RAPAPORT... Petra Diamonds plans to delay the next interest payment on its $650 million bond to preserve liquidity for business operations.The miner has spoken to its lenders about drawing on its revolving credit facility, it said Friday. However, while those lenders have approved the use of up to ZAR 400 million ($21.3 million), Petra is restricted from using those funds to cover the debt's inter...Read More
RAPAPORT... A subsidiary of Rio Tinto has voiced concern over the continuity of the Diavik mine after its joint-venture partner in the project was granted protection from creditors. The insolvency order obtained in late April by Dominion Diamond Mines threatens the future of the Diavik deposit as it exempts the 40% shareholder from paying for its upkeep, according to a court filing by Diavik...Read More
PERTH (miningweekly.com) – Diamond miner Lucapa has restarted operations at its Lulo diamdond mine, in Angola.Operations at Lulo were reduced in early April to only essential services after a State of Emergency was declared in Angola in order to contain the spread of the Covid-19 pandemic.AdvertisementOn April 24, a new Presidential Decree amended certain restrictions, allowing essential ind...Read More
(IDEX Online) - Polished diamond prices for April were largely in line with last month, with only small fluctuations and little in the way of dramatic movement. The majority of both rounds and fancies remained unchanged. Movement across the board was a mix of modest rises and falls, rarely above three per cent.HIGHLIGHTS Rounds 0.50-0.69 ct. G-I / VVS1&nbs...Read More
RAPAPORT... De Beers is allowing rough-diamond customers to skip all purchases at next week's sight, as shutdowns of manufacturing and retail markets have led to minimal demand.The sight will be the second consecutive sale at which the miner has allowed clients to push their allocations to later in the year. Appetite for rough is at rock bottom as the trade seeks to avoid taking on unsellable...Read More
(IDEX Online) - The fourth De Beers Sight of the year will go ahead in Botswana next week as planned, unlike the previous one, which was canceled at the last minute. But few of the 80 Sight holders are expected to attend, because of widespread travel restrictions. It is understood that because of the coronavirus crisis, the miner will allow 100 per cent deferrals. The third Sight of the year (30 M...Read More
RAPAPORT... A gem-set, diamond and enamel tutti frutti bracelet by Cartier garnered $1.3 million at Sotheby's, the highest price for any jewel sold in an online auction.The piece, which features a selection of old European and single-cut, VS- to SI-clarity, F- to I-color diamonds, surrounded by rubies, emeralds and sapphires, smashed its high estimate of $800,000, the auction house said Wedne...Read More
RAPAPORT... De Beers has contributed $200,000 to assist women's shelters and support organizations in its diamond-producing countries during the COVID-19 pandemic.The money, which will be split evenly between Botswana, Canada, Namibia and South Africa, will help women and children whose vulnerability to domestic violence has increased due to local lockdowns, De Beers said Wednesday."As the wo...Read More
Diamond trading limited as some centers start to ease lockdown restrictions. Dealers and manufacturers focusing on how to reduce inventory, with more than enough rough and polished in the pipeline to satisfy demand. Outlook uncertain as US economy shrinks 4.8% in 1Q. Miners cut 2020 production plans and India prepares voluntary 30-day pause in rough imports. Marketers to focus on bridal as pandemi...Read More
RAPAPORT... The Rapaport TradeSheet provides Rapaport Discount Prices with percentage discounts in relation to the Rapaport Price List. The discount prices reflect our opinion of prices at which natural diamonds meeting Rapaport Specification A3 are available for sale. This is the same specification used for the Price List.The format of the TradeSheet includes prices from the current Rapaport Pric...Read More
(IDEX Online) - India's diamond polishing revenue is set to plunge next year from $24bn in 2019 to as little as $13bn in fiscal 2021, according to the latest forecasts. That's a drop of almost half to the lowest level in a decade. Exports to the US and Europe - over 45 per cent of India's market - fell 41 per cent year-on-year in February as the coronavirus pandemic inte...Read More
(IDEX Online) - Bharat Diamond Week is going digital after organizers were forced to cancel the physical event, scheduled for August, because of coronavirus. Buyers and sellers at the "diamond-only" show will be able to meet on a secure digital platform. The Bharat Diamond Bourse (BDB) canceled the three-day event because of travel restrictions but says it wanted to provide the industry with a muc...Read More
(IDEX Online) - De Beers says its total production of rough diamonds across its mines in Botswana, Canada, South Africa and Namibia in the first quarter of this year was in line with expectations. The impact of coronavirus was negligible, as lockdowns only came into effect at the end of March, during the final days of Q1. An on-target total of 7.75 million carats were recovered, according the mine...Read More
JOHANNESBURG (miningweekly.com) – Diamond mining and marketing company De Beers on Wednesday announced a $200 000 donation across its four producer partner countries of Botswana, Canada, Namibia and South Africa to assist women’s shelters and support organisations to respond to an increase in gender-based violence resulting from Covid-19.Mining Weekly can report that the donation...Read More
RAPAPORT... India's polishing revenues will plummet to their lowest in a decade this year, as prices have dropped and inventory has built up, a credit agency has warned.Diamond sales will decline up to 32%, to $13 billion to $15 billion, in the current fiscal year ending March 31, 2021, India-based Crisil Ratings estimated Tuesday. This compares to approximately $19 billion in the fiscal year...Read More
RAPAPORT... Belgium's polished-diamond exports dropped 51% to $513.7 million in March, reflecting the impact of the coronavirus on global shipments.Exports to the US fell 47% to $152.9 million, according to data from the Antwerp World Diamond Centre, as the pandemic spread to North America. Shipments to the United Arab Emirates, Israel and Switzerland also fell. A 44% rise in exports to Hong...Read More
RAPAPORT... As the diamond market considers its options during the industry-wide lockdown, manufacturers in India are planning a freeze on rough imports. The move has precedent. Back in 2008, as financial markets collapsed, India imposed a one-month moratorium on rough buying. Ultimately, it helped the local trade realign inventory and gain market share while other manufacturing and trading center...Read More
RAPAPORT... Sarine Technologies expects the coronavirus pandemic to have a heavy impact on revenue in the second and third quarters amid shutdowns in its major markets. "We cannot yet forecast what our business results will be for the rest of [the second quarter] or the subsequent quarters of 2020," the maker of equipment used in diamond manufacturing said Sunday. "We are assuming that even f...Read More
RAPAPORT... Dominion Diamond Mines has requested an extension to the insolvency protection it was awarded last week, stating that it needs more time to restructure its finances or find new investment.The miner asked the Alberta Court of the Queen's Bench to delay its repayment deadline to June 1, according to a court filing Monday. The original order of protection gave the company - which own...Read More
RAPAPORT... Swarovski has appointed Robert Buchbauer CEO of the family-run business as part of a management reorganization.Buchbauer, who is the great-great grandson of company founder Daniel Swarovski, will retain his role as chairman of the executive board. The restructuring, which was implemented earlier this month, will streamline the crystal brand's various divisions under one entity, Sw...Read More