian capital of Riyadh. The boutique was opened in the Centria Mall in cooperation with the company’s local partnership, the Ali bin Ali Group.
(July 1, '08, IDEX ONLINE STAFF REPORTER)
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Leviev Opens Moscow Boutique
Lev Leviev’s high-end boutique ‘Leviev’ opened its first Russian store in June, in Moscow’s Kuznetski Most district. The diamond jewelry brand is calling this its first Eastern European flagship store. It is Leviev’s third boutique, after London’s Old Bond Street and New York City’s Madison Avenue stores.
(July 1, '08, IDEX ONLINE STAFF REPORTER)
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A 29.6% Drop in Israel’s Polished Diamond Exports
Israel exported a net of $235 million in polished diamonds in June, a 29.6 percent year-over-year drop. The net results reflect large returns of polished goods following the JCK Las Vegas show, which opened the month before on May 30.
(July 1, '08, EDAHN GOLAN)
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69% Jump in Dubai’s Polished Diamond Trade
Dubai imported $1.48 billion worth of polished diamonds in the first quarter of 2008 and exported $1.22 billion worth. This is a sharp rise in trade by the Gulf country, 61 percent on imports and 78 percent on exports. The total trade in polished diamonds came to $2.7 billion, an increase of 69 percent year-over-year.
(June 30, '08, EDAHN GOLAN)
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Victims Urged by Bourse President to Come Forward and Join Complaint
In a call to action to members of the industry, David Rosenberg, president of the Diamond Bourse of the Southeast U.S., is urging victims to join a group and hire a lawyer to“get restitution and justice in a public letter.
(July 3, '08, IDEX ONLINE STAFF REPORTER)
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Charles & Colvard, K&G Creations in Dual Lawsuit Battle
K&G Creations and its former moissanite supplier Charles & Colvard have filed lawsuits against one another. Charles & Colvard announced June 16 that it had filed suit against K&G, seeking to recover $2.8 million, plus interest, “for moissanite jewels delivered and sold” to K&G.
(June 29, '08, RONIT SCHEYER)
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Royal Asscher Distances from Fortgangs, “Welcomes” Legal Moves
In one of many reactions to accusations that the Fortgang family diverted finances in the months before M. Fabrikant and Sons filed for Chapter 11 bankruptcy protection, Royal Asscher of America is distancing itself from the case.
(June 29, '08, EDAHN GOLAN)
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Fortgangs Fight Back in Fabrikant Case
Members of the Fortgang family, the former owners of now-bankrupt diamond company M. Fabrikant and Sons, have won the right to a hearing and were granted access to a monthly "personal allowance" a week after a judge ordered all of their assets seized, court papers said.
(June 29, '08, MICHELLE GRAFF, COURTESY OF NATIONAL JEWELER NETWORK)
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Surat Wage Dispute Resolution Talks Underway
A resolution to a wage hike dispute between diamond polishing factory workers in Surat and factory owners is expected to be reached in the next couple of days, CP Vanani, president of the Surat Diamond Industry Association, said, according to IANS.
(July 3, '08, IDEX ONLINE STAFF REPORTER)
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Strikes at Botswana Polishing Plants
A number of strikes have taken place recently at polishing factories in Botswana – one of them at Dalumi Botswana. Although their purpose is unclear, the strikes are being viewed by some as ‘union muscle-flexing.’
(July 1, '08, RONIT SCHEYER)
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LLD Denies Allegations of Firing Suspended Workers on Strike
The Mineworkers Union of Namibia (MUN) has claimed that Lev Leviev Diamonds’ (LLD) polishing facility in Windhoek fired two workers who are also members of the union’s executive committee. LLD has denied the allegations.
(July 1, '08, IDEX ONLINE STAFF REPORTER)
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S. African Union in Wage Dispute with De Beers
South Africa’s National Union of Mineworkers (NUM) on Friday accused De Beers of reneging on a deal for a 12 percent wage increase, Reuters reported. The union said on Thursday that De Beers had agreed to the wage increase but said later that the mining firm then changed its proposal.
