(IDEX Online) - Petra Diamonds blamed a weak market for its $10 million loss in the six months to December 2019.The firm saw its revenue down 6 percent to US$193.9 million (compared with H1 FY 2019: US$207.1 million) due to a decline in rough diamond prices, despite increased production at its mines in South Africa and Tanzania.It reported a net loss after tax of $10 million, compared with a...Read More
(IDEX Online) - Indian manufacturer and exporter Star Rays has pledged to become the country's first carbon-neutral diamond company.It will encourage staff to save energy, cut down on single-use plastics and use public transport to get to and from work.The firm, a De Beers Sightholder, says it's working with consultants Carbon Expert to implement processes and best practices.Emissions an...Read More
RAPAPORT... Shares in Petra Diamonds slipped 16% in early trading Monday after the miner reported a net loss for the first fiscal half, and warned of operational problems that could affect annual production.The company reported a net loss of $10 million for the period ending December 31, an improvement on its $57.9 million loss the year before. The loss was due to a decline in rough-diamond p...Read More
RAPAPORT... Exhibitors at the IIJS Signature show in Mumbai expressed confidence India's strong wedding tradition and enduring love of gold would help the nation's jewelry industry overcome its current challenges.Economic uncertainty, high gold prices, tight regulation and the outbreak of the coronavirus in China have created difficulties for the Indian jewelry sector, traders told Rapaport News d...Read More
RAPAPORT... US retail sales could face growth challenges in February as supply chains are impacted by shutdowns at Chinese factories due to the coronavirus epidemic, the National Retail Federation (NRF) said.Imports of goods from the mainland will see a sharper-than-usual drop, with US retailers struggling to shift sourcing to other countries."February is historically a slow month for imports...Read More
RAPAPORT... Exhibitors at IIJS Signature in Mumbai expressed confidence India's wedding tradition and enduring love of gold would help the nation's jewelry industry overcome its current difficulties.Economic uncertainty, high gold prices, tight regulation and the outbreak of the coronavirus in China have created challenges for the Indian jewelry sector, traders told Rapaport News during the fair,...Read More
(IDEX Online) - Retail sales in January increased 0.2 percent seasonally adjusted over December and were up 2.7 percent unadjusted year-over-year, according to the National Retail Federation. During the month, online and other non-store sales were up 7 percent year-over-year and up 0.3 percent month-over-month seasonally adjusted."The strength of consumer spending continues to be the anchor o...Read More
RAPAPORT... Shares in Petra Diamonds slipped 16% in early trading Monday after the miner reported a net loss for the first fiscal half, and warned of operational problems that could affect annual production.The company reported a net loss of $10 million for the period ending December 31, an improvement on its $57.9 million loss the year before. The loss was due to a decline in rough-diamond p...Read More
London-listed Petra Diamonds has cut its cash flow targets amid a weak diamond market, owing to the coronavirus outbreak, which started to affect Chinese citizens late last year and has since spread to 24 countries.Reporting on its results for the six months ended December 31, Petra on Monday said its Project 2022 – which involves optimisations and expansion initiatives at all its mines &nda...Read More
RAPAPORT... A drop in the recovery of large stones and a decline in the average price achieved for rough from the Let??eng mine led to a decline in sales for Gem Diamonds in 2019.Proceeds fell 32% to $182.1 million, the miner said last week, with sales volume slumping 11% to 111,291 carats. The average price plunged 23% to $1,637 per carat, while production went down 10% to 113,974 carats for...Read More
(IDEX Online) - Jewelry exporters in India are seeking to extend lines of credit as the coronavirus hits one of their biggest markets, according to reports on the Business Standard website.An estimated $2 billion of payment receivables are currently stuck with jewelry importers in China, which is effectively in lockdown. The country accounts for almost 30 percent of India's total jewelry trad...Read More
RAPAPORT... Revenue from Angola's national diamond-trading company, Sodiam, rose 6% in 2019 as the company sold a higher volume of rough goods.Proceeds for the year came to $1.3 billion from the sale of 9 million carats of rough diamonds, compared with 8.4 million carats in 2018, the government said in a Facebook post last week. That offset a 10% drop in the average price to $137 per ca...Read More
RAPAPORT... Star Rays revealed its intention to be the first Indian diamond company to become carbon-neutral, arguing that greener credentials will help attract consumers to the product.The Mumbai-based manufacturer aims to reduce travel, produce less plastic waste, and clean up its energy use, and is taking advice from a consultancy firm specializing in the area."Singlehandedly we can't chan...Read More
RAPAPORT... Revenue from Angola's national diamond-trading company, Sodiam, rose 6% in 2019 as the company sold a higher volume of rough goods.Proceeds for the year came to $1.3 billion from the sale of 9 million carats of rough diamonds, compared with 8.4 million carats in 2018, the government said in a Facebook post last week. That offset a 10% drop in the average price to $137 per ca...Read More
(IDEX Online) - Botswana is set to conclude negotiations with De Beers on a diamond sales agreement that replaces the current 10-year deal, which expires in January. As part of the new agreement, the government of Botswana wants an increase in the volume of diamonds cut and polished in the country. The bump in business will create jobs and boost the country's economy. "We are lookin...Read More
RAPAPORT... Revenue from Angola's national diamond-trading company, Sodiam, rose 6% in 2019 as the company sold a higher volume of rough goods.Proceeds for the year came to $1.3 billion from the sale of 9 million carats of rough diamonds, compared with 8.4 million carats in 2018, the government said in a Facebook post last week. That offset a 10% drop in the average price to $137 per ca...Read More
Angola will this year initiate a new governance system for the country’s mining industry, the country’s Mineral Resources and Petroleum Minister, Diamantino Azevedo, confirmed at the recent Investing in African Mining Indaba, in Cape Town. The new system will include the new National Agency for Mineral Resources (Agência Nacional de Recursos Minerais – ANRM, in Portuguese)...Read More
MAPUTO – Botswana plans to conclude negotiations with De Beers on a diamond sales agreement by the end of April to replace the current ten-year deal that expires in January.The government wants to see more gems cut and polished within the borders of the world’s second-biggest biggest diamond producer, creating jobs and boosting the state coffers, according to Lefoko Moagi, the minister...Read More
The 2020 Kimberley Diamond Symposium and Trade Show will take place in Kimberley, in the Northern Cape, in early September, the South African Diamond Producers Organisation (Sadpo) has confirmed.New technologies and geological interpretations have revived activity in mid-size and small-scale diamond mining in the Northern Cape and North West provinces, and technological advances are driving greate...Read More
Dealers and manufacturers cautious, with deep concerns about impact coronavirus will have on the market. Slump in Chinese demand as retail shuts down during peak season, leaving jewelers with high inventory. Chow Tai Fook suspends 40 Hong Kong-Macau stores and 80% of China locations. Liquidity tight as Far East customers delay payments. India's GJEPC appeals to banks and government for more time o...Read More