(IDEX Online) - Botswana Diamonds says it expects to see the first recoveries from its Marsfontein project, in South Africa, later this month.Work began at the end of January and the British-based diamond exploration and development company says about 1,500 tons of eluvial gravels from the main Marsfontein pipe have been excavated and are awaiting processing. The Marsfontein Mine, in Limpopo...Read More
(IDEX Online) - Al Cook, the new CEO at De Beers, says workers' safety is his first priority as he visits the company's operations."Over 27 years in the energy business, including three years in offshore operations, I've learned that we have to put safety first," he said on LinkedIn, marking his first day in the post.Cook takes over from Bruce Cleaver, was executive vice president o...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.Apple added $1.83 to $152.86 after Goldman Sachs initiated coverage with a Buy rating. Target price is $199.KB Homes dropped $0.50 to $35.26 after JP Morgan dropped its rating from Overweight to Underweight.DR Horton dropped $1.63 to $91.15 after JP Morgan downgraded the stock from Overwei...Read More
(IDEX Online) - Three people have been arrested in a series of raids in India at premises linked to the manufacturer and exporter Sagar Diamond Limited.The Directorate of Enforcement (ED)said it was investigating money-laundering claims relating to a China-based app called Power Bank, listed on Google Play Store, which offered investors returns of up to 10 per cent, then blocked their accounts.A n...Read More
(IDEX Online) - A US jewelry buyer who spent $645,000 on diamonds using a Russian-linked debit card is taking legal action - claiming she received neither the goods nor a refund.Maria Zurabova, from Florida, says made her purchase at jeweler Royal Star Inc, in Manhattan's Diamond District, paying paid with a card linked to Alfa Bank - Russia's biggest private bank - whic...Read More
(IDEX Online) - The IDEX Polished Price Index showed signs of stabilizing in February, with its smallest decline in a year, of just 0.55 per cent. Some short-term shortages appear to be forcing up the prices of smaller goods. Melee prices were reportedly up as much as 10 per cent at Sight 2 (20 to 24 February), although the prices of some larger goods were reduced. Russian goods have largely been...Read More
(Updates prices) LONDON, March 3 (Reuters) - Copper prices on Fridayheaded for their biggest weekly gain since early January asstrong economic data in top consumer China raised demand hopes.Benchmark copper on the London Metal Exchange (LME)was roughly unchanged at $8,956.50 a tonne at 1717 GMT and uparound 2.8% for the week.Prices hit a seven-month high of $9,550.50 in January butstalled amid sl...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade. Trader interest is expected to focus on response to of the February ISM Non-manufacturing Purchase Managers Index released at 10:00 AM EST. Consensus calls for a drop to 54.5 from 55.2 in January.Costco dropped $9.75 to $475.94 after the company reported less than consensus quarterly rev...Read More
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) says it sold around $20m of South African rough at its February tender, in Dubai.That's an increase on the $14m it sold in December, but still far short of the record $75m it sold last March."We presented a relatively conservative volume of goods in line with recent events," the company said. "The overall reaction this month would indicate a sli...Read More
(IDEX Online) - British miner BlueRock Diamonds has put its Kareevlei Mining subsidiary into business rescue amid mounting debts.It follows the suspension of its shares on the AIM last week.Kareevlei Mining currently owes $4.1m to Teichmann South Africa, the construction and mining service group, though it said it had paid its February salaries and diesel bill.Business rescue temporarily protects...Read More
(IDEX Online) - Bruce Cleaver, outgoing CEO of De Beers, says the company's joint ventures with the Botswana and Namibia government are "win-wins" for both countries. He was speaking on Tuesday during a courtesy visit to Namibia's President Hage Geingob. The long-standing De Beers deal with Botswana has come under intense scrutiny in recent weeks, after its President Mokgwe...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points in pre-opening trade.Salesforce.com, A Dow Jones Industrial Average stock jumped $24.20 to $191.55 after the company offered positive guidance. In addition the company announced a $20 billion stock buyback program.Splunk, a NASDAQ 100 stock dropped $3.48 to $99.00 despite reporting higher than consensus four...Read More
(Updates prices) LONDON, March 1 (Reuters) - Prices of copper and otherindustrial metals rose on Wednesday after data from China, thebiggest metals consumer, showed manufacturing activity rose inFebruary at the fastest pace in more than a decade. Also lifting metals was a fall in the value of the dollar,including against China's yuan, making dollar-priced metals moreaffordable for buyers holding...Read More
(IDEX Online) - Debswana yesterday announced details of "the world's first 5G-oriented smart diamond mine project" in conjunction with the Chinese tech corporation Huawei.By connecting over 260 pieces of equipment at the Jwaneng mine, in Botswana, it says it has increased both efficiency and safety.Transferring data in real time makes equipment like mining vehicles more efficient, increasing...Read More
(IDEX Online) - Rounds suffered yet another month of losses during February, as ongoing uncertainties drove demand for the less expensive fancy cuts. De Beers reported a 30 per cent drop in rough sales at its first cycle of 2023, amid reports that some prices were hiked by as much as 10 per cent. Manufacturing remains well below capacity in India. Consumer demand is still slow, although US in...Read More
(IDEX Online) - Sarine has reported a fall in net profits for FY2022, down just over 46 per cent from $16.5m to $8.8m.It also said revenue for the year were down by 5.4 per cent, from $62.1m to $58.8m, down from a high base in H1 2021 due to post-Covid spike in US jewelry spending.Sales to India, its biggest market by far, fell 25 per cent from $40.5m to $30.3m.The Israel-based diamond tech firm b...Read More
U.S. equity indices were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Economic focus today is on the February ISM Manufacturing Purchase Managers Index released at 10:00 AM EST. Consensus calls for an increase in the Index to 48.0 from 47.4 in January.The Shanghai Composite Index added 32.74 to an eight month high at 3,312.35 following release of a positive PMI repo...Read More
(Updates prices) By Eric Onstad LONDON, Feb 28 (Reuters) - Copper prices extended arebound on Tuesday as speculators adjusted positions on hopesfor a demand revival in top metals consumer China. Benchmark copper on the London Metal Exchange (LME)climbed 1.9% to $8,965.50 a tonne by 1700 GMT after gaining 1%on Monday. The contract, however, was down 2.7% on a monthly basis forits first such declin...Read More
(IDEX Online) - The French luxury conglomerate LVMH is reported to be considering a possible takeover of its Swiss rival Richemont, owner of Cartier, the world's second-largest watchmaking brand.Bernard Arnault, LVMH chairman and CEO - and currently the world's richest person - is eyeing the empire founded by South African businessman Johann Rupert in 1988, according to the Swiss newspap...Read More
(IDEX Online) - Police say $500,000 of diamonds were stolen from a car by knife-wielding robbers in Inglewood, California, USA.Video of the incident appears to show a suspect climb through a passenger window and grab a duffel bag.The victim's car was boxed in by one vehicle in front and another behind.Two suspects then drove off in a white car. Police say there were no reported injuries...Read More