There are numerous crosscurrents running through the markets this morning, Tuesday August 18, with the base metals mainly firmer and gold rebounding strongly, while equity markets were mixed and the dollar continued to weaken.Broader US equity markets were weaker this morning following Monday's poor US manufacturing data and rising mortgage delinquencies, but the Nasdaq established a fresh record...Read More

RAPAPORT... Alrosa will enable long-term clients to refuse all their supply allocations at this month's contract sale, continuing the policy it introduced in July."We should admit that we are at the very beginning of the market recovery, which is still [tempered] by a number of external factors, including travel restrictions," Alrosa deputy CEO Evgeny Agureev said in a statement Tuesday. "To...Read More

RAPAPORT... A US court overturned a $21 million judgment previously awarded to Tiffany & Co. in its ongoing case against Costco Wholesale Corporation over use of the jeweler's name to describe generic engagement rings.A lower-court judge erred in finding Costco liable for using the name "Tiffany" on its displays, a federal appeals court ruled Monday in a 3-0 decision. The court believed "reaso...Read More

RAPAPORT... Pandora believes the challenging market will continue through the end of 2020 amid a resurgence in coronavirus cases in key business locations."[The second quarter of] 2020 will not be forgotten anytime soon," said Pandora CEO Alexander Lacik. "Covid-19 has changed our societies and challenged global brands around the world. The pandemic may leave a lasting effect on consumer behavior....Read More

RAPAPORT... Singapore-based SK Jewellery Group reported a sharp drop in earnings during the first half of 2020 as store closures and other restrictions implemented during the coronavirus pandemic impacted sales. Net profit fell 81% to SGD 514,000 ($376,256) as revenue slid 44% to SGD 39.8 million ($29.1 million) during the period ending June 30. The jewelry retailer experienced similar steep...Read More

(IDEX Online) - Tiffany has lost the latest round of its seven-year trademark battle with the warehouse club giant Costco.The New York-based jeweler has been challenging its sale of generic diamond engagement rings bearing the "Tiffany" name.Tiffany & Co was awarded $21m in damages in 2013 after a US district judge ruled that Costco had acted in bad faith by using its name to describe setting...Read More

(IDEX Online) - Pandora posted a second-quarter loss of $27.9m and warned that recent surges in COVID-19 infections would continue to stall its recovery.By contrast, the Danish jewelry retail giant, best known for its charm bracelets, made a Q2 profit of $84.3m in 2019.The pandemic forced the closure of 90 per cent of its 7,300 outlets and in Q1 of 2020 saw the company report a $3.5m loss. Revenue...Read More

The CIS export billet market was under pressure from lower bids from foreign customers early this week, Fastmarkets has heard, and trading activity on Tuesday August 18 was limited.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $397 per tonne on August 18, down by $3 per tonne day on day.Customers in Turkey were ready to pay $410 per tonne cfr for material with prompt deliv...Read More

(IDEX Online) - Alrosa will again permit zero buyouts at its August tender, in the face of continued weak demand, it said today.The Russian state-owned miner adopted the same policy last month, when rough sales plunged to just $22.7m.Buyers will have the option of visiting Alrosa's office in person this month, travel restrictions permitting, or viewing goods online.The miner maintains a price...Read More

(IDEX Online) - Indian gem and jewelry manufacturers will "meet" international buyers online as their Buyer-Seller Meet goes virtual for the first time.Organizers GJEPC say the event, using high-end cameras to showcase goods, will "give buyers an experience better than the real one".The usual live event, with face-to-face meetings, has been canceled because of the COVID-19 pandemic.The GJEPC is ex...Read More

(IDEX Online) - A number of extremely rare purple diamonds have been unearthed at the Ellendale field in Western Australia.Junior miner India Bore Diamond Holdings found fancy yellow diamonds at a large alluvial deposit, but tests by the Delta Diamond Laboratory, in Perth, revealed that many featured a highly rare and attractive purple fluorescence under ultraviolet light (see picture).Ellendale f...Read More

Domestic prices for hot-rolled coil in Northern Europe increased day on day on Tuesday August 18, with the mills pushing their offers further upward, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?424.50 ($503.41) per tonne on Tuesday, up by ?,?5.33 per tonne day on day from ?,?419.17 per tonne on Monday.The index w...Read More

RAPAPORT... The World Diamond Congress will take place in a virtual format beginning September 14, giving industry leaders an opportunity to brainstorm ways of navigating coronavirus-related challenges. The biennial event, a joint meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), was originally scheduled to take plac...Read More

Miner BHP has identified what it has termed "future-facing commodities" in which it plans to invest further, based on trends for demand growth in the medium to long term - these are copper, nickel and potash.According to the mining giant's chief executive officer, creating and securing more options in these commodities will be a priority because this will protect and grow value over the long term....Read More

The three-month zinc price on the London Metal Exchange consolidated slightly higher during morning trading on Tuesday August 18, building on a rally at Monday's close, while tin futures remained subdued over the morning. Zinc's outright price on the LME was recently trading at $2,470.50 per tonne, climbing by 0.8% from $2,442 per tonne at yesterday's close. Turnover was moderate at just over 3,70...Read More

There are numerous crosscurrents running through the markets this morning, Tuesday August 18, with the base metals mainly firmer and gold rebounding strongly, while equity markets were mixed and the dollar continued to weaken.Broader US equity markets were weaker this morning following Monday's poor US manufacturing data and rising mortgage delinquencies, but the Nasdaq established a fresh record...Read More

The annual Asia Copper Week gathering has been canceled this year due to the global spread of Covid-19, its Chilean organizer, the Center for Copper and Mining Studies (Cesco), announced on Tuesday August 18."We regret to announce the cancellation of all Asia Copper Week hosted events during ACW2020. However, we will maintain our presence during the week by offering a series of complimentary webin...Read More

Sales volumes from flat-rolled steel distributors in Brazil grew by 19.4% in July 2020, compared with figures from the corresponding month in 2019, amid lower availability from steelmakers, distributors' association Inda said on Tuesday August 18.Domestic shipments from Inda members totaled 344,000 tonnes in July, up from 288,000 tonnes a year before. Volumes also rose from 290,500 tonnes in June,...Read More

Hot-rolled coil import prices in the United Arab Emirates and Saudi Arabia continued to increase this week while demand was moderate, sources told Fastmarkets on Tuesday August 18.Buyers said they preferred to postpone booking because the recent price increases were too sharp and they expected some correction.Additionally, some buyers were in no rush to secure deals after bookings were made last w...Read More

Prices for steel rebar in the United Arab Emirates have continued to increase over the past week but buying was only moderate, market sources said on Tuesday August 18.Domestic rebarSince Monday, the country's biggest rebar producer has been offering the product at 1,830 dirhams ($498) per tonne ex-works for orders to be produced in September. This was up from 1,773 dirhams per tonne ex-works for...Read More