Diamond stocks Articles

Petra still expecting record production, despite lowering FY guidance

28th June 2017 / Megan van Wyngaardt     

JOHANNESBURG (miningweekly.com) - A slower-than-anticipated build-up of its expansion programmes has prompted Petra Diamonds to lower its full-year production guidance by 8% to 9% from the 4.4-million previously targeted.This, the LSE-listed diamond miner said, would have a coinciding 8% to 9% impact on its revenue, which will be below market expectations.AdvertisementNevertheless, Petra said it w...Read More

Gahcho Ku prices fetch new high at $95/ct

28th June 2017 / Henry Lazenby     

VANCOUVER (miningweekly.com) - Mountain Province Diamonds has recorded its highest average price to date for diamonds produced at its 49%-owned Gahcho Ku mine, in Canada's Northwest Territories, as it collected $21.1-million at its June tender sale.The company on Tuesday reported that the fifth tender of rough diamonds from the company's Gahcho Ku mine had realised $95/ct, compared with $72/ct in...Read More

WDC President Polyakov Resigns, Fischler to Become Acting President

June 28, 17 / Albert Robinson

(IDEX Online) - World Diamond Council (WDC) President Andrey Polyakov will be resigning by the end of this week, the WDC said. The decision is connected to Polyakov's planned resignation from ALROSA. WDC Vice President Stephane Fischler will become acting President effective July 1, and will serve in this capacity until the end of the term of this Board, at which time he will start his two...Read More

Swiss Watch Exports Up Strongly In May On Year - Rise 9% To $1.77B

June 28, 17 / Albert Robinson

(IDEX Online) - Swiss watch industry exports rose strongly in May - rising 9 percent on the year to 1.7 billion francs ($1.77 billion). "This was the second positive month after March, confirming the recovery which has been under way since the start of the year," according to the Federation of the Swiss Watch Industry. Several important markets posted very strong growth, the Federation said....Read More

Petra Diamonds: Output And Revenue 8-9% Lower Due To Slower Expansion

June 28, 17 / Albert Robinson

(IDEX Online) - Petra Diamonds Limited said that due to a slower than anticipated build-up of its expansion at its operations, production is now estimated to be around 8-9 percent lower than its previous guidance of approximately 4.4 million carats for the year ended 30 June. As a result, revenue is expected to be around 8-9 percent below market consensus and financial results for the year are t...Read More

Pallinghurst Garners Enough Support For Gemfields Takeover And De-Listing

June 28, 17 / Albert Robinson

(IDEX Online) - After weeks of move and counter-move, Pallinghurst has received the 75 percent support of Gemfields investors to back its takeover of the gemstone miner and to de-list the London Stock Exchange traded company. Shares in Gemfields PLC slumped after Pallinghurst Resources revealed it had received sufficient support from shareholders to take its plans to de-list the emerald and ruby...Read More

Gemfields shares collapse on imminent delisting

Jun. 27, 2017, 10:09 AM / Cecilia Jamasmie

Shares in Gemfields (LON:GEM) got hammered Tuesday after Pallinghurst Resources, the firm largest shareholder, revealed it has secured support to push ahead with its plans to de-list the emerald and ruby miner.The news comes only a day after Pallinghurst shareholders voted in favour of selling their stakes to the South African private equity group, in a move that removed the last potential stumbli...Read More

Diamond Trading Drives Botswana Growth

Jun 27, 2017 / Rapaport News

RAPAPORT... Botswana's gross domestic product (GDP) grew 4.3% in 2016, mainly due to an improvement in the nation's diamond trade, the Bank ofBotswana said last week.An increase in wholesale activity by diamond companies operating in Botswana,such as De Beers' Global Sightholder Sales (GSS) and state-owned OkavangoDiamond Company, drove the nation's economic growth, explained KeithJefferis, managi...Read More

Trans Hex Sales and Prices Decline

Jun 27, 2017 / Rapaport News

RAPAPORT... Revenue fell for South Africa-based Trans Hex in the pastfiscal year as the company sold a smaller volume of diamonds and pricesdeclined, the miner said in a statement last week.Sales of rough diamonds slumped 19.5% to $41.8 million (ZAR540.2 million) in the 12 months that ended March 31. Diamond sales by volumefell 17.5% to 40,187 carats, while the average price of rough sold dropped2...Read More

Mountain Province Sells $21.1M of Rough at Fifth Sale From Gahcho Kue

June 27, 17 / Albert Robinson

(IDEX Online) - Mountain Province Diamonds Inc. reports the sale of 222,000 carats of rough stones for $21.1 million at $95 per carat at its fifth diamond sale of goods from Gahcho Ku. That compares with $12.7 million at the previous sale. "The results from the fifth sale are elevated in part from the inclusion of a selection of the fancies and specials won by the company otherwise scheduled...Read More

