Gemdax provides an overview of the newly introduced Belgian Diamond Tax Regime for registered diamond dealers.
The world’s largest uncut diamonds is about to be sold in a most uncommon way.
Standard Chartered Plc is demanding more loan protection from clients in the Indian and Belgian diamond trade as the bank seeks to tighten standards, according to people with knowledge of the new policy.
In this opinion paper, Gemdax discusses the midstream squeeze in the diamond industry.
A century of first-hand experience in the art of managing markets is helping diamond producers accomplish what the rest of the mining industry has been unable to during the commodity collapse: shut down supply.
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De Beers, the one-time world diamond monopoly, is bowing to market forces.
The Anglo American Plc unit, still producing about 30 percent of supply, is said to have lowered prices almost 10 percent last month, and is plowing tens of millions of dollars into an advertising push to spur jewelry sales. That’s after two reductions in its annual output target, by a total of as much as 15 percent, failed to halt an accelerating slump in prices of the uncut gems.
The 2.62-carat diamond Calvin Mills bought his fiancée in November is a stunner. Pear-shaped and canary-yellow, the gem cost $22,000. A bargain. Mills, the chief executive officer of CMC Technology Consulting in Baton Rouge, La., says he could have spent tens of thousands more on a comparably sized diamond mined out of the earth, but his came from a lab. “I got more diamond for less money,” says the former Southern University football player, who proposed last year at halftime during one of his alma mater’s games at the Superdome in New Orleans.
What makes a diamond valuable? History shows a slick marketing team and a killer tagline help.
“A Diamond is Forever,” voted the best slogan of the 20th century by Advertising Age, helped De Beers convince people for almost 70 years that it’s worth parting with two months’ salary for a gem. Yet the end of its monopoly a decade ago blunted its role as the industry’s marketing edge.
Diamond buyers are leaving stones on the table, prompting De Beers, the world’s biggest producer, to back down on pricing.
After 30 percent of its rough diamonds went unsold at its March sale, the Anglo American Plc unit unexpectedly reduced prices by about 3 percent last week. In February, the company said it expected an increase this year.