News
Tharisa meets FY2026 guidance, Karo Platinum fully funded as net debt swings to $51m
Tharisa has reported full-year production in line with guidance for both platinum group metals (PGMs) and chrome concentrates, while confirming its Karo Platinum project in Zimbabwe is now fully funded following a $300 million bond issue.
Today
Israel’s diamond sector poised for revival following tax reforms and De Beers comeback
De Beers, one of the world's major diamond market players, has announced the resumption of its operations in Israel after a nine-year absence, which became the latest sign of revival of the diamond industry in the country.
Today
Kefi Gold and Copper restarts Tulu Kapi development after safety review
Kefi Gold and Copper has resumed development at its Tulu Kapi gold project in Ethiopia following a suspension that began on September 7 after a serious safety incident three days earlier.
Today
Nornickel implements smart melt monitoring system
Norilsk Nickel has installed a smart melt monitoring system at its metallurgical plant in Norilsk in collaboration with Reksoft. The system uses computer vision to assist the converter operator in identifying phases during the tapping process.
Today
ALROSA to help amplify Arctic agenda at UN
In preparation for the 31st UN Climate Change Conference (COP31), ALROSA experts and other stakeholders from Russia discussed a unified approach to strengthening the country’s position and the Arctic agenda at UN climate conferences.
Today
Why the High End Is Driving the Watch Industry
28 march 2023
(rapaport.com) - Luxury brands are having a moment, but a new Apple product is providing tough competition for the cheaper segment. Luxury timepieces with export prices above CHF 3,000 ($3,200) were the best-performing watch segment in January, according to data from the Federation of the Swiss Watch Industry. Watches over $10,000 are even in more demand, Swiss watch industry insiders added. The news is less positive for cheaper watches. Barring unexpected events, this robust growth in luxury watches is expected to continue through the rest of the year. Meanwhile, for the pre-owned market, the incredible surge caused by speculative buyers and sellers is gone. Major pre-owned watch dealers are cutting staff and lowering prices to face this new reality.
The Industry’s Russia Crisis: Formulating Sanctions
27 march 2023
(rapaport.com) - The Russia crisis is forcing the diamond trade to take responsible sourcing to the next level. Considering the industry’s long history of dealing with reputational challenges, the ongoing war in Ukraine adds a new dimension.
Will LVMH Try to Take Over Richemont (Or Cartier)?
24 march 2023
(jckonline.com) - Swiss newspaper Finanz und Wirtschaft reported there were “whispers” that LVMH wanted to acquire rival conglomerate Richemont—and had its sights particularly set on Richemont star performer Cartier. The story was pretty vague on its sourcing, and some publications, such as the newsletter Miss Tweed and the Chinese luxury publication Jing Daily, dismissed it outright. Bloomberg argued that Kering would be a better partner. (Richemont reportedly spurned a merger offer with Kering in 2021.) Richemont’s stock didn’t move much following the report. But there are reasons there might be something to it.
Diamond Importers Might Have to Declare Russian Origin
23 march 2023
(rapaport.com) - G7 countries could oblige companies to affirm that their imported polished diamonds are not of Russian provenance, according to the US’s top sanctions official. Leaders of the bloc will meet at a summit in mid-May and are looking to have a plan in place by then, according to a member alert the Jewelers Vigilance Committee (JVC) released Tuesday summarizing remarks by Ambassador James O’Brien, who heads the US’s Office of Sanctions Coordination.
Hong Kong Fairs: More Show Than Dough
23 march 2023
(rapaport.com) - The recent exhibitions saw strong footfall, but buyers’ price expectations made sales difficult. The diamond and jewelry industry returned with enthusiasm to the March Hong Kong shows, the first major international fairs in the municipality since the Covid-19 pandemic. Chinese buyers came in large numbers to meet suppliers, view goods and check out prices, exhibitors reported. However, despite packed floors, actual sales appear to have been limited.
