RAPAPORT... The current plight of Petra Diamonds is a frustrating example of the impact Covid-19 has had on the diamond industry, highlighting the lack of readiness for such a downturn.As an important mid-tier diamond miner, the company has annual production of around 3.5 million to 3.8 million carats, but is burdened by high debt from its efforts to extend the life of its operations and maintain...Read More

A summary of aluminium producer Alcoa's second-quarter results, according to a company report on Thursday July 16. In brief  Alcoa maintained full operations at its refineries and smelters over the quarter, achieving higher production volumes despite the global negative impact of Covid-19.  Its shipping volumes for aluminium and alumina also advanced in the second quarter with the compan...Read More

RAPAPORT... Lucara Diamond Corp. will sell all its rough diamonds over 10.8 carats through a manufacturing partnership with HB Group that will provide the miner with regular income during the market slowdown.HB, founded by Antwerp-based diamantaire Oded Mansori, will purchase any special-size rough produced from Lucara's Karowe mine in Botswana through the end of the year, the mining company...Read More

RAPAPORT...  De Beers' sales and production nosedived in the second quarter as the coronavirus crushed diamond demand throughout the pipeline and forced shutdowns at several mines."Demand for rough diamonds was significantly impacted by a combination of Covid-19 restrictions [affecting] consumer demand and access to southern Africa, as well as severely limited midstream cutting-and-polishing...Read More

(IDEX Online) - The businessman who launched the Cofix chain of no-nonsense coffee shops in Israel is now moving into lab-grown diamonds.Avi Katz has just opened the first X Lab Diamonds store at a mall near Tel Aviv and plans a roll-out to London and Moscow, as well as more locations within Israel.His introduction in 2013 of a fixed five-shekel ($1.50) price for coffee and a range of other drinks...Read More

(IDEX Online) - US rapper Gucci Mane has spent $250,000 having his teeth studded with diamonds.The Hip Hop star, aged 40, already owns a a 35-carat diamond pinky ring, which was a $1m gift from his wife, Keyshia Ka'oir Davis, an Audemars Piguet Royal Oak Baguette watch (also $1m) and Three Amigos platinum chains, valued at $250,000.Now he's been showing off a video of his newly-sparkling...Read More

A summary of Anglo American's production results for the second quarter of 2020, according to a company results report released on Thursday July 16. In brief  Anglo American attributed the 5% annual increase in copper concentrate to continued strong performance at Collahuasi mine in Chile, offset slightly by reduced output at Los Bronces due to drought conditions in central Chile.  Attri...Read More

(IDEX Online) - A memorial to Cecil Rhodes, founder of the De Beers diamond empire, has been beheaded in South Africa.Damage to the statue, at the top of Table Mountain, Cape Town, was discovered on Monday. Nobody has claimed responsibilty for the attackCalls to remove monuments to Rhodes - accused of being a racist, a white supremacist and the father of apartheid - have intensified since the...Read More

The three-month nickel price on the London Metal Exchange was the biggest underperformer during morning trading on Thursday July 16, with the market facing risk-off pressure amid a recent oil spill from a large producer, while fresh stock withdrawals failed to stem a downward correction in the LME copper price. Nickel's outright price on the LME was recently trading at $13,245 per tonne, down by m...Read More

RAPAPORT... A New York-based designer plans to establish a trade organization to help jewelers from the black, indigenous and people of color (BIPOC) community progress in the industry."We will begin with a focus on education through outreach to high-school students," Angely Martinez told Rapaport News Tuesday. "We will then implement programs such as funding and mentorship for emerging talen...Read More

Russian multi-metal miner Nornickel's newly-established environmental working group has begun work to tackle the significant fallout from a series of recent ecological disasters, the company said on Thursday July 16.The working group, which comprises independent members of Nornickel's board of directors, said that it intends to solve the serious environmental issues facing the company after suffer...Read More

RAPAPORT... Sales in Chow Tai Fook's Hong Kong stores dropped sharply in the first fiscal quarter amid a decrease in tourism and weak consumer sentiment due to the coronavirus pandemic.Retail sales slid 69% in Hong Kong and Macau in the three months ending June 30, while same-store sales - at branches open for at least a year - plunged 76%, the jeweler reported Tuesday. That drop heavily outw...Read More

China's domestic stainless steel prices continued to rise over the past week on low inventory levels and high production costs. Meanwhile, export prices were flat amid sparse trading.A strong nickel market also supported stainless steel prices.The three-month nickel contract on the London Metal Exchange ended Wednesday July 15's official trading session at $13,555 per tonne, up by $90 per tonne fr...Read More

The Northern European domestic hot-rolled coil price was fairly stable day on day on Thursday July 16, while steelmakers continue to insist on price rises, sources told Fastmarkets. While sentiment in the market remains bullish, further price recovery is likely to be slowed by the seasonal weakening of trading activity during summer, sources said. Fastmarkets' daily steel hot-rolled coil inde...Read More

Egypt's Ministry of Finance has decided to exempt finished steel imports from the recently imposed 10% duty if they are to be used for "industrial purposes."The ministry reviewed its decision after a request from the Federation of Egyptian Industries' (FEI) on the new duties.On Monday July 13, the ministry announced that the 10% duty...Read More

The imported billet price increased in Egypt because of higher offers despite tepid demand in the week to Thursday July 16. CIS-origin billet was offered this week at $400-405 per tonne cfr while buyers believed $350 per tonne cfr may be a workable price for the material. CIS sellers did not accept the lower-priced bids. No deals were heard over the assessment period because...Read More

The price for steel billet in the Turkish market has been increasing over the past week, largely due to rising imported scrap costs, sources said on Thursday July 16.Fastmarkets' weekly price assessment for steel billet import, cfr main port Turkey, was $380-390 per tonne on Thursday, up from the $370-375 per tonne of last week.Export prices for steel billet from the Commonwealth of Independent St...Read More

Turkish domestic long steel prices have increased over the past week in line with the recent upturn in imported scrap values, sources said on Thursday July 16. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 3,400-3,480 lira ($496-507) per tonne on Thursday, up from 3,350-3,400 lira per tonne of last week, including 18% VAT. Steel mills in the I...Read More

Sales of passenger cars in Europe fell by 22.34% year on year in June 2020, marking the sixth consecutive month of decline.New car sales in Europe totaled 949,722 vehicles in June 2020, down from 1,222,942 units sold in the corresponding month of 2019, the European Automotive Manufacturers Association (ACEA) said on Thursday July 16."However,...Read More

Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Asiamet Resources: Copper's Best Kept SecretSPONSOREDasiamet resourcesIronRidge shows its mettleSPONSOREDironridge resources Belaunde has a background as a consultant in community negotiation, real estate management, land and legal physic...Read More