News From the Diamond and Jewelry Industry. Belgian firm Lion's Diamond is suing the Belgium government because of possible fraud or malevolence involved in inventory that was seized by the state 2004 and recently returned. News outlets are referring to the case as a ticking time bomb because the accusations stem from more than one isolated incident. Furthermore, there is suspicion and judicial authorities with regards to the diamond seizures.
These judicial experts appraised the value of the seized diamonds at 1.6 million in 2004. The dispute is that the diamonds returned to the company Lion Diamond was appraised at only $200,000. Belgium's Minister of Justice, Annemie Turtelboom explained that the Central Organ for Seizure and Confiscation (COSC) handles all seizures and places everything under surveillance. Hardly an explanation for the $1.4 million devaluing or loss of diamonds.
The Gem & Jewelry Industry Export Promotion Council in the Gemological Institute of India opened the diamond detection and resource Center at the Bharat Diamonds Bourse in December. The "diamond detection and resource center" said will provide companies with the ability to test any parcel of diamonds to ensure that synthetic diamonds natural diamonds are not mixed together. The center will also offer technical support and on-the-job training in detection methods.
In the city of Kathmandu, Nepal, an increase in demand for gold is fueling a gold smuggling ring. Furthermore, its jewelers are growing increasingly dependent on these smugglers to provide for their customers. Additionally, according to an article in the Nepal Republic, traders say that unless Nepal Rasta Bank loosens import restrictions. Moveover, their only options are to buy smuggled gold or close their jewelry businesses. The gold dealers propose that government step in to control by increasing gold quotas.
Furthermore, that includes allowing jewelers to import gold on their own as a way to avoid black market purchases. Recently, there has been an uptick in police arrest. The Nepal Bureau of Standards and Metrology plans to file legal claims against six jewelers for selling 24 karat gold below government standards of 99.5%. Also, along with other complaints, the newspaper Republica claims that silver has also been mixed into gold further harming the jewelry and gold industry.
Lukoil subsidiary Arkhangelskgeoldobycha will receive a license to export rough diamonds out of Russia in 2014 the news outlet Interfax reported. Interfax noted, citing agency source, that other companies are to receive licenses to export diamonds in 2014, as in 2013, including ALROSA and its subsidiaries Almazy Anabara, Severalmaz, andNizhe-Lenskoye in the federal, state unitary enterprise Almazjuvelirexport, which sells control batches of rough diamonds from ALROSA, and state repository Gokhran to monitor market prices.
Severalmaz, the subsidiary of ALROSA that is developing the Lomonosov diamond deposit in Russia. Launched the second phase of a processing plant for 3,000,000 tons of ore per year in December.
Sergei Gerasimov, the CEO of Severalmaz explained that the new plant. Furthermore, this will increase processing capacity and raised its share of ALROSA output from the current 2% to 10%.
Furthermore, the company expects to increase its diamond production in the year 2014 to 2 million carats. Additionally, this from the last year's 1.65 million. Severalmaz expects production to rise up to 4.3 million carats by the year 2019. Also, this will account for about 10% of ALROSA's total production yearly.
http://thediamondsdirectory.com/lukoil-receives-diamond-export-license-russia/
http://thediamondsdirectory.com/jewelers-nepal-buy-smuggled-gold-meet-demand/
Jewelry Industry News
