RAPAPORT... The organizers of the Watches & Wonders Geneva show have canceled the April event due to the coronavirus. Baselworld is still set to take place, as it stands.Switzerland's Fondation de la Haute Horlogerie said it was its "duty" to anticipate the risks of travel and international gatherings given the global spread of the disease. The fair, formerly known as Salon International...Read More
(IDEX Online) - Organizers have announced new dates for the SEASONS | Spring - Fashion Jewellery & Accessories Fair, after it they were forced to postpone the event because of coronavirus. The show, originally scheduled for 3 to 6 March at the AsiaWorld-Expo, Hong Kong, will now take place at the same venue from 19 to 21 May. "This decision has been reached following careful consideration and...Read More
Diversified miner Anglo American has welcomed the measures to facilitate cross-border financial transactions, in support of trade and investment, announced by South Africa’s Finance Minister Tito Mboweni during his National Budget Speech on Wednesday.In a statement on Thursday, Anglo explained that annexures to the Budget Review provided additional detail, including a shift from the current...Read More
RAPAPORT... Revenue at Michael Hill grew 4.4% year on year to AUD 329.5 million ($216.7 million) in the Australian jeweler's first fiscal half, as investments in digital platforms paid off.Same-store sales - at retail locations open for at least a year - rose 6.3% for the six months ending December 29, reflecting increases across its network in Australia, New Zealand and Canada. Net profit cl...Read More
(IDEX Online) - Women are being urged to treat themselves to a piece of jewelry.They don't need a special reason, says a new consumer marketing campaign called March is Me Month."The goal is to empower every woman to celebrate herself, visit a retail jeweler, and treat herself to a piece of fine jewelry during the month of March," says the Women's Jewelry Association (WJA) which is...Read More
RAPAPORT... The Gemological Institute of America (GIA) has confirmed a new mineral species discovered in Italy, which has been named "dutrowite."The moniker is in recognition of GIA governor Barbara Dutrow and her contributions to mineral sciences and crystal chemistry. The naming is particularly apt, as the substance is from the tourmaline group, and Dutrow has carried out well-known and com...Read More
ASX-listed Newfield Resources is on track to produce the first diamonds from its Tongo diamond mine, in Sierra Leone, in the fourth quarter of this year.The miner on Thursday also said it would soon start the drilling and blasting of the underground decline at Tongo, following the arrival of the mining and support equipment on site.AdvertisementThe underground mining machinery comprises two jumbo...Read More
RAPAPORT... The Gemological Institute of America (GIA) has confirmed a new mineral species discovered in Italy, which it has named "dutrowite."The moniker is in recognition of GIA governor Barbara Dutrow and her contributions to mineral sciences and crystal chemistry. The naming is particularly apt, as the substance is from the tourmaline group, and Dutrow has carried out well-known and comprehens...Read More
RAPAPORT... Production at Firestone Diamonds faltered in the second fiscal quarter, as the miner faced a near monthlong power disruption it estimates will cost it $4.6 million.Output from the company's Liqhobong mine in Lesotho fell 39% to 138,000 carats in the three months ending December 31, due to the outage, during which Firestone was unable to operate its processing plant, it said Tuesday. Fo...Read More
RAPAPORT... India's polished-diamond exports dropped 6% to $1.65 billion in January, reflecting a lower average price, even as volumes rose. Rough imports also fell, according to data from the country's Gem & Jewellery Export Promotion Council. India Trade Data for January 2020Read More
RAPAPORT... De Beers has allowed clients to forgo buying certain rough diamonds at this week's sight, as the coronavirus outbreak has raised concerns about a polished glut.The miner has let sightholders defer purchases of goods that produce the types of polished popular in the Chinese retail market, a source at the sight told Rapaport News Wednesday. The concessions apply to 1- to 2-carat rou...Read More
RAPAPORT... Revenue from Rio Tinto's diamond division slid 11% to $619 million in 2019 as prices for rough diamonds weakened, the miner reported Wednesday. The diamond unit recorded a net loss of $21 million, compared with a profit of $118 million a year ago. Earnings before interest, tax, depreciation and amortization (EBITDA) plunged 50% to $151 million.Diamond production fell 8% to 17 mill...Read More
(IDEX Online) - Experts were surprised to find a lab-grown diamond that had been laser-treated to enhance clarity. It is believed to be the first reported case of an LGD having undergone a treatment associated only with mined stones. Researchers at the Gemological Science International laboratory in Mumbai, India, found the 4.5-ct stone had been drilled to clean out a black inclusion. "Diam...Read More
(IDEX Online) - A power outage halted ore treatment at Firestone's Liqhobong, mine in Lesotho, for almost a month and cost $4.6 million, the company said today. The disruption increased costs in Q2 - $14.90 per tonne treated compared with $10.32 in Q1, according to the quarterly operations update. The number of tonnes treated was reduced to 668,120 (Q1: 963,986 tonnes) and diamond recove...Read More
TSX-V-listed junior diamond miner Diamcor Mining has started using a new, larger fleet of Caterpillar heavy mining equipment at its Krone-Endora at Venetia project, based next to diamond miner De Beers’ Venetia mine, in Limpopo.Diamcor started off by processing tailings material at Krone-Endora.AdvertisementThe new equipment will provide it with improved reliability, lower operating costs an...Read More
MOSCOW – Russia, as this year's chair of an international body tackling the trade in conflict diamonds, will work to lift restrictions on the export of diamonds from the Central African Republic (CAR), deputy finance minister Alexei Moiseev said on Tuesday.A total ban on diamond exports from CAR was imposed in 2013 but partially lifted in 2016, allowing CAR to resume sales of diamonds fr...Read More
RAPAPORT... Revenue from Rio Tinto's diamond division slid 11% to $619 million in 2019 as prices for rough diamonds weakened, the miner reported Wednesday. The diamond unit recorded a net loss of $21 million, compared with a profit of $118 million a year ago. Earnings before interest, tax, depreciation and amortization (EBITDA) plunged 50% to $151 million.Diamond production fell 8% to 17 mill...Read More
RAPAPORT... De Beers and its clients expect a slowdown in rough-diamond sales at the company's Botswana sight this week amid concerns about the coronavirus."It's fair to say there will be an impact on rough demand in the short term," De Beers chief financial officer Nimesh Patel said Thursday in an interview with Rapaport News. "I'd expect we'd see that at the [February] sight."The downturn i...Read More
RAPAPORT... Sarine Technologies reported a loss in 2019, as soft demand in the first nine months outweighed a stronger fourth quarter.The diamond technology company reported a net loss of $1.4 million for the year, compared with a profit of $7.6 million in 2018. An oversupply of rough in the midstream, civil unrest in Hong Kong and tighter bank credit to India's manufacturing sector resulted...Read More
RAPAPORT... Diamond trading in China remains slow, as retail is almost dead, bourses are quiet, and even getting rough goods into the country has hit obstacles. Dealers expect a release of pent-up demand when the coronavirus goes away, but for now, all they can do is manage a difficult situation."There is always demand for diamonds in China, but currently consumers can't go shopping, [as] hardly a...Read More