The sharp decline is an 81.9 percent year-over-year drop and a 63.2 percent decline, compared to July, based on figures published by the Bank of Botswana.

 

De Beers, the premier diamond miner in the country, slowed mining and decreased its supply of rough diamonds in response to a depressed diamond market.

 

Diamonds, mainly rough, are Botswana's leading source of income. It is not only the largest diamond producing country by value, it also has a budding diamond-polishing sector.

 

According to the bank, Botswana exported $2.34 billion worth of rough and polished diamonds in the first eight months of 2012.

 

Courage has more than 30 years of experience in the jewelry industry, with De Beers in the 1980s and from 1996 with the Platinum Guild.

 

“I am sure all RJC members will welcome James to the role of RJC chairman as he applies his renowned knowledge, passion and extensive international experience to this important leadership role in the jewelry industry,” said Runci.

 

“In assuming the role as the non-executive chairman, I look forward to assisting RJC’s members, its board and its management team build on the successes of Matt’s term, so as to achieve the RJC’s mission: To advance responsible ethical, social and environmental practices, which respect human rights, throughout the diamond, gold and platinum group metals jewelry supply chain, from mine to retail,” said Courage.

 

Belgium exported $1.11 billion worth of polished diamonds in September, up 6.4 percent compared to July (before the market left for vacation in August), but down 18.9 percent year-over-year, according to AWDC figures.

 

Belgium's leading trade partner in September was Hong Kong, as traders shipped – and returned goods – to the trade show held there last month.

 

The decline in year-over-year exports is a combination of fewer imports and lower prices. Exports by volume declined 15.5 percent to 0.7 million carats.

 

At $2,155.13 per carat (p/c), the average value of exports declined 4 percent compared to last year, further pushing down the value of exports.

 

In the short term, imports of $1.18 billion increased 25.1 percent compared to July of this year.

 

Longer term, however, the trend is less positive, with imports falling 23 percent year-over-year, mainly on volume declines of 21.5 percent.

 

The average value of goods slipped just 1.8 percent to $1,926.03 p/c.

 

So far this year, Belgium has exported and imported $10 billion worth of polished diamonds.

The two take over responsibilities from the outgoing chairman Rajiv Jain and Vice Chairman Sanjay Kothari with immediate effect. They will hold office for the next two years.

 

Shah has been instrumental in turning Asian Star from a purely diamond manufacturing firm into a vertically integrated powerhouse that also manufactures, distributes and retails jewelry. He has been a strong supporter of initiatives to promote the industry and has been the Convener of the Banking, Insurance & Taxation (BITC) Committee of the GJEPC.

 

Parekh, who qualified as a mechanical engineer in 1967, comes from a family that has been in the jewelry business for several generations. He switched from a career in engineering to the family business in 1988, focusing on the export business only.

 

He was the first person to be elected from Eastern India to the Central Managing Committee of the GJEPC. Since then, he has held several posts in the Central and Regional Committees of the Council, and is now the Chairman of the Eastern Region.

 

In 2000, he accompanied a delegation to Israel led by the then Chief Minister of West Bengal, Jyoti Basu and MP Somnath Chatterjee who was the Chairman of the West Bengal Industrial Development Corporation (WBIDC).

 

In 2001, the WBIDC inducted him as a member of the board of its planned Manikanchan gems and jewelry industrial park. He then played a key role in creation of Manikanchan, which was inaugurated in November 2003.

 

Welcoming the two new office bearers, outgoing Chairman Rajiv Jain said the industry looked forward to fresh perspectives from them and assured them of its wholehearted support.

 

The American Gem Society’s New York/New Jersey Guild will present “Current Challenges and Opportunities in the Jewelry Industry” here on Oct. 15.

 

Presented by JCK’s Senior Editor Rob Bates, the discussion will cover De Beers and the rough market, the impact of the Internet, the direction of diamond prices, conflict diamonds, treatments and synthetics and how the industry can appeal to a new generation of consumers.

 

The Diamond Empowerment Fund (DEF) on Monday presented a $75,000 check to the Botswana Delegation to the United Nations, as a donation to the Botswana Top Achiever Program, which affords top students an opportunity to attend the university of their choice worldwide. Upon graduation, they then return to Botswana to contribute to its future.

 

The funds were raised at the June ‘Salute to Botswana, Diamonds Empower Africa’ event held in Washington, D.C., co-hosted by DEF and the Embassy of the Republic of Botswana.

