Steel billet prices in major global markets resumed their downtrend or remained stable during the week from Monday October 15 to Friday October 19, with few deals concluded and importers generally staying out of the market.China was the exception, with its domestic prices strengthening amid lower inventory levels within the country.AsiaImport prices for steel billet in Southeast Asia were flat dur...Read More
The Yukon Minister of Energy, Mines, and Resources Ranj Pillai said this week at the provincial legislature that Yukon Zinc might sell its Wolverine Mine very soon.According to Pillai, his office has been backing a weeks-long process that involves the sale of the zinc, silver, copper, lead and gold asset to an undisclosed buyer. The mine is located southeast of Ross River. It has been closed since...Read More
Investing.com - Market players are likely to stay focused on global supplies in the week ahead, after oil prices suffered their second consecutive weekly loss, driven lower by indications of swelling U.S. crude stockpiles.U.S. oil inventories climbed 6.5 million barrels last week, almost triple the amount analysts had forecast, the U.S. Energy Information Administration said on Wednesday.It was th...Read More
* Washington prepares to reimpose sanctions on Iran* Mnuchin dismisses concerns about rise in oil prices* U.S. in talks with SWIFT on disconnecting Iran* U.S. adamant no sanctioned transactions occurBy Lesley WroughtonJERUSALEM, Oct 21 (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Sunday it will be harder for countries to get waivers on Iran oil sanctions than during the Obama adminis...Read More
Investing.com - This week precious metals traders will continue to watch developments in equity markets and monitor geopolitical risks after gold prices notched up a third week of gains.Investors will also be focusing on Friday’s data on U.S. third quarter growth, while monetary policy decisions from the European Central Bank and Bank of Canada will also be closely watched.The GDP data is ex...Read More
RAPAPORT... The US jewelry industry contracted again in the thirdquarter as more businesses left the sector than joined it, according to theJewelers Board of Trade (JBT). The number of recorded jewelry businesses fell 4.7% versusthe same period a year ago to 25,268, continuing the trend of the last fewyears, according to data the credit-information provider released Friday. The closure rate slippe...Read More
RAPAPORT... Carat+ has called off its upcoming fair indefinitely, citingwaning interest in the Antwerp diamond show from exhibitors and visitors, itsaid Friday. "We were looking forward to the third edition of the event,"Carat+ directors Filip Van Laere and Dirk Blommaert said in a joint statementFriday. "However, being confronted with declining commitment of buyers andsellers as exhibitor or...Read More
Angola's head of presidential security, Minister Pedro Sebastiao, said this weekend that some 380,000 illegal migrants, mostly from the neighbouring Democratic Republic of Congo, have left his country in the past month due to the massive, government-led 'Operation Transparency' which is targeting diamond smuggling.According to Sebastiao, diamonds worth more than $1 million had been seized in the c...Read More
RAPAPORT... Chinese retailer Laelim Jewelry and Belgian manufacturer IGCGroup will collaborate to test the Gemological Institute of America's (GIA) M2Mtraceability program. Laelim is the first Chinese jeweler to participate in the project, it said last week. The two companies are also the first retailer-manufacturer duo touse the program, which tracks diamonds from mine to market, theGIA note...Read More
RAPAPORT... Sales rose sharply at Hong Kong-based jewelers Chow Tai Fook and Luk Fook in the second fiscal quarter, boosted by strong consumer demand,the lower price of gold and higher tourism rates.Retail sales at Chow Tai Fook jumped 25% year on year inHong Kong and Macau in the three months ending September 30, while same-store sales- at branches open for at least year - surged 23%, the jeweler...Read More
RAPAPORT... The UK will temporarily be unable to import and export roughdiamonds if the nation leaves the European Union without an exit deal, thegovernment has warned. The UK is currently a member of the Kimberley Process (KP) byvirtue of its being in the EU, enabling it to trade internationally in roughdiamonds. However, once so-called Brexit goes into effect on March 29, it will need to join th...Read More
RAPAPORT... Three watchmakers have reportedly statedtheir intention to leave Baselworld following Swatch Group's exit from the Swissshow. Zurich-based Maurice Lacroix will not participate in the 2019 event, a Baselworld spokespersonconfirmed to Rapaport News. Corum and Raymond Weil have also chosennot to attend, citing the high cost of exhibiting and claiming the trade showlacked fresh ideas...Read More
Angola's head of presidential security, Minister Pedro Sebastiao, said this weekend that some 380,000 illegal migrants, mostly from the neighbouring Democratic Republic of Congo, have left his country in the past month due to the massive, government-led 'Operation Transparency' which is targeting diamond smuggling.According to Sebastiao, diamonds worth more than $1 million had been seized in the c...Read More
The owners of miner Coronado Global Resources Inc. raised about A$774 million ($550 million) in Australia's biggest coal initial public offering after selling securities at the bottom end of the marketed range.Chess Depository Interests were sold at A$4 each, Coronado said Sunday. The CDIs were offered at A$4 to $4.80 apiece, according to a prospectus issued late last month. The bookbuild for the...Read More
It took more than seven years for automakers to sell 4 million passenger electric vehicles. It'll take about six months to sell the next million.That surging demand is transforming the lithium-ion battery business, with more power packs expected to be installed in EVs this year than in consumer electronics, according to Bloomberg NEF. China, where subsidy-toting drivers own a third of the world's...Read More
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