RAPAPORT... S&P Global Ratings has lowered Botswana's credit rating, citing weaker diamond revenues because of the current global recession.The credit agency downgraded the country's long-term sovereign credit rating to "BBB+" from "A-," indicating it saw a higher risk level for investors. An upgrade is unlikely in the next two years."Botswana's weakening fiscal and external balance sheet...Read More
Owing to public health restrictions on the movement of people and products in Botswana, South Africa and India, diamond miner De Beers will not hold its third rough diamond sales cycle of this year.As a result, De Beers is enabling sightholders to defer 100% of their Sight 3 allocations to later in the year.AdvertisementThe miner intends to “seek innovative ways” to meet rough diamond...Read More
RAPAPORT... Belgium has introduced emergency financial concessions to help companies survive the current downturn, offering businesses extra time to repay loans and meet tax obligations.The government and banks have agreed to postpone repayments of existing credit lines until September 30, according to a document the Antwerp World Diamond Centre distributed Friday. The state will also guarant...Read More
RAPAPORT... A number of trade groups have joined together in an effort to support small jewelry businesses amid the COVID-19 pandemic.The Jeweler Support Network, created by the American Gem Society (AGS) and the Diamond Producers Association (DPA), among others, aims to provide assistance to independent and family-owned companies, the DPA said last week."The COVID-19 outbreak has created not...Read More
RAPAPORT... De Beers has called off this week's sight in Botswana, citing restrictions resulting from measures to contain the coronavirus.Lockdowns in Botswana, South Africa and India are prohibiting sightholders from traveling and preventing the shipment of merchandise to clients' international operations, De Beers said in a statement Monday. The company is letting sightholders defer 100% of...Read More
RAPAPORT... The Dubai Multi Commodities Centre (DMCC) will implement a support package for its trade members amid the coronavirus pandemic, including discounts and fee waivers."In these uncertain times, we have a duty to share the responsibility and support the UAE [United Arab Emirates] government in its response to ensure our national economy remains resilient in the current circumstances,"...Read More
TSX-V-listed Diamcor Mining has made several short-term operational changes in response to the events unfolding owing to the global Covid-19 crisis.The company has suspended its activities in South Africa, placing its Krone-Endora at Venetia surface mining operation, adjacent to De Beers’ Venetia mine, in the Limpopo province, on care and maintenance for the duration of the national lockdown...Read More
RAPAPORT... De Beers has called off this week's sight in Botswana, citing restrictions resulting from measures to contain the coronavirus.Lockdowns in Botswana, South Africa and India are prohibiting sightholders from traveling and preventing the shipment of merchandise to clients' international operations, De Beers said in a statement Monday. The company is letting sightholders defer 100% of...Read More
RAPAPORT... The Dubai Multi Commodities Centre (DMCC) will implement a support package for its trade members amid the coronavirus pandemic, including discounts and fee waivers."In these uncertain times, we have a duty to share the responsibility and support the UAE [United Arab Emirates] government in its response to ensure our national economy remains resilient in the current circumstances,"...Read More
RAPAPORT... Pandora has hired Martino Pessina as chief commercial officer as part of its efforts to restructure the company and implement a turnaround.In the newly created role, Pessina will lead the Danish retailer's 10 new regional groups, and report directly to CEO Alexander Lacik, the company said Tuesday. He will be responsible for commercial operations across the company's more than 100...Read More
Union bosses are threatening to file a grievance against the owners of Canada's Ekati Diamond Mine after it was closed last week. Calgary-based Dominion Diamond Mines, said the move was aimed at reducing travel to and from the mine's remote location, close to the Arctic Circle and minimizing the spread of coronavirus. But the Union of Northern Workers, which represents some of the 1...Read More
Signet, the world's largest retailer of diamond jewelry, reported an improved performance for the last quarter of 2020, but will be borrowing $900m as it faces the uncertainty of coronavirus.The company, whose brands include Kay Jewelers, Zales, Jared, James Allen, Peoples and Piercing Pagoda, last week closed all its 3,200 stores.It saw same-store sales grow 2.3 per cent overall and 2.9 per...Read More
RAPAPORT... COVID-19 heavily affected sales at Hong Kong-based jeweler Chow Sang Sang in the first two months of 2020, as a lockdown in China forced it to shut most of its stores in the country."The first three weeks into 2020 [were] promising [but] unfortunately, the positive trend was quickly derailed by the outbreak of the coronavirus disease in the last week of January," the company said...Read More
RAPAPORT... De Beers will reduce its worker head count at its sole diamond mine in South Africa by around 75% in response to the country's measures to curb the spread of the coronavirus, parent company Anglo American said Friday.The move at its Venetia deposit in the Limpopo province follows consultations Anglo American held with the government, it noted. The group is also scaling back its wo...Read More
RAPAPORT... The Gem & Jewellery Export Promotion Council (GJEPC) will contribute a sum from its own reserves to help combat the COVID-19 pandemic.The trade group plans to donate INR 500 million ($6.7 million) to aid the country's daily-wage workers in the gem and jewelry industry whose livelihood is directly impacted by the virus, it said last week. Some of the funds will also be spent on...Read More
RAPAPORT... Rough prices slumped at Petra Diamonds' March tenders in South Africa and Antwerp as the severe slowdown in the market virtually wiped out demand.Goods from Petra's South Africa mines sold for 24% less than in February on a like-for-like basis, the company reported Friday. As a result, it chose to sell only 75% of the available volume - or 50% by value - and export the rest to Ant...Read More
JOHANNESBURG (miningweekly.com) – The mining industry could be an enormous asset in stabilising and growing the economy post the coronavirus crisis – but the right economic and regulatory circumstances would have to prevail, Minerals Council South Africa stated in a weekend media release.Post coronavirus, South Africa would need to adopt and implement a set of comprehensive structural...Read More
RAPAPORT... Rough prices slumped at Petra Diamonds' March tenders in South Africa and Antwerp as the severe slowdown in the market virtually wiped out demand.Goods from Petra's South Africa mines sold for 24% less than in February on a like-for-like basis, the company reported Friday. As a result, it chose to sell only 75% of the available volume - or 50% by value - and export the rest to Ant...Read More
(IDEX Online) - The increase in the overall sale of jewelry and watches at all US outlets slowed slightly in January, compared to the same month in 2018. There was a like-for-like rise of 4.1 per cent, so the trend remains positive, but the figure for the previous month, December 2019 was 4.7 per cent. January was the seventh successive month of sales increases, following six months of negat...Read More
London-listed Petra Diamonds has, in accordance with what the Department of Minerals Resources and Energy expects from miners during South Africa’s 21-day lockdown period, scaled down its operations.The diamond miner advised on March 27 that it had scaled down operations to operate at a minimum level to maintain the underground block caves.AdvertisementThe company has four operating mines in...Read More