 

Phyllis Bergman, DEF board president, reaffirmed the importance of the event., "Botswana is a shining example of the positive impact diamonds have on communities when good governance is coupled with wise management of natural resources. Not only does Botswana manage is natural resources well, it also embraces its most important natural resource, its youth, through the Top Achiever Program. This mirrors the mission of DEF and we are thrilled to contribute to this amazing program.”

 

High-level members from the Botswana delegation receiving the check at Monday’s presentation included Botswana Minister of Foreign Affairs Phandu Skelemani and Botswana’s Ambassador to the United States Tebelelo Seretse. 

 

Members of the DEF’s board of directors, as well as representatives from Tiffany & Co., the lead sponsor for the ‘Salute to Botswana’ event, presented the check to the delegation. Sponsors of the event included board members Leo Schachter Diamonds, Signet, Dalumi Group/Swana Diamonds and included Exelco and Julius Klein.

 

Skelemani emphasized the importance of education and using it "to empower Botswana’s youth to become the next leaders in our country, able to drive economic diversification and growth that will benefit all.” He went on to say, “We thank the Diamond Empowerment Fund for this most generous donation, which together with past donations amounts to $225,000.”

 

The unrest in South Africa’s mining sector is spreading to diamonds. Petra Diamonds reported on Tuesday that a “limited number” of workers at its Kimberley Underground mine had gone on strike. The company said, however, that production had not been affected that it is in talks with the National Union of Mineworkers (NUM).

 

Media reports have warned that South Africa faces a “mining meltdown” as the miner unrest over working conditions and pay, which began with the platinum sector, has spread to the gold, diamond, coal and iron ore sectors as well.

 

The initial flare up at the Lonmin platinum mine at Nkaneng had led to the deaths of nine people including two police officers on August 13 and subsequently the deaths of at least 34 at Marikana on August 16 when police opened fire on protesters.

 

The unrest appears to have been aggravated by the rivalry between the dominance of the government-recognized NUM with a new union, the Association of Mineworkers and Construction Union (AMCU).

 

Compounding the issue is the bitter rivalry between Julius Malema, the former leader of the African National Congress (ANC) youth wing and the country’s President, Jacob Zuma. Malema has publicly issued an anti-mining message, calling for all mines to be made unmanageable.

 

The top lot of the sale is expected to be a platinum Patek Philippe Ref. 5101P 10 Days Tourbillon, an Art Deco-style chronometer with a one-minute tourbillon regulator and tandem mainspring barrels for a 10-day power reserve. It is estimated to sell for $167,645 to $219,228.

Also from Patek Philippe is a sealed Ref. 5131G-001 in white gold with a handmade cloisonné enamel dial, expected to sell for up to $122,510. Only a small amount of the Ref. 5131 is produced each year. The model was introduced at Baselworld in 2008.

 

From Harry Winston is the “Opus V” No. 36/45 in 18-karat pink gold. Harry Winston collaborates with independent watchmakers every year to create a timepiece. The Opus V was the result of the brand’s 2005 partnership with German watchmaker Felix Baumgartner. It was the world’s first watch with “Satellite Hour” display by three separate blocks, with four numerals on each block that indicate the hour while spinning around two axes.

Harry Winston made only 100 of the Opus V and only 45 in pink gold. Its high estimate is $180,541.

 

The timepiece from Louis Vuitton included in the sale is the “Tambour Piece Unique,” which was created for the Only Watch charity auction in 2011. The Tambour is an 18-karat black gold diver’s watch with a square-button chronograph, counter, date and orange rubber strap. It is expected to sell for $20,633 to $33,528.

 

A total of 323 timepieces are up for sale at “Important Modern & Vintage Timepieces,” which will take place Oct. 19 at The Mandarin Oriental Hong Kong. Previews are scheduled for Oct. 16 to 18 from 11 a.m. to 7 p.m. at Antiquorum Hong Kong.

 

The new charm is set in a sterling silver inner ring. For each Pink Ribbon collection charm sold, Pandora will donate a percentage of the sale to breast cancer organizations across the globe.

 

In the U.S., the company has pledged a minimum guaranteed donation of $1 million to Susan G. Komen for the Cure, with 5 percent of the retail price of select charms, necklaces and pendants going to support Komen for the Cure.

 

Donations received in connection with product sales in Canada benefit the Canadian Breast Cancer Foundation.