Pandora reported a loss in the first quarter following global store shutdowns amid the coronavirus outbreak. The company posted a loss of DKK 24 million ($3.5 million), compared with a profit of DKK 797 million ($115.8 million) the previous year, the Danish charm maker said Tuesday. The loss was driven by the global shutdown of … Read more
Russia’s Alrosa, the world’s top diamond producer by output, is temporarily suspending production at two assets as demand and sales for diamonds continues to drop. Major consumers, including China and the United States, are struggling with economic headwinds caused by the global covid-19 pandemic. Extended lockdowns affecting key players in the supply chain, including polishers and top retailers, … Read more
De Beers CEO Bruce Cleaver has called on the trade to allow rough purchases, assuring manufacturers the company won’t require them to buy in the weak market. “We will only sell [rough] when the demand is such that it can create sustainable value for all of us,” the executive wrote in a blog post Friday. … Read more
India’s leading diamond-trade organizations have called on members to stop importing rough for at least a month to prevent an oversupply and ensure banks maintain their credit to the sector. Companies should consider pausing rough imports from May 15 for a minimum of 30 days, according to a letter from the Gem & Jewellery Export … Read more
De Beers has reduced its full-year production guidance by 7 million carats, putting the miner on course for its lowest output since 2009. The miner expects to produce between 25 million and 27 million carats in 2020, compared to the 32 million to 34 million in its original projection, it said Thursday. The revised forecast … Read more
The 2020 JCK Las Vegas and Luxury shows have been canceled, the events’ organizer has confirmed, as the coronavirus continues to sweep across the globe. “This decision was made in response to the unprecedented challenges faced by JCK’s jewelry community,” Sarin Bachmann, Reed Jewelry Group’s vice president for the shows, said Tuesday. “We know [it] … Read more
De Beers’ mining operations in Botswana have been on hold for more than two weeks amid a national lockdown, the company told Rapaport News. Debswana, the company’s joint venture with the government, paused activities on April 2 when the coronavirus-related restrictions began, a De Beers spokesperson said Friday. The miner had not previously disclosed its full … Read more
Russia-based diamond miner Alrosa produced eight-million carats of diamonds and sold 9.4-million carats in the first quarter of the year. The company generated sales revenues of $904-million from rough and polished diamonds. This was despite diamond production seasonally declining by 9% quarter-on-quarter, although year-on-year diamond production growth was 2%. The year-on-year growth was supported by … Read more
Russia’s Alrosa, the world’s top diamond miner by volume, announced that it will start implementing the OECD due diligence guidance for responsible supply chains of minerals from conflict-affected and high-risk areas. In a press release, the company said that to improve the efficiency of this work and guarantee compliance, it has launched an internal diamond … Read more
South Africa’s Petra Diamonds is saying goodbye to Adonis Pouroulis, the company’s founder and chairman for 23 years. The diamond producer, which dropped the role of chief operating officer in November because of management restructuring, said Pouroulis is being succeeded by Peter Hill, who was appointed a non-executive director of Petra and chairman-designate in December. Hill began his career … Read more