Stornoway Diamond (TSE: SWY) finished the 2018 calendar year with less production and revenue and more losses. Total net loss for the year was $329.4 million or $0.39 per share, compared to a net loss in 2017 of $114.2 million or $0.14 per share.The company pointed out that those numbers include a non-cash impairment of $83.2 million, a deferred income tax expense of $77.4 million, and $227.1 mill...Read More
South African mining companies are challenging parts of a government charter aimed at redistributing the country's mineral wealth, saying it will deter new investment in the industry.The charter is in breach of a court order issued last April, which ruled that previous versions of the regulations didn't require miners to top up black-shareholding levels if they previously met a minimum 26 percent...Read More
Africa-focused Firestone Diamonds (LON:FDI) has put plans to extend the life of its 75%-owned Liqhobong mine in Lesotho on the back burner, saying that current market conditions don't support the project.The company, which reported 2019 interim results on Thursday, managed to limit its losses in the six months to December 31, 2018, despite a global price slump for smaller, lower-value diamonds.Fi...Read More
RAPAPORT... Eurostar Diamond Traders, one of the biggest names in theAntwerp industry, has entered bankruptcy following a legal battle with itsbanks. The Antwerp Corporate Court ruled Thursday in favor of thatoutcome. Eurostar plans to appeal the decision, according to the company'schairman and founder, Kaushik Mehta. "For Kaushik Mehta and Eurostar, this is a verydisappointing day, which he...Read More
RAPAPORT... The Gemological Institute of America (GIA) is rolling out a new grading report that will highlight the country from which a diamond was recovered. The company will issue the Diamond Origin Report for stones that were submitted to the lab for analysis in rough form and again as a polished stone, so that it can match the two and confirm the country of origin. "In recent years, there has...Read More
Sentiment weakens after soft first quarter. Dealers avoiding large inventorypurchases, and manufacturers reducing supply. Miners bracing for tough year as first-quartersales decline an estimated 30%. Rough market under pressure, with some analystsoptimistically predicting flat rough prices in 2019. Sightholders hoping profitmargins will improve after next week's sight. Baselworld announces price c...Read More
Domestic market slow, with fewer overseas dealers inMumbai. Buyers pushing for deeper discounts on diamonds below 0.50 ct. andabove 3 ct. Good US and Chinese demand for nice SIs. Liquidity tight as dealerssettle accounts ahead of March 31 financial year-end. Manufacturers maintaininglow polished production, after reduced first-quarter rough purchases. RoundRead More
RAPAPORT... Christie's will offer a historic tiara belonging to PrincessAlexandra of Hanover and Cumberland at its Geneva Magnificent Jewels sale inMay. The headpiece, which Faberg?(C) made in 1904, was commissionedby Frederick Francis IV, the grand duke of Mecklenburg-Schwerin, as a weddinggift for his bride. The grand duke chose Faberg?(C) on the encouragement of hismother, Grand Duchess An...Read More
RAPAPORT... Rough-diamond prices will remain sluggish this year as themarket challenges that arose in the second half of last year are set to continue,two investment banks have warned.Prices are likely to drop 1% to 2% in the first half of2019, before recovering to end the year flat, analyst Kieron Hodgson atLondon-based Panmure Gordon said this week. Prices rose 2% last year due to astrong first...Read More
RAPAPORT... The 13th episode of the Rapaport Diamond Podcast reflects onlast week's arrest of Nirav Modi in central London, as well as other key recentstories in the industry.The Rapaport editorial team assesses the impact of the $2billion bank fraud in which the Indian jeweler allegedly participated, and whatto expect next in the high-profile case. We also analyze mixed 2018 earnings from Tiffany...Read More
Since establishing a footprint in Botswana in 1991 to cater to the siteaccommodation needs of mines, modular building supplier Speedspace Botswana hasexpanded its operations by opening a new satellite branch in Letlhakane, in northern Botswana. Operations at the new branch, which Speedspace Botswana country manager Kyle Wasserfall says is “ideally situated within 15 km to 20 km of four diamo...Read More
Stability and policy and regulatory certainty, as well as the rebuilding of trust, have been the key themes in Mineral Resources Minister Gwede Mantashe’s first year in office.When, on February 27, 2018, he took the reins of a government department that oversees one of the most difficult and fragmented industries in South Africa, Mantashe, a former mineworker and union leader, found an indus...Read More
On March 5th, exactly 11 years to the day that De Beers Canada took control of operations at Victor Mine, the final haul truck brought the last load of ore from the pit to mark the end of mining activities at Ontario's first and only diamond mine. The honour of driving the last truck went to Nancy Wesley, of Kashechewan First Nation. She worked at Victor for 11 years, as a haul truck driver, dozer...Read More
RAPAPORT... Eurostar Diamond Traders, one of the biggest names in theAntwerp industry, has entered bankruptcy following a legal battle with itsbanks. The Antwerp Corporate Court ruled Thursday in favor of thatoutcome. Eurostar plans to appeal the decision, according to the company'schairman and founder, Kaushik Mehta. "For Kaushik Mehta and Eurostar, this is a verydisappointing day, which he...Read More
The last truckload of kimberlite from Ontario's first and only diamond mine has left the pit. De Beers Canada said mining ceased at Victor mine on March 5 - 11 years to the day after the official opening in 2008.The honour of driving the last truck went to Nancy Wesley, of Kashechewan First Nation. She worked at Victor for 11 years, as a haul truck driver, dozer operator and production drill opera...Read More
Mining companies have requested a judicial review of South Africa's 2018 mining charter to change clauses related to transactions made in the past to increase black ownership, an industry body said on Wednesday.In a bid to rectify the wealth disparities of apartheid more than two decades after the end of white minority rule, South Africa has demanded that a proportion of a mining company's shares...Read More
RAPAPORT... A fancy-intense-blue diamond ring with an estimate of $2.5million to $3 million is on track to be the top seller at Sotheby's Magnificent Jewels auction in NewYork next month. The cut-cornered square modified brilliant-cut, 3.24-caratstone, flanked by two pear-shaped diamonds, will go under the hammer at the April17 sale, Sotheby's said Wednesday. Other notable pieces include a p...Read More
RAPAPORT... Silver-jewelry sales rose for the 10th consecutive year in 2018,according to research by the Silver Promotion Service (SPS). Some 52% of US jewelry retailers participating in the survey reported higher sales, withthe majority noting double-digit increases, the SPS reported. Younger customers and femaleself-purchasers were important sources of revenue, the jewelers noted....Read More
RAPAPORT... De Beers has sent out the final ore-haul truck from itsVictor mine in Canada, exactly 11 years to the day after the site's opening. The last load was driven by Nancy Wesley, who has worked asa haul-truck driver, dozer operator and production-drill operator at the minesince it opened, the company said last week. During the course of its operation, the mine was expandedfrom a 5-met...Read More
RAPAPORT... Baselworld will reduce booth prices by 10% to 30% at next year'sshow and move diamond dealers to a more attractive location, organizers have confirmed. Management will reopen Hall 2, which was empty at the 2019show, and place gem and pearl exhibitors in that area together with a newinnovation zone dedicated to smart watches and wearable devices. The plan asit stands would see the innov...Read More