PERTH (miningweekly.com) – Diamond miner Lucapa Diamond Company has reported a 90% increase in its diamond resource carats at its Lulo operation, in Angola, on the back of an independent valuation.The company on Thursday told shareholders that external consultants Z Star Mineral Resource Consultants has estimated that the in-situ resource at Lulo stood at 80 400 carats.AdvertisementThis reso...Read More
Luxury Daily is organizing the third annual Women in Luxury 2019 conference, to be held Thursday, May 9 at the UBS Building, 1285 Avenue of the Americas, New York. Under the header of Empowered Affluence, the event "is designed to reflect the expertise and smarts of women leaders in the luxury business." The topics under discussion include: ?EUR? An indepth examination of the emerging w...Read More
Reuters reported that the precious metal palladium had passed the 1.600 per ounce mark for the first time in history this week. The significant leap in value came in the wake of the news that Russia is planning to ban the export of precious metals scrap. fuelled concerns over an already supply-constrained market. "There have been rumours that Russia would restrict exports of some scrap mate...Read More
Alrosa published the results of its special size rough diamond auction held during the recent Hong Kong International Diamond, Gem & Pearl Show. The company sold 101 stones at a total weight of 1,829 carats that generated a revenue of $10.5 million. "The auction was held as part of one of the largest jewelry exhibitions. From year to year, global diamond market participants from around the wor...Read More
South Africa's Petra Diamonds (LON:PDL) is keeping founder Adonis Pouroulis as chairman, despite some shareholders voting against his renewal at the 2018 annual general meeting.The company, which last month appointed former gold miner Richard Duffy as chief executive effective in April, said the appointment of a new chair was "not appropriate" at this time.Petra said the board and nomination comm...Read More
Low expectations for Basel show amid weak large-stonedemand and fewer diamond, jewelry and watch exhibitors. US stable, with good ordersfor commercial-quality 0.70 to 1.99 ct., G-J, SI-I2 diamonds. Shortagesdeveloping for better qualities as India cuts back production. Rough marketquiet, with deep concerns about manufacturing profitability. Alrosa 2018revenue +9% to $4.6B, profit +15% to $1.4B. De...Read More
Sentiment weak amid slowpolished trading. Foreign buyers looking for bargains and pushing for deeperdiscounts on goods below 0.50 ct. Local dealers cautious, despite boost fromrupee's rise to INR 68.6/$1. Liquidity tight due to overseas purchasers delayingpayments, and businesses settling accounts before the financial year-end. Roughmarket subdued as cutters try to reduce polished inventory and av...Read More
RAPAPORT... Fugitive jeweler Nirav Modi was arrested in central LondonTuesday on behalf of Indian authorities, the city's police said. Modi will appear at Westminster Magistrates' Court Wednesday, the Metropolitan Police said in a statement. The diamond mogul, together with his uncle, jewelerMehul Choksi, allegedly defrauded India's Punjab National Bank of $2 billion - thelargest banking frau...Read More
RAPAPORT... The Diamond Producers Association (DPA) has launched an e-learning course for retail associates, with participants getting the chance to win a trip to the New York City diamond district. The free program, titled "Behind the Brilliance ofDiamonds," is an hour-long course split into three modules, providing retailerswith educational materials to help them tell the story of a diamond...Read More
RAPAPORT... Baselworld has reduced prices for diamond exhibitors by 10%to 15%, after rising costs had prompted companies to abandon the annual show. The move ensures its prices match those of the competing GemGen??vefair, a Baselworld spokesperson told Rapaport News Tuesday. The 2019 edition of Baselworld, beginning Thursday, willstill see a 10% drop in the number of exhibitors in Hall 3, which h...Read More
The investors portal www.proactiveinvestors.co.uk published a relatively optimistic new item about Zimbabwe's economic liberalization, arguing it is proceeding with gusto. "It's not always been an easy process, to be sure, as the widespread unrest related to increased fuel prices bears witness to." The article noted that President Emerson Mnangagwa "has set out his stall, particularly on inflation...Read More
The American Society of Appraisers (ASA) has a new CEO, Johnnie White. The American Society of Appraisers is the US' oldest and only major appraisal organization representing all appraisal specialists. White is an association professional with more than 27 years serving in a variety of management and leadership roles. As CEO, he will lead ASA's continued international visibility and world-w...Read More
Petra Diamonds’ board has decided that its chairperson Adonis Pouroulis should remain in his position for now.Following a November meeting with shareholders, during which 22.12% of shareholders voted against his re-election as chairperson, the board and nomination committee considered the concerns raised by shareholders.AdvertisementHowever, Petra on Wednesday said it does not consider the a...Read More
JOHANNESBURG (miningweekly.com) – Mineral Resources Deputy Minister Godfrey Oliphant has urged diamond industry participants to remain committed to efforts to grow and sustain the industry in South Africa.Speaking at the South African Diamond Producers Organisation (Sadpo) conference last week, he said this would yield positive outcomes that would move the South African diamond industry for...Read More
International nonprofit organisation Global Witness (GW) has welcomed the World Diamond Council’s (WDC’s) response to the government-led Kimberley Process (KP) certification scheme, but says more needs to be done.The organisation pointed out in a release that the WDC had, in recent weeks, issued statements that acknowledge serious human rights concerns in the diamond mining sector, whi...Read More
A report published by Deloitte Access Economics reveals that Australian mining companies paid A$30.6 billion in company tax and royalties in 2017-18 - the equivalent of all Federal Government spending on Australian schools, universities and vocational training.According to the report, the dollar amount paid in company taxes over the past couple of years surpasses that of 2011-12, which was the pea...Read More
RAPAPORT... India's polished-diamond exports dropped 4% to $2.34 billionin February, as market weakness continued. A slide in the volume of shipmentsoutweighed a higher average price, according to data the Gem & JewelleryExport Promotion Council (GJEPC) released this week. Rough imports also decreased,indicating a slowdown in the manufacturing sector.India Trade Data for February 2019 $...Read More
RAPAPORT... With Tiffany & Co. refurbishing its flagship store on New York's Fifth Avenue, there is a buzz of speculation on how the retailer plans to make the shop more interactive and appealing to millennials, as it has vowed to do. What people may not know, however, is that Tiffany has already made a similar move in London, opening a new, modern store that strikes a different tone than...Read More
RAPAPORT... Swiss watch exports rose in February, as stockpiling in theUK prior to Brexit accounted for 80% of the industry's worldwide growth. Shipments rose 3.4% to CHF 1.8 billion ($1.8 billion) forthe month overall, following a two-month downturn. Supply to the UK surged 58%to CHF 126.5 million ($126.5 million), while those to China bounced back,rising 15% to CHF 151.1 million ($151.1 mil...Read More
The Debswana Diamond Company (Debswana), a 50/50 joint venture between the Government of the Republic of Botswana and De Beers Group, is launching its Cut-9 project, to extend the life of Jwaneng Mine to 2035. The mine is expected to yield an estimated 53 million carats of rough diamonds from 44 million tons of treated material. Debswana will invest approximately US$2 billion over the life of the...Read More