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Weekly Market Report

DIAMOND MARKET OVERVIEW
Traders reported good demand in the polished wholesale market over the past week. Retail orders have steadily improved in Asia and the US since the start of the year. In the main cutting centre India, manufacturers are said to be running near full capacity, underpinning the positive sentiment in the market. The main polishedprices index ended the week more or less unchanged, opening at 117.38 on Friday, from Monday’s opening at 117.52

ROUGH MARKET
Traders continued to report healthy demand for rough in the secondary market. Both Alrosa and Grib diamonds posted buoyant 2016 results. Sales at Alrosa rose 41% to $5.5 billion, from the previous year. Grib diamonds reported an 82% surge in sales to $336 million. However, Gem Diamonds saw full year 2016 sales fall 24%, and was also hit by an impairment charge at Botswana’s Gagoo mine.

CORPORATE AND EVENTS
Gem Diamonds reported a 47% fall in its full-year pretax profit, hurt by an impairment charge after it mothballed the Ghaghoo mine in Botswana due to a fall in diamond prices, miningweekly.com reported.

The world's largest producer of diamonds by volume has reported a quadrupling of profit for 2016, CNBC reported. Russian miner Alrosa said profit attributable to shareholders totaled 131.39 billion roubles ($2.25 billion) versus 30.67 billion roubles in 2015, said the CNBC report.

 

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