News of the day

Excelsior Says To Provide Finance For Diamond and Jewelry Industry

Excelsior Capital Ventures (ECV) LLC is to provide "substantial liquidity" to the mid-stream diamond and jewelry industry.

White Pine Launches GIA Listing Service for Smaller Diamond Dealers

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White Pine Trading LLC, a diamond trader and fine jewelry and luxury watch purchaser, is launching a listing service to provide smaller diamond dealers a distribution channel for GIA-graded stones.

The platform will provide access to leading trading networks, regardless of a member’s size, funding or supply, and also aims at improving members’ access to brick and mortar and online retail outlets.

The listing service will enable the sale of GIA inventory alongside White Pine’s 5,000 GIA-graded stones.

Economists Want A 'Second Economic Transformation' in Botswana

Two economists have urged Botswana to undergo a second economic transformation. In a report compiled by Econsult Botswana, economists Dr Keith Jefferies and Sethunya Sejoe warned that diamond mining is unlikely to drive economic growth in future, but rather a foundation for current economic activity and income levels.

Another Large Diamond For ALROSA - Finds 136.24-Carat Diamond

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Russia's ALROSA has found a 136.24-carat diamond from the Nyurbinskaya pipe near Yakutsk in the Sakha Republic where most of its mines are located.

The gem-quality rough diamond, is 3 Black Makeable 1 Color, measures 29.32 х 23.88 х 21.9 mm and is one of the largest found in the Nyurbin, the miner said.

"The extracted stone is a combination-form translucent colorless part of a crystal with columnar interlocking sculpture. The stone contains graphite and sulphide composition.

Report Says NY Developer's Plans May Price Diamond, Jewelry Firms out of Diamond District

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New York property developer and ex-diamond dealer Gary Barnett is will fundamentally change the city’s Diamond District if plans go ahead, says a report in the New York Post.  

Barnett has reportedly spent years buying 10 buildings in the Diamond District’s 47th Street, 46th Street and Fifth Avenue corridor. He plans to demolish them all — perhaps to build a giant diamond hotel, the report says.

Israel Posts Sharp Drop in Polished Diamond Exports in First Half of 2016

Israel reported a strong decline in polished diamond exports for the first half of 2016 - dropping 14 percent on the year to $2.61 billion - according to official figures.

Exports to Israel’s largest market, the U.S., fell 15 percent, and to its second-biggest market, Hong Kong, by 26 percent. Dealers said trading has been very difficult this year with worldwide demand declining and Israel struggling to keep its place in the market.

Millennials Still Need Stores Despite Digital Age, Survey Finds

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A  study in Britain has underlined the continuing importance of physical stores in driving retail sales.

The survey makes for interesting reading given the emphasis placed by Millennials on digital connections.

The survey revealed that of the £313 billion ($410 billion) spent by UK shoppers last year, £278 billion (89%) “touched” a store through physical sales, click & collect and online sales browsed in store, according to research firm Verdict Retail and British Land cited by Professional Jeweller.

ALROSA Proposes Measures to Support Local Diamond Polishers

Russia's ALROSA has suggested steps to aid the country's diamond-cutting and polishing sector via cost-cutting and other means, according to company vice-president Rinat Gizatulin in comments to Interfax.

Online Giant Blue Nile Sees Falls in Sales and Profits in Fiscal Q1

Internet  diamond and jewelry seller Blue Nile posted a small fall in sales of 3.2% in its first fiscal quarter due to a decline in engagement ring sales and a “challenging environment” overall.

It posted revenues down to $103.1 million, on the back U.S. sales of engagement jewelry dropping 7%.

Blue Nile's profits plunged 9% to $1.1 million, but was more upbeat about its second quarter when it expects sales of $114 million to $117 million which would be a 3% rise on last year.

Forevermark in Indian Diamond Jewelry Advertising Campaign

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The Forevermark diamond brand has launched its first India-specific advertising campaign, featuring Capricci, a nose pin collection which has been released across all advertising formats.

Forevermark India President Sachin Jain said, "This is our first India-based campaign. In India, as per our diamond acquisition study, the nose pin is the second most widely purchased item after finger rings." India's diamond jewelry consumer market is estimated at $8 billion per annum, according to a Times of India report.

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