Diamond Boss Arrested over $5.6m Deal
October 01, 25
The owner of Indian lab grown company Sonani Jewels has been arrested with his two sons, accused of cheating another business in a deal worth Rs 50 crore (USD 5.6m). News of the arrests has overshadowed the opening in Surat last week of what Sonani ... Read More...
Lab Grown Demand could Triple by 2032
October 01, 25Demand for lab growns - both gem quality and industrial - could reach $100bn by 2032, says the Dubai Multi Commodities Centre (DMCC). That would be more than three times current demand, estimated at around $30bn annually. Around 80 per cent of... Read More...
IDEX Price Report for 1 October: More Losses, Rounds Fare Better
October 01, 25Another month of widespread losses, offset by some gains, mostly in rounds. There were, yet again, considerably more decreases than increases among rounds. Relatively little activity among bread-and-butter goods (0.50-cts to 1.99-cts) but significant price drops... Read More...
Alrosa's $240m Plan to Dig Deeper at Udachny Mine
September 30, 25Alrosa is to invest RUB 20bn ($240m) digging deeper to extend the life of the vast underground Udachny mine, just outside the Arctic Circle, until at least 2055. Mining will eventually take place more than 1km below the surface, extracting 4.1m tonnes of ... Read More...
Suspects "Bought $300,000 Jewelry with Fake Bills"
September 30, 25Two men have been charged with using fake notes to pay for $300,000 of luxury watches and jewelry from a store in Pineville, North Carolina, USA. Robert Lewis Elliott III, aged 36, and Devin Alonzo Elliott, aged 30, allegedly put down a $1,000 deposit in... Read More...
Memo by John Jeffay
October 02Botswana's failure to sell a single carat at its emergency tender last week underscores a dramatic change of fortunes for Africa's diamond capital. It is a nation that has been transformed diamonds. They were discovered in 1967, less than six months after ... Read More...