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.
Yesterday
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.
Yesterday
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.
Yesterday
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.
Yesterday
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.
Yesterday
A Tale of Two Gem Raids
26 august 2022
(idexonline.com) - The Brink's jewelry heist that netted up to $100m, and the offer of a $7m reward for the return of Tamara Ecclestone's stolen gems - it's been a busy time for news of high-value crime. Thieves broke into an armored van near Los Angeles earlier this month as it transported jewelry, gems and watches between two trade shows. Insurers put the total loss at $10m but the victims, many described as mom and pop jewelers, say the true value could be as much as 10 times that figure.
Why Memo Is Good for the Trade
25 august 2022
(diamonds.net) - In our security-dominated lifestyle, where completing a simple transaction usually requires a username and password, facial recognition, or some other form of technology, it is almost refreshing to see that the memo — a practice nearly as old as the jewelry industry itself — is alive and well. The memo is a simple agreement, typically between a wholesaler and retailer. There is minimal paperwork involved; the arrangement is largely based on time and trust. In an industry as deeply rooted in tradition as the jewelry business, it’s common for people to have worked with each other’s firms and/or families for generations. It’s not unusual for extraordinary quantities of precious stones and jewelry to change hands based on a memo and a handshake. In the most basic form of this deal, the supplier leaves items with a retailer, who does not pay for them until they sell. Often a long-term, interest-free arrangement, the memo is about as sophisticated as the aforementioned handshake and just as binding.
Russian Diamonds Are Quietly Flowing Again After Sanctions Chaos
24 august 2022
(bloomberg.com) - The panic that gripped the diamond world this year is starting to unwind as sanctioned Russian mining giant Alrosa PJSC has quietly revived exports to near pre-war levels. Alrosa accounts for about a third of global rough-diamond supply, and the $80 billion industry was thrown into turmoil as cutters, polishers and traders hunted for ways to keep buying from Russia while their banks couldn’t or wouldn’t finance payments. The sudden shortage of stones sent diamond prices surging, especially for the smaller and cheaper gems that Alrosa specializes in. Now, after months of paralysis when it was hit with US sanctions, Alrosa is back selling more than $250 million of diamonds a month, with sales currently only about $50 to $100 million a month below pre-war levels, according to people familiar with the matter. The sales have restarted as some Indian banks become more comfortable with how to facilitate transactions in currencies other than US dollars, said the people, who asked not to be identified discussing private information.
Global concerns denting mood
24 august 2022
(diamonds.net) - The diamond market weakened in July as uncertainty increased. US sentiment was mixed amid continued inflation and a seasonal slowdown. China’s post-lockdown reopening did not boost demand as much as many in the trade had hoped.
De Beers and ALROSA Market Share 2021
23 august 2022
(edahngolan.com) - It was a fantastic year for the diamond industry with record-level sales, and it did not skip the major diamond producers. De Beers and ALROSA’s 2021 market share benefited from the improved business environment, posting large market share gains. Compared to 2019, the two posted a double-digit rise in market share. In fact, except for Rio Tinto, which closed its massive Argyle mine in December 2020, all leading diamond producers increased market share. The following figures include a few assumptions: While Kimberley Process production figures are assumed to be an accurate reflection of global diamond production, they are not. They do not factor in the certain amount of smuggling that occurs, which is addressed later in this article.
