(IDEX Online) - ALROSA, the world's leading diamond miner in volume terms, has revised downwards its guidance for 2018 sales to 37 million-38 million carats due to weaker demand for small-size rough diamonds in the second half of this year. The key highlights for the first nine months of this year are: Revenue increased by 11% on the back of higher price index and average diam...Read More
RAPAPORT... The future of US manufacturing is the focus of RapaportMagazine's November cover feature, with interviewees from across theindustry lending their views on the matter. US companies are increasingly sending work to overseasmanufacturers for cost reasons. Reversing that trend requires a multi-prongedapproach, jewelers say. "Bringing manufacturing back to the United States ispossible...Read More
Turkish steel producers continued to book deep-sea scrap for December deliveries with slightly lower prices on Thursday November 8.A steel mill in the Marmara region booked a US cargo, comprising 33,000 tonnes of HMS 1&2 (80:20) at $338 per tonne, 5,000 tonnes of shredded at $343 per tonne and 2,000 tonnes of bonus at $348 per tonne cfr, late on November 7.On Thursday, another...Read More
(IDEX Online) - The American Gem Society (AGS) has announced its keynote and featured speakers for its annual Conclave to be held in Seattle from April 8-10. This year's lineup includes: Monday: The Opening Session lunch kicks off with Dan Thurmon, a speaker, author, and performer. Dan is president of Motivation Works, Inc. and author of Success in Action. His presentation juxtaposes...Read More
Tsodilo Resources has received the results of an independent modelled grade and diamond value for an aggregate 77.94 ct parcel of 502 commercial size diamonds.These were recovered during large diameter drilling (LDD) from four kimberlite units at the BK16 kimberlite pipe, in the Orapa Kimberlite Field (OKF), in Botswana.AdvertisementThe current LDD sample average price is $176.44/ct, derived from...Read More
RAPAPORT... Pandora has lowered its revenue expectations for the thirdtime this year following a disappointing quarter, and will implement a new programto cut costs. The Danish retailer had an "unsatisfactory" third quarter,with global sales down 4% year on year to DKK 4.98 billion ($761.5 million). Theretailer has therefore reduced its full-year revenue-growth outlook to between2% and 4%, fr...Read More
RAPAPORT... Chinese e-commerce giant Alibaba will collaborate with theAntwerp World Diamond Centre (AWDC) to bring Belgian diamonds to Chineseconsumers. Through the partnership, Shape of Antwerp diamonds will besold exclusively on the Chinese retailer's Tmall online marketplace. "Chinese consumers love Antwerp diamonds, and China is thesecond-largest market in the world for polished diamonds...Read More
Steel billet import prices in Egypt increased in the week to Thursday November 8, but demand for rebar was still weak in the country.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $480-490 per tonne cfr on Thursday, compared with $477-480 per tonne cfr last week.Billet producers in the Commonwealth of Independent States (CIS) increased their prices because of the hig...Read More
Botswana Diamonds has concluded a mining contract with Palaeo Minerals, covering both bulk sampling activities and future full-scale mining, at the Thorny River project, in South Africa.Palaeo is an experienced mining contractor that operates in South Africa and Zimbabwe.AdvertisementThe contract will enable Botswana Diamonds to self-fund the Thorny River project from bulk sampling through to mine...Read More
The latest news and price moves to start the Asian day on Friday November 9.London Metal Exchange prices for tin. lead and zinc stepped higher at the close of trading on Thursday November 8, with tin the most significant gainer. Read more in our live futures report.Here is how prices looked at the close of trading:Hydro's Alunorte alumina refinery in Brazil will continue to run at 50% capacity fol...Read More
RAPAPORT... Global demand for gold jewelry rose 6% year on year to 535.7tonnes in the third quarter, as reduced prices drove consumer purchasing, theWorld Gold Council (WGC) said. Orders for gold jewelry in India climbed 10% to 148.8 tonnesin the three months ending September 30, as the price of gold dipped to itslowest level since January. In addition, the sharp growth was also due to relati...Read More
RAPAPORT... A rare Kashmir sapphire necklace could set a new auctionworld record when it goes under the hammer at Christie's Hong Kong sale onNovember 27.The Peacock Necklace - which will lead the Magnificent Jewels auction- contains 21 cushion-cut Kashmir sapphires weighing a total of 109.08 carats.The piece, with its 10.56-carat center sapphire, is estimated at $12 million to$15 million, ma...Read More
The London Metal Exchange has adjusted its fee structure after feedback was received from a market-wide consultation begun in August, issuing amendments to existing product fees in addition to its new services, it said in a note to members on Monday November 5.Following the decision indefinitely to maintain discounted short-dated and medium-dated carry fees, the LME has introduced new fees for exi...Read More
Comex copper prices fell to a one-week low on Thursday morning in the US amid a stronger dollar and a lack of fresh catalysts.The copper price for December settlement on the Comex division of the New York Mercantile Exchange declined 2.75 cents to $2.7270 per lb. Earlier in intraday trading, the contract touched a low of $2.7030 per lb, the weakest...Read More
Global mining and metals deal appetite could be poised for a rebound in the next 12 months, according to a report by consultancy group EY. The 19th EY Global Capital Confidence Barometer (CCB) found that 58% of global mining executive respondents intend to pursue mergers and acquisitions (M&A) in the next 12 months, compared with an average of 46% across all sectors. The focus in 2018 is shifting...Read More
The latest metal markets news and price moves to start the North American day on Thursday November 8.The latest metal markets news and price moves to start the North American day on Thursday November 8.Base metals on the London Metal Exchange were mostly lower during morning trading, with a stronger US dollar and resurfacing US-China trade tensions adding downward pressure to...Read More
This afternoon the Federal Reserve concluded this month's Federal Open Market Committee (FOMC) meeting. Immediately following the conclusion of today's meeting, the Fed released a statement. There was no press conference held after the meeting. However, Chairman Powell has stated that next year every meeting will conclude with a press conference. "The labor market has continued to strengthen and...Read More
While US rebar prices remain stable, rising raw material costs and a tightening supply outlook in the colder months could provoke a price increase before the end of the year, according to market participants.Fastmarkets AMM's price assessment for domestic rebar held at $35-36 per hundredweight ($700-720 per short ton) fob Midwest mill on Wednesday November 7, unchanged since mid-April. Meanwh...Read More
Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) maintained its third-quarter sales level after selling its rolling mill in the United States, its Wednesday November 7 earnings report said.Total sales for the country's third-largest flat steelmaker by volume fell from July to September to 1.29 million tonnes from 1.30 million in the same quarter of 2017, a drop of 0.8%. But whi...Read More
(Kitco News) - October’s equity correction, the biggest drop since the 2008 financial crisis, wasn’t enough to derail the Federal Reserve’s plan to gradually raise interest rates.As expected, the Federal Reserve left interest rates unchanged following Thursday’s monetary policy meeting; however, many economists noted that the central bank did not mention at all October&rsqu...Read More