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Diamond Attracting More Online Buyers In Lockdown

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Instead of making luxury trips abroad, buying expensive meals and spending days at 5-star hotels, more people are investing their money in Diamond because of the increased restrictions slammed on them due to the Covid-19 pandemic.

This has therefore driven the demand for Diamond very high – the trade in this precious gem had almost hibernated before the onset of Covid-19 but its attractability has bounced back.

Diamonds have for several years faced growing competition from travel as a form of luxury spending. Now, with vacations on hold due to lockdowns and other restrictions, consumers are putting their disposable income into online purchases.

Miner De Beers is poised for its biggest rough-diamond sale in three years, even after raising prices, and rival Alrosa PJSC said this week it expects the recovery will keep going for some time.

“Money was previously spent on trips or on dinners at expensive restaurants, but now part of this demand has gone to diamonds. Online sales almost doubled last year to about 20% of the total,” observes Alrosa Chief of Sales Evgeny Agureev.

According to industry experts, the annual diamond jewelry demand had been stagnant at about $80 billion for the past five years and the sector’s middlemen were struggling to turn a profit.

A quick look at global diamond markets indicates a sharp rise in demand; for example, Signet Jewelers Ltd. reported a 7.8% jump in holiday sales in North America, by far the industry’s biggest market.

The jeweler’s online sales surged in the period. It was a similar story in China, the second-biggest market, where Chow Tai Fook reported an 18% rise in quarterly sales.

In India, where about 90% of diamonds are cut or polished, imported almost $2 billion in rough diamonds last month as cutters and polishers raced to meet the increased demand and restock their inventories.

Meanwhile, De Beers and Alrosa have both responded by raising prices, seeking to recover some of the ground they lost last year when demand collapsed.

But while De Beers implemented an increase of about 5% in its first sale of the year last week, customers are still buying.

The sale hasn’t yet been finalised, but the miner was on course for its biggest rough-diamond auction in three years — at about $600 million — according to people familiar with the situation.

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Business

Rwanda, DPWorld Launch Global E-commerce Platform For Rwandan Products

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Rwanda Development Board, (RDB) and Dubai Ports World (DP World) have launched a new global e-commerce platform, www.dubuy.com, that will market Rwandan products to the global market place.

The launch comes after RDB and signed a Memorandum of Understanding (MoU) in December, 2020 to launch the new global B2B and B2C e-commerce platform to make it easier for Rwandan businesses to engage in international trade.

Dubai Ports World is an Emirati multinational logistics company based in Dubai, United Arab Emirates. It specialises in cargo logistics, port terminal operations, maritime services and free trade zones.

Rwanda now becomes DP World’s hub for expanding e-commerce across the East Africa Community and beyond. Rwandan businesses will also benefit from broader DP World services and investment that will help to facilitate and develop trade.

This includes the promotion of Rwandan exports of coffee, tea, and horticulture on Dubuy.com, modernising of Rwanda’s supply chain logistics including in rural areas, and access to digital tools to help businesses save money and expand their reach to local, regional, and global markets.

“We have robust infrastructure to support logistics in Rwanda and we are committed to reducing the cost of logistics, enabling Rwanda to become a regional logistics hub,” Summit Bhardwaj, CEO of DP World Rwanda, said during the launch that was held virtually on Wednesday morning March 3, 2021 between Rwandan officials and DP World Executives.  

RDB Deputy CEO, Zephanie Niyonkuru and Rwanda’s Ambassador to the UAE, Emanuel Hategeka, were part of the launch.

Niyonkuru said that Dubuy.com is a great addition to Rwanda’s local and regional trade activities and as a country promoting the manufacturing of products for export. “We believe it will help us quicken the process of connecting buyers and sellers,” he said. “The real work has now started and we need to make sure that many companies sign up and access global markets. We also hope that through the platform, we’ll be able to reduce the overall cost of trade.”

