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Welcome to edition 455 of WINC,
IDMA's Weekly Internet News Collection - November 18, 2023
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Dear IDMA Members and Industry colleagues,
Looking back at my recent trip to Victoria Falls in Zimbabwe and the World Diamond Council’s participation in the Kimberley Process (KP) Plenary, it would be unfair to say that, yet again, the participant failed to reach a consensus on key issues. Indeed, the KP delegates could not come together on some of the most critical topics, such as expanding the definition of conflict diamonds. This particular topic and other issues that were left pending also prevented the Plenary from signing off on the Final Communiqué, resulting in the statement by the KP Chair being distributed only within the KP family. Read the WDC’s complete closing statement here.
Many of you know me as an eternal optimist. Therefore, I believe that in the long term, the KP members will find a way to make significant and meaningful progress that will serve toward the betterment of the diamond supply pipeline and the improvement of the lives of all those who make a living in it.
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Members of the WDC team in Victoria Falls, pictured on the final day of the 2023 KP Plenary (from left): Wim Soons, Ursula Obregon De La Colina, Ben Marriott, WDC Executive Director Elodie Daguzan, WDC Vice President Ronnie VanderLinden, WDC President Feriel Zerouki, Elke Ceulemans, Alexander Gul, Adriana Traviati, James Evans Lombe, Arantxa Arias-Moreno, Hans Lam, Kele Mafole, and Bernold Richerzhagen. (Photo by Ann Van de Voorde Photography)
Of course, many decisions were made to drive forward review and reform, cementing the work accomplished by KP Participants and Observers over the past 12 months. Notably, over the course of the Plenary Meeting, the Kimberley Process Secretariat Task Force, led by the World Diamond Council and supported by officials from the Government of Botswana, managed to complete the necessary agreements for the operation and status of the new KP administrative body. It will begin work in Gaborone next year after the official appointment of an Executive Secretary. Until then, the Administrative Support Mechanism supplied by the WDC to the KP since 2013 will continue to operate.
In closing, a word of encouragement and solidarity to our friends in Israel who are still coping with the horrors that were perpetrated by the Hamas terrorists and are now fighting them outside and inside the Gaza Strip. We kindly ask our members to remember our Israeli colleagues and support their business initiatives to counter the virtual standstill of their businesses at home.
Meanwhile, stay tuned and stay safe!
Ronnie VanderLinden,
President
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Kimberley Process Plenary ends in deadlock: In a statement KPCSC said: "It is unclear where this leaves the Kimberley Process and how to move forward now. One of the main stumbling blocks was how to address the role of diamonds in financing Russia's war against Ukraine. "Since last year, efforts to include this matter on the agenda of KP meetings have been blocked by a small group of KP participants." Russia, Belarus, Central African Republic (CAR) and Kyrgyzstan have opposed moves to broaden the current definition of conflict diamonds - "rough diamonds used to finance wars against governments" - claiming it was political, and beyond the KP's remit. (Photo: An Van de Voorde Photography) | |
UAE assumes chairmanship of Kimberly Process for 2024: In 2024, Ahmed Bin Sulayem will lead the KP and its representation of 85 countries through a 'Year of Delivery.' This period will witness the realisation of several crucial initiatives and workstreams. Bin Sulayem remarked: “Geopolitical gridlocks cannot be allowed to impede the crucial work of the Kimberley Process. While industry and civil society members are eager to progress, certain governments persist in using the forum to obstruct vital decisions. This ultimately has a negative impact on Africa and the millions of people who depend on it.” | |
Useless, irrelevant, not fit for purpose: The Kimberley Process is useless, irrelevant and not fit for purpose. So says Jaff Bamenjo, Cameroon-based vice coordinator of the KP Civil Society Coalition (KPCSC) the group of mostly African diamond-producing countries that observes KP discussion but has no decision-making powers. The final communique required unanimous approval on the choice of words. There was no such approval, despite discussions that dragged on until 5am, and so there was no communique. | |
Botswana still wants HB Antwerp model, even without HB: “We are not going to be selling our 10.8-carat stones through the tender process as of today,” Lamb said, according to a SeekingAlpha transcript. “We are still waiting for approval from the government of the Republic of Botswana for an official approval to be able to sell our 10.8 carats either through tender or through some other mechanism. | | |
