Gold has big year in 2020 and outlook for this year robust. Learn about monetary expansion and gold future prices.Read More
The gold futures price reached US$1,767/ounce this week before retreating, which was the second time it has surpassed US$1,760 in the past two months, marking some of gold's highest levels in several years.Read More
RAPAPORT... Michael Hill's sales rose during the holiday period, buoyed bya shift in the company's marketing strategy, it said Tuesday. The jeweler's same-store sales - at branches open for at least a year- increased 1.3% year on year during the November-to-December period,but decreased 2.9% for the second fiscal quarter overall. Although salesfell, performance improved significantly compared to t...Read More
RAPAPORT... Chow Tai Fook followed a string of major retailers observing a slowdown in greater China as same-store sales fell in the three months that ended December 31. "A decline in same-store sales was recorded for both mainland China and Hong Kong and Macau markets in the third quarter amid uncertain macroeconomic environment," the jeweler said in a trading update Monday.Same-store sales...Read More
RAPAPORT... Alrosa will resume diamond-mining operations in Zimbabwe after a two-year break from the country. The Russian miner announced it would partner with the African country to develop joint exploration and extraction projects. The announcement took place during a visit to Moscow by Zimbabwe President Emmerson Mnangagwa. "We...seek to support Zimbabwe in the development of its diamond-m...Read More
RAPAPORT... The former CEO of Dominion Diamond Mines is launching alab-grown-diamond venture targeting the bridal market, the Financial Timesreported. Patrick Evans's company will produce synthetic stones at aUS location with access to cheap solar power, the report said Sunday. It willsell diamonds above 1 carat, pricing them at a discount of 15% to 20% offnatural diamonds. Evans left Dominion la...Read More
(IDEX Online) - The Board of Directors of CIBJO, the World Jewellery Confederation, has approved the first edition of the Responsible Sourcing Book, which provides a framework and guidance for due diligence related to the responsible sourcing of gemstones and precious metals in the jewelry sector. It becomes the latest in CIBJO's Blue Book series of definitive industry guides for stan...Read More
ASX-listed Newfield Resources is, along with its technical partners PPM, SRK Consulting and Datamine, nearing completion of the front-end engineering design study for its Tongo diamond project, in Sierra Leone.The outcome of the study is expected to be released in the first quarter of this year.AdvertisementMoreover, final mine optimisation is ongoing and is set to be completed shortly.Newfield ha...Read More
RAPAPORT... Israeli exploration company Shefa Yamim has identified a newmineral while examining gemstones it had unearthed in the country. The miner has named the material carmeltazite, as it discoveredit on Israel's Mount Carmel, and its major chemical components are titanium,aluminum and zirconium, Shefa Yamim said last week. The mineral exists insidethe miner's Carmel sapphires, a type of...Read More
(IDEX Online) - ALROSA has announced it is launching operations in Zimbabwe following a visit to Moscow by President Emmerson Mnangagwa. With the support of the Zimbabwe government, ALROSA will develop new mining operations in the country. "Today we see opportunities for a new stage of our partnership," said ALROSA CEO Sergey Ivanov. "We are ready to develop new joint projects for...Read More
(IDEX Online) - Reed Jewelry Group has appointed Jim Fox to Portfolio Sales Director focused on industry and customer relations. He will be responsible for strategy, leadership and development within the JCK and Luxury sales team, as well as key account customer relationships of the jewelry industry's leading events. Jim has over 20 years of sales and business development experienc...Read More
Base metals prices on the London Metal Exchange mostly consolidated higher during morning trading on Tuesday January 15, bolstered by increased consumer demand and a weakened US dollar.Zinc was the only metal to buck the uptrend this morning, ignoring market fundamentals to trade at $2,470 per tonne, 0.5% below its support level at $2,500 per tonne. This comes despite low zinc stocks, a weak US do...Read More
(IDEX Online) - The large-scale diamond sector reforms being enacted by Angola's President Joao Lourenco to grow investment in the Angolan mining sector, will take another major step forward this month with the inaugural competitive bid sale of large and premium-quality diamonds from the Lulo mine in the Angolan capital of Luanda. The sale will mark a significant milestone for the Ango...Read More
India aluminium producer Vedanta is set to increase its primary foundry alloy and aluminium silicon t-ingot production from 30,000 to 300,000 tonnes by the end of 2019.Vedanta is increasing its output after it expanded its billet production between 2016 and 2018 from 100,000 tonnes to 450,000 tonnes in the time period.The expansion is part of an effort to grow production across the company's vario...Read More
LISBON – Angola will give the outcome of its first diamond auction on January 31 as the southwest African country’s seeks to increase transparency, attract more investment and boost government revenue, state-owned diamond-trading company Sodiam said.The evaluation of seven gemstones from Angola’s northeast Lulo mine that will be sold is expected to end between Jan....Read More
The arbitrage for copper, aluminium, zinc and nickel imported into China on Tuesday January 15*Copper -$50.87 (344.40 yuan) Aluminium -$311.41 (-2,108.47 yuan) Zinc $160.96 (1,089.82 yuan) Nickel -$215.74 (1,460.72 yuan) *Metal Bulletin calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
Three-month base metals prices on the London Metal Exchange were firmer across the board this morning, Tuesday January 15, with prices up by an average of 0.3%. Bargain hunting stepped in to take advantage of Monday's price weakness and markets received a confidence boost after China cut some taxes.The three-month copper price on the LME was up by 0.4% at $5,934 per tonne, nickel and lead prices w...Read More
RAPAPORT... Sales of Forevermark jewelry rose 8% year on year in the US in 2018, accordingto the brand's owner, De Beers.That growth is nearly double the 4.4% increase for thejewelry industry as a whole, De Beers CEO Bruce Cleaver noted in a speech to stockistsin New York earlier this month. Forevermark also reported a successful marketing campaignfor its Tribute collection, which, it said, r...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday January 15 that are worth another look.The London Metal Exchange will launch a discussion paper proposing changes to current warehouse rules, including relaxing queue-based rent capping to 80 days, chief executive officer Matthew Chamberlain said. Liberty Steel USA, a subsidiary of GFG Alliance, is considering exp...Read More
The import price for billet in the United Arab Emirates fell this week, with demand remaining poor, sources told Fastmarkets on Tuesday January 15.Domestic rebarLocal rebar producers in the UAE announced reduced prices on December 20 for material due to be shipped in January. The country's largest producer, Emirates Steel, was offering rebar at 1,899 dirhams ($517) per tonne, while Conares Steel w...Read More
CIS export prices for steel slab inched downward in the week ended Monday January 15, with lower offers and bids being heard in the market.There were few slabs offers in the Black Sea basin because February-rolling material from Ukraine was not available, Fastmarkets learned.One slab offer from a Russian supplier in the Black Sea basin was reported at $410 per tonne fob.At the same...Read More
Lithium miner Alliance Mineral Assets said on Tuesday it expected to choose final customers for half of its lithium supply in the next few weeks, after restructuring its existing agreements.Alliance, which owns the Bald Hill mine in Western Australia after buying out its partner Tawana Resources last year, said it was in talks with parties in South Korea and Japan, as well as China."We have 80,000...Read More