CAPE TOWN – Mining is a long-term game, but in southern Africa dramatic political changes have transformed the investment mood for the better in the space of a year.Angola's Jose Eduardo dos Santos and Zimbabwe's Robert Mugabe stepped down in 2017 after a combined 75 years in office, while the election of Cyril Ramaphosa as head of South Africa's ruling ANC heralds the looming en...Read More
(IDEX Online) - There was a 10% increase in company buyer attendance at the 36th edition of the American Gem Trade Association (AGTA) GemFair Tucson 2018 representing more than 90 countries where 300 exhibitors took part. "The AGTA GemFair is a favorite amongst buyers and that is evident in the growth we see each year," said AGTA CEO Douglas K. Hucker. "There is an excitement on the floor,...Read More
RAPAPORT... Pandora sales lagged behind expectations in 2017, as the jewelernoted a decrease in traffic to its stores in Asia and difficult US market conditions.Revenue rose 12% to $3.74 billion (DKK 22.78 billion) for the year, shy of the $3.78 billion to $3.94 billion (DKK 23 billion to DKK 24 billion)that it forecast. At constant exchangerates, revenue grew 15%, the Danish seller of charm brace...Read More
CAPE TOWN – Zimbabwe will consider applications from companies mining platinum or diamonds to be exempted from a requirement that they be at least 51% owned by black citizens of the country.The government wants companies to show they have a plan to achieve compliance before it will consider granting waivers, Mines Minister Winston Chitando said in an interview in Cape Town Wednesday.Advertis...Read More
RAPAPORT... Timeshave not been good for Signet Jewelers. A decidedly disappointing holidayseason saw same-store sales slide by 5.3%. This followed a 4.6% drop in 2016.Add to this poor performance the sexual harassment and discriminationallegations that have hounded the retail giant, and a share price that slumped30% over the past year, and it becomes apparent that 2017 was a cocktail ofcatastrophe...Read More
CAPE TOWN (miningweekly.com) – This year’s Investing in African Mining Indaba has just ended here and the organisers are already putting their thinking caps on to make next year’s twenty-fifth anniversary of the event a grand affair.The names Cyril Ramaphosa, Elon Musk and the top who’s who of global and African mining are already mulling through minds as potential leading...Read More
RAPAPORT... Sentiment was strong at International Diamond Week in Israelas traders displayed optimism about the market and noted shortages were supporting prices.Visitors observed increased traffic and exhibitor numbersfrom last year, with dealers from around the world attending theMonday-to-Wednesday event at the Ramat Gan bourse. "It's a positive market, and we are happy to be here," said Digesh...Read More
RAPAPORT... Sotheby's has unveiled a rare white diamond that, it claims,is the only known round brilliant-cut diamond over 100 carats possessing the highestcut, color and clarity grades.Sotheby's Diamonds, the group's retail boutique, revealedthe 102.34-carat, D-color, flawless stone to mark the first anniversary of its salon on London's New Bond Street, the auction house said Thursday. The polish...Read More
Rio Tinto (ASX, LON, NYSE:RIO), the world's No.2 mining company, showed investors Wednesday how well it has ridden the wave of higher commodity prices by announcing a record dividend on the back of a big surge in annual profit and its cost cutting drive.Bumper results came on the back of a recovery in the price of key commodities for Rio Tinto, including iron ore, aluminum and copper.The company,...Read More
(IDEX Online) - De Beers may investigate mining opportunities in Zimbabwe and in the Democratic Republic of Congo following the resumption of exploration for diamonds in South Africa's Northern Cape. "I'm excited about what I'm seeing in Zimbabwe," Phillip Barton (pictured above), chief executive officer of De Beers' South African unit, told Bloomberg News. "If we get licenses, we would hav...Read More
RAPAPORT... Consumers plan to spend $19.6 billion on gifts thisValentine's Day, with jewelry topping the list at $4.7 billion. A survey by the National Retail Federation (NRF) showed a 3%rise in the amount consumers intend to lay out on their loved ones over the holiday. Otheritems on the list were an evening out at $3.7 billion, flowers at $2 billion,$1.9 billion for clothing and $1.8 billion for...Read More
(IDEX Online) - The Israel Diamond Exchange (IDE) officially launched its new innovation center, Diamond Tech, on the second day of the 7th International Diamond Week (IDWI). The technological incubator, located within the IDE complex, will host and support diamond related start-ups in a variety of fields, the IDE said. Through this initiative, IDE will promote new technologies that...Read More
RAPAPORT... The Gemological Institute of America (GIA) has appointedDuncan Pay as vice president and chief academic officer. Pay (pictured) will take charge of global education courses in gemology and jewelry design and manufacturing. He will replace senior vice presidentand chief learning officer Bev Hori, who will retire from the position in May. "I am immensely pleased that Duncan has tak...Read More
(IDEX Online) - Stargems Group, one of the UAE's leading international diamond companies, in collaboration with SACIM SARL (Anhui-Congo Mining Investment Company) tendered 641,962 carats of high-quality rough in the Emirate. Stargems has decided to expand into the diamond tendering business as the company envisions huge potential due to the growing diamond trade in Dubai, it said. M...Read More
(IDEX Online) - The Indian Diamond & Colorstone Association hosted its 34th Annual Tucson Awards Gala at the AGTA Gemfair, honoring Temple St. Clair with its Designer of the Year award. Temple St. Clair said she was overwhelmed by the honor. She recounted how 30 years ago she travelled throughout India and was inspired by the art, architecture and antiques, which became the starting poi...Read More
RAPAPORT... Belgium's diamond trade declined last year, with the nationseeing a drop in shipments of both polished and rough stones. Polished exports fell 3.4% to $11.4 billion for the year,the Antwerp World Diamond Centre (AWDC) said Monday. By volume, exports slid 8% to 5 million carats, while the average price climbed 4.6% to$2,276 per carat. Net polished exports - representing expor...Read More
RAPAPORT... Rio Tinto's diamond revenue rose 15% to $706 million in 2017,as global rough demand increased and Indian manufacturers replenished stockfollowing demonetization. Profit in the diamond unit almost doubled over the previous year, climbing 96% to $92million. Earnings before interest, tax, depreciation and amortization (EBITDA)grew 20% to $287 million. "Rough diamond demand was solid in 20...Read More
RAPAPORT... Consumers plan to spend $19.6 billion on gifts thisValentine's Day, with jewelry topping the list at $4.7 billion. A survey by the National Retail Federation (NRF) showed a 3%rise in the amount consumers intend to lay out on their loved ones over the holiday. Otheritems on the list were an evening out at $3.7 billion, flowers at $2 billion,$1.9 billion for clothing and $1.8 billion for...Read More
CAPE TOWN – Zimbabwe's mineral resources have a huge potential to drive the economy in the future, with lithium, gold and diamonds seen leading the way, its mines minister Winston Chitando said.In a presentation to an annual conference on investing in African mining, running from February 5 to 8 in Cape Town, Chitando said the country had a diversified mineral endowment, with investment...Read More
RAPAPORT... Rio Tinto's diamond revenue rose 15% to $706 million in 2017,as global rough demand increased and Indian manufacturers replenished stockfollowing demonetization. Profit in the diamond unit almost doubled over the previous year, climbing 96% to $92million. Earnings before interest, tax, depreciation and amortization (EBITDA)grew 20% to $287 million. "Rough diamond demand was solid in 20...Read More