Thursday, August 30, 2012

De Beers Opens its First Store in Shanghai

De Beers Diamond Jewellers, the definitive destination for diamond jewellery, celebrates the highly anticipated opening of a new De Beers store at IFC, located in the heart of Shanghai's most prosperous financial area Lujiazui in the Pudong district. Shanghai is an epicentre of luxury shopping and the establishment of De Beers here marks the brand’s fourth store in China.
With this new store, De Beers brings over 120 years of peerless diamond expertise and passion to the vibrant city of Shanghai, where the historical meets the contemporary. The new 75 square metre space is ideally located in the new fine jewellery area of IFC. The new store features De Beers’ unique design concept of glass and light, where clients are invited to discover the natural beauty and timeless mystique of diamonds. De Beers’ most beautiful creations will come to life in this setting, including stunning solitaires, timeless classics and unique High Jewellery creations.
For this occasion, De Beers displayed the Talisman Crown that was specially designed for the celebration of the Queen’s Diamond Jubilee along with The Talisman Wonder. A set of eight unique Talisman Medals have been exclusively created to celebrate the Shanghai store opening. In Chinese tradition, the number 8 is synonymous with prosperity, wealth and good fortune. These 8 Talisman Medals have been designed to honour this ancient belief. Each is composed of magnificent rough diamonds that are exquisitely arranged within the distinctive handcrafted serti-poinçon textured white, yellow or pink gold in a mesmerising formation heroing the central diamond. With the unveiling of The 8 Talisman Virtues, De Beers celebrates diamond mastery and expert craftsmanship by combining rough and polished diamonds creating beauty, balance and harmony.
François Delage, CEO of De Beers Diamonds Jewellers, commented, “We are proud to continue to build the brand in China with the opening of our first store in Shanghai after the successful openings in Beijing, Tianjin and Dalian. As the sole diamond jewellery specialists, we are delighted to share our exceptional passion and expertise in diamond selection, craftsmanship and diamond jewellery design with one of the most discerning markets.”
Andrew Coxon, President of De Beers Institute of Diamonds, continued, “Every De Beers diamond is meticulously hand-selected for beauty to ensure that it has exceptional Fire, Life and Brilliance. We know that the highly discerning clients in China will no doubt appreciate the superior sparkle and transparency that our specially selected diamonds exhibit.”
To help showcase this, each De Beers store is equipped with a De Beers Iris, a unique technology that helps customers clearly see the beauty of every diamond through the eyes of an expert.
Award-winning actress, Shu Qi was in attendance to celebrate the opening in Shanghai, looking radiant in De Beers jewellery. Having built her career in Hong Kong, she has become one of the most successful actresses in Asia and has been a proud member of the jury at the Cannes Film Festival. Shu Qi wore the stunning Arpeggia necklace and bracelet crafted in yellow gold with white and fancy-coloured diamonds, and two beautiful solitaire rings. Shu Qi completed her look in a glamorous Dior dress. Shu Qi commented, “I am delighted to be able to join De Beers for the opening of the first Shanghai store and these timeless, elegant creations from De Beers are a joy to wear.”
Mr. Delage added, “It is an immense pleasure to have one of the most beautiful and talented actresses join us today, as a real friend of the brand. She exemplifies the spirit of modern femininity, beauty and grace – qualities that inspire our designs at De Beers Diamond Jewellers.”
The new Shanghai IFC store represents De Beers’ focus in China. With recent store openings in Beijing, Tianjin and Dalian, De Beers recognises the demand for exquisite designs and diamonds of superlative quality by Chinese consumers and the opening in Shanghai IFC highlights De Beers’ success as a global destination for diamond jewellery lovers and connoisseurs.
De Beers has a worldwide presence with stores located in the most sought after locations including Old Bond Street in London, Fifth Avenue in New York, Printemps and Galeries Lafayette in Paris, Shin Kong Place in Beijing, The Landmark in Hong Kong and Ginza in Tokyo.

