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Coloured gemstone producer Fura Gems, which has emerald and ruby assets in Colombia and Mozambique respectively, announced a private placement of 25 million common shares at a price of C$0.40 (US$0.31) each for total proceeds of C$10 million (US$7.62 million). The net proceeds of the offering will be used: To complete the merger of its Mozambique ruby assets with Mustang Resources Ltd. and Regius Resources Group Ltd. To complete the acquisition of another ruby prospecting licence in Mozambique. For general corporate purposes. Fura said the offer is expected to close on or about August 24 and remains subject to a number of conditions including the receipt of all necessary regulatory approvals along with the approval of the TSX Venture Exchange.
The World Federation of Diamond Bourses (WFDB) announced that registration has opened for the 2018 World Diamond Congress. The biannual meeting of the WFDB and the International Diamond Manufacturers Association (IDMA) will take place in Mumbai from October 23 to 25. WFDB President Ernie Blom said, “I am delighted that a dedicated website has been created for the World Diamond Congress by the Bharat Diamond Bourse which has agreed to host the 2018 Congress. It is critical that everyone planning to attend the Congress carries out the registration process, including hotel accommodation, as soon as possible to avoid disappointment.” He added, “We have faced a number of deep-seated changes and challenges this year, so it's vital that the industry comes together to discuss them. It will be...
ALROSA reported that its cutting and polishing division, DIAMONDS ALROSA, sold 111 polished diamond weighing a total of 308.97 carats for $1.5 million at its first tendered sale after the reopening of the company’s New York office. Companies from Belgium, India, Israel and the US, participated in the tender. "We brought polished diamonds of various cuts, weighing from 2 to 6 carats to New York. We were pleased to see great interest from American buyers, especially given the fact that this was our first tender in the US after a long break. We also succeeded in attracting new clients, and by the end of this year, we hope to hold one more tender, where we will bring a more interesting assortment", said DIAMONDS ALROSA Director Pavel Vinikhin. The ALROSA office in New York was opened in 2006...
ALROSA’s Board has approved a financial policy that allows the diamond miner to pay out dividends twice a year. It also recommended that the company pay its shareholders an interim dividend of at least RUB 5.93 ($0.09) per share for the first six months of this year. The company will use its free cash flow -- the operating cash flow net of capital expenditure -- as a new basis for calculating dividend payments. The dividend payment will be guided by the net debt to EBITDA (earnings before interest, tax, depreciation and amortisation) ratio. This ratio shows how many years it would take for a company to pay back its debt if net debt and EBITDA are held constant. If a company has more cash than debt, the ratio can be negative. ALROSA’s board has recommended that if the ratio is indeed in...
Coloured gemstone producer Gemfields announced that it had realised revenue of $10.89 million from an auction of predominantly commercial quality rough emerald, held in Lusaka, Zambia from July 30 to August 2 last. The emeralds were extracted by Kagem Mining Ltd in Zambia, which is 75 percent owned by Gemfields and 25 percent by the Industrial Development Corporation of Zambia. Of the 21 lots offered, 17 (81 percent) were sold at an average price of $4.21 per carat. Fully 90 percent of the carats offered were sold. Twenty-two companies participated in the auction. The specific auction mix and the exact quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore, the results...
The third edition of a platinum jewellery promotional effort by the Platinum Guild International (PGI) India called the ‘Season of Love’, which ran from May 16 through June 17 last, has concluded with great success, registering retail sales growth of 70 percent, the PGI said. According to the PGI, there was also a whopping 75 percent increase in retailers who participated in the campaign, which featured a digital outreach along with direct mailers, outdoor advertising and store-initiated consumer previews. Prizes for consumers were also on offer, including romantic holidays and five-star dinner experiences. A grand prize gives the winner ₹300,000 ($4,373) worth of platinum Evara jewellery. Speaking about the campaign Orra CEO Vijay Jain said, “The Season of Love has been a very rewarding...
ALROSA announced that it had sold the central 51.38-carat diamond in its five-stone ‘Dynasty’ collection of polished manufactured in-house from a single 179-carat rough diamond recovered from the Nyurbinskaya kimberlite pipe in Yakutia. Though it did not disclose the price fetched by the stone, ALROSA said it is the most expensive stone it has sold from its own production. The four other stones in the collection were sold at auction in November last year. The collection has fetched $10 million in total, the company said. ALROSA Chief Executive Sergey Ivanov commented, "We are happy to announce the successful sale of the whole Dynasty collection. For ALROSA it was the first experience of creating our own collection of diamonds, of a road show in different countries worldwide, and of the...
De Beers today announced that it had provisionally sold $530 million worth of rough diamonds in its sixth sales cycle this year. This compares with the $576 million actually sold in Cycle 6 of 2017 and the $581 million sold in Cycle 5 of this year. De Beers CEO Bruce Cleaver said, “In the sixth sales cycle of the year, demand for De Beers rough diamonds was in line with expectations during the seasonally quieter summer period for the industry’s midstream sector.” The sales figures are an aggregate of Global Sightholder Sales as well as Auction Sales of special goods.