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
Banks Need More Transparency From the Diamond Industry
16 april 2015
(Rapaport) - Antwerp World Diamond Centre's (AWDC) keynote speaker, Herman Van Rompuy, the former European president, told industry attendees at a financing seminar on March 27 that no one can bypass market rules anymore. And this advice applies to the diamond industry - even more than other industries - because with its $20 billion in bank credit, the diamond trade is too small of a player in the financial marketplace.
Why luxury retailers have finally given in to digital
15 april 2015
(CNBC) - Richemont and Yoox Group announced details of their deal Tuesday, which will create one of the leading online luxury fashion retailers with combined 2014 sales of 1.3 billion euros ($1.4 billion), trumping interest from online giant Amazon. The group behind Cartier and Van Cleef & Arpels jewelry brands, Richemont, said the combined entity will launch a capital increase of up to 200 million euros upon completion of the deal. Richemont will hold a 50 percent stake in the new company, which will be called Yoox Net-A-Porter Group.
Luxury Market Faces a Drought in the USA as Affluents Choose Conscious Consumption, rather than Conspicuous Brands
14 april 2015
(Unity Marketing) - In Unity Marketing's latest survey among n=1,200 high-income consumers (average income $266.9k), affluent consumer confidence as measured by the Luxury Consumption Index (LCI) rose while spending declined by 26.5% from the previous quarter. "This is the 'luxury drought,'" says Pam Danziger, president of Unity Marketing and author of the new report. "People with high income have changed their shopping habits, focusing on brands that represent a good value, rather than high-status brands."
Contrasting Quarters
13 april 2015
(Rapaport) - There was no rough price correction in the fourth quarter of 2014 that might have enabled greater profitability for the current market – as it did a year ago. Rather, rough prices among contract suppliers were kept stable through to the November selling cycle. Manufacturers started to refuse goods in December – and continued to do so during last week’s March sight. Rough prices have softened since then, but contracted rough supply from De Beers and ALROSA is expected to remain low and prices relatively stable in the coming months.
Diamond Retailers In A Catch 22
10 april 2015
(www.leibish.com) - Retailers are having a rough time. From the supplier's side, there is an endless quantity of white goods produced from India. From the competition, large online retailers are taking very large bites of the pie from the jewelry stores, and heavily pressing on prices. In parallel to all this pressure, Rapaport is reducing the published prices forcing them to sell their inventory below or near cost.
