(IDEX Online) - A New York diamond dealer is accused of defrauding two investors out of $170,000 in a get-rich-quick scheme.Brian L. Schumacher, 55, former head of Rochester-based Integra Diamonds, has been charged with wire fraud and wire fraud conspiracy and faces up to 20 years in prison and a fine of $250,000 if convicted.Both alleged victims invested $100,000. One was promised a minimum $60,0...Read More

RAPAPORT... India's diamond shipments continued to fall in June, albeit at a slower rate than in April and May as the coronavirus crisis eased in some of its export markets. Polished exports slumped 47% to $898 million for June, and dropped 53% to $5.28 billion for the first half of the year, according to data from the Gem & Jewellery Export Promotion Council and Rapaport calculations.Exp...Read More

(IDEX Online) - Climate change is threatening Russia's diamond trade, says a new report by the investment banking company Morgan Stanley.Ninety per cent of the country's diamond reserves are produced in areas covered by a thick Arctic permafrost, which is rapidly melting."Climate change in permafrost areas . . . leads to the release of large amounts of methane and carbon dioxide, reduces...Read More

(IDEX Online) - Swarovski is to axe around 1,600 jobs as it battles tough competition and COVID-19 losses.The family-owned Austrian business empire, known for its crystal jewelry and swan logo, will cut a third of the 4,600 jobs at its Tyrol headquarters, according to the APA news agency.A month ago, the company announced it would be shedding 600 jobs in response to a "massive" decline in sales.No...Read More

RAPAPORT... The Gemological Institute of America (GIA) has teamed up with IBM Research to develop an automated system for grading the clarity of a diamond.The artificial intelligence (AI) technology uses data from tens of millions of diamonds GIA laboratories have examined in the past, applying the institute's existing grading standards. It's already in limited use at the GIA's New York and C...Read More

RAPAPORT... Baselworld owner MCH Group has established Houruniverse, a new trade fair for the watch, jewelry and gemstone industries that will run virtually throughout the year and feature an annual live event.Buyers and sellers can use the show's website to network and exchange information during the year. The live event, which will replace the canceled Baselworld show, will take place in Ap...Read More

Domestic prices for hot-rolled coil in Northern Europe remained stable day on day on Tuesday July 28 due to the seasonal slowdown in demand, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was calculated at ?,?410.00 ($480.82) per tonne on Tuesday July 28, up by ?,?0.34 per tonne from ?,?409.66 per tonne on Monday.Tuesday's index...Read More

LME three-month base metals prices failed to make significant gains at the close on Tuesday July 28, stalling ahead of tomorrow's clarification on US fiscal stimulus measures.The US Federal Reserve announced today that it had extended its existing lending facilities, from September 30 to December 31, to combat the economic fallout of the Covid-19 pandemic.But the market still remain...Read More

88 Energy (ASX:88E) Prepares for Billion Barrel Farm OutSPONSORED88 energyScoped for growth: Nevada Copper shifts into production modeSPONSOREDnevada copper corp.IronRidge shows its mettleSPONSOREDironridge resources Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesWinu's inferred resource is 503 million tonnes at 0.35% copper and 0.55 grams per tonne gold, or 0.45% copper equiva...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesJetti's patented technology makes it possible to extract copper from low-grade primary sulphides, such as chalcopyrite, using a catalytic technology which disrupts the sulphur metal bond of theRead More

After successfully taking advantage of the open arbitrage between London Metal Exchange and the Shanghai Futures Exchange aluminium prices in the previous quarter, Rusal is focusing on expanding its market share in Asia. In an interview with Fastmarkets on Tuesday July 28, Rusal sales and marketing director Roman Andryushin said the Chinese aluminium market could be a long-term focus of Rusal. "I...Read More

A subsidiary of Noranda Income Fund (NIF) has entered into a streaming deal with streaming and royalty company BaseCore Metals LP for zinc processed and refined at its electrolytic processing facility in Quebec, Canada, the company said. The proceeds of the deal will be used to expand capacity at the company's Canadian Electrolytic Zinc (CEZ) refinery by around 20,000 tonnes per year. BaseCore is...Read More

Low-carbon and sustainable aluminium is a game changer in the post-Covid-19 world with value-added products already achieving an upcharge, Roman Andryushin, sales and marketing director for Rusal, told Fastmarkets on Tuesday July 28. Andryushin described low-carbon aluminium and sustainability as "a racing driver of any new sales," in an interview with Fastmarkets on Tuesday. "For a lot of new ord...Read More

The three-month nickel price on the London Metal Exchange was lower during morning trading on Tuesday July 28, with selling pressure emerging during Asian trading hours, while a continued influx of material caused the LME zinc price to drop by 1%. Nickel's underlying price on the LME was recently at $13,530 per tonne, a decline of over 2% from a morning high of $13,995 per tonne. Turnover in LME n...Read More

New Century Resources and Vale Canada have mutually agreed to extend the exclusivity period for the former's acquisition of Vale New Caledonia (VNC) by 45 days, it was announced at a press conference held by VNC chief Antonin Beurrier on Tuesday July 28.Australian zinc miner New Century entered into a 60-day exclusivity agreement with Vale Canada, a subsidiary of Brazilian multi-metal miner Vale,...Read More

U.S. equity index futures were lower this morning. S&P 500 futures were down 12 points in pre-opening trade. Pfizer gained $1.02 to $38.56 after reporting higher than consensus second quarter revenues and earnings. In addition, the company announced plans to enter Phase 3 with its COVID 19 vaccine.McDonald's dropped $4.71 to $196.54 after reporting lower than consensus second quarter earnings....Read More

The hot-rolled sheet market in Russia's Central Federal district around Moscow increased in the week to Monday July 27 after bullish suppliers showed their intention to increase prices on expectations of better demand in August. Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia was 41,000-42,000 roubles ($572.95-586.82) per tonne including 20% VAT o...Read More

Domestic prices for steel rebar in Russia's Central Federal District around Moscow went up Monday July 27 when a shortage appeared in the market because operations at Novolipetsk Steel's Urals mill were stopped by a flood.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, was 35,000 roubles ($488) per tonne on July 27, including 20% VAT, narrowing...Read More

Brazilian long steel producers have announced an 8% domestic rebar price increase for September after having already raised their prices by around 10% in July, sources told Fastmarkets this week.So far, only the country's largest two rebar producers, ArcelorMittal Brasil and Gerdau - have given notice of the increase to their customers, Fastmarkets understands. Most sources, however, bel...Read More

Prices for steel rebar in the United Arab Emirates fell in the seven days to Tuesday July 28, with demand weakening ahead of the Eid Al-Adha holiday across the region, market sources told Fastmarkets.The country's biggest producer Emirates Steel kept its rebar price unchanged at 1,773 dirhams ($473) per tonne ex-works for orders to be produced in August. Domestic rebarUAE local mills were offering...Read More