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WDC praises establishment of permanent KP Secretariat | Over the course of the plenary meeting, the KP secretariat task force managed to complete the necessary agreements for the operation and status of the new KP administrative body. | |
Russian diamonds ‘set to be banned’ under new EU sanctions | The EU is mulling a ban on direct diamond imports from Russia starting from 1 January 2024 and the implementation from March of a traceability mechanism that would prevent imports of Russian gems processed in third countries | |
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De Beers will stockpile unsold diamonds after prices tumble | “We build up stocks of those because we are confident that over time the diamond price will increase and we will be able to sell that supply into the growing demand that we believe will come,” Chief Executive Officer Al Cook said at a briefing in Gaborone. | |
Lucapa finds Angola mine’s second-largest diamond | |
The find comes barely a week after the recovery of a 208-carat diamond at the same mine, which is the third-largest ever recovered from Lulo.
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Gem, MMIC agree to terminate Letseng load and haul contract | |
The mine will now insource the load and haul activities and will acquire the mining equipment in use at Letseng from MMIC.
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South African president deploys army to tackle illegal mining | Mining industry body The Minerals Council South Africa says illegal mining takes place at both disused and active mines and has dimmed South Africa's attractiveness as an investment destination. | |
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The diamond world takes radical steps to stop a pricing plunge | After a diamond price collapse, the industry’s biggest players have pulled out all the stops to halt the decline. It finally seems to be working. | |
Lucara lowers full-year cost guidance | Lucara expects to produce between 395,000 ct and 405,000 ct, from the 395,000 ct and 425,000 ct initially guided. | |
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‘Spending reduction’ and underground expansion pause at Gahcho Kué | |
Mark Wall, Mountain Province’s president and chief executive, said: “We aim to maintain the optionality of growth opportunities for an improved price environment.“
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Angola launches new int'l airport | Angolan President Joao Lourenco officially opened the new Dr. Antonio Agostinho Neto International Airport at an opening ceremony here Friday, launching the airport's cargo operations. | |
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US economy cools as retail sales dip, monthly producer prices decline | U.S. retail sales fell for the first time in seven months in October as motor vehicle purchases and spending on hobbies dropped, pointing to slowing demand at the start of the fourth quarter. | |
Seven upcoming changes in the LGD market | “In the natural diamond industry, a small difference in [a diamond’s] parameters can make a [huge difference in] value. But that’s not true in the lab-grown space.” | |
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Anna Martin is retiring from GIA | Martin spent decades on the banking side of the industry, first with ABN Amro and then with Standard Chartered Bank, where she served as managing director and head of global marketing for diamonds and jewelry. | |
On a positive note - Peter Smith | |
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Eleven sales thoughts for the season: On the one hand, we have retailers making decisions as if we were deep in the throes of the Great Recession and yet the underlying data paints an entirely different, and more positive, picture. Independent retailers’ sales are tracking at about 2.5 percent down versus the same period last year through October. Put another way, that means we are tracking at 97.5 percent of the biggest year in the history of our business. To be tracking only slightly behind 2022 through October is beyond my wildest expectations for 2023.
Share the good news, or share no news at all, but refrain from the self-defeating predictions of doom and gloom that won’t inspire your team or your customers and may even be self-fulfilling.
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DISCLAIMER: IDMA's Weekly Internet/Online News Collection (WINC) features third-party articles and links to these articles. IDMA presents these news items for reference only. The content of these articles neither reflects nor expresses IDMA's position or point of view. | | | | |
