RAPAPORT. Mumbai’s Bharat Diamond Bourse (BDB) is on the verge of allowing lab-grown trading, with members due to vote on the matter next week.
The board of the world’s largest diamond hub has recommended the move, arguing that better detection and increased awareness have made it easier to segregate synthetic stones from natural ones. The poll will take place at the annual general meeting (AGM) at the BDB on December 28, according to the exchange’s annual report, which it released last week.
The bourse banned synthetics in 2015, but has been reconsidering the rule for more than two years and holding talks with India’s Natural Diamond Monitoring Committee on how to keep watch of the trade. The board received numerous requests for a meeting in which members could pass the amendment, BDB president Anoop Mehta told
RAPAPORT. Manufacturing Jewelers & Suppliers of America (MJSA) has elected Joseph Esposito as the new chairman of its board of directors.
Esposito is executive vice president of National Chain Group, a contract manufacturer and supplier based in Rhode Island, MJSA said last week. As chairman, he will succeed Steven Cipolla, who is president at National Chain Group and has headed MJSA since 2016. Meanwhile, Cipolla has become chair of the MJSA Education Foundation.
Prior to joining National Chain Group, Esposito owned Prime Time Manufacturing, which he ran for 20 years until Berkshire Hathaway-owned Richline Group purchased it in 2007. He also headed Richline’s global manufacturing for 12 years.
RAPAPORT. Rio Tinto achieved record value at its 2020 Argyle Pink Diamonds Tender, with bidders raising their offers for the stones following the mine’s closure.
There were 62 pink, red, blue and violet stones up for sale, weighing a total 57.23 carats. It allowed participants to view the goods using livestreaming and a virtual portal at locations in Antwerp, Singapore and Perth, Australia, due to travel restrictions associated with the coronavirus pandemic.
Hong Kong-based Kunming Diamonds won 35 of the lots on offer, including the coveted Argyle Eternity. The 2.24-carat fancy-vivid-purplish-pink now ranks as the most valuable fancy-vivid diamond in the event’s 37-year history, Rio Tinto said last week.
RAPAPORT. Swiss watch exports showed a stabilizing trend in November as buoyant Chinese demand helped ease the decline the industry had seen for most of this year.
Global shipments fell 3.2% year on year to CHF 1.94 billion ($2.19 billion) for the month, the gentlest drop since January, the Federation of the Swiss Watch Industry reported Thursday. Exports to China skyrocketed 70% to CHF 301.1 million ($340.9 million), though this was not enough to compensate for lower supply to the US and Hong Kong.
“The decline in Swiss watch exports has gradually slowed over the last few months,” the federation observed. “They almost reached equilibrium during November.”
RAPAPORT. Stargems sold $87.5 million in rough diamonds at a tender in Dubai last week, benefiting from strong trading in the global market for goods above 0.75 carats.
Some 115 buyers purchased a combined 379,912 carats at the sale, making it the largest rough-diamond tender in the history of the United Arab Emirates (UAE), the Dubai Multi Commodities Centre (DMCC) said Thursday. The sale featured production from South Africa and Angola, the DMCC noted.
“Demand was very strong at last week’s tender, compared to our expectations,” a Stargems spokesperson told
Rapaport News. “Over 250 companies participated in the tender, and 500 individuals flew into Dubai, despite the pandemic.”