(IDEX Online) - Rolex reportedly paid a record $2.5m at auction to buy back one of its own watches.The 1958 Milgauss steel sports watch, described as being in mint condition, smashed the estimate of $556,000 to $1,110,000 when it sold at Phillips Geneva.The buyer's identity has not been confirmed, but Bloomberg says the winning bidder bought the watch on behalf of Rolex, probably for its arch...Read More
(IDEX Online) - Petra reported sharp drops in both revenue and prices at its May tender, and said it held back parcels of over 75,000 carats because of weak demand.The UK-based miner is currently operating only two of its four mines. The Williamson deposit, in Tanzania, remains out of action after the breach of a tailings dam and loss-making Koffiefontein, in South Africa, is being closed for good...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points at 8:35 AM EDT. Index futures moved lower following release of the May Philly Fed Index at 8:30 AM EDT. The Index was reported at -16.0 versus -22.8 in April.Chevron added $1.44 to $153.88 after HSBC upgraded the stock to Buy.Lowe's dropped $2.65 to $200.50 after lowering second quarter guidance. Nordson gai...Read More
(IDEX Online) - The Light of Peace, a 126.76-carat D-color, internally flawless diamond valued at up to $15m, is to be sold by Christie's New York without reserve.It started life as a 434.6-carat rough gem from Sierra Leone, which was bought by the Zale Corporation of Dallas in 1969 and cut into what was then the Zale Light of Peace and 12 smaller gems.Funds raised from showing the diamond we...Read More
(IDEX Online) - Sarine has reported a 12 per cent drop in Q1 revenue compared with the previous quarter.It blamed a combination of the global slowdown and teething troubles with its new Meteorite Plus technology, for the high-speed automated processing of small rough diamonds. The Israel-based diamond tech company realized $11.5m in Q1 2023, compared to $13.1m in Q4 2022.The expected post-loc...Read More
(IDEX Online) - De Beers has opened a new flagship store in Hong Kong, featuring a fa?? ?ade inspired by the transformation of a diamond from rough to polished.The top part is made of textured metal that shines like a natural diamond. The lower section comprises colorful glass panels casting a unique triangular water chestnut pattern.The interior of the two-story 170 square meter store echoes the...Read More
(IDEX Online) - G7 leaders concluded their summit in Hiroshima, Japan, yesterday without a clear mandate to sanction Russian diamonds.They pledged to "work closely together to restrict trade" in diamonds, but did not announce the sanctions some had expected.They reaffirmed their "commitment to stand together against Russia's illegal, unjustifiable, and unprovoked war of aggression against Ukr...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points at 8:30 AM EDT.Canadian equity markets are closed for the Victoria Day holiday.Micron dropped $3.01 to $65.16 after the Chinese government sanctioned the company.Meta Platform fell $3.04 to $242.60 after the company was fined $1.3 billion by the European Union. Foot Locker dropped $0.65 to $29.56 after William...Read More
(IDEX Online) - The sale of IGI (International Gemmological Institute) to asset manager Blackstone has been completed in a deal worth $569.65m in total.The network of 29 grading labs and 18 gemology schools, employing almost 1,000 people, primarily in India, was 80 per cent owned by China-based Fosun International Ltd. The remaining 20 per cent belonged to CEO Roland Lorie - whose father Marc...Read More
IDEX Online) - Alrosa says it has resumed mining at its Zarya kimberlite pipe for the first time in 16 months. The new 300-meter deep deposit in Yakutia, eastern Russia, cost $188m and is one of the company's biggest investment projects in recent years.Alrosa announced on its Telegram channel that the processing plant re-opened earlier this month.Zarya pipe produced 38,000 carats, in 201...Read More
(IDEX Online) - The UK announced sanctions on Russian diamonds on Thursday (18 May) ahead of the ongoing G7 summit, where news of further trade restrictions is expected. "For the sake of global peace and security, we must show that brutal violence and coercion does not reap rewards," said Prime Minister Rishi Sunak (pictured). "We must redouble our efforts to defend the values of freedom, democrac...Read More
Pre-opening Comments for Friday May 19thU.S .equity index futures were higher this morning. S&P 500 futures were up 12 points at 8:35 AM EDT.The Canadian Dollar was unchanged at US74.21 cents following release of March Canadian Retail Sales at 8:30 AM EDT. Consensus was a drop of 1.4% versus a decline of 0.2% in February. Actual was a drop of 1.4%. Excluding auto sales, consensus was a drop of...Read More
(IDEX Online) - The ultra-rare 11.16-carat pear-shaped Bulgari Laguna Blu - certified as the highest grade blue diamond ever by the GIA - was auctioned for just over $25m at Sotheby's Geneva on Tuesday.It became the most valuable gem ever to be sold by Bulgari, after a four-minute bidding war between three parties on the phone and one in the showroom.It was the highest price paid in the Magni...Read More
(IDEX Online) - Blackstone, the world's largest alternative asset manager, is reportedly poised to buy IGI (International Gemological Institute) in a deal worth up to $550m.Fosun International Ltd, one of the first enterprises in China to develop overseas markets, bought an 80 per cent stake in the network of 20 grading labs and 14 gemology schools back in September 2018 for $108.8m.Roland Lo...Read More
(IDEX Online) - Alrosa yesterday announced the appointment of Pavel Marynichev as its new CEO.He replaces Sergey Ivanov, who was sanctioned by the US, together with his father, after Russia invaded Ukraine last February.Ivanov, who was due to serve until 2025, is stepping down early after six years at the helm. He told Kommersant, the politics and business newspaper that he'd focus on high-te...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points at 9:35 AM EDT.Index futures were unchanged following release of the May Philly Fed Index at 8:30 AM EDT. Consensus was an improvement to -20.0 from -31.3 in April. Actual was an improvement to -10.4.Take Two Interactive advanced $10.48 to $133.50 after reporting higher than consensus fiscal fourth quarter rev...Read More
(IDEX Online) - De Beers Group today announced a 20 per cent drop in rough sales for cycle 4, as global uncertainty persists and China's post-lockdown recovery falters.Provisional revenue from sightholder sales and auctions was $480m, down from $604m for the same period in 2022. Sales for cycle 3 were $542m, up from $497m in cycle 2.De Beers has postponed its main and interim auctions - which...Read More
(IDEX) - UK miner Vast Resources says it is finalizing the recovery of a parcel of 129,400-carats of rough diamonds in Zimbabwe after a 12-year dispute. The company successfully sued the country's Mines and Mining Development ministry early this year and now plans to sell the diamonds through a tender. It surrendered gems from the Marange diamond fields amid claims it had exploited...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points at 8:35 AM EDT.Index futures were unchanged following release of the April U.S. Housing Starts Report at 8:30 AM EDT. Consensus was a slip to 1.400 million units from 1.4200 units in March. Actual was 1.401 million units.Northrop Grumman added $1.66 to $437.29 after increasing its quarterly dividend by 8%.Tar...Read More
(IDEX Online) - De Beers has postponed its Cycle 5 and 6 auctions amid dwindling demand from Indian manufacturers.The consumer slowdown in the US and China has also resulted in the cancellation of rough sales by auction houses in Antwerp and Dubai.De Beers said in a statement: "After careful consideration and analysis of the current market situation, we decided to combine both Cycle 5 and 6 Interi...Read More