(June 29, '08, IDEX ONLINE STAFF REPORTER)
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Gem Diamonds Tender Fetches $42,000 Per Carat Average
Gem Diamonds recently held a tender of large rough diamonds recovered from its Letšeng mine in Lesotho, in which a 10 diamonds, 261.4 carats total, were sold at a high average price of $42,000 per carat. The diamonds varied in size from 11.8 to 70.7 carats and in colors of D though F.
(July 2, '08, IDEX ONLINE STAFF REPORTER)
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Israel Intensifies Rough Trade; June Exports Up 30%
Israel exported a net of $442 million worth of rough diamonds in June, a 29.8 percent rise over June 2007, when exports totaled $341 million. The sharp rise reflects soaring rough diamond prices as well as increased trade.
(July 1, '08, EDAHN GOLAN)
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Dept. of Justice Lets BHP Inch Closer to Rio Merger
The U.S. Department of Justice (DoJ) and the Federal Trade Commission (FTC) have granted early termination of the Hart-Scott-Rodino (HSR) waiting period for BHP Billiton’s proposed acquisition of Rio Tinto, BHP announced Thursday.
(July 3, '08, IDEX ONLINE STAFF REPORTER)
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Rio Tinto to Suspend Investment in Zimbabwe
Owing to the political situation in Zimbabwe, Rio Tinto will not expand its Murowa mine in the country until conditions improve, Rio Tinto Diamonds General Manager Jean-Marc Liberherr said.
(July 3, '08, IDEX ONLINE STAFF REPORTER)
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Australian Diamonds “Non-Confirmed,” Flinders Says
Flinders Mines has said that its previous announcement reporting a diamond discovery in South Australia was incorrect, and that “the original diamonds have not been confirmed.”
(July 3, '08, IDEX ONLINE STAFF REPORTER)
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Indian Gold Conclave in Chennai
The first Indian Gold Conclave will be held in Chennai on July 19. The IGC will bring together key stakeholders in the gold and jewelry industry to discuss and debate trends and drivers shaping today’s marketplace, identify emerging challenges and find options and solutions to the issues.
(July 2, '08, IDEX ONLINE STAFF REPORTER)
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GIA Offers Scholarships for 2009
The GIA is inviting prospective students to apply for a scholarship for the 2009 GIA courses and program. More than 65 scholarships are available at GIA with a collective value of $372,308.
(July 3, '08, IDEX ONLINE STAFF REPORTER)
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M. Schnitzer & Co. Honored as Outstanding Exporter to Japan
An event celebrating the continuation of economic ties and trade between Israel and Japan, as well as the 60th anniversary of the establishment of the state of Israel, was held Thursday evening at the residence of the Japanese ambassador to Israel, Yoshinori Katori.
(June 29, '08, RONIT SCHEYER)
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Petra Appoints New Diamond Marketing Manager
Petra Diamonds has appointed Gregory Stephenson as diamond marketing manager, a newly created position responsible for sourcing, valuing and marketing the entirety of Petra’s rough diamond production. Stephenson will head up the pre-existing team that markets its diamonds.
(July 2, '08, IDEX ONLINE STAFF REPORTER)
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DDC Mourns Death of Sylvain Ringer
DDC President Jacob Banda announced with sadness on Friday the passing of the Club’s secretary, Sylvain Ringer, calling him “beloved.”
(June 29, '08, IDEX ONLINE STAFF REPORTER)
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Dual $500,000 Diamond Robberies Linked, Police Say
Approximately $1 million total in loose diamonds was stolen in two separate robberies late last week that local police in the southern U.S. are now describing as linked, according to local news reports.
(June 29, '08, IDEX ONLINE STAFF REPORTER)
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Vietnamese Jewelry Line Creates Miss Universe Crown
CAO Fine Jewelry, a line from Vietnamese jewelry company Phu Nhuan Jewelry (PNJ), created the 2008 Miss Universe crown, to be presented to the winner of the 2008 Miss Universe Pageant in Vietnam July 13.
(June 30, '08, IDEX ONLINE STAFF REPORTER)
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Vodka Filtered by Diamonds
Creators of the Diamond Standard Vodka have patented a filtration system that utilizes over 600 cut diamonds of up to one carat in size. The Diamond Filtration system took three years to complete.
(July 3, '08, IDEX ONLINE STAFF REPORTER)
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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

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