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.
Yesterday
Rio Tinto begins Q4 of 2026 with strong operational performance
The Anglo-Australian mining group Rio Tinto has reported its third-quarter 2026 results, highlighting strong operational performance.
Yesterday
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.
Yesterday
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.
Yesterday
Norilsk hosts Nornickel’s 3rd Geology and Mine Surveying Forum
The 3rd Geology and Mine Surveying Forum, organized by Nornickel, has kicked off in Norilsk. The event continues to grow in scope, this year bringing together representatives from universities, equipment suppliers, design teams, mining companies, and...
Yesterday
India's Biggest Bank Fraud Is Giving Jewelers a Headache
28 february 2018
(bloomberg.com) - In his 50 years as a jeweler, Pankaj Parekh has seen a few scams shake the credibility of India’s $60 billion gem and jewelry industry. The latest multibillion-dollar fraud will give banks the impetus to rein in credit for around 300,000 of his peers, he says. Already, Parekh’s business has come under increased scrutiny. One lender last week questioned the validity of a recurring expense charged by a gold supplier for 180 rupees ($2.80) on his books, he said. “To date, not once had my lender asked me about this charge,” Parekh said over the telephone from Kolkata, where his family-run jewelry export business is based. “But now, they are raising queries for everything.” It’s an unpleasant deja vu moment for India’s jewelers, who are involved in cutting or polishing 12 out of 14 diamonds sold in the world. The fraud estimated at $2 billion at one of the nation’s biggest banks, allegedly perpetrated by jewelry house owner Nirav Modi, is reminiscent of a diamond company that defaulted five years ago, leading to credit tightening for the industry, India’s second-biggest foreign exchange earner.
BlueRock Diamonds: The junior diamond miner with global ambitions
28 february 2018
(miningglobal.com) - “In mining, as with any project, the proof of the pudding is the results, and the last two years have shown some really great results for us,” says Adam Waugh, CEO of BlueRock Diamonds. BlueRock Diamonds, established in 2012, is a diamond exploration company founded with one principle – to acquire or invest in under-exploited diamond mines in South Africa and sub Saharan Africa. The company’s flagship operation is the Kareevlei Diamond Project, a 3,000-hectare mining right in the Northern Cape Province of South Africa. An open-pit mining plan has been in operation at Kareevlei since late 2015, but the drilling work and mining exploration was first conducted back in the early nineties. In the time since, multiple companies have come and gone, completing light exploration, drilling work and sampling before striking out. BlueRock Diamonds acquired the mining right for the Kareevlei tenement back in 2013 and soon discovered five known diamondiferous kimberlite pipes. Following a trial mining period in 2014, utilising a mining plant that had been put in place from a previous company, BlueRock realised that there was more to the site than had previously been established.
Will Retail Sales Get a Boost as US Economy Powers Ahead?
27 february 2018
(idexonline.com) - This year has started well with big financial figures out of the United States. The US economy – whether you believe it is the result of President Trump coming to office, or whether you think the strengthening of the economy began during the term of President Obama – is certainly powering ahead. Whether, and for how long, it can continue to do so is another matter. But, as of now, the American financial situation seems to be rather rosy. Trump took office exactly one year ago, and has repeatedly said that he is behind a new rise in the American economy. The American economy is definitely growing, but growth is still far from the lofty peaks that Trump claimed would be scaled with a growth rate of as high as 6%. The Department of Commerce's last figures, released last month, show that it grew at an annual rate of 3.2% in the third quarter of 2017. Will the economy continue to expand?
Cutting It Fine With Diamonds
26 february 2018
(outlookindia.com) - There is an uneasy calm in the diamond trading hub in Surat’s mini bazaar. In the past few years, business has not been good, hit by factors like demonetisation, GST, market downtrend and low prices. The raging Punjab National Bank episode is expected to create a trust deficit and push it further down, causing a crisis. This comes at a time when the diamond industry was expecting a return to profitability this year with good demand in its lucrative markets in the US and China. But the Rs 11,400-crore Nirav Modi case is expected to dent its fortunes in the near future.
Eternity or Identity? What Diamonds Mean to Chinese Millennials
26 february 2018
(jingdaily.com) - Millennials are big buyers of diamonds. Aged 18-34, millennials from the US, China, Japan, and India contributed to 45 percent of total retail sales, worth about $26 billion, according to a 2015 De Beers report. And Chinese millennials are even bigger spenders. They account for 68 percent of diamond sales in China, a number that’s significantly higher than other markets. The diamond industry has developed a top-down approach to decoding millennials’ attitudes to diamonds in order to make the stones even more appealing. The Diamond Producers Association, which represents the world’s seven biggest diamond mining companies, launched a marketing campaign in the US last November with the new slogan “Real is Rare”. A voiceover in a short film from the campaign says, “Maybe we won’t ever get married, and maybe we will … but it will be wild, it will be kind, and it will be real.” The association is looking to expand the reach of the campaign to China in April this year. Will this resonate with Chinese millennials? There are different societal and economic factors at play.
