NEWS
Resource Estimate Drops for Argyle Mine
Perth: Rio Tinto has lowered its estimate
of the mineral resources available at its Argyle diamond mine in Australia, as
the company reconsiders its plans to extend the project.
De Beers Can “Start Looking” at Rough Price Increase
Gaborone: DE BEERS intended pushing diamond
production levels back to “more normal” levels during 2017, but decisions on
when to increase rough diamond prices would be driven by polished diamond price
levels which were currently “pretty flat”.
Dominion Diamond Stake Cut by Swiss National Bank
Toronto: Swiss
National Bank cut its stake in shares of Dominion Diamond Corp. by 3.5% during
the third quarter, Holdings Channel reports. The fund owned 142,700 shares of
the company’s stock after selling 5,200 shares during the period. Swiss
National Bank’s holdings in Dominion Diamond Corp. were worth $1,387,000 as of
its most recent filing with the SEC.
DPA To Launch Generic India by Sept.
Surat: Surat's diamond industry is all set
to regain its sparkle with Diamond Producers Association (DPA), a consortium
formed by world's leading diamond miners, expected to infuse huge amount of
funds in September for its upcoming generic diamond marketing campaign, reports
The Times of India.
GJEPC to Work on Udupi Gold Craft Centre
Mumbai: India’s Gem and Jewellery Promotion
Council (GJEPC) is teaming up with the commerce ministry to set up a gold craft
and design institute at Udupi in Karnataka in an effort to reskill local
freelance artisans.
WPIC Plans Platinum ETF in China
Mumbai: The World Platinum Investment
Council (WPIC) plans to launch an exchange-traded fund (ETF) in China, the
world's biggest consumer of the precious metal, and a coin-based fund in Europe
in 2017, an executive of the council said on Wednesday. "We are working on
two deals in China for investment products. (An) ETF and retail platinum bars with
a big state-run enterprise," said Marcus Grubb, director of market
development at WPIC, which was formed by leading platinum producers to develop
investor demand for the metal.
GST To Be Implemented in India From July 1, 2017
Mumbai; The Goods and Services Tax (GST)
will be implemented from July 1, 2017 in India. The GST, which will replace a
myriad of consumption taxes, could be a “game changer” over the medium term as
it would reduce tax cascading and boost India’s competitiveness, investment and
job creation.
U.S. Polished Diamond Imports Stable
New York: Polished diamond imports to the
U.S. were almost flat last year, recent government data showed. Inbound
shipments slipped 0.3 percent to $23.03 billion in 2016. By volume, imports
declined 2.6 percent to 10.8 million carats, while the average price increased
2.4 percent to $2,126 per carat.
Diamcor Hurt by Weak Rough Prices
Johannesburg: Diamcor Mining’s sales
declined 8 percent in the fiscal third quarter, the company said, citing
sluggish rough-diamond prices.
Hong Kong Jewellery Sales Down in January
Hong Kong: Sales of jewellery and other luxury products in Hong Kong fell in January despite the Chinese New Year occurring during the month.