Headlines

HRD Antwerp Bans Mumbai Client After Uncovering Grading Discrepancy

HRD Antwerp reported grading discrepancies at its lab in Mumbai involving a limited number of diamonds which were submitted by a certain client.

"As HRD Antwerp is adamant in upholding its excellent reputation in terms of quality, integrity and controls, the company has taken immediate and swift action," the lab said in a statement.

WFDB's Louise Prior Speaks of Changes to Diamond Industry at London Conference

WFDB Executive Director Louise Prior was one of the speakers at an event called From branding to Brexit: inside the Art Business Conference in London recently.

German Jewellery Retailer Designer Diamonds Becomes WDM Authorised Diamond Dealer

Designer Diamonds, a family-owned engagement and wedding ring retailer headquartered in Munich, Germany, and the World Diamond Mark Foundation (WDM), a non-for-profit organization established in 2012 by the World Federation of Diamond Bourses (WFDB), have signed an accreditation agreement that secures the status of Designer Diamonds not only as the first WDM retailer in Germany, but also as the very first retail jeweler to join the WDM Authorised Diamond Dealer (ADD) program in Europe.

ALROSA Posts 42% Rise in H1 Revenue to $2.9 Billion

Russian diamond mining giant ALROSA reported that revenue for the first half of 2016 soared 42% on the year to RUB 186.7 billion ($2.88 billion).

The miner, which accounts for 25% of global supply, also reported that earnings before interest, taxes, depreciation, and amortization surged by 58% from the first half of 2015 to RUB 111.3 billion ($1.72 billion), with EBITDA margins surging to 60%. Net income and free cash flow doubled on the year to RUB 90.4 billion ($1.40 billion) and RUB 78.7 billion ($1.21 billion) respectively.

Rio Tinto Withdraws From Indian Diamond Mine Project

Rio Tinto has decided to close its diamond mine project in Madhya Pradesh after being asked to explore the possibility of underground mining and wait until a river linking project was completed.

The project had faced a series of environmental issues. Wildlife groups said the country’s first private diamond mining project would severely damage the wildlife corridor between the Panna Tiger Reserve and the Navardehi Wildlife Sanctuary.

'Blockchain' Technology Proposed to Further Strengthen Chain of Custody

The UAE is considering the introduction of so-called blockchain technology to the global diamond trade in a bid to help prevent conflict diamonds getting on to the market.

Blockchain is an Internet-based book-keeping system that provides a permanent record of financial transactions. Applying it to the diamond business could establish a tamper-proof record of the provenance of diamonds.

Lockheed Martin Files Patent for Synthetic Diamond 3D Printer

US aerospace company Lockheed Martin has filed a patent for a new kind of 3D printer.

The patent, filed on April 4 by inventor David G. Findley, describes a new way of 3D printing which would use a pre-ceramic polymer and nanoparticle filler to create synthetic diamond objects of just about any shape, says a report in www.3dprintingindustry.com.

Excelsior to Provide Liquidity to Diamond and Jewelry Industry

Excelsior Capital Ventures (ECV) LLC is to provide "substantial liquidity" to the mid-stream diamond and jewelry industry. The New York based firm, founded by Nehal Modi, said it expects to begin lending operations on October 3 and will provide loans secured by diamond and precious metal inventories, according to a statement. Modi said, "We are in an environment where the diamond and jewelry industry is experiencing a significant contraction in lending. There is a dire need for new capital and greater liquidity in order to expand the companies and industry at large."