Headlines

Israel Police Suspect Theft of Around $60M of Diamonds By Hanan Abramovich

Police in Israel are investigating allegations of a huge diamond theft at the Israel Diamond Exchange (IDE) which could reportedly lead to the bankruptcy of around 10 Israeli diamond companies.

Veteran diamond dealer Hanan Abramovich is suspected of stealing the diamonds and was arrested on Tuesday (April 19). Media reports say that the theft relates to diamonds valued at around $60 million.

The Israeli media did not provide the names of companies that have been allegedly affected by Abramovich's actions.

Singapore's Luvenus Jewellery Awarded WDM Authorised Diamond Dealer Status

Singapore-based diamond and gold jewellery retailer Luvenus Jewellery Pte Ltd. and the World Diamond Mark Foundation (WDM), a not-for-profit organization established in 2012 by the World Federation of Diamond Bourses (WFDB), have signed an accreditation agreement that secures the status of Luvenus Jewellery as the island's first retail jeweller to join the WDM Authorised Diamond Dealer (ADD) program.

"Singapore is a phenomenal place for jewellers, a micro-cosmos where many millions of people from all over the world - locals, expats and countless tourists - and from all walks of life make up a unique consumer profile," Parthiban Murugaiyan, Managing Director of Luvenus Jewellery Pte Ltd. said.

De Beers Putting Up Rough Prices For First Time Since 2014'

De Beers has raised prices of its rough diamonds for the first time in more than a year, as a result of rising demand.

The mining giant put up prices by up to 2% at its latest sight taking place from April 4-8, according to three people familiar with the process cited by Bloomberg Business.

The value of the sale is probably comparable to De Beers’ February sight in which it sold $610 million of rough diamonds.

In January, De Beers sold $545 million of rough diamonds at its first sight of 2016.

Borsa Istanbul Announces Chairman, CEO and Directors

During the General Assembly Meeting of the Borsa Istanbul on April 1, Himmet Karadağ was appointed Chairman.

In addition, Osman Saraç, Mrs. Erişah Arıcan, Mrs. Nicola Jean Beattie, Seyit Ahmet Işkın, Bilal Topçu and Melikşah Utku were appointed as board members for a three-year term.

The new board appointed Osman Saraç as the new CEO.

Don't Sell - The Customer Should Want to Buy

Diamond Dealers Club of Australia President Rami Baron talks about the issue of product knowledge and the skills of jewelry stores staff and thus their ability to make sales.

He warns that staff need to have good knowledge but they should also know how to sell a romantic story not give a lesson in geology and rock formations.

Antwerp Bourse Appoints Jacques Korn as President

The Board of Directors of the Beurs voor Diamanthandel has appointed Jacques Korn as President, and Rajender Gehani as Executive Director.

The bourse’s Vice-President is David Gotlib, while Raphael Rubin is also Executive Director.

World Diamond Mark Shows Success of Social Media Activity in Q1 Report

The World Diamond Mark has released its latest social media activity report, showing a combined total of close to 90 posts on all platforms from January to March such as Facebook, Twitter and LinkedIn.

On Facebook, there were more than 4,000 page likes, with a combination of original articles written by WDM Chairman Alex Popov and others bringing high interaction rates across all social platforms.

IGI North America Starts Ad Campaign to Raise Consumer Confidence

The International Gemological Institute (IGI) North America has begun a national advertising campaign on U.S. cable TV to raise consumer awareness about, and confidence in, the diamond and fine jewelry industry.

The adverts started airing on Fox News, MSNBC, CNBC, CNN, HLN and Time Warner Cable NY1 News from March 14, according to an IGI statement cited by Rapaport News.