NEWS

The impact of the global slowdown was felt across the board in the Indian diamond trade, as three of the biggest manufacturing companies reported plummeting sales and net profits in the fourth quarter of 2008.

Industry giants De Beers, Alrosa, Rio Tinto, BHP Billiton and Harry Winston have agreed to set up a steering committee known as SteerCom to coordinate efforts to develop a "generic" diamond marketing campaign that the whole trade would contribute to, Rapaport News reports.

France has slashed value added tax on high-value jewelry to 5.5 percent from 19.6 percent, the Antiques Trade Gazette reports.

Alrosa, the Russian government-controlled diamond producer, has not been selling any rough diamonds to any external customers since late December as the market has collapsed in the face of the worldwide economic slump.

An online polished diamond auction site called the Dealers Organisation for Diamond Automated Quotes has been launched at www.dodaq.com. Both buyers and sellers are welcome, and the system is not restricted to members of the trade.

U.S. consumers plan to spend less for Valentine's Day this year, and jewelry in particular features in fewer consumers' plans, according to the National Retail Federation.

Antwerp Diamond Bank (ADB) CEO and Chairman Paul Goris will retire from the company effective April 15, Goris announced in a letter to customers, according to Rapaport News.

Eurostar, the Belgian-Indian diamond corporation, has introduced a new branded diamond cut called the "Blue Flame".

Endiama, the diamond mining company owned by the Angolan government, is looking for partners to prospect for diamonds at 100 sites located in 14 of the country's 18 provinces, according to the Reuters wire service.

With the impact of the global financial crisis growing, demand for diamonds continues to fall as seen in the latest figures for Belgian imports and exports of rough and polished goods in January as published by the Antwerp World Diamond Centre.

In another sign of falling demand even at the top end of the jewelry market due to the deepening recession, Sotheby?s reported that only 63.6 percent of the lots offered at its February 4 Important Jewels sale in New York were sold. Similarly, only 67.6 percent of the auction goods were sold by value.

DiamondCorp plc, the South African diamond mining company, says it has officially been granted the mining rights for the Lace diamond mine in South Africa.

A task force from South Africa's Department of Minerals and Energy is investigating allegations that De Beers exported 20 million carats of diamonds worth $822 million in 1992 without paying export duties and without proof that the shipment was authorized, Reuters reported.

The successful bidder for a 101.27-carat, F color, VVS1 clarity diamond has dubbed it "The Shizuka Diamond," naming it after his wife of 16 years, to whom he gave it.

Skin care products manufacturer Nivea is selling a diamond-studded jar of cream with the proceeds from the sale to be donated to Britain 's Breast Cancer Care charity.

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