News
Richemont, Signet in talks to join De Beers consortium – report
Luxury group Richemont and US retailer Signet Jewelers are in advanced talks to join the Global Diamond Consortium (GDC) bidding for De Beers, according to five people familiar with the matter, Bloomberg reports.
Today
Silver market deficit to widen in 2026 - report
In the latest World Silver Survey prepared by the Silver Institute and Metals Focus, the global silver market deficit is forecast to widen for the sixth consecutive year to 46.3 million ounces.
Today
Tharisa signs PGM offtake deal with Valterra Platinum, expands chrome collaboration
South Africa’s Tharisa has entered a binding arrangement for the sale of PGM concentrate to Rustenburg Platinum Mines, a subsidiary of Valterra Platinum, effective 1 January 2027.
Today
Botswana, De Beers suitor near deal on ownership stakes – report
Botswana and a consortium leading the race to acquire De Beers are close to agreeing on their future ownership stakes, potentially clearing the way for Anglo American to exit the diamond miner, according to Bloomberg.
Yesterday
Petra Diamonds subsidiary ordered to wind up over unpaid tax
Petra Diamonds has confirmed that a winding-up order has been made against its wholly owned indirect subsidiary, Petra Diamonds UK Treasury Limited (PDUK Treasury), following a petition by HM Revenue & Customs.
Yesterday
Antwerp bank restricts lending to diamond dealers
19 july 2019
(timesofindia.indiatimes.com) - The crisis in the world’s largest diamond cutting and polishing centre may worsen with the world’s leading bank financing diamond sector, ABN Amro, restricting rough diamond financing to the diamond dealers in Antwerp. The diamantaires in midstream sector in Surat purchase rough diamonds from diamond dealers in Antwerp on credit. Now with ABN Amro restricting the lending to rough dealers, the small and medium diamantaires are likely to face rough times in the coming months.
The Diamond Business Starts to Embrace Traceability
18 july 2019
(jckonline.com) - It’s become clear: Consumers want firm guarantees that their diamonds are not associated with bad things. So do governments. And the industry is—perhaps belatedly—stepping up its efforts to offer that. Transparency and tracking have suddenly become “in.”
The World’s Biggest Diamond Mine Is Closing
17 july 2019
(bloomberg.com) - The world’s biggest diamond mine — famed more for the fistful of coveted pink and red gems it yields each year than being a major producer of lower-quality stones — is being shuttered by Rio Tinto Group after almost four decades. Rivals from Russia to Canada hope that can help turn around the beleaguered industry. Rio’s Argyle mine in remote Western Australia has transformed the sector since 1983 when the operation began supplying gems for both ends of the market. RBC Capital Markets and Panmure Gordon are among brokers, banks and competitors forecasting the closure could kick-start prices that have waned since 2011, according to PolishedPrices.com, an industry data provider.
Stop Buying Rough
16 july 2019
(diamonds.net) - The prevailing panic surrounding the rise of lab-grown diamonds is overshadowing the bigger challenge facing the diamond market: There is no profit in the trade. This long-term challenge is reaching crisis levels, as manufacturers lack liquidity and are reducing prices to raise cash. Banks are applying pressure on them to repay their loans and are hesitant to extend additional credit. The mood was not great among diamond suppliers in June following the JCK Las Vegas and Hong Kong shows. Neither event inspired confidence, instead highlighting the tough environment in which the trade is operating.
World’s biggest diamond producer Alrosa hit by Sino-US trade war
15 july 2019
(ft.com) - The US trade war with Beijing has wiped out sales targets of the world’s largest diamond producer Alrosa in China and hit purchases by the country’s tourists in the west. “When there’s any political instability or tensions, luxury goods sales immediately react, including jewellery with diamonds,” chief executive Sergei Ivanov of the Russian diamond miner said in an interview with the Financial Times. “We thought [our sales growth] in China would go up by 2 or 3 per cent, but now the outlook is likely more pessimistic — growth rates will either be neutral or slightly negative.”