US Jewelers Visit Capitol Hill for Fly-In and Legislative Forum

June 27, 17 / Albert Robinson

(IDEX Online) - Jewelers of America (JA) hosted two days of legislative events for jewelers in Washington, D.C., on June 20 and 21, giving retailers and suppliers the opportunity to learn about key issues that affect their businesses and meet with top lawmakers. The events which were part of the Jewelers of America Political Action Committee's annual D.C. fly-in included a dinner and legislativ...Read More

Pallinghurst Emerges as Sole Bidder for Gemfields

Jun 27, 2017 / Rapaport News

RAPAPORT... Pallinghurst Resources has received backing from its ownersto acquire Gemfields, paving the way for the private-equity firm to go aheadwith the deal after the only other bidder dropped out.Pallinghurst, Gemfields' largest investor, won a 96% mandatefrom its own shareholders to buy the colored-gemstone miner at a meetingon the island of Guernsey on Monday. Pallinghurst also has acceptan...Read More

Gahcho Ku Prices Hit New Peak at $95/ct.

Jun 27, 2017 / Rapaport News

RAPAPORT... Mountain Province Diamonds recorded its highest averageprice to date as it garnered $21.1 million at its June sale.The fifth tender of rough from the company's Gahcho Ku minefetched $95 per carat, compared with $72 per carat in the first three sales and$86 per carat at the fourth. The results were high because the sale featured some of the fancyand special stones for which Mountain Pro...Read More

Pallinghurst Emerges as Sole Gemfields Bidder

Jun 27, 2017 / Rapaport News

RAPAPORT... Pallinghurst Resources has received backing from its ownersto acquire Gemfields, paving the way for the private-equity firm to go aheadwith the deal after the only other bidder dropped out.Pallinghurst, Gemfields' largest investor, won a 96% mandatefrom its own shareholders to buy the colored-gemstone miner at a meetingon the island of Guernsey on Monday. Pallinghurst also has acceptan...Read More

Pallinghurst shareholders back acquisition of Gemfields

Jun. 26, 2017, 9:16 AM / Cecilia Jamasmie

Gemfields' (LON:GEM) largest investor Pallinghurst said Monday it has received support from 96% of its shareholders to buy remaining interest in the world's top coloured gems producer.Gemfields says Pallinghurst's offer undervalues the company and its prospects as a leading player in the sector.The London-listed miner told investors it still believes Pallinghurst's bid "undervalues Gemfields and...Read More

Samer Halimeh to Launch Luxury Yacht Boutiques

Jun 26, 2017 / Rapaport News

RAPAPORT... Upscale jeweler Samer Halimeh New York will offerdiamonds to superyacht users and their guests, in a new program to market itsproducts to the ultra-rich.The retailer has partnered with luxury-yacht company SSHMaritime to launch "summer superyacht diamond boutiques" on four of its vessels- Chakra, Serenity, Grand Ocean and Omega.Millionaires and billionaires frequently charter one of th...Read More

Jewelry Sector a Favorite for Fraudsters'

Jun 26, 2017 / Rapaport News

RAPAPORT... E-commerce fraud increased 13% in the jewelry industryover the past year, according to a recent report by fraud-protection companySignifyd.Fraudulent payments accounted for 13.3% of online jewelrytransactions during the first quarter of 2017 in terms of dollar sales, thecompany said in its Global Fraud Index for May. This compared with 11.8% duringthe same period in 2016, making the je...Read More

Rio Tinto Opts into Canada Diamond Project

Jun 26, 2017 / Rapaport News

RAPAPORT... Rio Tinto has partnered with mineral exploration group ShoreGold to develop a diamond mine in Canada.The option agreement will potentially grant Rio Tinto up to60% of the proceeds from the Star-Orion South Diamond Project in Saskatchewan. ShoreGold has been developing the site for more than 20 years. The asset contains 55.4 million carats of rough diamonds ata projected average price o...Read More

Birks' US Stores Drive Growth

Jun 26, 2017 / Rapaport News

RAPAPORT... Birks Group's revenue grew in the past fiscal year as theCanadian retailer significantly increased its sales in the US.Group revenue crept up 0.4% to $286.9 million in the 12months that ended March 25, while comparable-store sales rose 1%, theMontreal-based jewelry retailer reported last week.In the US, comparable-store sales jumped 9%, mainly dueto higher watch sales as the company in...Read More

ABN AMRO Report: Diamond Market Recovery Grinds To A Halt

June 26, 17 / Albert Robinson

(IDEX Online) - A clear improvement in the diamond trade at the end of last year has petered out since the start of 2017 due to disappointing US economic growth and consumer spending in Q1 which has weighed on end-demand, as well as lower consumption in Hong Kong and Macau has also negatively affected demand for diamond jewelry according to company reports from main jewellers in the region, said A...Read More