(IDEX Online) - Petra Diamonds announced yesterday that it had taken the "difficult decision" to put its loss-making Koffiefontein mine, in South Africa, on care and maintenance as it prepares for complete closure.The UK-based miner said it had failed to find a buyer for the underground deposit, which dates back to 1880 and which was expected to reach the end of its life in 2025."Production at Kof...Read More
(IDEX Online) - Exhibitors booked $3.7bn of orders at India's flagship trade show, the IIJS Signature, according to initial estimates by the GJEPC (Gem & Jewellery Export Promotion Council).Over 20,000 visitors attended the four-day India International Jewellery Show at the Bombay Exhibition Centre, in Mumbai, down on the 32,000 forecast by organizers. All but 800 were from India."The rec...Read More
(IDEX Online) - Rio Tinto has lowered the 2023 production forecast for its Diavik diamond mine, on the edge of Arctic Circle, in Canada. It now expects to produce 3.0m to 3.8m carats, compared with a 2022 forecast of 4.5m to 5.0m carats. Actual production for last year was on target, at 4.7m carats. Rio Tinto, the world's second-largest metals and mining corporation, gave no explanation for t...Read More
(IDEX Online) - Petra Diamonds says it's considering "additional financing options to provide support" while its Williamson mine is out of action.It also says it's talking to the government of Tanzania about the sale of a long-disputed diamond parcel that was confiscated in September 2017.A breach of the mine's tailings storage facility last November released 12.8m cubic metres of m...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. The Canadian Dollar added 0.09 to US74.561 cents following release of Canada's December Consumer Price Index at 8:30 AM EST. Consensus was a decrease of 0.5%. Actual was a decrease of 0.6%. On a year-over-year basis, consensus for December CPI was an increase of 6.4% versus a gain of 6....Read More
(IDEX Online) - An Indian national is facing up to 18 years in prison after an X-ray revealed 932 bullet diamonds inside his body.The unnamed 48-year-old, described as an accountant, was apprehended by customs officers at the Ngurah Rai International Airport, on the Indonesian island of Bali.He'd arrived from Bangkok, Thailand, intending to sell the 40.73 carats, said Imran Yusuf, of the loca...Read More
(IDEX Online) - Authorities in Angola seized over 2,000 diamonds, described as being "of several carats" last year, together with illegal mining equipment.They have made repeated efforts to counter diamond trafficking - deporting 250,000 smugglers between 2003 and 2006 - and have faced ongoing allegations over "conflict diamonds".During 2022 defense and security bodies seized 2,028 diamonds and a...Read More
U.S. equity markets are closed today for the Martin Luther King Jr. holiday. Trading volume in Canadian equity markets is expected to be significantly below average. International equity markets generally were higher. The DAX Index was up 44.76 to 15,132.17. The CAC Index gained 18.36 to 7,041.62. The Shanghai Composite Index added 32.29 to 3,227.59 moving above intermediate resistance at 3,226.08...Read More
(IDEX Online) - Chinese owners of IGI (International Gemological Institute) are reportedly considering a sale of the network of 20 diamond grading labs, in a move that would value it at $215m.Fosun International Ltd, one of China's first enterprises to develop overseas market, is seeking to shed a total of $11 bn of assets in a move aimed at boosting investor confidence, according to Bloomber...Read More
(IDEX Online) - Poland and Lithuania say they will again push for an end to Belgium's diamond trade with Russia.Diplomats from both countries are demanding tougher EU sanctions against Russia and its ally Belarus as the war in Ukraine approaches its first anniversary."Once again there is an attempt to extend sanctions on the export of Russian diamonds. The value of diamond exports to the Russ...Read More
(IDEX Online) - JCK has announced details of its second show since the Covid pandemic.Organizers say 30,000 industry professionals flocked to Las Vegas last year after the 2020 and 2021 events were canceled.Registration is now open for JCK 2023 at The Venetian Expo and The Venetian from 2 to 5 June."JCK is the place where connections are made, trends are discovered, major industry news is announce...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 34 points in pre-opening trade. Delta Airlines dropped $1.49 to $38.11 after the company reported lower than consensus fiscal first quarter earnings. JP Morgan slipped $0.14 to $139.49 after reporting less than consensus fourth quarter earnings. Virgin Galactic added $0.55 to $5.17 after the company affirmed commercia...Read More
(IDEX Online) - Sarine is set to acquire a majority stake in the New York-based GCAL grading lab for an undisclosed sum.The Israel-based diamond tech company, known for its Galaxy mapping systems, today said both sides had signed a non-binding MOU for an all-cash deal.GCAL (Gem Certification and Assurance Lab), a family business founded in 2001 by Don and Pamela Palmieri, is expecte...Read More
(IDEX Online) - The crown that will used at the coronation of King Charles III has been removed from the Tower of London for the first time in 60 years for "modification work".It was last worn by the late Queen Elizabeth II when she was crowned in 1953.Buckingham Palace said in a statement that the crown had been moved to an undisclosed location, ahead of the coronation on Saturday 6 May, but gave...Read More
(IDEX Online) - Retail gold sales among India's "organized" jewelry retailers will be up by between 23 and 25 per cent in the financial year ending 31 March 2023.But growth in the subsequent 12 months will halve, to between eight and 12 per cent, according to the Mumbai-based Crisil ratings agency.It points to " slower growth in disposable incomes" together with a high base in fiscal 2022.Cri...Read More
U.S. equity index futures were higher this morning. S&P 500 futures at 7:30 AM EST were up 3 points. Focus this morning is on the U.S. December Consumer Price Index to be released at 8:30 AM EST. Consensus is a decline 0.1% versus a gain of 0.1% in November. On a year-over-year basis, December CPI is expected to increase 6.5% versus a gain of 7.1% in November. Excluding food and energy, Decemb...Read More
(IDEX Online) - Exclusive Lebanese jeweler Mouawad has created a sapphire and diamond crown for this Saturday's Miss Universe competition, valued at $5.75m.The Force for Good Crown features 108.44 carats of blue sapphire and 48.12 carats of white diamond, with a pear-shaped 45.14 carat sapphire as its highlight.Last year's winner Miss India, Harnaaz Sandhu will crown her successor at the...Read More
(IDEX online) - A family jewelry business in the US is suing its bank after cybercriminals stole $1.6m from its accounts.Joyce's Jewelry, in Pittsburgh, Pennsylvania, accuses PNC Bank, of failing to "keep its hard-earned money safe". In a lawsuit filed in the US District Court in Pittsburgh it alleges the bank failed to notify it or freeze its four accounts when they were hacked.The...Read More
(IDEX Online) - Diamond miners in Lesotho have been accused of polluting rivers in the landlocked kingdom.The royalties it receives from South Africa for water far outweigh its annual diamond revenue. (Forecast at $70m compared to $12.7bn for the current financial year).But a confidential report reveals harmful levels of toxic mining effluent in rivers that feed the Lesotho Highlands Water P...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.Airline equities and related ETFs are expected to open lower on news that all domestic airline flights have been grounded due to computer problems at the FAA.Coinbase dropped $1.44 to $41.80 after Bank of America downgraded the stock from Neutral to Under Perform. CH Robinson dropped $0.8...Read More