Rio Tinto's planned closure of the Argyle mine in 2021 is set to reduce Australia's rough diamond output by 99 percent, GlobalData anticipates. The mining output will decline to just 137,000 carats from the current level of 14.2 million carats. GlobalData reported that Australia's supply of rough diamonds has relied entirely on Argyle after the suspension of the Ellendale mine in 20...Read More
RAPAPORT... Kering, the owner of high-fashion houses Gucci and YvesSaint Laurent, reported solid growth in its jewelry and watch divisions in thefirst half of 2019, driven by increased sales in Asia Pacific and westernEurope. Revenue from houses other than Gucci, Yves Saint Laurent and Bottega Veneta jumped 20% to EUR 1.23 billion ($1.37 billion). The category includes jewelry and watch brand...Read More
Diamond mining giant Namdeb, owned 50/50 by the Namibian government and De Beers Group has signed a historic three-year substantive wage agreement with the Mineworkers Union of Namibia (MUN) that unlocks new opportunities for the parties and the town of Oranjemund. The agreement signed by Namdeb CEO Riaan Burger and MUN branch chairperson Shavuka Mbidhi on Friday will enable Namdeb employees to pu...Read More
Fitsch Solutions. a risk management agency, reported that Endiama, Angola's state-owned diamond mining company, will be privatized, with a portion of its capital to be sold on the country's growing stock exchange, the BODIVA. Fitsch reported that in May 2019, President Lourenco had presented a plan to create a National Solid Mineral Resources Agency in 2020 that will replace Endiama as...Read More
RAPAPORT... Consumers prefer to shop in-store, and spend more on jewelrywhen buying in brick-and-mortar than when purchasing online, a study by Citibank's Citi Retail Services found. "As jewelry is such a personal item, buying in-store largelyprovides consumers with the confidence that comes after physically viewing andhandling a product," Leslie McNamara, chief marketing officer and head ofw...Read More
Berenberg downgraded Petra Diamonds Ltd as it is concerned that the miner to will need an equity financing soon. The bank, which had upgraded Petra in April, as planned deleveraging was expected to drive an equity re-rating, cut its rating back to 'sell. Petra's latest quarterly statement and guidance for 2020 highlighted that deleveraging "would be slower than we had anticipated". Furt...Read More
Despite being on the radar for many years, illegal mining remains a dangerous, unregulated concern for South Africa’s mining industry and the wider economy.Illegal artisanal mining in South Africa is among the most lucrative and most violent in Africa, and the practice is deemed one of the biggest sources of illicit gold on the continent.AdvertisementIt is estimated that about 30 000 illegal...Read More
Summer lull continues. Polished suppliers cautious for 2H amidtrade-war uncertainty, weak dealer demand and tight manufacturing profit.Miners reducing rough supply, with De Beers allowing additional deferrals atJuly sight. De Beers 1H revenue -17% to $2.6B, earnings -7% to $187M, roughprice index -4%. Petra lowers 2020 production plan to 3.8M cts. US jewelrysales stable, despite weakness at majors...Read More
Trade cautious amidtight liquidity and diminishing credit. Some overseas buyers in Mumbailooking for bargains from companies that need to boost cash flow. 0.30 to 0.49ct. selling well in parcels after suppliers stopped certifying SI goods.Manufacturing down by estimated 25% to 30% compared to a year ago. Improvementin cheap melee suggests some resistance to CVD. RoundRead More
RAPAPORT... It's the summer! But that doesn't stop us talking aboutdiamonds.In the July episode of the Rapaport Diamond Podcast, theeditorial team discusses the troubles in the industry. Plus, what are the positives in the sector right now?We also critique a recent marketing video from the IsraelDiamond Exchange, and ponder how the trade should handle the current challenges.Image: A still from the...Read More
RAPAPORT... Sales and profit from watches and jewelry at LVMH Mo?<
RAPAPORT... A collection of jewels detailing the story of Indiandiamonds over six centuries is set to go on sale for the first time. Approximately 35 pieces belonging to diamond dealerBenjamin Zucker will feature in an exhibition at Les Enluminures in New York,the gallery said Thursday. Many of the jewels have previously appeared at theWalters Art Museum in Baltimore, the Yale Peabody Museum...Read More
RAPAPORT... De Beers' profit dropped in the first half of the year asweak demand at the trade and consumer levels impacted diamond prices, thecompany said Thursday. The rough market was subdued due to high inventories inboth the midstream and the retail sector, as well as a slowdown in growth ofconsumer demand, the miner explained. The US-China tariff dispute, protests inHong Kong and the strong U...Read More
RAPAPORT... Diamond exporters will be allowed to ship goods out of India for trade showsor consignment without paying goods and services (GST) tax, the government has announced.The revision rules that these items don't constitute "supply," Indian authorities said last week following several meetings with the Gem and Jewellery Export Promotion Council (GJEPC). Therefore, members of the trade h...Read More
The first Israel Diamond Week in Shanghai, held July 16-18, ended "on a high note and is expected to become an annual event", the Israel Diamond Exchange (IDE) website reported.. Shanghai Diamond Exchange (SDE) President Qiang Lin hosted a delegation led by IDE President Yoram Dvash. More than 15 prominent Israeli diamond companies as well participated. The event included an Israeli exhibition of...Read More
Alrosa reported that since 2006, the company has financed the cost of land reclamation and the recovery of habitat that was typical to the area before the sites were mined. During the past 13 years, Alrosa allocated more than $15 million for the restoration of the fertile layer and the planting of dozens of grass, shrub and tree species in the areas affected by mining and processing. The total are...Read More
Tiffany & Co. is urging the Second Circuit to uphold a $25 million trademark victory against Costco Wholesale Corp. over diamond engagement rings, asking the appeals court to ignore the retailer's "false narrative," according to the Law360.com website. Tiffany and Costco have been engaged in a legal battle for the past six years, i.e. since 2013. Tiffany first brought its the case against...Read More
Anglo-American - and its subsidiary De Beers - published their results for the first half of 2019. For Anglo-American, rough diamonds constitute less than ten percent of its earnings. Anglo's chief earnings come from coper ($789 million), PGMs i.e. precious metals ($824) Bulks, i.e. a collation of products such as coal, iron ore, aluminum and other minerals ($3.36 billion!) and diamonds ($518...Read More
Aim-listed Firestone Diamonds has achieved a solid operational performance for the financial year ended June 30, with guidance achieved on all items.CEO Paul Bosma on Thursday said it was, nevertheless, a tough year from a market and pricing perspective, particularly for the smaller, lower-value goods.AdvertisementHe expects these conditions to persist for the rest of this calendar year.He added,...Read More
Diamond miner De Beers’ earnings before interest, taxes, depreciation and amortisation (Ebitda) for the six months ended June 30 decreased by 27% year-on-year to $518-million.Challenging trading and economic conditions in the period under review contributed to the lower Ebitda.AdvertisementThe diamond miner cited a number of challenges for rough diamond sales in the reporting period, resulti...Read More