Hong Kong show opens with rising expectations forChinese demand after Las Vegas demonstrates positive US market. Polished pricesfirm for RapSpec A2+ diamonds, and buyers shifting to lower price points forlower-quality goods. Limited inventory supporting prices for 3 ct. and larger diamonds.Rough trading steady during De Beers sight, despite tight manufacturing profitmargins. Consolidation among cu...Read More
Small manufacturersstruggling to source rough at current price levels. Weaker rupee (INR 68 = $1)negatively impacting suppliers to the local market, but helping exporters.Large manufacturers raising polished production to fill shortages. Newavailable output garners stronger prices than existing stock. Jewelry retailsales stagnant. RoundRead More
RAPAPORT... Alrosa has lowered the production outlook for itsInternational mine from next year due to enhanced safety precautions following the Mir accident. "In our decision to reduce pace and output we were guided bynew, stricter rules governing health-and-safety system[s]," Alrosa CEO Sergey Ivanovsaid Wednesday. "Our employees' health and safety are an absolute priority forus." The miner has s...Read More
RAPAPORT... Cryptocurrency transactions have grown to 20% of sales at a California-based retailer in the past year, enhancing the company's ability to clinch high-value deals, its CEO said.Stephen Silver Fine Jewelry, which implemented the system in 2014, claimsto be the first jeweler to accept cryptocurrency."Cryptocurrency has surpassed the volume of retail credit-cardpurchases in the company in...Read More
(IDEX Online) - Jewelers of America (JA) says it applauds the decision by the United States Supreme Court to uphold South Dakota's sales tax fairness law and overturn the 1992 decision in Quill Corp. v. North Dakota. By a vote of 5-4, the Court struck down the earlier judgment which established the current system under which states are prohibited from collecting sales and use taxes from se...Read More
RAPAPORT... De Beers has renamed its retail chain De Beers Jewellers "toreflect the public brand identity already in use," a company spokespersonconfirmed to Rapaport News Wednesday. The London-headquartered retailer announced the change in a filinglast week with Companies House, a UK government agency holding information onbusinesses. De Beers bought out the brand, formerly known as De Beers Dia...Read More
RAPAPORT... India saw its best May for polished-diamond exports in seven years, with shipments growing 8% year on year to $2.21 billion. That mainlyreflects a 27% jump in the average price, which came to $775 per carat. Themonth's figures include goods shipped to the US for the Las Vegas trade showsin the first week of June.India Diamond Trade Data for May 2018 $ Millions unless stated otherwiseRead More
Welcome to Creamer Media’s Resources Watch, a weekly video round-up of the events and people making and shaping the news in the mining industry.This week:AdvertisementDe Beers concludes R600m transport empowerment deal at Venetia diamond mineAnd, Mandela Mining Precinct partner boasts simulation capabilities, serves as ‘test-bed’ for Mining 4.0 technologiesAdvertisementDe Beers C...Read More
JSE-listed diamond miner Trans Hex on Thursday reported a R186.8-million loss for the financial year ended March 31, 2018, with its loss a share amounting to 175.6c and its headline loss a share to 216.5c.The group’s net loss from discontinued operations, including retrenchment costs of R99.3-million, totalled R213-million, which was slightly augmented by revenue from its continuing operatio...Read More
The United States has twice as many operating mines owned by publicly-traded companies than any other country, according to data from Mining Intelligence.As of this month there are 845 operating mines in the U.S., giving it 20% of the world's total.Russia is second with 408. Canada ranked eighth with just 167 operating mines.Mines considered in the survey had the following criteria:Mines are owned...Read More
RAPAPORT... Helzberg Diamonds has launched the "Will You?" ring, a $50placeholder for proposing that enables couples to choose an engagement ringtogether at a later stage. Some 73% of men and 63% of women in relationships believemarriage proposals should be a surprise, the jeweler said, citing a survey itcarried out in May. However, of those, 62% of men said the most difficult partof the proposal...Read More
RAPAPORT... HRD Antwerp will launch a grading center in Moscow, itsfirst in Russia, the Antwerp World Diamond Centre (AWDC) said Tuesday. The diamond-certification organization, a subsidiary of theAWDC, signed a memorandum of understanding (MoU) with Russian Deputy FinanceMinister Alexei Vladimirovich Moiseev during the Kimberley Process intersessionalin Antwerp this week. "This collaboration wil...Read More
RAPAPORT... Lucara Diamond Corp. sold $32.5 million worth of rough from the Karowe mine at its recent exceptional-stone tender, including a 327-caratdiamond that fetched more than $10 million. The 10 stones - ranging from 40.4 carats to 472.37carats -weighed a combined 1,453.06 carats, and sold for an average price of $22,356per carat, Lucara said Tuesday. The highest seller was a 327.48-carat whi...Read More
Lucara Diamond Corp’s twelfth exceptional diamond tender has earned it $32.48-million, with one 327.48 ct diamond sold for $10.1-million, or about $30 900/ct.The company, which operates the Karowe mine, in Botswana, put ten single diamonds, ranging in size from 40.4 ct to 472.37 ct, up for tender.AdvertisementThe diamonds sold for more than $1-million each, with the tender achieving an avera...Read More
(IDEX Online) - Lucara Diamond Corp.'s 12th Exceptional Stone Tender has achieved gross revenues of $32.5 million, or $22,356 per carat. The tender consisted of 10 single stone lots, ranging from 40.4 carats to 472.37 carats, totaling 1,453.06 carats and included two diamonds greater than 300 carats. The 327.48 carat diamond sold for $10.1 million, or $30,900 per carat. A...Read More
(IDEX Online) - ALROSA sold 111 gem-quality lots with a total weight of 1,725 carats for $10.5 million at an international auction in Dubai which took place from May 27 to June 14. There were 32 winning bidders from the largest diamond trading centers (India, Belgium, Israel, Russia, the United Arab Emirates and the United States). "The auction concluded with excellent results for us...Read More
Russian mining major Alrosa has revised the production plan of its International underground mine, near Mirny, as it takes a tougher stance on health and safety management.The production plan for 2018 remains unchanged at 36.6-million carats, but under the revised plan for 2019 to 2022, output at International will decline by between 500 000 ct and 800 000 ct a year.Advertisement“T...Read More
Mining and metals stocks came in for more punishment on Tuesday as the trade spat between the US and China escalated amid a war of words between Washington and Beijing.On Tuesday, Donald Trump threatened to impose a 10% tariff on $200 billion of Chinese goods in retaliation for what the US president called the country's "predatory" trade practices. Beijing also ratcheted up the rhetoric accusing...Read More
De Beers Group is said to be refusing to allow its clients to disclose the legitimacy of diamonds from the company. (Image courtesy of De Beers Group)De Beers Group is refusing to allow its clients to disclose the legitimacy of diamonds from De Beers. All De Beers' rough diamonds are now opaque. That's 42% of the world's legitimate diamond production in 2017, and $14.993 billion of rough diamonds...Read More
RAPAPORT... Michael Hill has restructured its Australian leadership teamin an effort to focus more attention on its core brand. Tishara Mina, general manager for the retailer's Emma &Roe label (pictured, right), will take on responsibility for six of the company's 13 regions inaddition to overseeing Emma & Roe on an interim basis. Kevin Stock (left), whopreviously oversaw the entire M...Read More