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Bank Pains
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There is an increasing unease in the diamond trade that the banks are reducing their exposure to the industry. For a trade so heavily reliant on credit, the concern is justified. The banks are taking a more cautious approach...
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Rough Markets
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Mar 16, 2013
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Avi Krawitz
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RBI Prohibits Bank Loans for Gold Purchases
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The Reserve Bank of India (RBI) has banned banks from lending for the purchase of gold to dealers or traders unless the funds are for working capital requirements.“No advances should be granted by banks against gold...
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Financial-Legal
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Oct 31, 2012
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Dilipp S Nag
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Stornoway Aims to Borrow $475M For Renard
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Stornoway Diamond Corporation has entered into a mandate letter with seven financial institutions in connection with financing the Renard diamond project. The terms arrange senior loans of up to $475 million, though this does not...
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Mining
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Sep 06, 2012
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Jeff Miller
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Lazare Kaplan Estimates 3Q Sales -43% to $22M
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Lazare Kaplan International anticipates that its sales for the third-quarter that ended on February 29, 2012 fell 43 percent year on year to $22.4 million. Net sales for the first nine months of the company's...
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Financial-Legal
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Apr 17, 2012
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Jeff Miller
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Bailey Banks & Biddle Opens Outlet Store in Virginia
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Bailey Banks & Biddle opened an outlet store location on March 30 at the Potomac Mills mall in Woodbridge, Virginia. The new outlet store features an open, airy environment and showcases Bailey’s Design Studio, which allows...
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Retail
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Apr 04, 2012
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Jeff Miller
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Banks Issue Notice to Sell Defaulting Firm's Asset
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A consortium of Indian banks has issued a sale notice of the factory and land owned by Surat-based diamond company M/s Minestone to recover secured debts worth $6.5 million (INR 337.7 million), the Times of India reported. The consortium is led by the State Bank of India (SBI), Antwerp Diamond...
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Financial-Legal
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Dec 19, 2011
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Rapaport News
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Retail
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Nov 03, 2011
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Ricci Dipshan
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Financial-Legal
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Sep 07, 2011
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Marc Goldstein
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Diamond Congress Addresses Zimbabwe and Industry Financing
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During the second day at the 34th World Diamond Congress underway in Moscow, the industry's movers and shakers discussed how to address and prioritize issues such as Zimbabwe and the credit burden on the industry. Zimbabwe is to be the big topic discussed later this week during the...
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Fair Trade
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Jul 12, 2010
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Anastasia Serdyukova
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An Abnormal Company
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De Beers managing director Gareth Penny stressed in a recent interview with London’s Financial Times that the company has shed its “mystique” as the interviewer termed it. “Our business is absolutely normal,” Penny said. “But it deals with an abnormal product.” Indeed, Penny stressed that the rarity...
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Research
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Jun 24, 2010
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Avi Krawitz
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Special Report: America's Changing Demographics
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The New Retail ConsumerWhile positive economic predictions have switched from talk of recession to that of recovery, the effects of the past two years have made an indelible impact on today’s retail consumer. The reality of the recession caused people to take a hard look at the consumption and purchasing...
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Research
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Jun 11, 2010
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Margo DeAngelo & Phyllis Schiller
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Petra Diamonds Secures $78M Loan
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Petra Diamonds has secured debt financing of $78 million to finance expansion of its Williamson and Cullinan mines. The loans were provided by the World Bank Group’s International Finance Corporation (IFC), which contributed $40 million, and Rand Merchant Bank (RMB), which provided $38 million.The...
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Mining
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Jun 03, 2010
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Avi Krawitz
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Zale's 3Q Sales -5%, Reports Loss of $12M
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Zale's revenue was down 5 percent to $359.8 million during its third fiscal quarter that ended on April 30, while its same-store sales fell 2.2 percent. The company reported a net loss of $12.1 million against the loss of $19.5 million it posted for the third fiscal...
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Financial-Legal
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May 26, 2010
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Jeff Miller
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Heated Market Set to Hibernate
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The fire that has ignited business in the diamond trade so far in 2010 has begun to flicker. Demand for diamonds has been unusually high since early January, but there are signs that it has weakened in the past few weeks. Some of that weakness can be attributed...
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Polished Markets
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May 11, 2010
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Gaston D’Aquino
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Steady Improvement
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Trading in the Israel Diamond Exchange (IDE) got off to a quiet start in April, with bourse services remaining closed through the seven-day Passover holiday in the first week of the month. Business slowly returned soon after as local cutters continued their focus on selling to the Far East....
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Polished Markets
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May 11, 2010
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Avi Krawitz
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Zale Secures $150M Loan From Golden Gate
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Zale Corporation secured a new $150 million, five-year, senior-secured-term loan from Golden Gate Capital. The company also announced that it had restructured its bank credit facilities with its institutional lenders. The loan deal has been in the works since February, when Zale first...
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Retail
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May 10, 2010
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Jeff Miller
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Research
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May 06, 2010
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Rapaport
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Newark Jewelry Robber Sentenced to 70 Months
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Jonathan Alvarado of Newark, New Jersey, was sentenced to 70 months in prison and three years of supervised release and was ordered to pay $659,830 in restitution to the jewelry stores he victimized. Alvarado, 23, was the last member of his "smash-and-grab" robbery crew to be sentenced. He previously served 38 months in federal prison...
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Financial-Legal
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May 04, 2010
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Jeff Miller
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Auctions Gone Wild
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Mama mia, what prices!” exclaimed a dealer observing the auction at Christie’s New York. Two days earlier at Sotheby’s New York, a private collector noted that prices for jewelry and stones seem stronger now than before the global economy went belly-up. When asked for...
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Retail
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May 01, 2010
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Amber Michelle
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JVC Launches eBusiness Center
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The Jewelers Vigilance Committee (JVC) has launched an eBusiness Center, a new online networking resource where jewelers can identify JVC member service providers. The eBusiness Center can be found on JVC’s website — www.jvclegal.org — and will soon be available on JVC’s Facebook page.Members listed in JVC’s eBusiness Center...
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Marketing
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Apr 26, 2010
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Jeff Miller
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