Wednesday, August 29, 2012

Synthetic Diamonds Make Their Mark

The summer 2012 issue of Gems & Gemology, the Gemological Institute of America's (GIA) peer-reviewed quarterly professional journal, offers an extensive analysis of synthetic diamonds based on the work of its researchers and other contributors.
The first article discusses how to distinguish synthetics from natural stones; a second looks at why newer synthetics appear much closer to natural diamonds than those manufactured a few years before. The third article offers an initial evaluation of a new form of synthetic diamond material that has not yet reached the market. All of the articles are available at no cost through the Gems & Gemology iPad app.
In the nearly sixty years since the first synthetic diamonds were created, 2012 may be remembered as the year when they made a major impact in the market for gem-quality diamonds.
Gem-quality colorless synthetic diamonds, which to the unaided eye look identical to natural stones, appeared in the market in commercial quantities early in the year. Controversy arose in the spring when a parcel containing undisclosed synthetics was submitted to a gemological lab for grading. The lab identified the synthetics and announced their findings. Calls from industry organizations for greater disclosure and punishment for those who fail to disclose man-made stones followed immediately.
CVD Synthetic Diamonds from Gemesis
(Wang W., D'Haenens-Johansson, U., Johnson, P., Soe Moe, K., Emerson, E. ,Newton, M., and Moses, T. pp. 80-97)
In March, 2012, Gemesis Corporation, of Sarasota Florida, began marketing colorless synthetic diamonds created by the chemical vapor deposition (CVD) process. CVD synthetic diamonds are produced by using microwaves or other sources of energy to breakdown a hydrocarbon gas, such as methane, inside a vacuum chamber which causes carbon atoms to accumulate in layers on a flat diamond substrate (usually an HPHT synthetic plate), similar to the way snowflakes accumulate in a snowfall.
Gemesis produced its earlier synthetics by the high pressure/high temperature (HPHT) process. Originally introduced by General Electric in 1954, the HPHT process mimics the intense heat and pressure that produces diamonds deep in the earth. The laboratory-based process requires costly equipment to maintain a stable temperature and pressure, and produces mainly yellow-colored stones because trace nitrogen is captured during diamond growth and becomes a coloring agent.
The CVD method, commercialized about a decade ago, is much less costly than HPHT because it works at moderate temperatures and low pressure which requires less expensive equipment. It is also more flexible, because different gases can be used to create a variety of colors or colorless diamonds. Other gases such as oxygen and nitrogen can be added to enhance the quality of the synthetic and improve growth rates.
To better understand and identify the CVD process, GIA researchers purchased 16 stones from Gemesis - 15 of them cut into round brilliants ranging from 0.24 carat to 0.86 carat Most were near colorless and were graded F to G on the GIA 4Cs D to Z scale for diamond color. Three were graded I-J and the largest, 0.90 carat was a rectangle cut graded L. All of the stones were high clarity, VVS or VS. One was graded internally flawless.
The researchers, led by Dr. Wuyi Wang, GIA's director of research and development, subjected the synthetics to an extensive battery of tests including several sophisticated types of spectral analysis to obtain a telltale "signature" for diamonds created by the CVD process. These techniques, which are often the basis for gem identification in laboratories today, require specialized equipment and trained staff to operate the instruments and interpret the resulting data.
In addition, the researchers conducted standard gemological tests, including examinations for identifying visual features of synthetic diamonds such as inclusions, graining patterns and ultraviolet fluorescence reactions. Diamonds have graining or internal strain from the way they crystalize. The growth patterns of lab-grown CVD diamonds are distinctly different from those produced in nature.
Recent Advances in CVD Synthetic Diamond Quality
(Eaton-Magana, S., and D'Haenens-Johansson, U. pp. 124-127)
Recent testing found that the quality of CVD-grown diamonds had improved significantly in the decade since they were introduced. They can now be grown faster and "without color." In the past, CVD synthetics displayed graining patterns not found in natural diamonds, distinctive inclusions and fluorescence. The samples recently examined by GIA showed that separating such stones from natural diamonds is increasingly difficult and now requires advanced spectroscopic techniques because of their high clarity and color. In addition, it was apparent that some CVD synthetic diamonds were treated under high heat and pressure which could remove unwanted colors and may also help improve transparency. As a result, those CVD characteristic features are very difficult to see without advanced equipment.
Despite the difficulty in spotting these stones by conventional means, GIA researchers did find unique spectroscopic signatures including photoluminescence features and UV fluorescence patterns.
In the past decade, CVD producers have found that changing the gasses in the growth chamber and using a "purer" (Type II) synthetic diamond as a seed crystal plate can improve the color of the finished diamond and speed the growth rates by much as five-fold. Also, since many as-grown CVDs have a brownish color, producers have found that high pressure and temperature treatment can improve the color, and can also mask some of the signature visual features of these synthetics that make identification more difficult.
Nano-Polycrystalline Diamond Sphere: A Gemologist's Perspective (Skalwold, E. pp. 128-131)
A new type of synthetic diamond, a sphere of nano-polycrystalline diamond (NPD), was developed in Japan late last year. Unlike natural diamonds or the synthetics mentioned above which are a single crystal, NPD diamond is actually a cluster of tiny crystals, thousands of times smaller than the width of a human hair, packed so tightly together that they are transparent and tougher than a natural diamond. Indeed, the crystals are so tightly bonded to one another that there is no grain that is prone to fracture or break.
The NPD samples examined were brownish yellow in color and some were in perfect sphere shape which is difficult to fashion. The techniques recently developed in Japan allow NPD diamonds to be fashioned into virtually any shape, including a round brilliant cut. However, because NPD diamonds are tougher than natural stones, they can only be shaped by a certain kind of laser cutting. Traditional cutting methods will not work.
Developed for industrial uses, NPD synthetics have not reached the jewelry industry. However, just as with HPHT and CVD synthetics, GIA researchers and laboratory staff have identified the unique properties of this material that should be readily identifiable with laboratory testing.
Synthetic gem-quality diamonds may have made a mark on the industry this year, but the science is keeping up. As techniques for synthesizing diamonds evolve, researchers and laboratory experts at GIA continue to follow developments, cultivating ever-more innovative identification techniques.


Tuesday, August 28, 2012

Botswana To Crack Down On Diamond Smuggling

Diamond miner

The head of state of Botswana recommitted his country to the battle against the illegal diamond trade, Rough and Diamond reported. Ian Khama, the president of Botswana said that the country continues to spare no expense to shut down illegal diamond mining activities, as well as the sale of diamonds harvested in this manner.
Botswanan President Khana also noted that the country would continue to examine rules affecting diamond companies operating on its soil, with an eye to creating regulatory conditions that are more optimal for them. Khana stated that the country is responsive to the concerns of foreign diamond industry firms, and that it has streamlined its body of laws that govern the diamond trade to improve its transparency and predictability, according to Rough and Polished.

Khana made the comments at a ceremony to mark the recent opening of Lucara's Karowe diamond mine, which is expected to produce 400,000 carats of diamonds per annum until 2027.

Monday, August 27, 2012

Diamonds In the Making

Accounting for 90 percent of the world’s gem trade, diamonds are the rarest and most coveted of all stones.
Raw diamonds

Considered as investments, symbols of wealth and unique works of art, few objects surpass their perfection and nothing has comparable longevity, as the diamond is passed from one generation to the next.
Diamonds are found throughout the world from Southern Africa to Russia, from Brazil to Australia. Approximately 100 miles below the surface of the Earth the requisite heat and pressure 1300ºC and 50,000 times normal atmospheric pressure — for the formation of diamonds can be found. Carbon molecules, present in abundance at this level of the Earth’s mantle, forge together as diamond crystals.
Magma, bearing the crystals, is then forced to the surface, and solidifies in formations known as ‘pipes’, some of which are miles wide. Only 100 in every 500 pipes will yield a profit: Just 25 carats of diamonds can be expected from 100 tonnes of mined earth and of this, 5 carats will be of gem quality. 

Extracting the diamonds from the earth creates another problem and separation takes advantage of the physical properties of the stones — being significantly heavier than most other gem minerals and fluorescing under X-rays. 

Once mined and processed, the next step is to sort, classify and value the diamonds according to size, shape, quality and color. Using more than 16,000 categories, the diamonds are sorted and then sold to a small group of the world’s leading diamond cutters. 

Before any cutting takes place, the marker carefully examines the diamonds to decide how they should be shaped to yield the greatest value and beauty. 

The process of cutting a diamond is full of complex decisions and the shape of the rough determines the form of the polished stone.
In order to maximize the optical properties of diamonds, there must be a good understanding of the geometry of each stone and a decision is made whether to sacrifice weight for beauty. Retaining 50 percent of the carat weight of the original rough crystal is considered a good yield. 

