India continues reform program
During the past few months, India has continued its massive economic reform program by allowing the rupee to float, lifting a ban in silver imports, and opening its closely-guarded mining sector to foreign investors.
Finance Minister Manmohan Singh, architect of the two-year-old reform program, said that tying the rupee to market forces would boost exports and further encourage foreign investment in India.
The government also announced a new national minerals policy allowing foreign companies up to 50 percent interest in mining concerns, including gold and some gemstones, according to a report by Reuter.
Bombay jewelry fair bombs out once again
Jewel Yatra ’93 originally scheduled in January, but cancelled due to religious rioting in Bombay, bombed out again in March when explosions in the city left nearly 300 people dead and 1,250 injured. Muslim members of Bombay’s underworld are believed responsible for the 11 blasts in March, including two bombs which ripped apart the gold market.
No new date has been set for Jewel Yatra, which is organized by India’s Gem & Jewelry Export Promotion Council.
Burma auction nets $15 million
Burmese officials reported nearly US$15 million in sales from the 30th gem, Jade and Pearl Emporium held in Rangoon in February. Jade sales accounted for $11.5 million out of the total proceeds of $14.6 million, according to figures from the Myanmar Gems Enterprise, the government agency which oversees the event.
The Emporium drew 654 buyers this year from 17 nations, with Hong Kong jade merchants making up the majority of visitors.
Christie’s opens Asia jewelry department
Christie’s Swire will expand its Hong Kong operation of jewelry department in June. David Warren, currently Christie's senior director of jewelry in the United Kingdom, will establish the jewelry department which will serve all of Asia.
Based in Hong Kong, Mr. Warren will make regular visits throughout Asia, providing Christie's valuations and advisory service for jewelry and jadeite. He will also act as liaison for clients in Asia for Christie's regular sales of jewelry in New York, Geneva, St Moritz and London. He will be assisted by Susan Florence, currently head of Christie's office in Chicago.
Diamond High Council reports on Antwerp trade
Total turnover of rough, polished and industrial diamonds in Antwerp came to USS115.3 billion last year, or 0.20 percent lower than 1991, according to the Diamond High Council's annual report. But in volume terms total imports and exports fell 4.8 percent to 2176 million carats.
Rough diamond imports from Angola surged 147 percent in weight and 304 percent in value, while those from Liberia went up 190 percent to 1.9 million carats in 1992, according to the council's report.
Belgium's imports overall, however, dropped 4.6 percent to 117.7 million carats. Total value of imported diamonds went down 0.65 percent to S7.5 billion.
Re-exports of rough diamonds rose five percent to S4.4 billion but total carats fell 7.5 percent to 70 million. India remained the biggest buyer in spite of a slight decline in volume to 53.7 million carats, or S1.2 billion.
The US remained the main buyer for polished diamond, while exports to Hong Kong rose nearly 50 percent in weight and value.
Vietnam reports rise in foreign investment
Vietnam licensed 44 foreign investment projects for the first two months of this year – already equal to the total amount of such projects for 1989, according to official figures.
The registered capital of the 1993 projects is US$510 million, bringing the total registered foreign investment capital to US$5.17 billion.
This year’s projects averaged about $11 million in investment each, according to an AP summary of the government report, compared with $6 million last year. The largest of the 44 new projects is the $150 million export processing zone set for construction in Haiphong, the port serving Hanoi in the north.
Vietnam drafting new mining code
The United Nations and the Australian government are helping Vietnam develop a comprehensive mining code expected to become law nest year, according to an AFP report.
Vietnam is rich with deposits of many minerals, including gold and rubies and sapphires. During the past few years, chaos has resigned at the site of the richest ruby deposit in the Quy Chai district, where a free-for-all among independent prospectors has resulted in dozens of deaths.
Argyle to host diamond seminar
The Champagne Diamond Registry, Argyle Diamonds representative to the jewelry trade in the US, will host a seminar entitled “The Grading and Valuing of Champagne and Other Natural Color Diamonds” at the International Society of Appraisers Conference in Seattle, Washington March 14-17; the American Gemological Society Conclave in Dallas, Texas March 31-April 3; and Jewelry ’93 in Las Vegas, Nevada June 5-8.
