RAPAPORT. Firestone Diamonds will keep its Liqhobong mine closed as it works with its bondholders to restructure its debt and continues to test market prices for its rough.
The miner has reached an agreement with Absa, one of its lenders, to allow it to defer repayment of its debt until September 2021, Firestone said Tuesday. The company is still in discussions with other bondholders about a long-term solution, and expects to complete those talks in the first half of 2021.
In November, Firestone sold a parcel of 43,269 carats of special-size and run-of-mine rough at a tender in Antwerp, aiming to test market prices. Those goods from the mine in Lesotho fetched $3.6 million at an average of $84 per carat, which exceeded the company’s reserve price.
RAPAPORT. A sharp rise in silver prices over the past week has shocked the jewelry industry and raised concerns that consumers will steer clear of the precious metal until the volatility ends.
Prices have jumped around 9% since last Wednesday, according to Silverprice.org. The hike is thought to be a result of posts on the Reddit social-media platform encouraging amateur traders to bet on assets popular among short sellers.
APMEX, a major bullion dealer, suspended silver sales on its website in response to the overwhelming demand. Silver miners such as First Majestic Silver, Pan American Silver and Wheaton Precious saw their share prices soar. And the US Commodity Futures Trading Commission said it was checking if there was any misbehavior involved.
RAPAPORT. The Natural Diamond Council (NDC) has launched a partnership program for jewelry retailers, enabling them to use the category-marketing organization’s advertising materials on a local level.
“As we continue working under a new context where the need for digital content continues to rise, it has become apparent there is an opportunity to collaborate and share resources with diamond-jewelry retailers across the US,” said David Kellie, the NDC’s CEO, in a statement Monday.
The Official Partner Program allows retailers to benefit from the global advertising campaign “For Moments Like No Other” that the group released in September, the NDC explained. It also gives them access to digital assets and educational resources that they can push on their own channels. This content is currently attracting more than 300,000 global visitors per day to the NDC’s consumer website, naturaldiamonds.com.
RAPAPORT. Grading laboratories are widely viewed as the guardians of trust in the diamond industry, and have a long history of using technology to authenticate the product. But the trade is seeing some disruption as the larger labs adopt artificial intelligence (AI) and machine learning to enhance their grading capabilities.
In the third installment of Rapaport’s podcast series, “Technology and the Diamond Trade,” sponsored by Sarine Technologies, panelists explore the effect that AI and other digital initiatives will have on the grading environment. They debate the extent to which AI can resolve disputes about grading inconsistencies, and how automation of grading processes might impact the trade, among other topics.
India Slashes Import Taxes on Gold, Silver Polished-Diamond Duty Untouched; Rough Exempt from New Online Levy Feb 1, 2021 11:09 AM By Rapaport News
RAPAPORT. The Indian government has reduced import duties for key precious metals and clarified that rough-diamond purchases are exempt from a new e-commerce tax, drawing praise from jewelry-trade leaders.
Customs duties on gold and silver will decrease to 7.5% from the previous rate of 12.5%, Finance Minister Nirmala Sitharaman announced Monday in the country’s annual budget. The government also lowered import taxes on platinum, palladium and similar materials to 10%, down from 12.5%.
Higher duties had hampered the nation’s jewelry industry, resulting in Indians moving to other centers such as Dubai and Hong Kong to do business, explained C