Once the shape and size of the diamond are determined, the diamond is marked for cutting. Although diamonds are the hardest material known to man, this hardness is variable and a diamond crystal has planes of relative strength and weakness, allowing it to be cleaved or sawn effectively. 

The next step is bruting, which involves grinding away the edges of the stone to provide a basic outline. The stone is then given its facets — for a round brilliant-cut diamond there are 58 facets — in two phases: An initial 16 facets (the main crown and pavilion facets and the culet) are the responsibility of a cross-cutter, while the brillianteer grinds the remaining facets and gives the overall polish to the stone. 

When grinding the stone, the facet angles must be adjusted to ensure the maximum amount of light entering the stone is transmitted back out by its internal facets — known as total internal reflection. This quality is termed as ‘brilliance’. 

The ‘fire’ or rainbow-like effect also associated with a diamond is caused by the dispersion of light rays and again the correct balance must be achieved to have a stone that displays both fire and brilliance. Once cut, the stone is then graded for cut, color, clarity and carat weight – the so-called four C’s – by a gemological laboratory.

Sunday, August 26, 2012

Firm calls for transparency in Marange diamonds

Government should ensure that greater Foreign Direct Investment (FDI) in natural resources translates into higher fiscal revenue that could be spent in priority areas, a leading brokerage firm has said.

In a research note, MMC Capital said: “This is of major concern in Zimbabwe since currently, there is no clarity on the actual returns from the sale of the Marange diamonds.”
The call by MMC comes in the wake of concerns raised by Finance minister, Tendai Biti, over the absence of transparency on Marange diamonds.

Biti and civil society organisations have said the process of awarding the concession was not done properly and the country had been prejudiced of millions of dollars.
Four companies — Diamond Mining Corporation (DMC), Mbada, Marange Resources and Anjin — are mining diamonds on the concession owned by the Zimbabwe Mining Development Corporation (ZMDC).

ZMDC wholly owns Marange Resources and has a 50-50 joint venture with foreign partners in DMC and Mbada.
The Chinese and soldiers own Anjin.

Biti accuses Anjin of not remitting anything to the fiscus despite being the largest diamond producer on the Marange diamond fields.
However, the diamond producer —which has ventured into the hospitality and aviation industries — said it had discharged its statutory obligations and had remitted US$30 million to Treasury.

MMC said Zimbabwe should drive a hard bargain to ensure that it maximises the benefits from FDI.

It said FDI flows afforded countries the much-needed revenues and all must be done to avoid the weakening of governance and transparency.
“This means increasingly putting in place measures that enable open and competitive bidding for the exploitation of natural resources, for example in Liberia,” it said.

Thursday, August 23, 2012

Will Harry Winston Own BHP’s Ekati Diamond Mine?

Luxury diamond enterprise, Harry Winston could become owner of the Ekati diamond mine in Canada, an asset BHP Billiton  has expressed interest in selling. But then again, the mining giant may opt to keep the property in its portfolio. The Financial Times reported that “people familiar with the matter“ confirmed that negotiations between the two companies are continuing but say the process, originally slated to conclude by the middle of the year, is moving more slowly than expected and could fail to result in a deal.

In November, BHP announced a review of its diamond business, which then included an 80 percent interest in Ekati and 51 percent stake in the Chidliak development project.
The review, which was expected to be completed by January, is still underway, but the company has already sold its Chidliak stake to Peregrine Diamonds, Harry Winston is said to the be last bidder for Ekati.
Ekati is Canada’s oldest diamond mine and produces about 11 percent of the world’s diamonds by value, but production is declining.
Through June BHP produced 1,784,000 carats at Ekati, a decline of 29 percent compared to the first half of 2011.
BHP said production was lower than all comparable periods, as expected. And added: ”Ekati production is forecast to remain constrained in the medium term as the operations extract lower-grade material, consistent with the mine plan.”
Valuations for BHP’s stake in the mine vary widely, ranging from several hundred million dollars to over $2 billion. Given the current market conditions and the state of Ekati, there is speculation that if BHP sells it, the buyer isn’t likely to pay anywhere near the top valuations.
Harry Winston has already secured financing for a potential deal, according to FT, though details were not provided.
Some analysts, like Edward Sterck of BMO Capital Markets, believe that the sale of Ekati is the best way for BHP to go.
“Ekati is a mature mine and its best days are probably behind it,” he told Rare Investment.
The diamond property is often seen as little more than a cash-intensive distraction that offers little in return for BHP.
For a company like Harry Winston, Ekati could be attractive as the company has developed downstream operations to link the production. This move could increase its security of supply and allow the company to grow into quite a diamond presence.
The company already has experience in the diamond mining industry. Harry Winston owns a 40 percent stake in the the Diavik mine operated by Rio Tinto in the same region as Ekati.
It is unclear exactly what the hold-up is in proceeding with the deal.
BHP made clear from the beginning that it would only pursue options that will preserve Ekati’s outstanding safety and environmental standards and protect the benefits that the mine has created for local communities.
Harry Winston’s relationship with Rio Tinto could also provide an interesting twist in its desire to acquire BHP’s diamond mine.
Monday, in reference to an updated life-of-mine plan that extends through 2023, Harry Winston estimated that the net present value of 100 percent of Diavik with all reserves and resources is approximately C$2.6 billion.
In March, Rio Tinto also announced a review of its diamond business and Harry Winston is said to be considering the option of purchasing the remaining 60 percent stake in Diavik too. The company could conclude that full ownership of a the mine with which it is already acquainted, is a more attractive option as talks with BHP drag on.
Harry Winston purchasing both BHP’s and Rio Tinto’s diamond assets is considered unlikely.
If Harry Winston backs away from Ekati, it is not clear who will step up to make the next offer.
After considering the option, the world’s second largest diamond producer, De Beers, said it would not make an offer.
Private equity firms KKR and Apollo were among those eying Ekati. However, FT says these private equity groups struggled to get comfortable with the investment needed to extend Ekati’s mine life.
For Rio Tinto and De Beers, the outlook for the diamond  industry is positive. Expectations of growing demand in emerging markets coupled with the lack of new sizable discoveries are often cited as supportive of this optimism.
However, according to BHP, “years of intensive exploration suggest there are few options to develop new diamond mines” that are consistent with its strategy of investing in “long-life, upstream and expandable assets,” thus the need for the review.
In addition to major diversified miners rethinking their futures in the diamond business, the Oppenheimer family, whose name was nearly synonymous with diamonds, has cashed out. The family agreed to sell their stake in De Beers to Anglo American last year. This sale presented the government of Botswana, which owns 15 percent of De Beers, the opportunity to increase its stake to 25 percent. Botswana declined.
The Russian government is also reportedly prepared to sell its stake in Alrosa, the world’s largest diamond producer, to raise money for other projects.
Big business reconsidering big diamond operations may be good news for junior miners.
The diversity that resulted when De Beer’s grip on the diamond market loosened was seen a positive shift. Current developments may indicate that there is again an opportunity for change, this time to a market where smaller players reap rewards from smaller operations.