The hands-on lecture, to be given by Clayton Warren, industry analyst for the Champagne Diamond Registry, and Thomas Tashey, director of the European Gemological Laboratory, will focus on the scientific characteristics of natural color diamonds and how this relates to grading and appraising.
The lecture will examine the most effective ways of color grading natural color diamonds and suggest ways in which the value of natural color diamonds, particularly champagne diamonds, can be determined.
“The increasing awareness of neutral color champagne diamonds at both the trade and consumer levels has prompted a greater interest in other natural color diamonds from all facets of the US fine jewelry industry,” said Andrew Wagstaff, manager of rough sales for Argyle.
China holds key to gold’s future
Asia’s booming economies combined with traditional love of gold are buoying the hopes of the gold market, Fraser Fell, chairman of the World Gold Council, told delegates to the recent Australian Gold Conference.
Most promising are China, India and Southeast Asia, with their “high economic growth rates and huge populations with a natural affinity for gold,” Mr. Fell told Reuter.
“There are some people who are convinced that consumption in China itself could be the single most powerful driving force in the gold market before too long,” Mr. Fell said.
Sales of gold jewelry in China rose 74.3 percent during the past year, according to the government statistics.
Asian sales boost Argyle diamonds
Strong retail sales in Hong Kong and Southeast Asia helped Australia’s Ashton Mining to record net profits of US$24.9 million last year. The result was a 68 percent improvement on the previous year, according to an AFP report.
Ashton is a part owner of the Argyle Diamond mine in Western Australia, which registered a record output of 39 million carats last year.
“There are encouraging signs in the world diamond marker,” Ashton directors said in regard to 1993, “with strong sales performance in the US over Christmas and continue strong growth in retail sales in Hong Kong and Southeast Asia.”
Swarovski develops hot-melt adhesion
Swarovski recently introduced a new application technique for crystal jewelry stones. Using hot-melt, adhesive technology, it is now possible to simply and permanently set into rings a large number of crystal stones with diameters ranging from 1.3mm to 3mm.
The process involves the use of crystal stones with backing adhesive film. The film is simply cut into strips of the appropriate size with scissors and is then heat activated. The ring is placed on a soldering bolt and the adhesive strip holding the stones is pressed using a twisting motion, securing the stones to the ring. After cooling, the stones are permanently set.
Another new Swarovski innovation is “Crystal Mesh,” a product with applications for the fashion, accessory and jewelry sectors. Crystal Mesh allows for extremely finely cut crystal chatons to be flexibly attached to a large area of filigree metallic material. The result is a fabric that flows, clings and sparkles. The back of the product is coated with adhesive film, allowing it to be easily heat bonded on materials such as textiles, leather and velour.
Crystal Mesh is available immediately in the standard size of 20 x 50 cm in a wide range of colors (uni or multi), as well as with customized orders. It can be attached not only to float or rounded surfaces, but also used as a separate of hanging element: a feature of special interest to fashion jewelry and accessory manufacturers.
ICA gearing up for June Congress
Members of the International Colored Gemstone Association (ICA) will hold their 1993 Congress in Tel Aviv, Israel Jun 20-25. The ICA’s 600 members come from 37 countries and strive to define common interests and create international standards for the gemstone trade.
Topics to be discussed at the 1993 ICA Congress include emerald enhancement, color grading and gemstone boundaries, gem marketing and promotion, and the future role of ICA. A panel of retailers from around the world will discuss what they need from the gemstone industry.
The keynote speaker, Ben-Zion Harel of Israel, will discuss the world gemstone industry’s future in a talk entitled “Facing the 21st Century.”
The Congress will include the third ICA Intertrade Auction on June 23, the only international auction exclusively for wholesalers. A percentage of the auction proceeds goes to fund ICA gemstone promotion around the world.
The Congress fee is US$700 for ICA members and $800 for non-members.