Canada is the world's most attractive region for mining investment, based on the combined rankings of all its provinces and territories, the latest annual global survey of mining executives released Thursday by the Fraser Institute shows.While the Maple Leaf country overtook Australia as regional destination number one, many of its provinces and territories did not fair well this year in the po...Read More
High expectations for next week's Hong Kong show as dealers maintainfirm prices for RapSpec A2+ diamonds, and jewelry sales improve during ChineseNew Year. Indian market cautious, with banks expected to tighten lending amid$1.8B fraud claim against Nirav Modi and Gitanjali. Rough trading steady ascutters increase production to fill polished shortages. De Beers2017 earnings -21% to $528M, revenue -...Read More
(IDEX Online) - De Beers' total revenue declined by 4% to $5.8 billion (2016: $6.1 billion) - as expected, given the benefit of strong midstream restocking in the first half of 2016, the miner reported. The average realized rough diamond price decreased by 13% to $162/carat (2016: $187/carat) mainly owing to a lower value mix; this was partly offset by an 8% increase in consolidated s...Read More
The Namibian mining sector hasbecome more investor friendly than South Africa, as the country hasclear policies that have been consistently applied, explains Sandton-based lawfirm Webber Wentzel partner Jonathan Veeran. Namibia has four policies governingmining and mineral prospecting: the Minerals Policy of Namibia, the Minerals Prospecting and Mining Act of 1992, the Minerals Development Fund of...Read More
(IDEX Online) - Everledger has announced the Diamond Time-Lapse Protocol, formed by the integration of the Diamond Time-Lapse initiative by Dharmanandan Diamonds, onto its existing diamond provenance traceability blockchain platform. The Diamond Time-Lapse Protocol engages everyone along the diamond supply chain including miners, dealers, manufacturers, retailers and consumers, to create an...Read More
The De Beers Group of Companies’ innovation division, De Beers Technologies South Africa (DebTech SA), has developed a novel density measurement system that can provide process plants with fast and accurate data on the material density profiles of particle samples. The availability of this data, in turn, can facilitate timeous plant adjustments that make for better plant performance and high...Read More
(IDEX Online) - The Cedex.com Initial Coin Offering (ICO) has been able to raise a substantial amount while still in the private sale stage ahead of its public pre-sale stage. A media report in Finance Magnates spoke of $20 million as having been raised. Ronen Priewer, founder of Cedex.com, told the site: "We have raised a very significant amount to this point. The early sale to priv...Read More
RAPAPORT... De Beers expects its production to hit a high point in 2018 as anumber of its mines approach the end of their life span, CEO BruceCleaver told Rapaport News. The company expects production of 34 million to 36million carats in 2018, up from the 33.5 million carats it unearthed last year.However, output will then slide to 32 million carats in 2019 and 2020, he said. The decline is due t...Read More
JOHANNESBURG (miningweekly.com) - Global diamond miner De Beers has set a production target of as high as 36-million carats for 2018.In its 2017 results announcement the Anglo American subsidiary reported a production guidance of 34-million carats to 36-million carats, which compares with 33.45-million carats produced in 2017.Advertisement"Improving global macroeconomic conditions remain supp...Read More
(IDEX Online) - Members of the Diamond Dealers Club (DDC) of New York have re-elected Reuven Kaufman as President. The other elected officials are Israel Ashkenazy as Vice-President; Abraham Einhorn as Treasurer; and Elliot Krischer as Secretary. On the Board of Directors are: Milton Basch, Fishel Beigel, Samuel Bornstein, Isaac Brown, Colin Coates, Joey Cohen, Moses Eisen, Meilech F...Read More
RAPAPORT... India holds a dominant position in the diamond industry, coming closer than any other market to spanning the entire pipeline. Besides its extensive rough and polished trade, it has made a name for itself in jewelry-making, diamond-cutting and retail. On the mining front, it still has some potential to develop its Bunder asset.But diamond manufacturing is where India exerts its greatest...Read More
VANCOUVER (miningweekly.com) – Southern Africa-focused miner Lucara Diamond Corp has reported an 8% drop in full-year profit as lower production and the sale of fewer special diamonds weighed on the bottom line.The Vancouver-based miner, which operates its flagship Karowe mine, in Botswana, reported net income of $65.1-million, or $0.17 a share, for 2017, down from $70.7-million, or $0.19 a...Read More
RAPAPORT... Reuven Kaufman has been reelected as president of theDiamond Dealers Club (DDC) of New York, a position he has held since 2011, thediamond exchange said Wednesday. Reelected officers joining Kaufman (pictured) areIsrael Ashkenazy, as vice president, Abraham Einhorn, in the role of treasurer,and Elliot Krischer, who will take on secretarial duties. The full board of directors is a...Read More
Tech giant Apple Inc (NASDAQ: AAPL) is said to be in talks to buy long-term supplies of cobalt directly from miners as a way to ensure sufficient supply of the metal, an essential ingredient in the batteries that power its iPhone.Citing anonymous sources, Bloomberg reports that the company is trying to secure contracts for several thousand tonnes of cobalt for five years or longer.Electronics and...Read More
RAPAPORT... Indian authorities have reportedly arrested five senior executivesat Nirav Modi Group and Gitanjali Gems as investigations continue into amassive fraud case involving the two companies.Punjab National Bank (PNB) has alleged the jewelersfraudulently obtained loans worth $1.8 billion (INR 113.94 billion), accordingto a complaint filed by the state bank last week. It describes how executi...Read More
RAPAPORT... The Women's Jewelry Association (WJA) has announced thehonorees for its Visionary Awards, the newest category in its Awards forExcellence. The awards, which will take place in New York in July,recognize those aimed at advancing women's equality within the industry. The eventwill mark the WJA's 35th anniversary. "The WJA board voted to introduce its Visionary Awards as away to mark ou...Read More
(IDEX Online) - The 61st Bangkok Gems and Jewelry Fair (BGJF) under the theme "Heritage & Craftsmanship" has opened. The fair is being held under the auspices of the Ministry of Commerce's Department of International Trade Promotion (DITP). The fair aims to highlight Thailand's cultural heritage and the craftsmanship of Thai artisans while setting the stage for local and international c...Read More
(IDEX Online) - India's Gem & Jewellery Export Council (GJEPC) said the "recent alleged incident of a scam by a diamantaire is of concern to the entire gem and jewelry industry", referring to the Nirav Modi affair. "The industry strongly condemns any sort of unlawful and illegal actions by any individual, trade or otherwise. It should be noted that when thousands of exporters under...Read More
RAPAPORT... Swiss watch exports grew in January, driven by higher Asian demand, the Federation of the Swiss Watch Industry reported. Exports increased 13% year on year to $1.73 billion (CHF 1.62billion) in January. Shipments to Hong Kong climbed 21% to $258.5 million (CHF242.2 million), its highest monthly rise in five years. Supply to China jumped43% to $188.7 million (CHF 176.8 million), surpas...Read More
RAPAPORT... Construction is under way to develop a diamond bourse in Surat that will house more than 4,400 diamond merchants. The complex is scheduled to be completed in 2020, and to be fullyoperational by the following year, spokespeople for the project told Rapaport News.Located near the international airport, the Surat Diamond Bourse (SDB) willconsist of nine towers covering 1.54 million square...Read More