Copper has attempted to rebound since early September following a marked sell-off in the summer months where macro and fundamental forces have been prevalent.On the macro front, copper has benefited from a slight easing in US-China trade tensions and more monetary policy easing across the globe - including China, where copper consumption is the most exposed - that has shored up investor sentiment....Read More
Here are five Fastmarkets MB stories you might have missed on Friday November 22 that are worth another look.Prices in Southeast Asia's steel billet market rose in the week to November 22 as Chinese buyers continued to snap up material in the spot market, sources told Fastmarkets.Japanese and Korean copper smelters are likely to follow the contract for 2020 treatment and refining charges (TC/RCs)...Read More
RAPAPORT... Gemfields raised $27.2 million at its November sale, capping offthe miner's second-highest annual results in 10 years. "[The company] has realized $79 million of auction revenuesin 2019, the second-best calendar year performance since the auction system wasintroduced a decade ago," Gemfields managing director Adrian Banks said Friday. The miner sold 320,000 carats of rough emerald...Read More
RAPAPORT... Two of the top US department stores noted strong jewelrysales in the third fiscal quarter, even as their overall sales disappointed. "In terms of specific results, our top-performingmerchandise categories in the quarter included fine jewelry, footwear, men'sand women's apparel," J.C. Penney chief financial officer Bill Wafford saidlast week on an analyst call transcribed by Seekin...Read More
RAPAPORT... The definition of a conflict diamond will remain unchanged, despite a three-year effort to broaden the mandate of the Kimberley Process (KP). Government representatives were not able to reach the required consensus on the issue at last week's plenary meeting in New Delhi, India. The meeting on November 22 marked the end of the KP's three-year review period, thus presenting a final...Read More
RAPAPORT... Gem Diamonds has recovered two diamonds weighing more than100 carats from its Let??eng mine in Lesotho. The miner found a 120-carat, high-quality, white, type IIa diamond onNovember 20, and a 125-carat, low-quality stone on November 19, it said. The stones are the ninth and 10th of that magnitude for the company so farthis year. It recovered five high-quality white stones and thre...Read More
(IDEX Online) - Attempts to strengthen the scope of the Kimberley Process (KP) failed at the recent KP plenary after government representatives failed to reach a consensus.Despite the lack of progress, the World Diamond Council (WDC) said it continued to be committed to advocating for change. WDC president Stephen Fischler called the failure to achieve consensus, "a missed opportunity to enhance t...Read More
(IDEX Online) - LVMH has raised its bid for U.S. jewelry chain Tiffany & Co to almost $16 billion, according to reports by Reuters. Earlier this month, Tiffany turned down the French luxury group's $120-per-share offer, arguing that the company is worth more.Reuters quoted sources that said Tiffany agreed to give LVMH access to its books. They also said the jewelry company plans to contin...Read More
(IDEX Online) - A direct-to-consumer fine jewelry brand that uses lab-grown diamonds and recycled gold has received $1.2 million in seed funding. Kima?? ?, which has been worn by the Duchess of Sussex Meghan Markle, Emma Watson and Jessica Alba, aims to bring "transparency, innovation and inclusivity to a consciously minded generation of consumers." Kima?? ? handmakes it pieces in Antwerp, us...Read More
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