Wednesday, August 22, 2012

Anjin denies stockpiling diamonds

Mining companies are required to remit 15% income tax, 10% withholding tax on remitted dividends and a three percent royalty. Anjin is a 50-50 shareholding arrangement between the Chinese and government, with the local stake is reportedly controlled by the security sector sympathetic to President Robert Mugabe’s Zanu (PF). A source at Anjin Mine in Chiadzwa told The Zimbabwean the company was stockpiling the gems in Harare and Mutare, even though it is now certified by Kimberly Process, the global diamond watchdog, to sell all its stones.
Anjin has eight massive processing plants that sometimes produced as much as 40,000 carats a day, said the source. But Anjin is also the lowest paying company in the area. More than 1,500 workers went on strike recently, demanding that their salaries be raised on par with what their counterparts were getting. The company reportedly fired all striking workers and replaced them with card-carrying Zanu (PF) youths.
Anjin board member, Munyaradzi Machacha, vehemently denied allegations that the company was not selling its diamonds, saying that was “propaganda coming from (Finance Minister) Biti”.
He said the company sold its diamonds periodically through an auction system.
“Sales are being made and there is no stockpiling taking place. We are not selling buns in some supermarket where people will just walk in and buy. We have to go through a tender process which requires that we first advertise,” he said.
He also dismissed allegations the company was extracting as much as 40,000 carats a day. “I can’t give you the exact figures because they are not constant. We get in the range of 1,000 and 2,000 carats daily,” he said.
He said security was so tight there was no room for any leakages of the gems into the black market, and denied the army had shares in Anjin.
“What I know is that Anjin is owned by government, I have never heard of the army having shares. It’s part of the popular fiction that people are throwing around,” he said.

Tuesday, August 21, 2012

Large Diamonds Discovered in Angola

 angola diamond

An Australian diamond company discovered large gem-quality diamonds at a concession in the southern African nation of Angola, Diamond News reported. Lonrho Mining Limited said that it found a 38.3-carat stone and a 131.5-carat stone at its 3,000-square-kilometer Lulo concession in the Cacuilo River valley.
 diamond mine

The larger of the two diamonds, recovered from the BLK08 bulk sample at the site, is far and away the single largest gem-quality diamond unearthed by the Lonrho company at the Lulo alluvial diamond deposits. The smaller of the two diamonds is the third-largest diamond discovered since Lonhro been sifting through gravels at the Lulo site in 2010.
Lonhro is now preparing for a kimberlite drill test of 61 prioritized targets, according to Diamond News. The firm's managing director Miles Kennedy said that the sheer size of the large diamond just discovered is a testament to the fact that its kimberlite source must be nearby.

Monday, August 20, 2012

In slowdown, glitter is in diamond jewellery business

A small diamond manufacturer in Mahidharpura Ghanshyam Bothadwa is less worried about the deteriorating prices of polished diamonds and the slowdown experienced in the industry for the last few months. When the stock of rough diamonds is not enough for his 100-odd diamond workers, Bothadwa shifts about 80 per cent of them to his jewellery manufacturing unit to design exquisite rings, pendants and diamond-studded wrist watches. These jewellery articles are sold to some of the big jewellery retail showrooms in Surat and Mumbai.
A silent revolution is sweeping world's biggest diamond cutting and polishing centre in Surat. The diamond city is fast emerging as a diamond jewellery manufacturing centre with many small and medium diamantaires moving up the value chain and adding value to the glittering stones.
Many small and medium diamantaires in the diamond hub of Varachha and Mahidharpura have been using about 70 per cent of the polished diamonds processed in their factories for designing exquisite diamond jewellery while the rest is sold in the diamond markets.
Bothadwa is among very few in the industry, who have created a niche for themselves by manufacturing diamond-studded wrist watches for international brands such as Police, Armani, Rado, Tommy Hilfiger, Diesel, Fastrack, etc. He purchases branded wrist watches from the market and studs them with glittering diamonds. The masterpieces are then sold to showrooms in Surat and Mumbai.
"Last month I sold a diamond-studded branded wrist watch to a leading jewellery retail showroom in Mumbai for Rs 1.5 lakh. After a few days, when one of my friends visited the showroom and inquired about the same watch, he was quoted a price of Rs 2.75 lakh," said Bothadwa.
Samji Gabani, another diamond jewellery manufacturer, who is into manufacturing diamond-studded rings and pendants for the past two years in Varachha, said, "I started diamond jewellery manufacturing unit to add value to the diamonds processed in my factory. Our annual turnover and the profit margin have doubled up for the past two years."
He added, "The rings and pendants manufactured by us are always cheap compared to the ones available in big jewellery retail showrooms. The reason is that we use polished diamonds processed in our factory."
President of Surat Diamond Association Dinesh Navadia told TOI, "Surat is emerging as a diamond jewellery manufacturing centre. Many small and medium unit owners have started value-addition work to the glittering gems. Also, many have invested into latest technologies like computer-aided design (CAD) machines for manufacturing jewellery."

Sunday, August 19, 2012

Alrosa's move may rescue diamond sector

As the worsening situation in the world's biggest diamond cutting and manufacturing centre in India has started affecting the entire diamond value chain in the global market, Russian diamond mining company, Alrosa - world's biggest mining company after De Beers - has come to the rescue of Indian diamantaires.

