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

Bango plc's (LON:BGO) Ray Anderson tells Proactive that end-user spending on the company's mobile payments platform has doubled for the third year running.He also says 2017 has seen several international growth deals such as the launch of carrier billing in Japan in partnership with Amazon as well as a collaboration with Amazon and AirTel to launch Amazon Prime Video in India.  Meet AusCann G...Read More

(IDEX Online) - Following the alleged $2 billion fraud by jeweler Nirav Modi and Gitanjali owner Mehul Choksi at the Punjab National Bank, the Reserve Bank of India (RBI) has moved to ban the use of letters of undertaking (LoUs) and letters of comfort (LoCs).   They are two of the instruments issued by Indian banks to domestic importers to get foreign exchange from banks abroad at a cheaper...Read More

RIYADH (Reuters) - Saudi Arabia will develop nuclear weapons if its arch-rival Iran does so, the kingdom’s crown prince said in remarks released on Thursday, raising the prospect of a nuclear arms race in a region already riven with conflict.“Saudi Arabia does not want to acquire any nuclear bomb, but without a doubt if Iran developed a nuclear bomb, we will follow suit as soon as poss...Read More

JOHANNESBURG (miningweekly.com) – LSE-listed Gem Diamonds has recovered a 169 ct to white colour Type IIa diamond at its Letšeng mine, in Lesotho.This is the seventh diamond larger than 100 ct recover at the mine so far this year.AdvertisementTo watch Creamer Media's latest video reports, click here AdvertisementRead More

(IDEX Online) - The Dubai Multi Commodities Centre (DMCC) will hold an in-depth discussion on "The Evolution and Impact of Taxation on Gold" and "Challenges in the Jewellery Sector" on the first day of the 7th edition of the Dubai Precious Metals Conference.   In India, the government imposed a 5% customs duty on gold jewelry last year. And in the UAE, a 5% VAT rate has been imposed on gold...Read More

RAPAPORT... Polished-diamond imports to the US grew 3% to $1.81billion in January, according to government data. By volume, polished imports slid 4% to 805,320 carats, whilethe average price of imports jumped 7% to $2,252 per carat. US polished exports, meanwhile, jumped 22% to $1.52 billion,causing net polished imports - the excess of imports over exports -to slide 44% to $289 million. Rough ex...Read More

WASHINGTON (Reuters) - The United State slapped sanctions on 19 Russian individuals and five groups, including Moscow’s intelligence services, for meddling in the 2016 U.S. election and malicious cyber attacks, the Treasury Department said on Thursday.Treasury Secretary Steve Mnuchin said there would be additional sanctions against Russian government officials and oligarchs “for their...Read More

RAPAPORT... Jewelers of America (JA) has announced the winners of its 28thannual CASE Awards for jewelry design, recognizing retail members whose piecesfeature creativity, artistry, style and excellence.This year, the jewelry group debuted a special People'sChoice category, which was determined by the public voting for its favoritejewelry piece of those pictured on the JA's website. The winner was...Read More

(IDEX Online) - Gem Diamonds Limited reported revenue of $214.3 million (US$189.8 million in 2016).   Profit for the year (pre-exceptional items) was $20.8 million (US$32.4 million in 2016).   After the exceptional items of $3.6 million, attributable profit was $5.5 million and earnings per share was 4.0 US cents.   Clifford Elphick, Chief Executive of Gem Diamonds, said: "The seco...Read More

FTSE 100 closes up around 7ptsFinancial stocks gainTesco gains on JP Morgan upgradeHammerson hammered FTSE 100 closed higher - just - as the Dow Jones in the US rallied amid an easing over trade war tensions.Britain's blue chip index closed up around seven points, or 0.10%, at 7,139, while FTSE 250 was equally lacklustre, adding just around eight points at 19,828.There was no major UK da...Read More

BRUSSELS (Reuters) - NATO’s European allies spent more on defense for the third year running in 2017 but their outlays failed to lift more countries above a target sought by the United States.U.S. President Donald Trump has demanded allies dedicate 2 percent of national economic output on defense every year and has sought to keep up the pressure by calling that target, agreed at a NATO summi...Read More

Base metals prices on the London Metal Exchange were mostly lower at the close on Thursday March 15, apart from zinc and lead.A stronger dollar and a hesitant market saw copper and nickel both fall significantly, with the three-month copper price closing $68.50 per tonne lower. The red metal is finding it hard to push back and stabilize above $7,000 per tonne and has undone all of Wednesday's gain...Read More

RAPAPORT...Baselworld exhibitors should be vigilant of thieves who lurkoutside the show or scour social media for information that can help them stealgoods, a security group has warned.Every year, there are reports of traders leaving theexhibition area with merchandise and subsequently being robbed, according toItay Hendel, CEO of Israel-based ISPS, which specializes in theft prevention for the je...Read More

STOCKHOLM (Reuters) - North Korea’s foreign minister will visit Sweden on Thursday, the Swedish Foreign Ministry said, prompting speculation that the two-day trip could lay the groundwork for a mooted meeting between the leaders of the United States and North Korea.North Korean Foreign Minister Ri Yong Ho was due to discuss with his Swedish counterpart Margot Wallstrom the security situation...Read More

(IDEX Online) - Signet Jewelers Limited reported that same store sales declined 5.2% in the fourth quarter and declined 5.3% in full year fiscal 2018.   It expects to close more than 200 stores following an evaluation of its real estate footprint, utilization, and cost structure, aiming to "reposition its portfolio to drive greater store productivity".   "Signet anticipates, pending th...Read More

(Kitco News) - Saxo Bank said it is shorting gold going into the next week’s much anticipated Federal Reserve rate hike.“We are shorting gold into next week's Federal Open Market Committee meeting,” Saxo Bank’s global macro strategist Kay Van-Petersen said in a note published on Wednesday. “Based on the current gold price of $1328/oz, the implied target range for shor...Read More

Vernalis plc (LON:VER) shares fell 0.12% to 4.25p in early afternoon trading as the pharmaceutical company put itself up for sale and began winding down its US operations.The AIM-listed firm announced that as part of the strategic review, it has decided to seek offers for the company and will begin to wind down its US commercial business with immediate effect.In the period through to the end of Se...Read More

Turkish import and export billet prices have increased, amid strong local demand and tightening supplies in the CIS region, sources said on Thursday March 15.Metal Bulletin's weekly price assessment for billet imports into Turkey was $560-570 per tonne cfr, up from $545-550 per tonne.There were several billet sales from the...Read More

RAPAPORT... Tiffany & Co.'s manufacturing unit, Laurelton Diamonds,plans to shut its polishing center in Antwerp, shifting the operations to its otherworkshops in Botswana, Cambodia, Mauritius and Vietnam. Laurelton will continue to carry out rough sourcing,sorting, marking and sawing at its Antwerp headquarters, but will move thepolishing work to its other locations, or to external suppliers,...Read More