Headlines

Signet Jewelers Appoints Virginia Drosos as CEO

Virginia "Gina" C. Drosos has been appointed as the new Chief Executive Officer of Signet Jewelers Limited, effective August 1.

Drosos replaces Mark Light, who has served as CEO of Signet since 2014. He is retiring after more than 35 years with the company due to health reasons.

Drosos has been an independent director of the board since 2012.

HRD Detects Topaz Polished Topaz Submitted as Diamonds

HRD Antwerp reported that two large, near-colorless rough stones weighing 50.08 and 38.18 carats were handed in to the HRD's research department to determine their quality.

Topaz is a colorless diamond simulant that can be easily misidentified.

"This material, which is a silicate mineral of aluminum and fluorine with the chemical formula Al2SiO4(F,OH)2, has a similar density to diamond; therefore, the stones could not be identified as diamond imitations through hydrostatic measurement or the use of a 3D-scanner (volume calculation and weight) at the trader’s office.

Dominion Diamond Corp Acquired by Washington Corps for $1.2Bn

(IDEX Online) – After months of rumors, Dominion Diamond Corporation announced that The Washington Companies, a group of privately held North American mining, industrial and transportation businesses founded by industrialist and entrepreneur Dennis R. Washington, will acquire all of Dominion's outstanding common shares for $14.25 per share in cash or a total equity value of approximately $1.2 billion.

The transaction represents a 44 percent premium to Dominion's unaffected share price of $9.92 on March 17. The transaction marks the result of Dominion's review of strategic alternatives as previously announced on March 27.

Diamond Manufacturer Scio Receives Financial Injection

Lab-grown diamond manufacturer, Scio Diamond Technology Corp, has signed a financial agreement which the firm says will give it the ability to expand its manufacturing base.

The deal to restructure its debt was signed with Heritage Gemstone Investors (HGI).

The agreement includes an extended maturity date, relief on interest payments and access to additional funding.

DDC Australia President Baron Addresses LA Bourse Members

Diamond Dealers Club of Australia President Rami Baron was a guest speaker at the Diamond Club West Coast (DCWC) where he spoke to an audience of young diamantaires and other bourse members.

Baron spoke about the need to share information and changes in the industry as well as the goal of bringing about the involvement of the younger generation in the diamond business. Baron is behind the Young Diamantaires initiative of the World Federation of Diamond Bourses which aims to encourage greater industry participation among the younger generation.

World Diamond Mark introduces Part of You™ campaign to retail jewelers at JCK LV Keynote Talk

The World Diamond Mark Foundation (WDM) held a well attended JCK Keynote Talk on June 4 at the JCK Las Vegas show.

The WDM team, consisting of Krisztina Kalman-Schueler, WDM Programme Director, Alex Popov, WDM CEO and Chairman, and Ya'akov Almor, WDM Communications Director, presented Part of You™, the WDM's global diamond retailer promotion campaign and its brand-new B2C website www.passion.diamonds to a full house.

Diamond Producers Association Announces 2017 Marketing Budget Jump to $57M

The Diamond Producers Association (DPA) announced at the JCK show in Las Vegas that it has approved a 2017 full-year marketing investment of $57 million – more than four times the 2016 budget.

DPA Chairman Stephen Lussier said, "The Board's decision is a major turning point for the Diamond Producers Association and the diamond industry. All Board Members are aligned behind the goals and plans of the DPA, which is now fully equipped to fulfill its mission of communicating to next generation consumers about the timeless beauty and emotional value of diamonds. We look forward to working closely with the diamond and jewelry trade and with other industry organizations to build a stronger future for our sector." 

Diamantaire Lev Leviev Acquires Half of Zambian Emerald Mine

Israeli diamond giant Lev Leviev has acquired half of an emerald mine in Zambia – getting into a market where the green stones have reportedly seen a 10-fold rise in price in the last eight years.

Leviev bought half of the Grizzly emerald mine in Zambia close to the border with the Democratic Republic of Congo.