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
Jewelry Stocks Sink Along With Overall Market
23 may 2022
(jckonline.com) - Like the overall stock market, the jewelry industry recently enjoyed a few record-breaking years, which clearly benefited the handful of publicly traded jewelry companies. But in the last few weeks, jewelry industry stocks have taken a tumble along with the rest of the market. What’s striking is that just about all the publicly traded companies—including Signet Jewelers, Pandora, Brilliant Earth, Charles & Colvard, and Movado—reported solid results in their most recent quarters. And in most cases, their stock price is well above what it was pre-COVID-19. But retail stocks have been slumping in general, and some worry jewelry can’t sustain its current high growth rates.
US sanctions on Russian diamond producers make ‘life miserable’ for Surat polishers
20 may 2022
(indianexpress.com) - The US sanctions imposed on the Russian diamond producer Alrosa, after the Russia-Ukraine war, has led to a crisis in the diamond industry in Surat where polishing units have had to cut down on working hours, thus leading to a hefty wage cut for polishers, some of whom have taken loans to run their households.
Ukraine Conflict: No Easy Answers for Diamond Business
18 may 2022
(idexonline.com) - The diamond industry entered 2022 after a stupendous 2021, led by robust U.S. consumer demand with significant profits across the value chain. Even without the Ukraine conflict though, 2022 was expected to be much tighter. The year started with a frenzy of speculative buying, quite opposite to underlying fundamentals. Many companies, flush with profits made in 2021, looked to restock or trade in both rough and polished, but the Ukraine conflict provided a rude jolt. Financial sanctions were the weapon of choice for most large nations. Russia accounted for about 25-30 percent of all rough diamond supplies and a disruption on those supplies will have a severe impact on the supply chain.
Diavik begins winding down diamond mine
16 may 2022
(nnsl.com) - The City of Yellowknife will be feeling the effects of Diavik Diamond Mine’s closure in 2025 as ramping down has begun. “We start decommissioning our first underground pipe later this year, and surface mining ends at the beginning of next year,” Cherish Winsor, a relations representative for Diavik said. “We say we’re closing in ‘25, but that’s starting now.” The closure of the mine is set to affect the Yellowknife job and economic markets in a variety of ways, according to information provided during a presentation at Monday’s Governance and Priorities Committee meeting.
Panic Grips Billion-Dollar Trade Over Russian Diamond Ban
13 may 2022
(bloomberg.com) - US restrictions on Russia’s giant diamond miner are causing panic across the industry. Traders are hunting for workarounds to keep tapping one of the world’s main sources of precious gems. Russian mining giant Alrosa PJSC supplies about a third of the world’s raw gems, and US sanctions against the company are causing panic in the industry. Firms from Tiffany & Co. to Signet Jewelers Ltd. have announced plans to suspend sales of Russian diamonds. With wedding season looming in America, desperate delegations have been seeking a workaround from India, the world’s largest exporter that cuts and polishes nine of 10 stones.
