Diversified miner Anglo American is taking steps at its relevant operations in line with Covid-19-related regulations enforced in the various jurisdictions in which it operates around the world.It will also continue to provide a number of essential services including security; mine maintenance; tailings facility safety management; water treatment; community water supply; increased capaci...Read More
Trading collapsed due to coronavirus shutdown in all key retail markets. Rising concerns about spread of COVID-19 within India. Surat polishing industry closed as the country enforces nationwide 21-day lockdown. Bharat Diamond Bourse in Mumbai closed. Government announces concessions to help small businesses with financial difficulties and prevent bankruptcies. Depreciation of rupee (-4% since Mar...Read More
Coronavirus brings unprecedented disruption to diamond industry as US retail, India manufacturing and South Africa mining shut down. $2 trillion stimulus will inject liquidity into US economy and relieve stress among small businesses. Signet Jewelers closes stores; reports 2019 sales -2% to $6.1B, profit of $106M vs. loss of $657M the previous year. Share price rallies post-earnings but down -55%...Read More
RAPAPORT... The Gemological Institute of America (GIA) has closed most of its laboratories and educational centers due to the coronavirus.The laboratory at its headquarters in Carlsbad, California, has shut temporarily, as have grading facilities in Antwerp, Johannesburg, Mumbai, New York and Surat. Meanwhile, its gemology schools in Carlsbad, Bangkok, Hong Kong, London, Mumbai, New Delhi, Ne...Read More
RAPAPORT... Alrosa has introduced a digital auction for its large rough diamonds in an effort to minimize disruption to its sales during coronavirus-related travel restrictions.The tender, which began Monday and runs through April 6, will take the place of the miner's live auction, it said Wednesday. Customers will be able to see a full 3D digital scan of each rough diamond, along with inform...Read More
RAPAPORT... The Rapaport Group will not publish the Rapaport Price List until May 1, after putting the issue to a vote among members of its RapNet trading network. The latest edition from March 20 is the official Rapaport Price List until such time, Chairman Martin Rapaport said in a letter disclosing the results of the vote.Of the 4,544 votes cast, 3,268 (71.9%) were in favor of postponing the ne...Read More
The World Federation of Diamond Bourses (WFDB) has created a World Federation Diamond Trading Platform to provide a secure and reliable source of trading amid uncertain times globally, while promoting trade and healthy competition in the diamond market.The cross-bourse trading platform will be launched soon and will be available for use by all members of the organisation’s bourses.Advertisem...Read More
RAPAPORT... De Beers is allowing sightholders unlimited deferrals at its upcoming rough-diamond sale as manufacturing closures have obliterated demand, market sources told Rapaport News.The rare step follows the shutdown of the Surat polishing industry this week due to the coronavirus, leaving buyers with few opportunities to cut or resell the miner's goods. Sightholders are anticipating rock...Read More
LSE-listed Gem Diamonds has, in line with the Lesotho government’s three-week lockdown to combat the spread of Covid-19, temporarily placed its Letšeng mine on care and maintenance.Lesotho’s national lockdown will start on March 29 and end on April 21.AdvertisementFor the period of the lockdown, only essential maintenance will take place, with security and support staff performi...Read More
(IDEX Online) - Russian miner Alrosa is auctioning its large diamonds online, with digital scans of each stone, in response to the coronavirus pandemic.Special size auctions of all diamonds weighing over 10.8 carats regularly take place at Moscow, Vladivostok and other international diamond trading centers and attract up to 100 companies from different countries.Because of lockdowns and travel res...Read More
RAPAPORT... Three jewelry groups have joined the National Retail Federation (NRF) in its efforts to help small US retailers obtain financial aid from the government during the coronavirus shutdown.Jewelers of America (JA), the Jewelers Vigilance Committee (JVC) and the Women's Jewelry Association (WJA), along with 90 other retail industry trade groups, have signed a letter to the White House...Read More
RAPAPORT... Signet Jewelers returned to profit in the fourth fiscal quarter and recorded growth in same-store sales, as the company's turnaround plan appeared to be working before the coronavirus crisis hit.The retailer reported net income of $187.1 million for the three months ending February 1, versus a loss of $107.9 million a year earlier. Same-store sales rose 2.3%, even as total revenue...Read More
Russian miner Alrosa has launched a digital tender for special size rough diamonds weighing more than 10.8 ct.The miner decided to cancel the upcoming special size auctions, simultaneously offering customers the opportunity to take part in a digital tender if they need rough diamonds.AdvertisementThe digital tender allows customer to buy diamonds despite current travel restrictions imposed between...Read More
(IDEX Online) - Jewelry trade organizations are among 90 US groups urging President Trump to help businesses threatened by the coronavirus The signatories include Jewelers of America, Jewelers Vigilance Committee, the Women's Jewelry Association and the Tri State Jewelers Association."The economic harm from social distancing and mandatory store closures is real. Layoffs and economic hard...Read More
(IDEX Online) - The Diavik Diamond Mine in Canada is maintaining full production despite the coronavirus pandemic.But it is restricting the frequency of travel by rostering staff to work four weeks on, four weeks off. Operators Rio Tinto say they have reduced travel to and from the remote mine at Lac de Gras, 200km south of the Arctic Circle, to minimize spread of the disease.The standard two...Read More
the coronavirus pandemic in his native South Africa.Fellow billionaire Johann Rupert, whose luxury conglomerate Richemont owns Mont Blanc and Cartier, is matching the donation with his own R1bn.Mr Oppenheimer, 74, sold his 40% stake in the family diamond firm, founded by his grandfather Ernest in 1929, to the Anglo American mining group for $5.1bn in cash in 2012. In a joint statement w...Read More
(IDEX Online) - Canadian miner Mountain Province has reported further losses - CAD128.8m ($89.9m), as demand for rough dropped.The 2019 figure was well down on the CAD18.9m loss ($13.2m) for 2018, largely as a result of a non-cash impairment loss on property, plant and equipment of CAD115.8 million ($81m).That was ins spite of an "exceptional year of production" in 2019 at its Gahcho Kue, in North...Read More
RAPAPORT... Christie's has pushed back its New York and Geneva jewelry sales as the coronavirus spreads around the world.All three of the auction house's spring Magnificent Jewels sales, which generally occur between April and June, will now take place within a one-month period, according to the company's updated schedule.The New York Magnificent Jewels auction, which was due to take place in Apri...Read More
RAPAPORT... India's government has approved concessions to ease the financial situation for diamond and jewelry businesses after the country went into lockdown to curb the spread of the coronavirus.The finance ministry raised the minimum value of a default that could trigger bankruptcy proceedings for small- and medium-sizes businesses to INR 10 million ($131,160) from INR 100,000 ($1,310), t...Read More
RAPAPORT... Gemfields recorded a profit in 2019 as the cancellation of a Zambian export duty bolstered the value of the company's Kagem emerald mine.The miner earned $39.1 million for the year, compared with a loss of $60.4 million in 2018, it estimated in a trading update Tuesday. This mainly reflected the reversal of a $21.6 million impairment charge at Kagem following the government's susp...Read More