For the first time since the downturn in 2009, Alrosa has sold an estimated $130 million worth of rough diamonds to Russia's state-owned Gokhran in the second quarter of 2012 in order to bring price stability and to reduce the supply of rough diamonds in the global market, especially in India.
The company spokesperson, without disclosing the exact amount of rough diamonds sold to Gokhran, explained that the aim was to reduce its supply to the market after witnessing its customers' acute financing problems during the second half of 2012, which led to the decline in demand for rough diamonds in the first half of 2012. By reducing its supply to the market, Alrosa maintains what it calls an acceptable level of price stability during a period of lower demand.
Alrosa's move, according to industry experts, is expected to turn the fortunes of the Indian diamantaires and that they could hope for a speedy recovery in the polished diamond prices - the prices fell by 20 per cent in the past six months--before the forthcoming Christmas season.
"The global diamond mining has gone down this year and that there is a short supply of rough diamonds. This may further increase the rough diamond prices in the short term. However, the Alrosa took a wise decision of selling a huge stock of rough stock to Gokhran in order to reduce the diamond supply in the market. This will not only give stability to rough diamond prices, but it will also increase the prices of polished diamonds," a DTC sightholder, who is also a client of Alrosa, said.
Like De Beers, Alrosa's annual supply of rough diamonds is pegged at $5 billion and that it prefers to sell its goods to its clients based in India, Israel and Belgium through long term supply contracts. India is the biggest rough diamond importer with about $11 billion of rough stones imported in 2011.

Thursday, August 16, 2012

U.S. Online Spending Up 15% in Q2

The U.S. economy may be recovering slowly, however as far as online retail is concerned, the growth is fast and unambiguous. A recent estimate places U.S. online retail spending at $43.2 billion during the second quarter, up 15 percent year-over-year.

Research firm comScore, which released the figures, says the results represent the eleventh consecutive quarter of positive year-over-year growth and seventh consecutive quarter of double-digit growth.

“While the second quarter’s 15-percent growth rate couldn’t quite match the especially high growth rate from the first quarter, it was nevertheless almost four times higher than the growth in overall consumer spending, a sign of continued strength in the e-commerce channel,” said comScore chairman Gian Fulgoni.

The results exclude travel, auctions, autos and large corporate purchases.

The top-performing online product categories were digital content and subscriptions, consumer electronics, flowers, greetings & gifts, computer hardware and apparel & accessories. Each category grew at least 16 percent versus a year ago.

The growth in online purchases may, however reflect a shift in retail channels, more than an economic recovery. Fulgoni advises a cautious view of the second half of the year in light of some signs of economic uncertainty and a high unemployment rate.

"Consumer perception of the economy has recently deteriorated, with 56 percent now viewing economic conditions as poor, up from a level of 49 percent three months ago.”

Source: IDEX

Wednesday, August 15, 2012

Women, war vets battle for diamonds

The claim, according to a mining expert who talked to The Zimbabwean, is rich in gems of jewellery quality estimated to go 70 metres deep.

The Zanu (PF) Provincial Women’s League has laid claim to the underground diamond deposits in this Midlands farming area close to Gweru, putting itself at loggerheads with a group of war veterans aligned to the party. The women are being fronted by a commercial pressure group, Women in Mining Zimbabwe, which has the support of the party’s provincial chairperson, Jason Machaya, who is also the Provincial Governor and Resident Minister.
According to sources, the women’s league in the Midlands province recently set a fence around the claim - but the war veterans countered by delimiting a bigger area with another fence. This sparked anger in the league which, reportedly, recently staged a demonstration against the war veterans.
Tsitsi Muzenda, the daughter of the late Vice President and deputy to President Robert Mugabe in Zanu (PF), Simon Muzenda, played an important role in the Women’s League being allotted the claim by Machaya.
She admitted her involvement in the scheme, but told The Zimbabwean:
“I only sought to help and facilitate the acquisition of the diamond claim, but am not active in that.” She acknowledged that Angelina, the widow of Josiah Tongogara, former leader of Zanla, Zanu (PF)’s military wing during the war of liberation, was part of the women’s group fighting for control of the mine.
Angelina, who hails from the province, was reported to be living in poverty after the party neglected her. But she would not give substantive comments regarding her involvement. When contacted for comment she said she was busy at a memorial service “but we can always talk some other time”.
The war veterans are led by the association’s Midlands Chairperson, Tozivanashe Shumba, who is insisting that his members are the rightful owners of the claim. “We have the papers (to demonstrate that we are the rightful owners. I was shocked to see and hear that the Women’s League wants to operate on our claim. Why do they want to disturb us?” he said. Neither of the warring parties has started mining because of lack of equipment.
The Zanu (PF) dispute, sources said, is a reflection of the deep-seated factionalism within the party. The Women’s League is reported to be supported by Machaya, who in turn is said to belong to a faction led by Vice President Joyce Mujuru.
The war veterans, on the other hand, are reportedly on the side of Emmerson Mnangagwa, the party’s Legal Secretary and Defence Minister.
Even the before this latest battle, the diamond claim was the stage for a protracted dispute between a private company fronted by the party’s supporters and a Reserve Bank of Zimbabwe special purpose vehicle set up by Gideon Gono during the period when the central bank dabbled in quasi-fiscal activities.
According to a High Court judgment given in March last year in Bulawayo, the claim is situated on Kleimport Farm previously owned by one Magiel Casper Jovner, a white Zimbabwean by birth. But this is now state land, having been gazetted for compulsory acquisition by the government.
The RBZ subsidiary, Carslone Enterprises Private Limited, assumed mining activities on the farm after it was taken from Jovner, but in 2010, another company, Shuma Mining Syndicate, took the matter to the High Court seeking to assume ownership.
It argued that Carslone, which had been mining the diamonds since 2008, was winding up business after a stop to RBZ’s quasi-fiscal tenure, but the High Court ruled in favour of the central bank’s subsidiary to remain put, even though it acknowledged that the company’s ownership of the claim was in dispute.
Shuma also claimed that it had been granted mining rights by Machaya, a position that sources say still stands, meaning that the Women’s League is supposed to be jointly exploiting the diamonds.
Shuma demonstrated in court that it had entered into an agreement to take over the mine with Jovner.

