RAPAPORT... The Gems & Jewellery Export Promotion Council (GJEPC) in India added its voice to what the World Diamond Council, Jewelers of America, and the Diamond Manufacturers & Importers Association already stated this week -- that the diamond industry cannot afford to risk confidence in its pipeline. After this broadcast was put into production, GJEPC vice-chairman Sanjay Kothari was quoted in the Times of India saying, "There is no question of going against the warning issued by US and the EU for the sake of a billion dollar worth of annual rough diamond supplies from Zimbabwe. The industry cannot put 60 percent of its gems and jewelry trade with US and EU at stake." Kimberley Process chairman Mathieu Yamba approved Marange exports, but excluded the stockpile of rough from the years 2007 to 2009. For those who operate in the US, in particular, rough coming out of Zimbabwe right now is "non-complaint" and companies that do deal in these goods will be added to the sanctions list on the Office of Foreign Assets Control website. Harry Winston Diamond Corporation reported a strong fiscal year with sales up 51 percent and profits of 27-cents per share, versus a loss of 99-cents per share one year ago. (Read full results.) During a conference call with analysts today, company chief Robert Gannicott described key growth drivers for fiscal 2011 as significant price-per-carat increases for rough diamonds, and strong high-value transactions at Harry Winston salons. There were ...
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