Headlines

‘WFDB Aiming to be Go To’ Voice for the Diamond Industry’

Ahead of the World Diamond Congress in Dubai, IDEX Deputy-Editor David Brummer caught up with World Federation of Diamond Bourses president Ernie Blom to ask about issues concerning the diamond industry.

David Brummer: The three main themes of the World Diamond Congress are Transparency, Responsibility and Sustainability – how will the Congress focus on these? Is the further reduction of the use of conflict diamonds and closer cooperation with the World Diamond Council, for example, one of the ways that the above issues will be tackled?

Yoram Dvash: IDE Supports Police Embezzlement Investigation

According to Dvash, "The IDE management will show zero tolerance towards people causing harm to other IDE members." Since the affair came to light, the main suspect has been remanded in custody several times.

IDE President Yoram, said today (Wednesday) following the discovery of an alleged massive embezzlement by an IDE member that the exchange will have zero tolerance towards people causing harm to other IDE members.

"The diamond sector has been experiencing difficulties in recent years and unfortunately we are seeing cases like this where there is exploitation of IDE members by other members." After the incident last week, the President spoke with Tel Aviv District Police Commander, Chico Edri, asking him to open a criminal investigation against those involved which the police then did.

Global Sales of Diamond Jewelry Down 2% in 2015 – De Beers

The global market saw a 2% decline in diamond jewelry sales to $79 billion from a record $81 billion in 2014, according to industry data published by De Beers. However, US consumers purchased a record annual level of $39 billion of diamond jewelry in 2015, a 5% rise on 2014 which De Beers said was due to a sustained economic recovery, higher levels of job creation and wage growth.

The United States remains the world’s largest market for diamond jewelry sales, and increased its share of global polished diamond demand to 45% in 2015 from 42% in 2014.

IDE Holding Anti-Money Laundering Meeting

The IDE is to hold a meeting on implementing anti-money laundering regulations in the diamond industry on May 2.

The meeting will be held in the presence of Israel Diamond Institute Chairman Shmuel Schnitzer, the Diamond Controller Shmuel Mordechai, and the IDE's Legal Adviser Shlomo Eini.

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.