Ontario-based junior diamond explorer Diadem Resources Ltd. warns that a deadline for the final approval of a proposed initial US$1.5 million financing contemplated by Diadem’s financing agreement with Wakabayashi Fund LLC of Tokyo, Japan, is unlikely to be met based on the lack of progress to date.

The financing agreement was entered into in September 2008 to assist Diadem in structuring and arranging one or more financings over a six-month period. The financings were planned to provide up to US$6 million of funding for general corporate purposes and to carry out a drilling program at the company’s Franklin diamond project on the Parry Peninsula in the Canadian Arctic.

> continue reading "LACK OF PROGRESS CITED IN DIADEM’S PRIVATE PLACEMENT"

Number of first-time pawnshop users is up 10% this year

PHILADELPHIA - At Society Hill Loan, a pawnshop in a middle-class neighborhood here, a steady rain fell outside as a fashionably dressed young man parked his Cadillac Escalade outside. Looking around warily, he came in to speak with Nat Leonard, co-owner of the store.

The visitor was a 29-year-old engineer who was laid off earlier this year from one of the local chemical companies. Since then, he’s been cleaning planes at the airport for less than half the salary he was earning a year ago.

Now he needs a $2,500 loan on his watch — a Movado Fiero with a diamond bezel — to pay his mortgage note.

> continue reading "Pawnshops see surge in well-to-do clients"

With the end of 2008, the last of the legendary diamond cartel deals has sunk back into the murk from which it originated when Cecil Rhodes created his African Diamond Syndicate in 1873.

Following a ruling three years ago by the European Commission (EC), Africa’s De Beers and Russia’s diamond miner Alrosa have wound up a series of trading agreements - secret and open - that date back almost 50 years. Although the EC ruling, which threatened such agreements, was subsequently overruled by the European Court of Justice, De Beers and Alrosa decided separately that their best interests would be served if, from now on, they produced and traded competitively. From January 1, Alrosa no longer sold and exported a fixed quantity or value of rough diamonds each year to De Beers.

> continue reading "Diamond cartel meltdown"

The Bangkok Gems and Jewelry Fair (BGJF) and its parent organization, the Thai Gem and Jewelry Traders Association (TGTJA), announced that they would pay for half of the hotel room rates of buyers invited by its members to the 43rd Bangkok Gems & Jewelry Fair. The fair will take place February 25 to March 1.

The payment is offered as an incentive aimed to attract and assist international buyers planning to attend the fair.

In a message to its members, the TGJTA said that under the rules, each TGTJA member is allowed to include two buyers in this promotional effort. Buyers must reserve their rooms in a participating hotel.

The program is valid for reservations made February 24 - March 2. The BGJF has set the maximum room rate to be reimbursed to buyers at 3,000 baht ($85) per day.

> continue reading "Bangkok Fair Offers Hotel Room Discounts to Attending Buyers"

LOS ANGELES — A rare red diamond, making its American debut, is on display at the Natural History Museum of Los Angeles County through Feb. 1, museum officials announced.The rare gem is one of three large red stones known to exist. Discovered in South Africa in 1927, the red diamond was stolen during World War II and later recovered by American soldiers. It was purchased by a collector in 1970 and remained hidden until it was purchased by Los Angeles-based Kazanjian Bros. Inc. in 2007.

The museum also is showcasing the “Hollywood Jewels Collection,” which features the tiara worn by Madonna when she wed ex-husband Guy Ritchie, a bejeweled compact given to Carole Lombard by Clark Gable, and a gold and diamond necklace that Cary Grant gave to actress Terry Moore.

Source: www.dailynews.com

Surat Several NGOs have come forward to help the diamond polishers who are struggling to make ends meet following the shutdown of several units as a result of the global meltdown.

The Vandagam Yuva Sewa Samaj (VYSS), an NGO running social and educational activities in Surat, has come forward to help the people of Vanda village at Sawarkundla taluka in Amreli.

They distributed free kits containing ghee, jaggery, edible oil, wheat, rice and tea to 100 families associated with the diamond industry at a ceremony held at Rachna Society compound in Kapodara.

The cost of each kit is approximately Rs 4,000 and can sustain a family for one month.

The Bapa Sitaram Trust of Surat city has also come forward to help the diamond polishers. The trust members had purchased wheat from the market and sold it at a cheaper rate to the family members of diamond polishers at Nana Varachha in Surat. Over 2,000 families took benefit from the scheme.

> continue reading "Now, NGOs come to the rescue of diamond polishers"

Online sales in the Jewelry & Watches product category fell 24 percent in the holiday season, according to comScore and MasterCard Advisors’ data. However, the category outperformed overall sales of luxury goods (including jewelry and watches), which fell 34 percent compared to last year, according to MasterCard.

In several product categories, online spending outperformed offline, in the November 1 – December 24 period, according to a comparison between comScore’s online trade data to overall (online and offline) consumer spending data published by MasterCard Advisors’ SpendingPulse Unit.

The Apparel & Accessories category increased 4 percent online, compared to a 19-21 percent decline in overall sales of the category. Consumer Electronics sales declined 5 percent online. This compares to a 26 percent decline in overall sales of Electronics/ Appliances.

> continue reading "Online Jewelry Sales Fall Sharply, Yet Gains Luxury Market Share"

Ramat Gan, Israel–To help the country’s diamond industry through the economic downturn, the Israel Diamond Institute Group of Companies (IDI) is offering free hotel nights in Israel to diamond buyers from all over the world who are visiting the Ramat Gan diamond complex.

IDI Chairman and IsDMA President Moti Ganz announced the initiative, which requires that the approved buyer spend at least six hours a day in the Israel Diamond Exchange trading hall, the largest diamond trading floor in the world, according to a release from the IDI.

For those who meet the qualifications, the IDI will pay for accommodation in the nearby Sheraton City Tower hotel, which is adjacent to the diamond complex, for up to four nights.

> continue reading "IDI offering free hotel stays to diamond buyers"

Polished diamond prices continued to fall in December as the overall PolishedPrices index fell to its lowest level since July 2005.

Since the overall index peaked on the 10^th of August, the index has fallen 13.2%, finishing the year with a dismal run of seven consecutive falls, the longest losing sequence since we began publishing the index daily in May 2007.

The lack of liquidity in the markets, caused by the global financial turmoil, has resulted in our forecast - given last January - to be over optimistic by 16%.

Whilst back in August 2008 our forecast was on track, the speed with which the market declined was unforeseen.

Overall prices fell during 2008 by 8.7%. Although the average throughout the year was 3.1% above the average for 2007.

Our forecast for 2009 will be published next week.

Source: www.polishedprices.com

By Martin Rapaport

As the New Year begins, it is correct and appropriate for the diamond trade to develop a new, optimistic approach and attitude. Many of us are sick and tired of the bad news, the grave warnings and the negativity of the past year. We are searching for new ideas and a new way forward. A new way to bring hope, optimism and positive thinking to the diamond trade.

When you get right down to it, the diamond business is not about the stones. It is about people, you and me. How we feel about diamonds and our business is of paramount importance. If we believe in the power and value of our diamonds, then the diamonds take our positive feelings to a higher level in the mind and imagination of our customers. Diamonds do not just reflect brilliant light; more importantly, they reflect our positive attitude and confidence in their value. If we believe in the scarcity, beauty and true value of diamonds, then so will our customers.

> continue reading "Happy New Year"