(IDEX Online) - Rio Tinto is showcasing the 64 pink and red diamonds that make up the 2019 Argyle Pink Diamonds Tender. The diamonds are being shown in Perth, Singapore, London and New York, with bids closing on 9 October 2019. The 64 diamonds in the collection weigh 56.28 carats and include six outstanding or "hero" diamonds. They are:Lot 1: Argyle Enigma,1.75-carat modified radiant Fan...Read More
Lse-listed Petra Diamonds achieved a solid operational performance for the financial year ended June 30, generating operating free cash flow of $70.5-million, despite a weaker market, and during the company’s transition from its expansionary capital expenditure (capex) phase towards steady-state production.Following a strategic review of the business, in the short term, the company remains f...Read More
RAPAPORT... Shares in Petra Diamonds slipped 7% in early trading Mondayafter the miner reported its loss had broadened due to a devaluation of itsfour deposits. The company reported a net loss of $258.1 million for theperiod ending June 30, as opposed to a loss of $203.1 million the year before.This was due to the combination of impairment charges - a reduction in the value of an asset- on it...Read More
RAPAPORT... US retail sales rose in August, even as consumer confidence slipped slightly from the previous month amid the escalating trade war. Total sales - excluding automobiles, gasoline andrestaurants - rose 0.4% compared with July and 4.6% year on year, according todata the National Retail Federation (NRF) reported, citing the US CensusBureau. Online and other non-store sales climbed 14%...Read More
RAPAPORT... Understanding the newest generation of jewelry-buyingconsumers is imperative for the industry to thrive, the World JewelleryConfederation (CIBJO) stressed last week ahead of its upcoming congress inBahrain. Members of Generation Z, which includes consumers aged 15 to25, will spend approximately $143 billion this year, and are the drivers offuture sales growth, CIBJO said in a spec...Read More
RAPAPORT... De Beers has sold the Elizabeth Bay mine for NAD 120 million ($8.2 million), a year after it ceased operations at the deposit. The miner chose Lewcor Group, a 100% Namibian-ownedconsortium, following an extensive search for a new owner that would be able tooperate the mine - part of its Namdeb joint venture with the government of Namibia - in a sustainab...Read More
(IDEX Online) - The World Gold Council (WGC), the market development organisation for the gold industry, has launched its Responsible Gold Mining Principles. The organization says these principles address key environmental, social and governance issues for the gold mining sector and act as a framework that sets out clear expectations for consumers, investors and the downstream gold supply chain as...Read More
(IDEX Online) - Namdeb Holdings, a joint venture between the government of the Republic of Namibia and De Beers, has sold its Elizabeth Bay Mine and associated marine assets to a member of the Lewcor Group. Namdeb shuttered the mine in September 2018. Following a review, the company concluded that the best way to ensure a future for the mine was to find an operator that could operate the mine in a...Read More
RAPAPORT... Borsheims has promoted Adrienne Fay to vice president, tooversee the customer-purchase journey and unite the online and in-storeshopping experiences. The newly-created role is part of the jeweler's shift in strategy that places a greater emphasis on enhancing the customer experience regardless of what method they are using to shop, CEO Karen Goracke said last week. The initiative...Read More
(IDEX Online News) - The news out of Surat, India's "Diamond City," is troubling, with reports of 250 diamond units there and across Gujarat having shut down in the past year. According to the Times of India, up to 40,000 workers have lost their jobs. Officers from the Gujarat Diamond Workers' Union (GDWU) met deputy chief minister Nitin Patel last week to demand financial help for the w...Read More
RAPAPORT... The Rapaport Diamond Podcast interviews Rami Baron, founder of the Young Diamantaires group and leader of a trip to De Beers' Venetia mine in South Africa.In this episode, Baron speaks to Rapaport senior news reporter Joshua Freedman, who joined 25 future industry leaders on the mission earlier this month. They discuss what they learned on the trip, and what Young Diamantaires is...Read More
RAPAPORT... Borsheims has promoted Adrienne Fay to vice president, putting her in charge of overseeing the customer-purchase journey. In the newly-created role, she will also be responsible for uniting the online and in-storeshopping experiences. The move is part of the jeweler's shift in strategy that places a greater emphasis on enhancing the customer experience regardless of what method th...Read More
The Angolan Ministry of Mineral Resources and Petroleum has announced that the public bidding process for five minerals concessions, being offered to local and international investors, will be opened on October 7. Previously, it had been expected that the bidding period would run from September 30 and October 2. The short delay is to accommodate an extension to the roadshow currently being underta...Read More
WINDHOEK – Namdeb Holdings, a joint venture between the Namibian Government and Anglo American's diamond unit De Beers Group, said on Thursday that it has sold Elizabeth Bay Mine and its associated marine assets as a going concern to Lewcor, a 100% Namibian-owned consortium.Namdeb, which unsuccessfully explored a variety of options to extend the life of its Elizabeth Bay Mine beyond 2019...Read More
Low expectations for nextweek's Hong Kong show, with fewer suppliers and buyers attending due to ongoingdemonstrations. Dealers hoping polished trading will improve as US holiday seasonapproaches. Rapaport calls for $1B industry-wide marketing campaign for engagementrings, including $500M matching funds from mining companies. Signet 2Q bridalsales -4% to $560M, Tiffany engagement jewelry -3% to $2...Read More
Market for 0.30 to 0.40ct. stabilizing due to lower production. Buyers looking to fill specific requestsrather than build inventory. Fewer dealers than usual going to Hong Kong showdue to ongoing protests and drop in Chinese wholesale demand. Suppliers focusedon 0.30 to 1 ct., D-H, VS-SI goods. Manufacturers maintaining low polishedproduction but starting to consider rough purchases before Diwali...Read More
RAPAPORT... If anyone in the industry wanted to know how to transform a diamondbusiness and safeguard its future, they might do well to speak to the 25members of the Young Diamantaires group who went on last week's mission toSouth Africa.The delegates from 10 countries included a jeweler who setup a museum to boost interest in gems, another who began offering lab-growndiamonds, and several so...Read More
(IDEX Online) - Botswana Diamonds (BOD) has announced that its associate Vutomi, in which it holds a 40-percent interest has been granted environmental authorization over a substantial portion of diamond-bearing gravels at the high-grade Marsfontein mine. The mine is contiguous to Botswana Diamonds Thorny river operation. The stockpiles are believed to contain commercial-grade diamonds. "This faci...Read More
(IDEX Online) - The CIBJO Marketing & Education Commission has released a report on Gen Z, young consumers who are currently 15-25 years old. The report is the first of the CIBJO commissions special reports to be released in the run up to the 2019 CIBJO Congress in Bahrain. The report provides a breakdown of what the industry needs to consider if it is to ensure that jewelry remains a favored...Read More
(IDEX Online News) - The U.S. Department of the Treasury has released a statement in which it singles out the Al-Hebo Jewelry Company (al-Hebo) for its support of ISIS. The statement claims the Turkish-based al-Hebo has "materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to ISIS." The company also operates under the names Al-Hab...Read More