RAPAPORT. De Beers has reduced its 2021 production plan for a second time, citing operational issues at mines, even as diamond demand looks strong at the start of the year.The company expects to recover 32 million to 34 million carats this year, compared with a previous outlook of 33.
RAPAPORT. The Natural Diamond Council (NDC) and celebrity jeweler Lorraine Schwartz have launched an initiative that will give $1 million in credit to emerging designers in the Black, Indigenous and people of color (BIPOC) community.
The Emerging Designers Diamond Initiative will provide BIPOC designers with opportunities, remove barriers to entry and offer access to industry education and resources, the NDC and Schwartz said Monday.
“It is past time for our industry to be more supportive and share the magic of diamonds with a larger, more diverse group of jewelers,” noted Schwartz. “Helping BIPOC designers, and more specifically the underrepresented Black designer community, gain entry to diamond vendors and credit financing as well as expand their businesses is a necessary step in the process towards a more equitable industry.”
RAPAPORT. SB360 Capital Partners, an advisory firm based in Boston, Massachusetts, has named Leonard Polivy as its executive vice president for luxury, diamonds and jewelry.
Before joining the company, Polivy worked on various large retail transactions and appraisals, and has served as a consultant to wholesale and retail clients in the jewelry sector for a global valuations firm. He will lead the expansion of SB360’s jewelry division, the company Tuesday.
“Leonard brings hands-on experience to the team, and is a standout talent in the jewelry and luxury industry,” said SB360 executive vice president Aaron Miller. “His depth of industry knowledge and technical expertise will be instrumental to the growth of [our] luxury, diamond and jewelry division.”
RAPAPORT. Mountain Province saw rough prices rise 8% on a like-for-like basis at its first sale of the year, as demand strengthened.
The miner sold 241,827 carats from its Gahcho Kué mine in Canada jointly owned with De Beers for $21.8 million at this month’s tender in Antwerp, averaging $90 per carat, the company reported Monday. Average prices at that event, which closed January 22, surpassed the $61 per carat achieved at last month’s sale.
“The first sale of the year was excellent the growing confidence amongst rough-diamond buyers translated into a healthy price improvement…when compared to our record high-volume December sale,” said Mountain Province CEO Stuart Brown. “We expect to see a continuation of the positive trend as rough and polished markets continue to strengthen post a successful retail season.”
RAPAPORT. Several small-scale diamond miners have resumed operations after shutting down during the pandemic, offering another signal that the rough market has recovered from last year’s lows.
Diamcor Mining revived operations at its Krone-Endora at Venetia tailings project in South Africa, having placed the program on care and maintenance in March when Covid-19 spread.
The company sold 667 carats of rough from the plant for $79,000 shortly after mining resumed. The average price of $118 per carat was slightly above the $112 per carat garnered at a previous sale in July. However, its most recent tender of 1,453 carats brought in $266,705, at an average price of $184 per carat, the company reported Monday.