Tuesday, August 14, 2012

De Beers starts diamond sorting in Botswana

The world's leading producer of diamonds De Beers on Tuesday began rough stone sorting in Botswana, a first step in its transfer from London to Gaborone.Rough stone sorting or aggregation operations have been based in London for nearly 80 years.
De Beers chief executive officer Philippe Mellier told reporters here it was the first step in a process that should be complete by the end of 2013.
Mellier said the move would transform Botswana into a leading international centre, with about $6 billion worth of diamonds expected to flow through the country.
He added that the diamond market remained challenging in the short term, but was nonetheless an exciting time for Botswana to build on its rightful position as a leading diamond producing country.
Botswana and De Beers in September 2011 signed a 10-year deal to move its rough stone sorting and trading division from London to Gaborone.
Since it started mining diamonds in the early 1970s, Debswana -- a company equally owned by Botswana's government and De Beers -- has been selling its diamonds exclusively to De Beers, who in turn shipped the diamonds to London for sale to customers.
Under the deal, Botswana will for the first time directly sell 10 percent of gem stones manufactured locally while De Beers will also increase the value of diamonds it makes available to manufacturing companies in the country to $800 million a year from the current $550 million.
Minerals minister, Ponatshego Kedikilwe said at the time it has long been the aim of the government to have diamonds from Botswana processed, sorted, marketed and sold in Botswana.
De Beers is a global leader in the exploration, mining and marketing of diamonds.
Cecil Rhodes, the colonial-era politician and mining tycoon, founded De Beers in 1888. His fortune financed his imperial adventures for Britain, founding the state of Rhodesia which later became modern Zambia and Zimbabwe.

Monday, August 13, 2012

Graff Diamonds Re-Opens on Historic Bond Street

Graff Diamonds completed its renovation and recently reopened its flagship store on London's historic  Bond Street. The interior was designed with a contemporary flavor by Graff’s own Monaco-based interior design team.  The new store features four floors and unique design elements throughoutgraff bond street.
The building's façade features a foliage motif, hand-carved to set off the entrance with London Whitbed Portland stone and the building's double entry door carries  Graff’s signature fishscale design, which is characteristic of Graff stores worldwide. Graff’s signature macassar ebony showcases are ensconced within large bronze window displays that are also designed with the fishscale motif.
Once inside, customers will observe that the main salon opens to  floor-to-ceiling walls created with lacquered European walnut panels, and the floors were born from a mix of Italian calacatta d’oro and portoro marble, book-matched to create a stunning centerpiece within the beautiful space. Lofty, double-height ceilings complete the look to generate an airy yet opulent feel. Stitched leather and Italian ebony desks and chairs complement the paneling, with 4.5 meter bronze sliding screens separating the main room from smaller, private spaces, which  allow for a more intimate viewing experience.
On the lower ground floor, a  museum space provides a rare glimpse into the history of Graff, showcasing replicas of Graff’s most important stones.


Sunday, August 12, 2012

Lucara Diamond Extends 2Q Loss to $8M

Lucara Diamond Corp extended its losses in the second quarter of 2012 and lowered its ‎sales outlook for the rest of the year.  The junior mining company reported a loss of $7.6 ‎million for the period, compared to a loss of $5.9 million a year earlier. ‎

Lucara generated gross revenue of $12.1 million from two sales of production from its ‎Karowe mine in Botswana. Approximately 66,181 carats of diamonds were sold over the ‎two auctions at an average price of $182 per carat. However, management explained ‎that it withheld goods in both auctions, mainly in the high color, high quality categories, ‎due to the recent softening of the diamond market. ‎

The company stated that it expects to sell 230,000 carats of diamonds in 2012, lowering ‎its previous guidance of 300,000 carats, due to insufficient water supply to the plant at ‎Karowe, which was commissioned in April.  Lucara is planning four additional sales of ‎Karowe production during 2012. The company has also scheduled a September sale ‎of diamonds from its Mothae diamond project in Lesotho, where trial mining is underway. ‎

For the first six months of 2012, Lucara posted a net loss of $11.8 million, compared ‎to a net loss of $7.8 million in the same period a year earlier.

Thursday, August 9, 2012

Pandora's Profit -90%

Pandora reported that sales fell 10 percent year on year to $210 million during the second quarter. Profit slumped 90% to  $10.5 million. Pandora’s sales in the Americas plummeted 14.6% in local currency, European sales dropped 17.4% in terms of euro and sales dropped 14% across the Asia Pacific in local currency. Company profit was impacted by a stock re-balancing campaign that Pandora launched in the first quarter, during which it accepted returns of discontinued products valued at $30.5 million and replaced it with inventory worth $51.7 million.

Russia to ease foreign mining of gold, PGM, diamonds

Russia's gold reserves account for about 10 percent of the global volume, second only to South Africa's, according to ministry data. Its share in palladium accounts for 24 percent of global reserves and in diamonds 35 percent.
But Russia lags behind countries such as Canada, Australia and the United States in exploration and development of minerals, Sergei Donskoi, recently named minister of natural resources, has said.
The draft bill would allow foreign-owned businesses to mine deposits of up to 250 tonnes (about 8 million troy ounces) of gold, five times the existing cap of 50 tonnes set in 2008, without facing additional regulation from the state, the documents showed. (
Current Russian legislation classifies gold reserves over 50 tonnes as well as any diamond and platinum group reserves as deposits of "federal significance", which means the state can ban a foreign-aligned investment that it deems is a "threat to the state defence and security".

Russia could lure more than triple the current level of investment in gold exploration to $1.6 billion a year by making small changes in legislation and offering better incentives.
The bill would bring Russian practice into line with that of other leading mining countries, Lou Naumovski, head of Kinross's Moscow office, told Reuters on Thursday.
"The fact that no government approval would be required should give more comfort to exploration companies to start exploring again," he said.

Wednesday, August 8, 2012

Diamond World Output Seen Further Falling with No New Mines

Global output of diamonds declined in 2011 on aging mines and struggling demand brought by the continuing debilitating fiscal crisis in the eurozone.
Last year, the world's diamond miners produced only 123.9 million carats of diamonds, down by 3.4 per cent from 128.3 million carats a year ago, according to latest data from Kimberly Process (KP).
A worker at the Botswana Diamond valuing Company displays a rough diamond during the sorting process at the purpose-built centre in the capital Gaborone August 26,2004.

"It should be said that the downward trend in global diamond production will continue to develop mainly due to the exhaustion of mine fields," KP said in its report.
"A diamond mine takes between seven to 15 years to turn it into something that produces, and no world-class mine is known at this moment to us," Shlomo Tidhar, acting Chief Executive Officer of Singapore Diamond Exchange Pte Ltd., told Bloomberg. A world-class mine can churn $700 million to $800 million or more worth of diamonds a year, he said.
"Also given the difficult market conditions, we can expect that diamond miners will cut production in line with falling demand for rough gems," KP said.
Based from KP's tally, Russia was 2011's top diamond producer at 35.1 million carats, seconded by Botswana at 22.9 million carats. The yield represented an increase of 0.8 per cent and 4 per cent, respectively, from previous records of the two countries.