Ambassador Hategeka who has been instrumental in securing this partnership said that, “We are honored that Rwanda is the first country of launch for http://dubuy.com in the region. E-commerce platforms like this are needed now more than ever before as we respond to the disruption caused by the COVID-19 pandemic.”

This launch follows also another development where Rwanda’s products are now listed on the most popular e-commerce platforms in Singapore such as Red Mart and Shopee Singapore as well as s major Singapore’s largest grocery retail shops.

In January, this year, the on-going Campaign to promote Rwandan Coffee and other products in Japan, Ambassador Ernest Rwamucyo met with Yoshiaki Kawashima, President, Mi Cafeto, and Special Advisor to JICA on Coffee Value Chain Development Project to explore how more coffee could be accessed in Japan.

Sales of Rwandan coffee in China via online platforms belonging to China’s e-commerce giant Alibaba increased by 400 percent in 2020, according to Alibaba.

Amb. James Kimonyo, Rwandan envoy to China (centre) with Xueli Cherie, a Chinese online influencer, and Sam Abikunda, Commercial Attaché at the embassy during a live streaming promotion event in China. / Photo: Courtesy.
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Rwanda’s Weekly Agro Exports Performance

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Last week Rwanda shipped out various tonnes of horticultural products coffee and tea fetching an impressive amount of foreign revenue.

According to National Agricultural Export Development Board (NAEB) mandated to develop and enhance Rwanda’s agricultural exports, Last week Rwanda exported 255,298Kg of horticultural products which earned U$441,679.

Details show the Main Countries of destination of Rwanda’s horticultural products were mainly Holland, United Kingdom, DRC, Germany, among others including USA, UAE, France, Uganda, Belgium, Tanzania and Denmark.

A total of 431,107Kg of Rwanda Coffee worth U$1,383,622 was exported compared to previous week, export quantities and revenues increased by 86.2% and 83.9% respectively. 52.2% of the consignment was fully washed. Destinations: China, UK, Belgium, Russia, Kenya, South Sudan & Nigeria.

Meanwhile, 449,000Kg of Rwanda Tea  were exported generating U$1,146,118. Compared to last week, the average price slightly reduced from U$2.78/Kg to U$2.5/Kg. Main country buyers were Pakistan, and UK among others.

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Business

Tanzania Unveils Aggressive Plan For Livestock

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Tanzania has announced that it is seeking to revamp its livestock subsector with the aim of making it more profitable.

Dr. Jonas Kizima the Acting Director-General of Tanzania Livestock Research Institute (Taliri) said on Tuesday that Preliminary studies have discovered that most industries in the livestock products category are performing shoddily due to poor production and supply of raw materials.

The Tanzanian government said it is embarking on implementing a special five-year programme (2021-2025) to push for improvement of the livestock industry.

“The programme seeks to enable stakeholders in the beef and dairy cattle chains in all regions of to improve their performance by adopting better technologies and practices so that they can stand a professional chance to meet actual raw material demand in the livestock industry,” Dr. Jonas Kizima said.

Tanzania is therefore arguing that it is going to introduce and help livestock keepers across the country to raise hybrid animals, provide best animal health services, animal compounded and feeds, put in place animal husbandry infrastructure, improve milk handling, grazing systems and maintain good diary animal genetics.

“Inbreeding is the biggest technical challenge livestock keepers are facing- it is detrimental to livestock,” Dr Kizima noted.

The new agenda is in compliance with President John Magufuli’s directive issued to revive and promote animal industries for the next five years in the coastal East African country.

According to Concerns by Magufuli at least 90% of animal skins and skins produced in Tanzania were of very poor quality due to poor slaughtering methods.

Magufuli says he is seeking to motivate investors from within and outside the country to invest in meat industries, but also in leather production and other animal products such as hoofs.

Under this new program, Tanzania wants to construct seven major abattoirs in different regions with the capacity to slaughter at least 6700 cows and 11000 goats per day.

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