(IDEX Online) - ALROSA's United Selling Organization (USO) sold 112 special size rough diamonds (over 10.8 carats) weighing a total of 1,787 carats for $13.5 million at the recent Hong Kong International Diamond, Gem & Pearl Show. "The Hong Kong auction with 50 participating companies demonstrated that demand for rough diamonds of this size category remains stable," said ALROSA Dep...Read More
(IDEX Online) - The De Beers Group has signed a non-binding Memorandum of Understanding (MoU) with its partner in the Gahcho Ku?(C) mine, Mountain Province Diamonds Inc. (Mountain Province) over incorporating properties owned by Kennady Diamonds Inc. into the Gahcho Ku?(C) joint venture. The agreement sees the deal going ahead in the event that Mountain Province's proposed acquisition of Ke...Read More
HARARE – Zimbabwe has changed its empowerment law to limit majority ownership by state entities to only diamond and platinum mines and not the entire mining sector as in previous legislation, according to a government notice.The Indigenisation and Econmic Empowerment Act was designed to increase black Zimbabweans' share of the economy but were opaque and open to abuse, to the detriment o...Read More
RAPAPORT...The Diamond Dealers Club (DDC) has signed a memorandum of understanding(MoU) with the Shanghai Diamond Exchange (SDE) in an ongoing effort to facilitatebusiness opportunities. The SDE delegation's visit to the New York-based DDC is the Chinese bourse's first in more than 10 years, and will be the start of a series ofcollaborations between the groups. "As a member of a bourse or an excha...Read More
RAPAPORT...Attempts to upgrade the size and color ofgemstones using a layer of synthetic material have been around for decades, butsigns indicate the techniques are changing.The Gemological Institute of America (GIA) recently received two loose, oval-shaped,mixed-cut, red stones at its New York laboratory. On further inspection, theyturned out to be natural sapphires with a synthetic ruby "overgro...Read More
RAPAPORT... India's polished-diamond exports grew slightly inFebruary, according to data from the nation's Gem & Jewellery ExportPromotion Council (GJEPC). Polished exports increased 0.5% year on year to $2.43 billionand, by volume, fell 6% to 3.1 million carats. The average price rose 6% to $791per carat. Polished imports dropped 12% year on year to $158.3 million,while net polished expo...Read More
RAPAPORT... De Beers and Mountain Province have signed a non-bindingagreement that opens the door to the two miners having shared ownership of the Kennady Diamonds project in Canada.The two companies are currently partners in the Gahcho Ku?(C) mine,with De Beers holding 51% and Mountain Province owning the remaining 49%. Thememorandum of understanding (MoU) recognizes the possibility for Moun...Read More
RAPAPORT...Alrosa's revenue and profit fell in 2017, due to a shift to lower-value rough-diamond sales, and a weaker dollar. Revenue for the year declined 14% to $4.68 billion (RUB269.71 billion), while profit slipped 41% to $1.36 billion (RUB 78.62 billion), the miner said last week.The company's diamond sales plunged 16% to $4.31 billion (RUB 248.31 billion).The miner derived its remaining reven...Read More
RAPAPORT... Tiffany's sales rose 9% to $1.33 billion in the fourth fiscal quarter, as Asian and US demand strengthened. Sales jumped 13% year on year to $320 million in the Asia-Pacificregion for the three months ending January 31, while revenue in the Americas increased5% to $619 million, the company said Friday. However, worldwide comparable-store sales - those atbranches open for at least...Read More
RAPAPORT... India's polished-diamond exports grew slightly inFebruary, according to data from the nation's Gem & Jewellery ExportPromotion Council (GJEPC). Polished exports increased 0.5% year on year to $2.43 billionand, by volume, fell 6% to 3.1 million carats. The average price rose 6% to $791per carat. Polished imports dropped 12% year on year to $158.3 million,while net polished expo...Read More
RAPAPORT... Tiffany's sales jumped 9% in the fourth fiscal quarter, as US and Far East demand strengthened.Global revenue grew to $1.33 billion, the company said Friday. Sales increased 13% year on year to $320 million in the Asia-Pacificregion for the three months ending January 31, while revenue in the Americas climbed 5% to $619 million.However, worldwide comparable-store sales - those atb...Read More
Anglo American's De Beers, the world's largest rough diamond producer by value, and its partner in Gahcho Ku?(C) mine, Mountain Province, are seeking to acquire a Canadian explorer and so expand their jointed operation in Canada's far north.Toronto-based Kennady Diamonds (TSX-V:KDI) owns the Kennady North project, located immediately adjacent to the De Beers/Mountain Province mine.If the proposed...Read More
MOSCOW – Russian diamond producer Alrosa suffered a sharp fall in core profit last year, hit by lower prices for its gems.The world's largest producer of rough diamonds said that earnings before interest, taxation, depreciation and amortisation (Ebtida) fell 28% to 126.9-billion roubles, broadly meeting analyst expectations, on revenues of 275.4-billion roubles.AdvertisementThe average p...Read More
There are two major challenges facing the supply of cross-border mining services (CBMS) in Africa – a lack of resources, such as skills and investment, and poor or nonexistent infrastructure – hindering the enormous growth in mining activity across Africa, says CBMS Indaba conference manager Ros Hinchcliffe. She also highlights how opaque and complex business conditions are, meaning th...Read More
JOHANNESBURG (miningweekly.com) – Mining production increased by 2.4% year-on-year in January, bolstered by strong growth in iron-ore production and “other” non-metallic minerals, Statistics South Africa figures how.The January growth compares with a contraction of 0.5% in December.AdvertisementInvestec states that the growth was above consensus expectations of 1.3% year-on-year,...Read More
(Bloomberg) - RioZim Ltd., a Zimbabwean diamond, nickel and gold miner, wants to more than double output of gemstones at its Murowa mine. The problem is the expansion depends on attracting $125 million in investment against a backdrop of high royalties and ownership laws that scare investors.President Emmerson Mnangagwa, who replaced President Robert Mugabe after military intervention in November...Read More
MOSCOW, March 15 (Reuters) - Russian diamond producer Alrosa suffered a sharp fall in core profit last year, hit by lower prices for its gems.The world's largest producer of rough diamonds said that earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 28 percent to 126.9 billion roubles ($2.2 billion), broadly meeting analyst expectations, on revenues of 275.4 billion ro...Read More
Polished trading slower than expected afterHong Kong show. Shortages supporting prices as manufacturers ramp up polishedproduction. Good demand for dossiers. Lower colors hot in carat sizes. Chinaoutlook positive, but Jan.-Feb. retail sales +9.7%, slightly belowexpectations. Signet Jewelers investing in online and off-mall to restoregrowth, as shares tumble -20% after FY2018 sales -2% to $6.3B, pr...Read More
(IDEX Online) - The Shanghai Diamond Exchange (SDE) brought a delegation of its members to do business with the Diamond Dealers Club (DDC) members on the DDC's brand new trading floor at 50 West 47th Street this week. "We are honored to welcome our colleagues from Shanghai to the DDC trading floor," said DDC president Reuven Kaufman. "This marks the beginning of a new era and we are proud t...Read More
JOHANNESBURG (miningweekly.com) – The so-called 'South Africa discount' that has dogged and diminished the share prices of mining companies operating in South Africa for decades, has been declared "unwarranted" by Goldman Sachs Europe Metals & Mining Equity Research analysts, against the backdrop of the winds of political change bringing with them lower operational risk...Read More