News
Saudi oil companies to engage in lithium production
The Saudi oilfield services company National Energy Services Reunited has announced that its specialized division, NESR Environmental and Decarbonisation Applications (NEDA), has entered into an agreement with the national oil and gas monopoly Aramco...
Today
India tightens standards for gold
India’s new "Good Delivery Gold" standard system establishes requirements for responsible sourcing and traceability. The Gem and Jewellery Export Promotion Council (GJEPC) has called for the swift adoption and international recognition of these standards...
Today
Orion Minerals secures $40m Glencore financing for Prieska mine development
Orion Minerals has secured $40 million in Tranche A financing from Glencore for its flagship Prieska Copper Zinc Mine in South Africa's Northern Cape, after the funding became unconditional following the execution of final concentrate offtake and intercreditor...
Today
De Beers' Q3 output falls 11%, assumes full ownership of Gahcho Kue
Anglo American has reported an 11% decrease in De Beers’ rough diamond production for the third quarter of 2026, down to 6.8 million carats compared to 7.7 million carats in the same period last year.
Today
Critical Metals gets formal approval for Tanbreez rare earth mine from Greenland authorities
US-based Critical Metals Corp. has announced that its flagship Tanbreez rare earth project has received formal mining plan and closure plan approvals from the government of Greenland, paving the way for a 24-year mine life.
Today
Anglo switch an emblem of industry in reverse
17 august 2015
(miningmx.com) – At the time of Anglo’s arrival in the UK, the mining market was on the cusp of a breathtakingly spectacular bull market driven by Chinese economic growth, a movement that economists likened to the industrial re-awakening of Germany in the Fifties, only bigger. It was a far cry from the straitened times of today. It’s against this background that Mark Cutifani, Anglo American CEO, was left to impart a message all of his own. “We are looking for a residence that is more appropriate and cost effective,” he said announcing a hefty downsizing of Anglo’s London offices. “St James is a very expensive place to stay for a mining company,” he added. It’s only a head office move – the type that companies do all the time – but it’s also a metaphor for an industry in reverse.
Not a Price Correction, But a Market Correction
14 august 2015
(ehudlaniado.com) - Prices of rough diamonds continue to decline as the market slows down in activity. Some of the decline is due to the annual summer vacation period, and some is a continuing price correction in an abating market. But is this only a price correction, or is it a wider change – a market correction? Most in the market agree that there are too many companies competing over a very small pie. The current crisis is so harsh that those companies with a weaker foundation may find themselves out of the game, leading to a decline in the number of companies active in the pipeline.
Industry shrinkage trend continues in Q2
13 august 2015
(National Jeweler) - The latest statistics from the Jewelers Board of Trade show that the jewelry industry is continuing to shrink in size, as more retailers, wholesalers and manufacturers close up shop. Business discontinuances in the United States and Canada totaled 251 in the second quarter 2015, compared with 241 in the second quarter 2014. Year-to-date, discontinuances--which include bankruptcies, consolidations (sales/mergers) and companies that simply cease operations--are up 12 percent year-over-year, from 485 to 545.
De Beers Forever
12 august 2015
(IDEX Online) - The uninterrupted and repeated flow of negative information about diamonds, together with the multiple price decreases we have seen month after month, has succeeded in moving them from the value shelves into the discount department. One can almost say that today, diamonds and jewelry are viewed as discounted items with a short shelf life, and are susceptible to further decline. How did we fall into this insane trap?
The New Diamond Capital
11 august 2015
(Bloomberg Businessweek) - Today, India dominates the manufacturing sector, responsible for more than 80 per cent of the world’s output of polished stones. But nowadays there’s less need for India’s diamantaires to make the long journey to Antwerp. Dubai—a new global hub for diamond trading—is only three hours away. In a conservative industry that has long valued secrecy and close-knit partnerships, the rise of Dubai has been staggering. The emirate’s diamond trade—which was virtually nonexistent, worth less than $5 million in 2001—has grown to an industry worth nearly $35 billion in 2013 and 2014, according to Peter Meeus, the chairman of the Dubai Diamond Exchange (DDE).
