JOHANNESBURG – When South Africa’s State-owned utility announced record power cuts on Monday afternoon, Impala Platinum Holdings had two hours to hoist thousands of workers from 1 km deep shafts.The deepening crisis at debt-ridden Eskom Holdings shut down South Africa’s key mining industry for 24 hours, hitting gold and platinum producers that had been enjoying a renaissance on t...Read More
RAPAPORT... Diamond manufacturers will consolidate in the coming years to avoid being further squeezed by miners and retailers, Bain & Company predicted in its annual report on the industry.The forecast stems from the midstream becoming anincreasingly weak part of the supply chain while retailers and rough producers haveimproved efficiency. This has resulted in manufacturers becoming "pri...Read More
RAPAPORT... With the holiday season well under way, the Rapaport Diamond Podcast debates different trends taking shape in the retail space. The discussion spans personalization, omnichannel, effective storytelling, being more open-minded, and the need to move away from our reliance on Christmas.In addition, news editor and host Avi Krawitz, senior reporter Joshua Freedman, editor-in-chief Sonia Es...Read More
South Africa’s mining output declined by 2.9% in October, following a 0.6% year-on-year decrease in September.Nedbank says this was the third consecutive month of yearly contraction for the sector.AdvertisementOn a month-on-month seasonally adjusted basis, output grew by a modest 1% in October.The main drivers of the year-on-year production decline in October were copper, diamonds and mangan...Read More
RAPAPORT... De Beers has reduced its production outlook for next year and beyond amid uncertainty about the health of the diamondmarket.The miner now expects to recover between 32 million and 34million carats in 2020, compared to its earlier outlook of 33 million to 35million carats, parent company Anglo American said Tuesday. Its output is forecastto rise to between 34 million and 36 million cara...Read More
RAPAPORT... A blue diamond ring by Tiffany & Co. was the top sellerat Phillips' New York sale, leading the $5.4 million auction. The cut-cornered square modified brilliant-cut, 3.02-carat,fancy-intense-blue, VS2-clarity diamond ring fetched $1.6 million, against apresale estimate of $1.5 million to $2.5 million at Monday's New York Jewels sale. A fancy-color diamond and gold necklace feat...Read More
(IDEX Online) - Production at Petra Diamonds' South African mines has been hit by ongoing rolling power cuts across the country. Following a request by Eskom, the South African electricity utility, Petra halted produced, hoisting and processing at the Cullinan, Finsch and Koffiefontein mines on December 9. On December 10, Eskom downgraded the situation from the unprecedented Stage 6...Read More
(IDEX Online) - Anglo America, parent company of De Beers Group, has cut its diamond production forecast for 2020 to 32-34 million carats. Previously, output for full year 2020 was anticipated to be 33-35 million carats.The company announced the reduction during an investor update call.De Beers' production forecast for 2021 has also been reduced to an estimated 24-36 million carats, down from...Read More
Diamond miner De Beers has launched its Forevermark jewellery brand in Belgium, through a partnership with jeweller Gautam Diamonds.Forevermark jewellery is now available in Gautam stores in the historic Grand Place/Grote Markt and Galerie de la Reine/Koninginnegalerij, as well as in three Antwerp Diamonds by Gautam stores in Brussels Airport.AdvertisementThe launch brings the total number of coun...Read More
(IDEX Online) - The industry has been rocked by the news of two violent crimes against jewelers in Florida and California. In the first incident, which took place in Costa Mesa, California on December 4, 65-year-old Pierre Maalouf left his store, the Diamond and Jewelry Exchange, around 6:30 p.m., and was walking to his car with some merchandise and jewelry. He was approached and a...Read More
(IDEX Online) - Forevermark, the diamond brand from the De Beers Group, is now available in Belgium thanks to a tie-up with Gautam Diamonds. The new partnership means the branded jewelry will be available to purchase from the historic Grand Place/Grote Markt and Galerie de la Reine/Koninginnegalerij stores in the city and in three Antwerp Diamonds by Gautam shops in Brussels Airport.With the...Read More
JSE-listed Harmony Gold has resumed shifts at its nine South African underground gold mines from Tuesday afternoon, after power utility Eskom had returned to lower stages of load-shedding. London-listed Petra Diamonds also resumed its South African mining operations on Tuesday, albeit at a 20% load curtailment.AdvertisementThe power utility on Monday implemented Stage 6 load-shedding for the...Read More
LONDON – The glut that’s depressing the diamond market will last another year, according to industry consultant Bain & Co.The inventory backlog will probably be cleared in the beginning of 2020, but it will take some time for the market to fully recover, Bain said in a report released on Wednesday. Bank financing to the industry’s midstream – the traders that buy rough...Read More
RAPAPORT... A blue diamond ring by Tiffany & Co. was the top sellerat Phillips' New York sale, leading the $5.4 million auction. The cut-cornered square modified brilliant-cut, 3.02-carat,fancy-intense-blue, VS2-clarity diamond ring fetched $1.6 million, against apresale estimate of $1.5 million to $2.5 million at Monday's New York Jewels sale. A fancy-color diamond and gold necklace feat...Read More
MOSCOW – Angola's major new Luaxe diamond deposit may start trial mining in mid-2020 and could produce one-million carats of diamonds worth $90-million in 2020, Russian diamond producer Alrosa said.Angola's state-controlled diamond miner Catoca and Alrosa found Luaxe's Luele pipe in 2013. Catoca has spent $200-million studying and developing it further and has said the pipe may t...Read More
RAPAPORT... Alrosa's sales rose 5% year on year to $287.8 million inNovember, as the manufacturing sector began to rebound, the Russianminer said Tuesday. The monthly sales are the highest the company has reportedsince April, and the fourth highest of the year. "November sales growth [is] evidence that [the] midstreamsector, specifically in India, is on track to restore its balance," sa...Read More
RAPAPORT... A pair of blue diamond earrings fetched just under $1.3 million atBonhams' New York Jewels sale, beating its high estimate. The set features a marquise-shaped brilliant cut,fancy-intense-blue diamond with VS1 clarity, weighing 1.81 carats, and anoval-shaped modified brilliant-cut, fancy-blue diamond, weighing 1.62 carats. Thosestones are topped by two cushion-shaped modified brill...Read More
RAPAPORT... The Diamond Empowerment Fund has changed its name to Diamonds Do Good to simplify its identity within the industryand resonate more with consumers. The move, announced last week, is designed to align theorganization's branding in the trade with the way it is already recognized by thepublic. "We refer to ourselves as Diamonds Do Good to consumers," vice president and executive dir...Read More
RAPAPORT... Gem Diamonds has recovered a 114-carat yellow diamond at itsLet??eng mine in Lesotho, the fourth of that color above 100 carats this year. The miner found the type I stone on Monday, a week afterunearthing a 93.5-carat, high-quality white stone. Two weeks ago, Gem Diamondsrecovered two stones weighing more than 100 carats from the deposit. The miner alsofound a similar-sized yello...Read More
RAPAPORT... Petra Diamonds has had to put operations on hold at itsthree South African mines, due to a restriction on power usage enforced by the local electricity provider. Eskom has told the miner to limit its power usage to "essential loads," Petra said Monday. As a result, Petra has halted production, hoisting and processing at its Cullinan, Finsch andKoffiefontein deposits, and removed a...Read More