Gemfields Owner Reduces Staff, Salaries

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RAPAPORT… Colored-gemstone producer Gemfields is taking measures to reduce debt and revive profit growth, following its acquisition by Pallinghurst Resources earlier this year.

Gemfields’ debt grew almost fivefold to about $84 million between
2014 and July 2017 when Pallinghurst acquired the colored-gemstone producer, the parent company explained in a statement. To improve efficiency, …

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Charming Charlie Chooses Chapter 11

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RAPAPORT… Houston-based retailer Charming Charlie has voluntarily filed for
Chapter 11 in a US bankruptcy court to enable it to restructure and reduce its
debts, it said this week.

The company, which focuses on fashion jewelry, handbags,
apparel, gifts and beauty products, has suffered from “adverse”
macro-conditions and “certain operational shortfalls,” its chief financial
officer…

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Diamond Midstream Improving Efficiency, Says Bain

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RAPAPORT… Tough market conditions are forcing diamond traders and
manufacturers to adjust their business models amid sluggish consumer demand, according
to a report by management consultancy Bain & Company. 
While miners’ sales of rough diamonds to the midstream
leapt 20% in 2016, global diamond-jewelry sales were stable for the year, Bain
said in this week’s report, which it prod…

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Israel Takes Its Cut from 813ct. Constellation

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Local trade leaders say sawing the rough stone shows the nation’s market-leading prowess, but Dubai might disagree.

RAPAPORT… The
leaders of Israel’s diamond trade have been trying hard of late to showcase and
develop the nation’s prowess in cutting larger stones. It was therefore
unsurprising that the Israel Diamond Institute (IDI) proudly announced in
November that local worke…

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Marange Subject to Indigenization Law

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RAPAPORT… The diamond industry will be one of only two sectors to
which Zimbabwe’s “indigenization” law will still apply after a scaling-back of the
law on black ownership.

The government will restrict the Indigenisation and Economic
Empowerment law, which requires foreign companies active in the country to be
majority-owned by local black people, to diamonds and platinum, newly appointe…

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GSI Expands Synthetic Testing Service

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RAPAPORT… Gemological Science International (GSI) has expanded its
service for detecting synthetic diamonds in jewelry to Hong Kong, India, New
York and Dubai. 
The service is open to manufacturers and retailers that wish
to have diamonds as small as melee tested once the stones are in finished
jewelry. GSI continues to offer testing of loose diamonds at all of its
facilities around …

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Alrosa Becomes a Certified RJC Member

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RAPAPORT… The Responsible Jewellery Council (RJC) has granted Alrosa certified-member
status following an extensive review of the Russian miner’s operations by an
external assessor.

Certified members are companies that have undergone
independent auditing to confirm that they comply with the global standards
group’s “Code of Practices.” The decision constitutes an upgrade for Alrosa,…

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Rough Demand Stable at $450M De Beers Sight

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RAPAPORT… De Beers reported steady demand for rough diamonds at its
December sight as sales showed an increase over the equivalent period last
year.

The miner sold $450 million worth of rough in its final
sales cycle of the year, including last week’s sight in Gaborone and its
auctions, it reported Tuesday. Provisional proceeds rose 6.6% compared with
actual sales for the same perio…

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Gem Diamonds Ends Talks over Mine Sale

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RAPAPORT… Gem Diamonds has terminated discussions with a potential
buyer for its Ghaghoo mine in Botswana.

The London-based company announced in August that it was
considering an offer from an unidentified party. However, those talks did not
result in an agreement, and the proposal has been withdrawn, the company noted in
a statement Tuesday.
Gem Diamonds, which acquired Ghaghoo i…

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India Firm Launches Robot for Diamond Cutting

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RAPAPORT… An Indian company claims to have developed the world’s first diamond-cutting robot powered by artificial intelligence (AI).

The machine, called Robomatic, takes care of positioning the diamond for cutting — a job that is currently a manual one despite the large degree of automation in the industry, according to the device’s creator, STPL.

While someone still has to load the rough…

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