Diamond Stock Articles

South African mining revival threatened as power cuts take toll 

12th December 2019 / Bloomberg     

JOHANNESBURG – When South Africa’s State-owned utility announced record power cuts on Monday afternoon, Impala Platinum Holdings had two hours to hoist thousands of workers from 1 km deep shafts.The deepening crisis at debt-ridden Eskom Holdings shut down South Africa’s key mining industry for 24 hours, hitting gold and platinum producers that had been enjoying a renaissance on t...Read More

Pressure on Diamond Midstream Likely to Increase

Dec 12, 2019 / Joshua Freedman

RAPAPORT... Diamond manufacturers will consolidate in the coming years to avoid being further squeezed by miners and retailers, Bain & Company predicted in its annual report on the industry.The forecast stems from the midstream becoming anincreasingly weak part of the supply chain while retailers and rough producers haveimproved efficiency. This has resulted in manufacturers becoming "pri...Read More

Podcast: What's in Store for the Holidays

Dec 12, 2019 / Rapaport News

RAPAPORT... With the holiday season well under way, the Rapaport Diamond Podcast debates different trends taking shape in the retail space. The discussion spans personalization, omnichannel, effective storytelling, being more open-minded, and the need to move away from our reliance on Christmas.In addition, news editor and host Avi Krawitz, senior reporter Joshua Freedman, editor-in-chief Sonia Es...Read More

Mining output falls by 2.9% in October 

12th December 2019 / Marleny Arnoldi     

South Africa’s mining output declined by 2.9% in October, following a 0.6% year-on-year decrease in September.Nedbank says this was the third consecutive month of yearly contraction for the sector.AdvertisementOn a month-on-month seasonally adjusted basis, output grew by a modest 1% in October.The main drivers of the year-on-year production decline in October were copper, diamonds and mangan...Read More

De Beers Lowers 2020 Production Forecast

Dec 11, 2019 / Rapaport News

RAPAPORT... De Beers has reduced its production outlook for next year and beyond amid uncertainty about the health of the diamondmarket.The miner now expects to recover between 32 million and 34million carats in 2020, compared to its earlier outlook of 33 million to 35million carats, parent company Anglo American said Tuesday. Its output is forecastto rise to between 34 million and 36 million cara...Read More

Phillips Nets $5.4M at New York Sale

Dec 11, 2019 / Rapaport News

RAPAPORT... A blue diamond ring by Tiffany & Co. was the top sellerat Phillips' New York sale, leading the $5.4 million auction. The cut-cornered square modified brilliant-cut, 3.02-carat,fancy-intense-blue, VS2-clarity diamond ring fetched $1.6 million, against apresale estimate of $1.5 million to $2.5 million at Monday's New York Jewels sale. A fancy-color diamond and gold necklace feat...Read More

Petra Production Hit by South Africa Power Woes

December 11, 19 / IDEX Online Staff Reporter

(IDEX Online) - Production at Petra Diamonds' South African mines has been hit by ongoing rolling power cuts across the country. Following a request by Eskom, the South African electricity utility, Petra halted produced, hoisting and processing at the Cullinan, Finsch and Koffiefontein mines on December 9. On December 10, Eskom downgraded the situation from the unprecedented Stage 6...Read More

Anglo American Cuts 2020 Diamond Forecast

December 11, 19 / IDEX Online Staff Reporter

(IDEX Online) - Anglo America, parent company of De Beers Group, has cut its diamond production forecast for 2020 to 32-34 million carats. Previously, output for full year 2020 was anticipated to be 33-35 million carats.The company announced the reduction during an investor update call.De Beers' production forecast for 2021 has also been reduced to an estimated 24-36 million carats, down from...Read More

De Beers' Forevermark launches in Belgium

11th December 2019 / Marleny Arnoldi     

Diamond miner De Beers has launched its Forevermark jewellery brand in Belgium, through a partnership with jeweller Gautam Diamonds.Forevermark jewellery is now available in Gautam stores in the historic Grand Place/Grote Markt and Galerie de la Reine/Koninginnegalerij, as well as in three Antwerp Diamonds by Gautam stores in Brussels Airport.AdvertisementThe launch brings the total number of coun...Read More

U.S. Jewelers Targeted in Violent Crimes

December 11, 19 / IDEX Online Staff Reporter

(IDEX Online) - The industry has been rocked by the news of two violent crimes against jewelers in Florida and California. In the first incident, which took place in Costa Mesa, California on December 4, 65-year-old Pierre Maalouf  left his store, the Diamond and Jewelry Exchange, around 6:30 p.m., and was walking to his car with some merchandise and jewelry. He was approached and a...Read More

