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Lucapa unearthed (yet another) gargantuan diamond: 117 carat gem-quality

On 9 January 2020, it was reported, Angola miners Lucapa Diamond Company, discovered a 117 carat gem-quality diamond.

I was scanning Mining Review (link) when this popped up and I was marvelled. As this is the 14th discovery – of a 100+ carat gem-quality diamond- for the company.

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E-commerce rise in jewelry sales

Rapaport reported “Jewelry sales in the US rose 1.8% during the holiday period, amid strong growth in e-commerce purchasing.”
Read more here.
This is a much needed boost in (online) retail sales, amid an overall decrease in spending in the jewelry industry.

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De Beers Diamond Sales Fall Further

‘De Beers’s diamond sales this year slumped by almost $1.4 billion, capping a torrid 12 months.The Anglo American Plc unit sold $425 million this month at its last sale of the year. That brought its total to just $4 billion in 2019.There has been little good news this year. An oversupply of rough diamonds, a surfeit of polished stones and falling prices have piled pressure on the companies that mine diamonds, as well as the lower-profile businesses that cut, polish and trade them.The diamond midstream, the industry’s link between African mines and jewelry stores in New York, London and Hong Kong, is being squeezed like rarely before. With too much supply and banks tightening their financing, many traders are unprofitable. They’ve also been left holding a lot of inventory that’s falling in value and taking longer to clear than many expected.’

Originally reported by Bloomberg (via).