April 2nd, 2017
DIAMOND MARKET OVERVIEW
Polished traders said activity had slowed. The markets are heading into a quiet season due to the Easter and Jewish Passover holidays. Meanwhile, there was cautious sentiment at the Basel trade show amid declining sales in the Swiss watch industry. According to the Federation of the Swiss Watch Industry, exports fell 10% in February, with a 26.2% decline in exports to the US. The main polishedprices strengthened, opening up at 117.03 on Friday, from Monday’s opening at 116.21
Rough traders reported good demand in the secondary market. De Beers held a relatively small sight and kept prices more or less unchanged, in line with expectations. Premiums on De Beers rough boxes sold in the secondary market were cited to be around 5 -7 % on average.
CORPORATE AND EVENTS
Dominion Diamond Corp., the target of an unsolicited $1.1-billion approach by U.S. billionaire Dennis Washington, said on that it will launch a formal sales process for the company, boosting the company’s share price, theglobeandmail.com reported. The stock rose 3.4 per cent on market speculation that global miners including Rio Tinto and Anglo American’s De Beers unit may now enter the fray and make a bid for Dominion, the world’s third-largest diamond producer by value, said theglobeandmail.com report.
Russian diamond miner Alrosa is not interested in buying Canada's Dominion Diamond Corp., Alrosa's Chief Executive Sergey Ivanov said, Reuters reported. Dominion Diamond Corp, the target of an unsolicited $1.1 billion bid by U.S. billionaire Dennis Washington, said on Monday it would launch a formal sale process for the company, the Reuters report said. "We are not interested at this stage," Ivanov said in an emailed response to Reuters' questions.