Trading limited but sentiment up slightly as Antwerp prepares to reopen trading floors on May 11. Select services returning to Israel Diamond Exchange. New York still on lockdown, restricting US diamond activity. 1 ct. RAPI +0.2% in April. Manufacturers curtailing rough purchases to ease liquidity pressure and focus on depleting polished inventories. Alrosa expected to reduce 2020 production guida...Read More
RAPAPORT... Mountain Province reported a loss in the first quarter as the stronger US dollar led to an increase in the miner's debts.The company posted a net loss of CAD 41 million ($29.1 million), compared with a profit of CAD 2.5 million ($1.8 million) in the same period of 2019. The appreciation of the US currency against its Canadian counterpart had a negative impact of CAD 30.8 million (...Read More
RAPAPORT... Lightbox, De Beers's lab-grown diamond jewelry brand, has delayed commissioning its new facility in Portland, Oregon, by a few months due to the COVID-19 pandemic."The building itself and plant infrastructure [are] already complete, and we are now in a phase of installing and commissioning the deposition equipment," Lightbox CEO Steve Coe said in an email to Rapaport News. "To ens...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.What does tight oil have in common with Facebook, Apple, Amazon, Netflix and Alphabet's Google stocks (known as FAANG stocks)? Answer: tight oil is arguably the upstream equivalent of these tech sector leaders. It's the hot investment...Read More
RAPAPORT... Jared will offer free virtual weddings to 1,000 couples who had to cancel or postpone their events due to the COVID-19 pandemic.The jeweler will begin holding the ceremonies, which are part of its #LoveCantWait campaign, at the end of May, it said Monday. The Signet Jewelers-owned banner will allow the couples to design a customized wedding, including selecting their own date, the...Read More
(IDEX Online) - Organizers have axed the iconic Baselworld watch and jewelry show for 2021 after an exodus of big-name exhibitors and the launch of a rival event.Its future had been in doubt since its canceled its April 2020 event because of COVID-19. Many exhibitors were angered by its refund policy of what was once one of the watch industry's top showcases, and by the January 2021 date...Read More
RAPAPORT... The organizer of Baselworld has called off the next edition of the show, scheduled for January to February 2021, following a revolt over timing and refunds.MCH Group said it had reached an agreement with exhibitors and drawn up an "amicable solution" that had gained support from industry associations."In light of the large loss of revenue due to COVID-19, and our responsibility to...Read More
(IDEX Online) - De Beers boss Bruce Cleaver says India could lose out to China and Thailand if diamond cutting does not resume soon. The CEO echoed the message of an open letter he penned earlier this week, in which he said the supply of rough diamonds must flow freely again as soon as possible.That puts him starkly at odds with industry leaders in Surat, who have asked for a month-long volun...Read More
(IDEX Online) - Alrosa has halted almost all its diamond cutting operations, saying there is currently no market because of COVID-19.CEO Sergey Ivanov said around 1,000 workers had been put on paid, enforced downtime.The Russian state-owned miner has a factory in Moscow that cuts larger stones and one in Barnaul, Siberia, for two-six grainers. They jointly sold over $95m of polished goods in 2018....Read More
JOHANNESBURG (miningweekly.com) – A full bench has heard the application for a judicial review of certain aspects of the Mining Charter gazetted in September 2018.Judge President Mlambo, judges Vally and Van Der Schyff reserved judgment on the application lodged by the Minerals Council South Africa on March 27, 2019, when the 180-day time limit came into effect for reviews under the Promotio...Read More
RAPAPORT... Signet Jewelers has reopened more than 130 US stores and is planning to unlock up to 50 more doors in time for Mother's Day as some states are allowing retailers to do business again. The company, which owns Kay Jewelers, Jared and Zales, has implemented initiatives to help it continue selling during the coronavirus pandemic, Bill Luth, Signet's executive vice president of global...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country's growth outlook at risk. The full scale and impact of the outbreak remain to be seen, but it is cer...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this means for the power, coal, gas and LNG, and oil products sectors.Impact on power and coal...Read More
Russian diamond major Alrosa on Tuesday announced that it would temporarily suspend mining works at two operations, citing a decrease in demand and sales as major economies are struggling amid the Covid-19 pandemic. Mining will cease at the Aikhal underground mine from May 15 to September 30 and the Zarya openpit will be put on care and maintenance from May 15 to December 31.AdvertisementAlr...Read More
The three-month zinc price on the London Metal Exchange maintained upward momentum at the close of trading on Thursday May 7, settling above the nearby $2,000 per tonne resistance level for the first time in over a month, while steady buying in copper saw price action similarly incline over the afternoon. Zinc's underlying price on the LME closed at $2,003.50 per tonne at the 5pm London close on T...Read More
United States-based Ball Corp expects to slightly delay beverage packaging growth projects in Europe and Brazil as a result of the impacts of the Covid-19 pandemic. The metals packaging and aerospace supplier said projects for multiple beverage can line additions will be executed across its existing European plant network in 2020 and beyond to meet demand recovery, but that certain work has been d...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has become the latest bourse to revive operations, as trading centers around the world slowly return to action following lockdowns.Facilities including banks, the post office, customs, the diamond controller's office and the Brinks safety-deposit room opened on Sunday after being partially or entirely closed for several weeks, the IDE said this we...Read More
Key information from the pricing session for Fastmarkets' alumina index, fob Australia on Thursday May 7. Fastmarkets' daily alumina index, fob Australia was little changed at $241 per tonne on Thursday from $241.37 per tonne a week ago. Key drivers: Majority of market sees $240 per tonne as repeatable after multiple deals were concluded around this level last week. The most recen...Read More
The US Department of Commerce has initiated anti-dumping and countervailing duty investigations into imports of pre-stressed concrete steel wire strand from 15 countries. Argentina, Colombia, Egypt, Indonesia, Italy, Malaysia, the Netherlands, Saudi Arabia, South Africa, Spain, Taiwan, Tunisia, Turkey, Ukraine and the United Arab Emirates will be investigated for dumping, and Turkey will be invest...Read More
Declining market activity due to the ongoing Covid-19 pandemic and competitively priced imports worked in tandem to lower steel reinforcing bar prices in the United States, market participants said. Fastmarkets' price assessment for steel reinforcing bar (rebar), fob mill US narrowed lower to $29-29.50 per hundredweight ($580-590 per short ton) on Wednesday May 6, down from $29-30 per cwt pre...Read More