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RAPAPORT... Alrosa has embarked on a restructuring at its Mirny mining division that will allow it to reduce operating costs while limiting job losses.The Russian miner has merged the processing-plant team with several other units, thereby eliminating the need for some jobs, it said last week.The move will affect 670 of Mirny's approximately 2,600 workers, with most of them moving into vacant...Read More
RAPAPORT... Poly Auction's Magnificent Jewels, Watches and Handbags sale garnered HKD 91.9 million ($11.9 million), with a number of diamond pieces selling within expectations.A jadeite necklace with a diamond and ruby clasp was the top lot at the July 8 auction, fetching $3 million. Some 76% of lots were sold at the Hong Kong auction.Other notable items included a round brilliant-cut, 10.01-...Read More
Fastmarkets MB invited feedback from the industry in an open consultation process between June 19 and July 20 on the pricing methodology for its Northern Europe hot-rolled coil index as part of our annual methodology review process. Fastmarkets is gracious for all who took the time to respond to the consultation. Based on...Read More
(IDEX Online) - The lab-grown and mined diamond sectors have "called a truce" as they unite against the common enemy of declining demand, claims an expert writing for business magazine Forbes. More and more jewlers are now selling them side by side, argues writer and market researcher Pamela N. Danziger, as the producers of both lab-grown and mined diamond each provide a more clearly defined...Read More
RAPAPORT... Mountain Province anticipates the market for rough diamonds will start to improve toward the end of the third quarter when retailers prepare for holiday sales."While prices in the post Covid-19 period remain under pressure, the demand for rough diamonds is gradually opening up, with demand for certain categories being demonstrated," CEO Stuart Brown said last week. Covid-19 issues...Read More
(IDEX Online) - Gemist, the pioneering "try and buy" online jewelry retailer, has announced an investment from the innovation division of De Beers.The Los Angeles-based company is the first platform that allows buyers to design their own ring or earrings from a smartphone or other device.They select the stones, metals and settings of their choice and have them made to their exact specifications to...Read More
(IDEX Online) - A rare 21.52-carat Colombian emerald ring with two half-moon diamonds sold for its high estimate of $1.2m at Phillips, in Hong Kong.It was the lead item in a sale that realized a total of $6m, a 54 per cent increase on the auction house's Jewels and Jadeite sale last year.There were a record number of online bids from 20 countries, a 163 per cent increase on the previous year....Read More
RAPAPORT... The coronavirus pandemic has accelerated the use of technology in the diamond supply chain, diminishing the fear that many in the industry had toward embracing innovation, according to David Block, CEO of Sarine Technologies."The fear of utilizing technology is in many ways dissipating because of Covid-19, as people have to use it to communicate [with their customers]," Block said...Read More
RAPAPORT... Australian jeweler Michael Hill reported a sharp drop in revenue during the fourth quarter, as the coronavirus pandemic forced it to shut down most of its stores.Group sales slumped 61% to AUD 133.1 million ($93.1 million) during the three months that ended June 30, with drops across all markets, the company said last week. Same store sales - at branches open more than a year - fe...Read More
Pan American Silver has suspended operations at its Huaron and Moracocha mines in Peru after several workers tested positive for Covid-19 there, the company said on July 20."Reduced workforces will conduct care and maintenance activities at Huaron and Morococha until it is determined that normal operations can safely resume," it said.The mines, which produce...Read More
Russian multi-metal miner Nornickel has pledged 20 billion roubles ($278,080,000) to fight the impact of Covid-19 across 2020, the company said on Friday July 17.The anti-pandemic financial package will aim to tackle the fallout of the virus for both Nornickel employees and local economies in regions where the company is operative.Fastmarkets understands that Russia's Arctic region and those worki...Read More
Chinese-Australian miner MMG has issued a profit warning for the first half of this year due to the impact of the Covid-19 epidemic, the company said on Monday July 20.The copper and zinc miner expects a net loss of US$158 million for the first six months of 2020, compared to a net loss of US$81 million over the same period last year, a regulatory filing to Hong Kong bourse...Read More
Japan's Sumitomo Corp has suffered impairment losses of 55 billion yen ($513,705,000) from its investment in Madagascar's Ambatovy nickel and cobalt mine in its first financial quarter of 2020, the company said on Monday July 20.The conglomerate, which owns a majority 47.7% stake in the asset, now values Ambatovy at less than its carrying cost, and has subsequently written off a signific...Read More
The publication of Fastmarkets' assessment of the Japan aluminium 6063 extrusion quarterly billet premium, cif MJP for the third quarter of 2020 was delayed due to a reporter error.The aluminium 6063 extrusion quarterly billet premium, cif MJP, is a quarterly premium and is normally published on the third Friday of the first month of each quarter.The price should, therefore, have been publish...Read More
Brazilian copper and brass products manufacturer Termomecanica is set to take its internationalization plans further and to increase the focus on its recent investment in the aluminium business, while its chief executive officer of 22 years hands over to its former industrial operations director.Regina Celi Ven??ncio, who served for more than two decades as CEO, will give way to Luiz Henrique Cave...Read More
Declining raw material costs and continued weak demand have worked in tandem to cause cold-heading quality (CHQ) and high carbon wire rod prices to drop, sources told Fastmarkets. Fastmarkets' assessment for steel wire rod cold-heading quality, ddp settled at $36.50 per hundredweight ($730 per short ton) on Friday July 17, down 5.2% from $38.50 per cwt last month.The cost of steel scrap No1 bushel...Read More
Special bar quality (SBQ) steel prices in the United States have dropped due to reports of discounting prompted by continuing weak demand and declining ferrous scrap costs, Fastmarkets has learned. On the hot-rolled side of the market, Fastmarkets' monthly price assessment for steel bar hot-rolled special bar quality (SBQ) 1-inch round 1000 series (carbon), fob mill US fell to $31.50 per cwt ($630...Read More
Hot-rolled coil prices in the United States have held below $23 per hundredweight ($460 per short ton) while demand remained flat or declined.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $22.94 per cwt ($458.80 per ton) on Monday July 20, up by just 4 cents from $22.90 per cwt on Friday July 17 and down by 2.7% from $23.58 per cwt a week earlier on July 13. Inputs...Read More
Steel products output in Ukraine reduced by 4.6% year-on-year in January-June 2020 to 9.03 million tonnes, according to a report published by national steel union Ukrmetallurgprom on Thursday July 16.The drop in production volumes was attributed to lower demand in export outlets resulting from the Covid-19 pandemic, more strongly protectionist policies in some of the major outlet markets, lower pr...Read More