Democratic Republic of the Congo and Canada came in third and fourth. However, both registered a decline in production of 13 per cent and 8.8 per cent, respectively, from a year ago.
Fifth was Zimbabwe, with a 0.7 per cent increase in production to 8.5 million carats from 8.4 million carats in 2010.
South Africa, Angola, Australia and Namibia complete the top nine diamond producing nations for 2011. However, all four countries recorded sharp falls in their output levels.
The total value of rough diamonds mined in 2011 grew to US$14.4 billion from US$11.39 million in 2010 and US$8.26 billion in 2009, KP said.
Global demand for diamonds will continue to be motivated by India and China.
"India is still the largest final consumer of rough diamonds. The country imported 132.095 million carats. The second largest diamond cutting centre is China, where net imports of rough diamonds in 2011 totalled 6.095 million carats," KP said.
The KP, according to its web site, is an international certification scheme that regulates trade in rough diamonds. It aims to prevent the flow of conflict diamonds, while helping to protect legitimate trade in rough diamonds.

Tuesday, August 7, 2012

Are Diamonds an ETF’s Best Friend?

From the list of assets that haven’t yet been turned into exchange-traded funds, you can strike another one: diamonds.
Today, GemShares, a Chicago-based financial firm, is expected to secure a U.S. patent for its process of turning diamonds into tradable securities.
Diamonds and other precious stones are a sizable part of many people’s fortunes; a recent survey by Barclays Wealth found that 70% of rich investors around the world own precious jewelry, up from 57% five years ago. On average, they have 5% of their assets there – equal to their stake in gold.
But diamonds are idiosyncratic. They vary on the famous “four Cs” of carat, color, clarity and cut. Each dealer may put a different price on the same stone. The gap between what a dealer will pay to buy a stone and what he or she will charge to sell it can be wide, and an important diamond can take years to sell.
In short, one of the hardest substances known to man is also one of the least liquid. “Everyone knows the price of gold,” says Andrew Feldman, a financial adviser who helped develop GemShares. “No one can tell you what the price of diamonds is: Each one is unique unto itself.”
GemShares came up with what may turn out to be a clever solution: creating an index, or benchmark “basket,” in which diamonds are arranged in 10 layers of comparable quality and value from cheapest at the bottom to most expensive at the top.
By precisely defining the attributes of each basket and layer, GemShares hopes to ensure that it can create as many tradable units as the market will bear – making diamonds “fungible” for the first time. To provide transparency and avoid some of the controversy that has dogged gold ETFs – “How do you know the ingots are in that sealed vault?” -GemShares may even post online images of each diamond in the basket, says Feldman.
Initial demand for diamond securities is likely to come from diamond producers and dealers – much the way farmers or gold-mining companies have long used agricultural commodity futures or gold ETFs to hedge the risks of a fall in the market prices for their production.
Eventually, speculative or investment demand may follow. If, as many people believe, gold is a hedge against a decline in the value of fiat currency, or paper money, then diamonds could serve the same purpose – especially since they are more portable. Just think of all the diamonds that refugees have sewn into the linings of their coats before fleeing societies in collapse.
Along with serious uses, more frivolous ones come to mind: Rich celebrities about to pop the question could always buy diamond futures or a diamond ETF. That way, if Katie or Ivana breaks things off and keeps the enormous rock, at least the rich cad still has a holding that might appreciate.
Since the patent has just been granted, says Feldman, GemShares doesn’t yet know when it may have tradable securities ready; he says the firm is already in discussions with major financial companies, however. Look for the possibility of diamond futures or ETFs sometime after mid-2013.

Monday, August 6, 2012

Zimbabwe Exported 7.15 Million Carats of Diamonds Last Year

Zimbabwe exported 7.15 million carats of diamonds in 2011 through 148 Kimberley Process certificates as restrictions on exports from the Marange area curbed sales.
The Kimberley Process canceled 44 certificates in the year, the organization, which monitors trade in diamonds, said in its annual country report. Zimbabwe’s military and police have been accused of human rights violations in the Marange fields.
“The year 2011 remained a difficult year for rough diamond exports from Zimbabwe due to protracted restrictions on exports produced from the Marange area, leading to the cancellation of many certificates,” according to a statement from the process.
Access to Marange is controlled by Zimbabwe security forces and data rarely released. Several closely held mining companies from South Africa, China and Dubai dig diamonds in the area in joint ventures with state-run Zimbabwe Mining Development Corp.
The U.S., European Union, Australia and New Zealand have imposed trade restrictions on Zimbabwean companies including ZMDC over accusations of human rights abuses by President Robert Mugabe’s Zimbabwe African National Union-Patriotic Front party.
New York-based Human Rights Watch in 2008 said at least 200 people were killed by security forces in Marange in an operation to remove illegal miners. The Marange diamond fields were seized from U.K.-based African Consolidated Resources Plc in 2006.
The fields were then divided between Mbada Mining (Pvt) Ltd., Canadile Mining (Pvt) Ltd. and China’s Anjin.
Rio Tinto Plc’s Murowa mine and closely held River Ranch Mine (Pvt) Ltd. in Zimbabwe aren’t subject to Kimberley Process scrutiny because accusations haven’t been made against them.

