(IDEX Online) - India's commerce ministry has approved an investment of almost $30m over the next five years to establish and fund a center for lab grown diamonds.It follows the abolition in last month's budget of a five per cent import levy on the graphite seeds used to create lab grown diamonds.Finance Minister Nirmala Sitharaman also pledged to fund five years of research and developm...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.The Canadian Dollar dipped 0.11 to US73.61 cents following release of Canada's Gross Domestic Product report at 8:30 AM EST. Consensus for December was an increase of 0.1% versus a gain of 0.1% in November. Actual was a drop of 0.1%. Consensus for GDP growth in 2022 was an increase of 2.7%...Read More
(Updates prices) By Pratima Desai LONDON, Feb 27 (Reuters) - Copper rose on Monday as thedollar weakened, but prices remained close to seven-week lowsdue to a lack of evidence of a healthier demand outlook in topconsumer China ahead of key data on the country's manufacturingsector. While the dollar fell, it was still hovering near seven-weekhighs against other major currencies on expectations tha...Read More
(IDEX Online) - Visitor numbers at the Inhorgenta Munich trade show in Germany were up more than a half on the 2022 show, said organizers.The four-day event, which ended today, showcased watches, jewelry and gemstones and attracted 24,000 trade delegates.There were more than 800 companies exhibiting, from 38 countries. The top 10 exhibitor countries, after Germany were: Italy, Belgium, India, Aust...Read More
(IDEX Online) - Rio Tinto is to invest $40m to extend the life of Diavik, Canada's largest mine, on the edge of Arctic Circle.It says that underground mining below the existing A21 open pit operation should yield an additional 1.4m carats and extend the life of the deposit into the first quarter of 2026. It had been scheduled to close in 2025.Rio Tinto, the world's second-largest metals...Read More
(IDEX Online) - The G7 nations said they would work towards measures against Russian diamonds as they marked the first anniversary of its invasion of Ukraine, but gave no specific details. But the Jewelers Vigilance Committee (JVC) says it has received information that new restrictions are likely to specifically target all polished diamonds from Russia, regardless of where they are cut and po...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 22 points in pre-opening comments.Index futures were virtually unchanged following release of the January Durable Goods Order report at 8:30 AM EST. Consensus was a drop of 4.0% versus a gain of 5.6% in December. Actual was a drop of 4.5%. Excluding Transportation Orders, January Durable Goods Orders increased 0.7%.Sea...Read More
(IDEX Online) - Police are hunting two men who beat and pistol-whipped a 79-year-old female worker in a raid on a New York jewelry store.The victim was taken to hospital, where she was described as being in a stable condition. She was kicked, punched and struck in the head with a handgun.Surveillance footage released by the NYPD shows her on the floor with her hands above her head, trying to defen...Read More
(IDEX Online) - British miner BlueRock Diamonds has suspended trading in its shares after the subsidiary that operates its Kareevlei mine, in Kimberley, South Africa, was place in business rescue.In a statement issued on Friday (24 February) it said it had "requested that trading in the company's shares on the AIM market of the London Stock Exchange be suspended due to financial uncertainty r...Read More
(IDEX Online) - The first fancy yellow diamonds from bulk sampling at Canada's Naujaat mine have been cut and polished by Burgundy, in Australia, as part of a partnership.The high-value gems were recovered by Vancouver-based North Arrow Minerals from kimberlite pipes in Nunavut, in the Canadian Arctic Archipelago.Two stones - weighing 0.31 carats and 0.21 carats - were test-polished by Burgun...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 48 points in pre-opening trade.S&P 500 Index futures dropped 20 points following release of economic news at 8:30 AM EST:January Personal Income was expected to increase 0.9% versus a gain of 0.2% in December. Actual was an increase of 0.6%. January Personal Spending was expected to increase 1.3% versus a drop of...Read More
(IDEX Online) - Lucapa has recovered a 150-carat Type IIa D-color white diamond at its Lulo alluvial mine, in Angola.The Australian miner says it's the 36th +100-carat diamond (pictured) from the mine since it began commercial production in 2015.The recovery, the fifth +100-carat from block 28 of the mine, was made with partners Endiama and Rosas & Petalas.Lucapa, which also operates the...Read More
(IDEX Online) - India's mothballed diamond mine at Majhgawan-Panna is due to resume production this July, with a forecast output of up to 84,000 carats a year.Work was halted at the country's only industrial mine at the end of December 2020 when environmental clearances lapsed following concerns from the nearby Panna Tiger Reserve.But the National Mineral Development Corporation (NMDC),...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 22 points in pre-opening trade. Index futures moved lower following release of second estimate of fourth quarter real GDP at 8:30 AM EST. Consensus was unchanged at an annual growth rate of 2.9%. Actual was growth at 2.7%.NVidia advanced $18.06 to $225.60 after reporting higher than consensus fourth quarter earnings. M...Read More
(Corrects to remove $1.4 bln capital expenditure figure fortailings dam work and makes clear when details will be releasedin paragraph 11) * AngloGold Ashanti to suspend Brazil plant * Production likely to fall, miner says * 2022 costs under control despite inflation * Shares down 7% By Helen Reid and Nelson Banya Feb 22 (Reuters) - AngloGold Ashanti has noplans to make acquisitions or t...Read More
(IDEX Online) - The Dutch government today (Wednesday 22 February) said new EU sanctions on Russia could include restrictions on diamond imports.A new package of measures is expected on Friday (24 February) to make the first anniversary of the invasion.A Customs update entitled New sanctions measures against Russia and Belarus (sanctions package 10) says (in translation) that the new package of sa...Read More
(IDEX Online) - Gold, platinum and diamond jewelry belonging to Nirav Modi's Firestar Diamond International will be sold by liquidators in Mumbai, India, in an e-auction next month.The fugitive jeweler, aged 51, is accused of fraudulently using letters of undertaking offered by the Punjab National Bank (PNB) in an alleged $1.85bn fraud.No reserve price has yet been posted by liquidators Santa...Read More
(IDEX Online) - Singapore-based IIa Technologies has won a long-running patent battle with Element Six Technologies, a De Beers company.The Court of Appeal in Singapore ruled that Element Six's highly technical patent concerning lab grown diamond production was not sufficiently clear and was therefore unenforceable.It said even a skilled person would not understand whether or not they had inf...Read More
(IDEX Online) - Plans for a new De Beers diamond mine in Canada's Nunavut territory are to go to a public review.The UK-based miner acquired the Chidliak Project, on the vast and sparsely populated Baffin Island, when it bought Peregrine Diamonds in September 2018 for C$107m.It plans to implement its FutureSmart Mining vision, including the use of drones, airships, remote mining and operation...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.TJX companies added $0.39 to $79.21 after reporting higher than consensus fourth quarter revenues.Rio Tinto dropped $0.38 to $75.00 after reporting less than consensus fourth quarter earnings.Walmart slipped $0.18 to $147.15 after JP Morgan lowered its target price from $155 to $150.Shopif...Read More