Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
Diamond Production Rises for De Beers in Q3
The volume of rough diamonds mined was up 4 percent compared with the third quarter 2015 but remains down year-to-date.
London--De Beers’ parent company Anglo American reported a 4 percent year-over-year increase in third quarter diamond production, with a difficult Q3 2015 providing easy comps.
Diamond production for the third quarter Sept. 30 totaled 6.3 million carats, up from 6 million carats in the third quarter 2015, when production was reduced in response to the slowdown in the diamond trade globally.
Production remains down 9 percent year-to-date. At this point last year, De Beers had mined 21.6 million carats of diamonds, compared with 19.6 million this year.
Third quarter production also was down when compared with the second quarter 2016, declining 3 percent.
Debswana, De Beers’ operations in Botswana that it runs in partnership with the government there, posted the greatest year-over-year increase in production at 12 percent.
This was due to the fact that Jwaneng is no longer on care and maintenance, though those gains were partially offset by a 22 percent decrease in production at Orapa due to trading conditions.
Production at De Beers Consolidated Mines, or DBCM (the company’s operations in South Africa), was up 6 percent, largely as a result of processing higher grades at Venetia and increased through-put at Voorspoed. Partially offsetting the gains was the January sale of De Beers’ oldest mining site.
At Namdeb Holdings (De Beers’ operations in Namibia), planned maintenance on one of the marine mining vessels resulted in a 13 percent drop in demand while Canadian production fell 48 percent due to the closing of the Snap Lake mine, which was only partially offset by the opening of Gahcho Kué.
Consolidated rough diamond sales in the third quarter rose 77 percent year-over-year to 5.3 million carats due to improved trading conditions; sales were slow in the third quarter 2015, as the supply pipeline was overstocked with goods.
Commenting on the production results, Anglo American Chief Executive Mark Cutifani said, “The modestly higher production at De Beers is reflective of improved market conditions relative to Q3 2015, but we maintain a cautious outlook.”
De Beers’ full-year production guidance remains unchanged at 26 to 28 million carats.
The Latest
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.