Turkish steel producers restarted their deep-sea scrap bookings for November shipments at slightly higher prices, sources said on Thursday October 17.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $242 per tonne and 5,000 tonnes of bonus at $252 per tonne cfr.The previous Baltic Sea cargo reported by Fastmarkets was sold at $237 per...Read More
(IDEX Online) - Rio Tinto has announced that lower mining grades and reduced ore availability led to a drop in its third-quarter diamond production at its two mines.At the 100-percent owned Argyle mine in Australia, production was 7 percent lower than the same period of 2018 due to lower recovered grade. This resulted in a production level of 3.6 million carats for the three-month period ended Sep...Read More
(IDEX Online) - Platinum Guild International (PGI) has opened its first showroom in Shenzhen, China. The opening is part of the organization's strategy to target younger consumers in a country that traditionally values gold. "Research has shown that the number one barrier to acquiring platinum jewellery in recent years has been the lack of appealing designs, so PGI has worked closely wit...Read More
(IDEX Online) - CIBJO (the World Jewellery Confederation) has published a report by its Ethics Commission ahead of its Congress in Bahrain in November.Weaving it all together: an ethical status report at the end of 2019 covers topics such as the increasing number of international conventions with which members of the jewelry industry are expected to comply and recommended processes of disclosure."...Read More
RAPAPORT... Costco sold a diamond ring worth $220,000 in the fourth fiscal quarter, the membership-based warehouse retailer saidearlier this month. Executivevice president and chief financial officer Richard Galanti confirmed thesale during the company's fourth-quarter earnings call on October 3, just months after another big-ticketjewelry sale for the American multinational. The retailer noted a...Read More
RAPAPORT... Lucapa Diamond Company earned $10.4 million fromits latest sale of rough stones, bringing its total for the year to date to$45.9 million. The miner sold 5,469 carats from its Lulo mine inAngola for $5.9 million, at an average price of $1,087 per carat, it reportedThursday. This figure does not include a 46-carat pink diamond recovered lastyear that is currently being assessed for polis...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's renewables target of 175 GW capacity (100 GW of solar and 75 GW of wind) by 2022 is an ambitious endeavour. Even with significant cost declines, Wood Mackenzie expects about 76% of the target to be met by 2022 and this would s...Read More
RAPAPORT... The Diamond Empowerment Fund (DEF) has grantedits largest-ever award, to be shared among nine beneficiaries across three continents.The $470,000 training and education grant,released early last week, is designed to support girls' education,entrepreneurship and youth empowerment across India, Africa and Canada. Projects include funding for a new science,technology, engineering and mathe...Read More
(IDEX Online) - The power is still out at Firestone Diamonds plc's Liqhobong mine in Lesotho. The company said that despite attempts to resolve the problem of power fluctuations, there is not enough power to operate the mine's processing plant. The disruption is part of two-month maintenance shutdown by the Muela Hydropower Station (MHS), which supplies the mine's power. Since...Read More
RAPAPORT... De Beers will partner with two major retailers topromote Lightbox, its brand of affordable lab-grown diamond jewelry. Lightbox's $800-per-carat jewelry is set to be soldin select Bloomingdale's stores, including in New York City and San Francisco, thecompany said last week. It will also be distributed through 30 stores belongingto independent retailer Reeds Jewelers, which are primaril...Read More
RAPAPORT... Six synthetic-diamond companies have signed up for apilot program aimed at creating a sustainability standard for the sector. SCS Global Services, a third-party auditing specialist,will analyze companies' environmental, social and governance records, with thegoal of devising an independent sustainability certification for lab-growndiamonds. Crystal brand Swarovski and jeweler Helzberg...Read More
The absence of new mining projects, owing to limited exploration, continues to weigh on the future sustainability of South Africa’s once thriving mining sector, which once captured a larger share of major mining budgets.“There is simply not enough investment in new mineral exploration to take advantage of the country’s geological potential,” says a Minerals Council South Af...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.Perhaps a false sense of security had crept in. Plentiful oil supply, carefully stewarded in 2019 by OPEC+ to get the market closer to balance, and moderate prices. Rising geopolitical tension,even around Iran, seemed a nebulous...Read More
(IDEX Online) - The GIA (Gemological Institute of America) is expanding an education program that helps artisanal gemstone miners evaluate the quality of the rough they mine. The organization is committing $1.3 million to bring the program, which started in Tanzania, to Madagascar, Nigeria, Rwanda and Zambia. Working with Pact, a Washington D.C.-based international development nonprofit organ...Read More
Turkish rebar and wire rod export prices have continued to increase in line with the rising costs of imported scrap feedstock, although demand was still limited, sources said on Thursday October 17.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $405-410 per tonne on Thursday, up from the $395-400 per tonne of last week.The mills in the cou...Read More
RAPAPORT... Jean-Marc Lieberherr has resigned as CEO of the DiamondProducers Association (DPA), an organization he has led since its formation in2015. Lieberherr became the DPA's first chairman in December 2015,before taking on the role of CEO in February 2016. He will be succeeded by David Kellie, amarketing executive who has worked for Watches of Switzerland and Ralph Lauren. "We are very p...Read More
RAPAPORT... Having a workforce that is more diverse not only makes goodbusiness sense, it makes good economic sense. Companies with a more inclusiveemployee base - i.e., a greater proportion of women and ethnically/culturallydiverse individuals - are more competitive in the global market, according toresearch by management consulting firm McKinsey & Company. More diversecompanies not only...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 time is right for the mining industry to invest in new projects. The fundamentals are clear: we forecast supply gaps across a number of key commodities by 2028.Investors are understandably concerned that the mining industry will r...Read More
ASX-listed Lucapa Diamond Company and its partners Empresa Nacional de Diamantes (Endiama) and Rosas & Petalas have earned a further A$3.9-million from the sale of diamonds recovered at the Lulo mine, in Angola.Lucapa reported on Thursday that it had sold a parcel of 1 736 ct at an average price of A$2 265/ct.AdvertisementThis brought total sales for the year to date to A$50.2-million, at an a...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.Shockwaves from Tsingshan's new stainless steel hub in Indonesia are reverberating across South East Asia and beyond, according to Wood Mackenzie.“Competitively priced exports of Indonesian stainless product have provoked varyin...Read More