ALROSA announced that its supervisory board will consider the acquisition of a 100 percent stake in the financially troubled Smolensk-based diamond cutting and polishing company Kristall at an independently-apprised valuation of RUB 1.886 billion ($29.25 million). The key transaction terms are outlined in a decree signed earlier by Chairman of the Government of the Russian Federation (Prime Minister) Dmitry Medvedev. Should the acquisition be approved, the acquisition will go ahead by the end of this month and ALROSA's management will, by the end of the year, prepare an action plan to develop and continue operating Kristall as part of ALROSA group. ALROSA CEO Sergey Ivanov commented, "Kristall has been going through some financial challenges in recent years on the back of an increasingly...
The Indian government announced a slew of measures to boost the country’s exports and the Gem & Jewellery Export Promotion Council (GJEPC) expressed its gratitude, saying the measures would go a long way towards easing the many problems the gem and jewellery sector was facing in the current tough global economic environment. GJEPC Chairman Pramod Agarwal stated, “With great pleasure, I would like to thank and acknowledge the positive announcements made by the Honourable Finance Minister today. I am glad that the government. has understood the concerns of the gem and jewellery sector and has come up with various measures to boost exports and facilitate trade.” The government announcement came a day after data revealed that India's exports had dropped by 6 per cent to $26.13 billion in...
Namdeb Holdings Limited, the equal-ownership joint venture between the Namibian Government and De Beers Group, announced it had sold the Elizabeth Bay Mine and its associated marine assets as a going concern to Lewcor, a fully Namibian-owned consortium, reports Reuters. Namdeb has sought a buyer for the Elizabeth Bay mine since the beginning of last year, when it announced it could no longer run the mine economically. The company wanted a buyer suited to operate the mine in a sustainable way, ensuring continuation of employment and economic activities in Namibia. The mine, located along the southwestern coast of Namibia near the town of Luderitz, produced around 200,000 carats in 2017 and employed approximately 160 people. The transaction is worth N$120 million (US $8.23 million), with...
The first-ever jewellery buyer-seller meet primarily for the US market, organised by the Gem & Jewellery Export Promotion Council (GJEPC), kicked off in Mumbai yesterday. The event however, also featured buyers from the United Kingdom, New Zealand, Ireland, Spain and Germany, The three-day event has 32 overseas buyers — comprising a mix of jewellery retailers, wholesalers and distributors — in matched meetings with 23 Indian jewellery exporters. The GJEPC event’s major focus, however, was mainly on the US market. India’s gem and jewellery exports to the US grew 16 percent to $10.48 billion in fiscal 2019 from the $9.06 billion recorded in 2016. Indian exports to the US in fiscal 2019 accounted for 26.3 percent of the country’s total gem and jewellery exports. The bulk of these exports...
ALROSA announced it had sold rough diamond worth$180.2 million and polished worth $1.5 million in August. These figures bring the company’s January-August total to $2.13 billion in rough and $34.6 million in polished sales. "The diamond market is still experiencing headwinds from both macroeconomic and industry specific factors, which have an adverse impact on the midstream. There is also a seasonal slowdown weighing on the summer sales,” commented ALROSA United Selling Organisation Director Evgeny Agureev. He added that meanwhile, for the first time since 2010, August sales were higher than in July — mainly due to stock replenishment by diamond cutters. However, since August trading started much later than usual, some sales were moved into September. Thus while cautioning that it is...
Signet reported fiscal 2020 second quarter results, with total sales of $1.36 billion, down 3.9 percent year-over-year, for the 13 weeks ended August 3 on a reported basis and down 3.4 percent down on a constant currency basis. Total same store sales performance decreased 1.5 percent year-over-year. The company’s e-Commerce sales were $156.9 million, up 4.4 percent year-over-year. Signet said e-Commerce sales accounted for 11.5 percent of sales, up from 10.6 percent in the prior year quarter. Brick and mortar same store sales declined 2.3 percent. Guidance for fiscal 2020 sees same store sales down between 2.5- and 1.5 percent, and total sales of between $6- and $6.03 billion.
Trans Atlantic Gem Sales (TAGS) announced that its inaugural rough diamond tender in the newly renovated facility at the Dubai Diamond Exchange, from September 20 to 27 will feature two regular productions from South Africa and Angola. TAGS said the rough is of high quality and high colour and contains a significant number of large single stones and exceptional specials. The company is expecting in the region of 20,000 carats of South African goods and 20,000 carats of Angolan goods across a full range of sizes. The tender should have a combined value in excess of $30 million, though final details will soon be forthcoming from the producers. As the tender takes place during the Dubai Diamond Conference on September 26, TAGS would welcome meetings with any potential producers or interested...
SODIAM, the state-owned Angolan National Diamond Trading Company, has opened the online registration process for companies interested in buying rough diamonds directly from Angola-based diamond mining firms. SODIAM will be the single channel for these sales. The move is part of the Angolan government’s new policy to allow Angola-based diamond mining companies to directly sell up to 60 percent of their production through contract or tendered sales as well as beneficiation marketing. This new marketing strategy was announced by Presidential decree in January this year and forms part of Angola’s new diamond marketing policy and technical regulation. Interested companies must fulfil certain criteria, however. Angola-based firms must show an annual turnover of at least $2 million in rough...
De Beers announced it had provisionally sold $280 million in rough diamonds through its seventh sales cycle of the year. This is a 44.3 percent drop from the $503 million sold in the seventh sales cycle of 2018. De Beers also said that its actual sales for the sixth sales cycle of this year now stand at $250 million. De Beers CEO Bruce Cleaver said, “With midstream participants continuing to work down polished diamond inventory levels and reduced levels of manufacturing in the key cutting centres, De Beers Group provided customers with further supply flexibility during the seventh cycle of 2019.”
ALROSA's Supervisory Board recommended a RUB 28.3 billion ($425.7 million) dividend payout for the first half of 2019. The company said that in accordance with its dividend policy, the dividend amounted to 100 percent of the free cash flow for the first half of this year, translating to a 5 percent yield. ALROSA recorded a net profit of RUB 37.5 billion ($564 million) for the period, while net debt stood at RUB 35.4 billion ($532.5 million).
Coloured gemstone producer Gemfields announced that it had realised $18.6 million from its auction of commercial quality emerald rough held in Lusaka, Zambia from August 19 to 22. The rough was sourced from Zambia’s Kagem mine, which is 75 percent owned by Gemfields with the Industrial Development Corporation of Zambia holding the remainder. Of the 35 lots offered, 26 were sold at an average price of $4.75 per carat. The auction saw 34 companies placing bids. Gemfields said that the 33 auctions of emeralds and beryl mined at Kagem since July 2009 have generated an aggregate $608 million in revenue. Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “We are pleased that the green shoots of recovery in the emerald sector first observed at our May 2019 emerald...