Gemfields Reluctantly Bows to Fosun Takeover Bid

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RAPAPORT… Gemfields’ management has recommended shareholders accept a $323.8 million (GBP 256
million) takeover offer from China’s Fosun Gold, describing it as a better
option than an earlier proposal by Pallinghurst Resources.
Gemfields’ independent committee still considers the Fosun
offer to be unfair and unreasonable, but finds it more attractive than the
Pallinghurst bid, which off…

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Millennials Prefer Offline Shopping

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RAPAPORT… More than half of millennials make most of their
purchases in physical stores, but young consumers are browsing the internet for
information before closing the deal, according to a new survey.
Some 53% of the generation shops mainly offline,
according to the Millennial Shopping Report Summer 2017 by CouponFollow, a
website that provides online coupon codes to consumers. The survey…

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‘Crown of Light’ Brand Hits $100M Milestone

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RAPAPORT… Sales of “Crown of Light” diamonds exceeded $100 million in 2016, hitting the milestone 10 years after brand owner Almod Diamonds launched its manufacturing operations, the company reported Monday.

The 90-facet patented cut is one of the fastest-growing
diamond brands in the world, according to Almod, a New York-based affiliate of
retailer Diamonds International.

The comp…

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Rough Prices Firm at $530M De Beers Sight

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RAPAPORT… De Beers sold $530 million worth of rough diamonds in June as sightholders continued to complain of shrinking manufacturing margins
and a mismatch between rough and polished prices.
The miner lifted prices by an estimated 2% to 3% in certain
categories, sightholders told Rapaport News. Higher rough prices without
a corresponding increase in polished demand could lead to dimi…

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Israel Bourse Starts Up Innovation Hub

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RAPAPORT… The Israel Diamond Exchange (IDE) is opening a technology
incubator, providing both space and financial support for start-up companies in
the diamond industry, the bourse said Monday.
Known as the Diamond Tech Innovation Center, the hub will
enable the IDE to promote new technologies for diamonds beyond gems and
jewelry, including their use in industry, robotics, semicond…

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Wet Season Keeps Lulo Prices Below Average

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RAPAPORT… Lucapa Diamond Company garnered $950,000 (AUD 1.25 million) in
a sale of rough diamonds from its Lulo alluvial mining project in Angola.
The company’s fifth sale of the year fetched $770 per carat
for the 1,236 carats on offer, Lucapa said Monday.
While this sale’s average price was higher than last
month’s, which came to $695 per carat, it was still lower than in previous
m…

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Gemfields Sets $55M Auction Record

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RAPAPORT… Gemfields recorded its highest auction total as it sold
$54.8 million worth of rubies and corundum in Singapore last week.
The sale fetched an average of $61 per carat for
895,848 carats, out of just over 1 million carats that were on offer, the
miner said. The event sold 85% by volume and 98% by value.
The revenue figure is 24% higher than Gemfields’ previous
auction record of …

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India’s Polished Trade Improves in May

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RAPAPORT… India’s polished diamond exports grew 3.7% to $2.05 billion
in May, according to data that the nation’s Gem & Jewellery Export
Promotion Council (GJEPC) released recently.
By volume, polished exports jumped 12% year on year to 3.4
million carats, with the average price declining 8% to $609 per carat.
Polished imports fell 1.8% to $244.5 million, leaving net
polished exports …

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Singapore Exchange Trials Blockchain Verification

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RAPAPORT… The Singapore Diamond Investment Exchange (SDiX) is testing blockchain technology as a way to authenticate ownership of diamonds, noting the methodology could cut costs and improve efficiency in the industry.

Blockchain is a public database of transactions that allows
anyone on the network to view records, eliminating the need for a central
authority to verify trades and makin…

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Trans Hex Warns of Greater Losses

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RAPAPORT… South Africa-based diamond miner Trans Hex expects that its
net loss widened 81% to $14.2 million (ZAR 182.6 million) in the past fiscal
year due to impairment charges and a slump in sales, the company warned
Thursday.
Revenue from its South African operations fell 19.5% to
$42.2 million (ZAR 540.2 million) during the 12 months that ended March 31, the
miner said in a trading st…

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