Forevermark Partners with Gautam Diamonds for Belgian Launch

December 11, 19 / IDEX Online Staff Reporter

(IDEX Online) - Forevermark, the diamond brand from the De Beers Group, is now available in Belgium thanks to a tie-up with Gautam Diamonds. The new partnership means the branded jewelry will be available to purchase from the historic Grand Place/Grote Markt and Galerie de la Reine/Koninginnegalerij stores in the city and in three Antwerp Diamonds by Gautam shops in Brussels Airport.With the...Read More

Mining companies resuming operations after Stage 6 load-shedding impact 

11th December 2019 / Marleny Arnoldi     

JSE-listed Harmony Gold has resumed shifts at its nine South African underground gold mines from Tuesday afternoon, after power utility Eskom had returned to lower stages of load-shedding.  London-listed Petra Diamonds also resumed its South African mining operations on Tuesday, albeit at a 20% load curtailment.AdvertisementThe power utility on Monday implemented Stage 6 load-shedding for the...Read More

Diamond crisis to last another year

11th December 2019 / Bloomberg     

LONDON – The glut that’s depressing the diamond market will last another year, according to industry consultant Bain & Co.The inventory backlog will probably be cleared in the beginning of 2020, but it will take some time for the market to fully recover, Bain said in a report released on Wednesday. Bank financing to the industry’s midstream – the traders that buy rough...Read More

Phillips New York Auction Nets $5.4M

Dec 11, 2019 / Rapaport News

RAPAPORT... A blue diamond ring by Tiffany & Co. was the top sellerat Phillips' New York sale, leading the $5.4 million auction. The cut-cornered square modified brilliant-cut, 3.02-carat,fancy-intense-blue, VS2-clarity diamond ring fetched $1.6 million, against apresale estimate of $1.5 million to $2.5 million at Monday's New York Jewels sale. A fancy-color diamond and gold necklace feat...Read More

First diamonds from Angola's new pipe to arrive mid-2020 - Alrosa

11th December 2019 / Reuters     

MOSCOW – Angola's major new Luaxe diamond deposit may start trial mining in mid-2020 and could produce one-million carats of diamonds worth $90-million in 2020, Russian diamond producer Alrosa said.Angola's state-controlled diamond miner Catoca and Alrosa found Luaxe's Luele pipe in 2013. Catoca has spent $200-million studying and developing it further and has said the pipe may t...Read More

Alrosa's Sales Reach Six-Month High

Dec 10, 2019 / Rapaport News

RAPAPORT... Alrosa's sales rose 5% year on year to $287.8 million inNovember, as the manufacturing sector began to rebound, the Russianminer said Tuesday. The monthly sales are the highest the company has reportedsince April, and the fourth highest of the year.  "November sales growth [is] evidence that [the] midstreamsector, specifically in India, is on track to restore its balance," sa...Read More

Blue Diamond Earrings Score Big at Bonhams

Dec 10, 2019 / Rapaport News

RAPAPORT... A pair of blue diamond earrings fetched just under $1.3 million atBonhams' New York Jewels sale, beating its high estimate. The set features a marquise-shaped brilliant cut,fancy-intense-blue diamond with VS1 clarity, weighing 1.81 carats, and anoval-shaped modified brilliant-cut, fancy-blue diamond, weighing 1.62 carats. Thosestones are topped by two cushion-shaped modified brill...Read More

DEF Rebrands as Diamonds Do Good

Dec 10, 2019 / Rapaport News

RAPAPORT... The Diamond Empowerment Fund has changed its name to Diamonds Do Good to simplify its identity within the industryand resonate more with consumers. The move, announced last week, is designed to align theorganization's branding in the trade with the way it is already recognized by thepublic. "We refer to ourselves as Diamonds Do Good to consumers," vice president and executive dir...Read More

Gem Diamonds Digs Up 114ct. Yellow

Dec 10, 2019 / Rapaport News

RAPAPORT... Gem Diamonds has recovered a 114-carat yellow diamond at itsLet??eng mine in Lesotho, the fourth of that color above 100 carats this year. The miner found the type I stone on Monday, a week afterunearthing a 93.5-carat, high-quality white stone. Two weeks ago, Gem Diamondsrecovered two stones weighing more than 100 carats from the deposit. The miner alsofound a similar-sized yello...Read More

Petra Forced to Halt Production in South Africa

Dec 10, 2019 / Rapaport News

RAPAPORT... Petra Diamonds has had to put operations on hold at itsthree South African mines, due to a restriction on power usage enforced by the local electricity provider. Eskom has told the miner to limit its power usage to "essential loads," Petra said Monday. As a result, Petra has halted production, hoisting and processing at its Cullinan, Finsch andKoffiefontein deposits, and removed a...Read More

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