RAPAPORT... Petra Diamonds is exploring options for exiting its Koffiefontein mine in South Africa, noting that another company could extend the site's operations beyond the scheduled closure date of 2025.The deposit has an estimated resource of approximately 5.25 million carats remaining, 1.1 million of which are indicated diamonds, meaning tests have confirmed their presence, Petra said Tue...Read More
Base metals prices on the London Metal Exchange were mainly weaker on the morning of Wednesday April 27, while those on the Shanghai Futures Exchange were generally stronger.* The slide in China’s renminbi yuan has halted, but the alarm bell is still ringing* United States 10-year treasuries yields have weakened, which is another sign of haven demandBase metalsThree-month tin prices on the LM...Read More
U.S. equity index futures were higher this morning. S&P 500 futures advanced 16 points in pre-opening trade. A major reason for the advance was a share price recovery this morning in Microsoft. After a price drop after the close last night following release of quarterly results, the stock gained $10.62 this morning to $280.84.Visa gained $11.14 to $212.24 after reporting higher than consensus...Read More
RAPAPORT... India's polished-diamond exports rose 3% year on year in March as a higher average price outweighed a decline in shipment volumes, according to recent data from the Gem & Jewellery Export Promotion Council (GJEPC). India Trade Data for March 2022 Read More
RAPAPORT... Swiss watch exports rose strongly in March, passing the CHF 2 billion ($2.09 billion) stage earlier in the year than ever before.Global shipments increased 12% year on year to CHF 2.09 billion ($2.19 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. The improvement came despite an extremely high comparison base the previous year - when the figure rose...Read More
RAPAPORT... Check out Rapaport'sinterviews with VIPs at the Dubai Diamond Conference at this link: rapaport.com/dmcc22Read More
RAPAPORT... Bonhams has appointed Stewart Young as director of jewelry and head of Asia for the category.Young has more than 10 years of experience in the auction industry, having previously held the position of deputy director and specialist at Sotheby's, as well as of director of jewelry at Tiancheng International Auctioneer in Hong Kong. He also worked as an independent jewelry designer, Bonham...Read More
(IDEX Online) - Britain has imposed a 35 per cent tariff on loose diamonds imported from Russia.It's part of a $1.3bn package of new and increased tariffs on luxury goods aimed at further isolating the country over its invasion of Ukraine.The move comes a month after the British government named Alrosa as one of 65 Russian businesses and individuals being sanctioned in a move to "to cut off v...Read More
(IDEX Online) - A delegation from Alrosa reportedly visited Indian manufacturers last week to see if they could find a way round banking restrictions.The miner, part-owned by the Russian government, was excluded from the SWIFT financial messaging service after the war in Ukraine began in February.India, the world's biggest diamond polisher, relies heavily on Russian gems.Alrosa discussed opti...Read More
(IDEX Online) - More than 400 items from the Tiffany & Co archive are to be displayed at the iconic Saatchi Gallery, in London.Vision & Virtuosity celebrates the the jeweler's 150th anniversary in the capital.Highlights of the exhibition, which opens in June, include Tiffany's famed window displays, the original script from Breakfast at Tiffany's, the newly-acquired the 80-c...Read More
Base metals prices on the London Metal Exchange rebounded on the morning of Tuesday April 26, while those on the Shanghai Futures Exchange were generally weaker in response to LME weakness on Monday.Dip buying seems to be unfolding again but, given the stronger macro-economic headwinds, we would be wary in case this rebound does not last.* The slide in China’s renminbi yuan is a potential ala...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade. Index futures were virtually unchanged following release of the March Durable Goods Orders report at 8:30 AM EDT. Consensus was an increase of 1.0% versus a drop of 2.1% in February. Actual was an increase of 0.8%. Excluding transportation, consensus was an increase of 1.1%. Actual was...Read More
RAPAPORT... Bonhams has appointed Stewart Young as director of jewelry and head of Asia for the category.Young has more than 10 years of experience in the auction industry, having previously held the position of deputy director and specialist at Sotheby's, as well as of director of jewelry at Tiancheng International Auctioneer in Hong Kong. He also worked as an independent jewelry designer, Bonham...Read More
RAPAPORT... The UK has imposed heavy tariffs on Russian diamonds as it attempts to up the pressure on President Vladimir Putin following the country's invasion of Ukraine.The government has increased import duties by 35 percentage points on a range of precious and semiprecious stones and metals from Russia and Belarus, it announced last week. These include rough and polished diamonds - whethe...Read More
RAPAPORT... Dubai's Stargems Group has acquired two South African mines in an effort to expand its presence across the diamond supply chain.The diamond-sourcing and supply company recently purchased Jagersfontein Holdings, which runs a site dedicated to processing old tailings and was one of the first diamond mines in South Africa, Stargems chairman Shailesh Javeri told Rapaport News Sunday. It ha...Read More
RAPAPORT... Gem Diamonds reported a rise in first-quarter sales amid strong demand and the sale of high-value rough from its Let??eng mine in Lesotho.Revenue climbed 19% to $52.1 million during the three months ending March 31, the company said last week. Sales volume grew 6% to 28,461 carats, while the average price increased 12% to $1,831 per carat.Prices were higher on a like-for-like basis tha...Read More
(IDEX Online) - India's polished diamond exports rose by almost a half during the year to the end of March 2021.Total gross sales were $24.2bn, up from $16.3bn year on year, according to the GJEPC (Gem and Jewellery Export Promotion Council), a dollar rise of 48.8 per cent. Rough imports for the same period were up by almost 74 per cent, from $10.9bn to $18.9bn, though the volume in cara...Read More
(IDEX Online) - Thousands of men, women and children in Sierra Leone are being paid as little as $0.65 a day to dig for diamonds.They're employed by "supporters" to seek out gems in opencast mines of the eastern Koidu region, using nothing more than shovels and sieves.Many turn to artisanal diamond mining in desperation, according to an Aljazeera news report, but face exploitation and human r...Read More
(IDEX Online) - Gem Diamonds reports a slight increase in quarterly revenue, up four per cent on Q4 2021 to $52.1m, and says it is confident about future prices.Revenue for the three months to the end of March 2022 was up 19 per cent on the same quarter last year.The UK-based miner sold 28,461 carats in Q1 2022, according to a trading update, compared to 24,790 carats in the previous quarter. ...Read More
Base metals prices on the LME and SHFE were down across the board on Monday April 25, amid continuing concerns over slower growth in China, because of Covid-19 lockdowns, and due to rising interest rates, inflation and energy costs everywhere else.* China’s renminbi yuan continues to slide to 6.5475, after trading either side of 6.3400 through the first quarter* China’s mass Covid-19 loc...Read More