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
Could De Beers be Offered for Sale?
22 december 2022
(idexonline.com) - Anglo American owns 85% of De Beers and Botswana owns the remaining 15%. It is the seventh largest mining company in the world and in 2021 it made a staggering profit (EBIDTA) of $20.6 billion (more than double 2020). But De Beers' diamonds contributed "only" $1.1 billion, a mere 5% of the corporation's overall profits. It was an exceptional year, with the corona supply chain squeeze generating extremely high commodity prices, albeit temporarily. So, what could be the new horizons for Anglo American and De Beers? Will they be managed by their boards, or will external forces dictate their direction? The future of these two giants impacts millions around the world, whose livelihood depend on diamonds. So, it only seems natural to wonder where the leaders of these two giants might take us.
Russian Mining Giant Nornickel Mulls Cutting Output 10% Next Year
21 december 2022
(bloomberg.com) - MMC Norilsk Nickel PJSC is considering cutting nickel output by about 10% next year as some European buyers shun Russian supplies and amid a potential surplus of the metal. The miner controls roughly a 10th of the global nickel market and had targeted producing 205,000 to 215,000 tons of the metal this year. It has already informed some clients of a plan to lower output, according to people familiar with the matter who asked not to be identified as the information isn’t official. Lowering output by 10% would take it close to Nornickel’s 2021 level, when supplies were affected by flooding at two of its key mines. Nornickel’s press service declined to comment.
Trophy Rolex, Patek and Audemars Piguet Prices Skid to Pre-Boom Levels
21 december 2022
(bloomberg.com) - Falling prices for Rolex, Patek Philippe and Audemars Piguet watches have dragged down an index of the most traded timepieces on the secondary market to pre-boom levels, according to UK-based reseller Subdial. The Subdial50 Index, which tracks prices for the 50 most traded luxury watch references by value, has fallen to levels not seen since before an unprecedented surge in 2021 and early 2022. The decline shows the most sought-after watches from the top Swiss brands haven’t been able to maintain lofty prices hit during the pandemic when cash-flush consumers stuck at home snapped up Patek Nautilus, Audemars Piguet Royal Oaks and Rolex Daytonas in a frenzied search for the next hot asset class.
Why Are Large Stones Losing Their Luster at Auction?
20 december 2022
(rapaport.com) - After a slew of headline-grabbing prices, top colored diamonds have started tapering off. Experts say market fatigue may be denting the wow factor. At the spring auctions this year, a number of showstopping colored diamonds grabbed the spotlight, selling for eye-watering amounts that only the top 1% to 2% of society could bear to part with.
At Sotheby’s Hong Kong in April, the De Beers Cullinan Blue — a 15.10-carat, fancy-vivid-blue diamond — fetched $57.5 million, well above its $48 million high estimate. In May, Christie’s Geneva sold the 205.07-carat, fancy-intense-yellow Red Cross diamond for $14.3 million against a presale price tag of $10.5 million. The Williamson Pink Star made headlines as late as October; Sotheby’s garnered a cool $57.7 million for the 11.15-carat, fancy-vivid-pink stone, nearly three times its $21 million high estimate. Even during the worst of the Covid-19 outbreak, sales of large colored diamonds seemed to flout the slowdown that other luxury items were witnessing. But in the latter half of the year, these phenomenally rare gems seem to have lost steam.
Lockdown-Free Gen Z Spent Nearly 4 Times More on Jewelry in 2021
19 december 2022
(edahngolan.com) - We all know that US consumers spent much more on jewelry in 2021. But who exactly drove jewelry sales and by how much? The surprising findings show major shifts in jewelry expenditure in the post-COVID lockdown period. Pent-up demand is the phrase that probably best describes the force behind this leap in diamond sales, especially in the US. Delayed weddings and proposals, essentially bridal, were important drivers. The age group with the largest increase in demand was surprisingly under 25 years old. According to the latest available Bureau of Labor Statistics’ Consumer Expenditure Survey (CES), these young adults nearly quadrupled their spend on jewelry in 2021. The two most surprising findings had to do with race and population. For the first time, Americans that identify as Asians, and those residing outside urban areas were top spenders on jewelry in 2021. These three demographics drove jewelry demand across the US.