Sunday, August 5, 2012

Diamond major De Beers plans to adopt digital marketing

Encashing the growing opportunity in mobile and computing space, diamond major De Beers planned to adopt digital marketing as part of its plans to reach the target audience, a top official has said.
"Globally, the marketing strategy we adopt is different. Two years ago, digital marketing may not be important for India, but today digital mode of communication, is a fantastic marketing vehicle for diamonds," Fairevermark CEO and executive director De Beers, Stephen Lussier told agencies.
"If I think about television, I may get your focus for 30 seconds or 20 seconds.Within that I may probably deliver one idea. But in digital, I can engage you for an average of three minutes and I can tell a lot more ideas within that three minutes," he said.
"The idea of digital is a fantastic tool. The challenge is, we have to create enough interest, so that you can come. You need to be extraordinarily creative (in digital mode)."
He said De Beers was looking at developing phone applicatons.
"Already we have an application for i-pads.. The challenge in mobile phone space is that you have to make the content work in a smaller space, than what you can do in PCs or even in tablets."
"But it looks like smartphone is the ticket in the market," he said.
Currently they were piloting in Hong Kong through smartphone where if an individual downloads the mobile application and if one crosses the Forevermark Club or a store, "it will tell you that shop has got new Forevermark stones."
"You can use just less text and more visuals in a mobile phone. We try to produce basic content globally and the key is you have to adopt it in different market," he said.
Noting that the company spends about 15 per cent of its total budget in marketing, Lussier said, "we are creating some new interesting ideas for mobiles. I think it will be interesting making you to share with your friends on the experience of a diamond. We are working on that now. I think that will be a very big mobile market."
Responding to a query, he said there would be a 'price correction' on diamond in the coming months.
"I think we are going to see that. We hope to see some (price) stability. Over the long run, we expect price of diamonds to rise each year by even four to five per cent per annum," he said.
Observing that 'highly skilled artisans' were scarce for the diamond industry,he said when they had an opportunity to hire 27 people in Botswana, there were over 3000 applications.
"I think these opportunities were in administration, security, skilled labour. But there is too much demand for skilled roles. Lot of people apply, but they do not have the (required) skills," he said.
Referring to diamond production, Lussier said the next decade does not look like the world would produce diamond more than it was in the last 10 years.
"Mines are getting older and they produce less. The world's diamond mines, in most cases, are 30 to 40 years old but big mines are beginning to age. In the next few years, our major South African mines will go underground. If you go underground, you produce less," he said.
Besides, he said some mines in Canada would probably be closed in the next decade as production is coming down.
"Obviously, we are looking at new mines. We are even opening a new mine. We expect to mine in Canada and in the next three to four years, we will go and employ," he said.
''The average diamond mines cost about a USD billion to build and it is a very long term commitment and you have to wait for a long time," he said.
"The first 10 years, it is just like paying off, what you have spent. The first diamond was (produced) in 1966 after five years of the mines being opened. It is going to run for another 30 years.. so if that works well, you can use it (mines) for 70 years. But it takes a long time," he said.

Thursday, August 2, 2012

Diamond jewellery market sparkles

At ' Rare 2012' , a diamond jewellery exhibition organised by Viswa &Devji Diamonds Pvt Ltd., in Coimbatore on Thursday. Photo: K. Ananthan
Diamond jewellery market is growing at a steady clip despite the fact that in the past two years, prices have almost doubled, according to S. Prem Kishan, Managing Director, Viswa & Devji Diamonds Pvt Ltd, Coimbatore.
He said the company, with a large base in West Asia, which opened its first showroom in India at Coimbatore, plans to focus on the South by opening showrooms in Chennai, Hyderabad, Bangalore and Kochi.
Speaking to Business Line on the sidelines of the four-day exhibition of rare artistically designed diamond jewellery styled ‘Rare 2012’ organised by his company here from Thursday, he said diamond price was ‘not as volatile as gold’.
It was always on an upward journey but in a more stable way. In fact, in the last couple of years, ‘it has almost doubled’ but it is not as sensitive as gold to inflation.
But it is not as liquid as gold, he added. As a seller, his company offered an assurance to buy back diamond pieces purchased from it at current market prices for life-time, he said.
Terming Coimbatore as one of the ‘most promising emerging markets’ for diamond jewellery, he said while cities such as Chennai or Bangalore were well established markets in the South, among the emerging tier II cities in the region, Coimbatore ranked at the top.
In fact, the southern market was ‘now more promising than the North’ because the economy here was doing much better, and people preferred high-quality diamond jewellery in the South.
The companyhas a manufacturing facility in Coimbatore and it entered the domestic retail segment in 2008.
Retail presence
Kishan has plans to expand the retail presence to cities such as Chennai, Bangalore, Hyderabad and Kochi and his focus would be the southern market.
Kishan said the diamond market globally has been growing at the rate of 20 per cent annually but in India, the growth was higher at 30 per cent. This growth was higher than the gold jewellery market’s growth which he put at 10-15 per cent.
Design centre
He said his company imported raw diamonds for cutting and apart from meeting its own needs it also supplied diamond ornaments to other dealers in the country and also exported themto the Gulf.
A full-fledged design centre was functioning in Coimbatore with seven experts who collaborate with those in Europe and Hong Kong andmake 4,000-5,000 new designs annually.

Wednesday, August 1, 2012

Diamond trade sparkles in Dubai at DMCC

Dubai has become one of the top-three diamond trading centres in the world following a surge of business in the Dubai Multi Commodities Centre (DMCC), the free zone authority that oversees trading in precious metals, stones and other commodities in the emirate.
Some 255 million carats of diamonds worth US$39 billion (Dh143.24bn) were traded last year, the DMCC said yesterday, an increase of 11.5 per cent over the previous year, putting Dubai behind only Antwerp and Mumbai among the world's gem-dealing hubs.
"We have just kept engaging with the customers and clientsand it has paid off," said.
"The assumption is that the Arab Spring and the European winter would make people spend less but we've seen the opposite effect."
The DMCC, which runs the mixed-use free zone in Jumeirah Lakes Towers (JLT), also announced a big increase in the value of gold traded in the emirate, up 35 per cent at $59bn, as the yellow metal soared on global markets.
In the first six months of the year, the DMCC registered 975 new companies, making a record total of more than 4,600 operating from the free zone.
The bulk of the new entrants are from India, one of the world's biggest markets for gold and precious stones.
Mumbai remains the second-biggest diamond centre in the world, after Antwerp in Belgium.
"We are finding that Indian companies are increasingly moving their central headquarters or opening branches in the DMCC," Mr bin Sulayem said.
"During DMCC's 10 years of operations we have seen unprecedented growth by developing the JLT free zone into a dynamic business and residential community while attracting over 4,600 businesses from across the globe," he added.
"Our strategy is to continue enhancing commodity trade flows through Dubai by enabling businesses to access new markets as they shift from west to east and north to south."
About 50,000 people live and work in the 61 towers of the free zone, while five more towers are expected to be completed this year.
Mr bin Sulayem said the property market in JLT was showing signs of increased demand, despite the new capacity."The two metro stations and the infrastructure around the development have added to the attractions of the location. People used to say it was too far out of the centre of Dubai but now that has changed and JLT is very close to the big attractions like the Palm Jumeirah and the Mall of the Emirates," he said.
Most of the property in JLT is owned by private investors and developers.
Mr bin Sulayem said he was confident the DMCC had adequate regulatory systems in place to oversee the rapid expansion of the free zone.
"We have our own compliance department that checks companies, shareholders and employees and we review those checks as ownership structures change. We also work closely with the other UAE regulators and adhere to international guidelines."
He added JLT was considering new "additions to make it more attractive to customers and residents".