Tiffany sales in China down by 85% in 1Q

Tiffany & Co reported its financial results for the three months ended April 30, 2020 (1Q). Worldwide net sales as reported and on a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars were below the prior year primarily as a result of the temporary closures of a substantial number of the Company’s stores around the world due to the Covid-19 pandemic.

Unlike calendar year-end companies, the Company’s first quarter began February 1, meaning that the Covid-19 pandemic affected its entire quarter. The significant decline in net sales resulted in a net loss in the quarter. In the first quarter, worldwide net sales declined 45% to $556 million and comparable sales declined 44%.

Mountain Province to sell Diamonds of US$50mn!

Mountain Province Diamonds proposes to enter into an agreement to sell US$50,000,000 of diamonds to Dunebridge Worldwide Ltd. The first sale for approximately US$ 22,000,000 is expected to occur on June 11th, 2020 following the execution of a binding agreement.

The transaction with Dunebridge will permit the Company to sell its run of mine diamonds (below 10.8 carats) at the prevailing market price at the time of each sale.  The transaction will also allow the Company to participate, after fees and expenses in a portion of any increase in the value of the diamonds realized by Dunebridge upon its future sale of the diamonds to a third party.

Angola announces Diamond Hub & Bourse!

Minister of Mineral Resources and Petroleum of the Republic of Angola, Hon Dr Diamantino Pedro Azevedo is looking to further develop diamond market infrastructure in the establishment of an Angolan Diamond Hub and an Angolan Diamond Bourse (ADB) and an the row, Industry Expert Peter Meeus Appointed Coordinator of the Expert Group by Angola.

Hon. Dr Diamantino Pedro Azevedo, the Minister of Mineral Resources and Petroleum of the Republic of Angola has announced plans to further develop its industry specific market infrastructure and plans to optimise and widen its services to the global diamond trade through the establishment of an Angolan Diamond Hub and an ADB.

WDC announces Edward Asscher as President

Feriel Zerouki elected as

First female WDC Vice President!

Feriel Zerouki elected as first female World Diamond Council (WDC) Vice President; will succeed Mr. Asscher as WDC President in 2022. WDC helping implement industry-wide governance practices that positively improve all stakeholders’ lives, says outgoing WDC President.

New High-Grade Gold Target at Flecha de Oro

Golden Arrow Resources Corporation reports that results from the mapping and vein sampling program at the Flecha de Oro gold project in Rio Negro, Argentina have delineated a new high-grade gold target on the Esperanza property. This target includes a series of sub-parallel quartz veins in an apparent structural corridor that was mapped over 230 metres in length and up to 30 metres of width, and remains open in both directions along strike.

Collected sampling include, 1: 24.4 g/t gold and 13.6 g/t silver from a float/boulder sample, 2: 5.23 g/t gold and 32.3 g/t silver over 0.30 metres from a vein chip sample, and 3: 4.3 g/t gold and 2.3 g/t silver over 0.30 metres from a vein chip sample.

Eldorado Gold commencing at Lamaque

Eldorado Gold Corporation announces that it is commencing construction of a three kilometre decline, or tunnel, from the Sigma mill to the 405 metre level of the Triangle mine. The Company is also providing an update on several positive developments in Greece.

“We are pleased to begin construction of the decline at Lamaque this summer. This is a project that we have been advancing for nearly a year and is another step towards further production growth and continued value creation at Lamaque. We would like to thank the government of Quebec and all our local stakeholders for their continued support for this project and our Lamaque operations,” said George Burns President and CEO.

EU Council adopted role of youth

In its conclusions, the Council stresses the contribution of young generations to building stronger, more legitimate, peaceful and democratic societies, in which human rights and the rule of law are respected and no one is left behind.

The Council also emphasises the fact that young people are change makers and essential partners in the implementation of the European Consensus on Development, the 2030 Agenda for Sustainable Development and the Paris Agreement on climate change.

Zaveri Bazar on resumption spree!

Upon the announcement by the government to move ahead to Unlock 1 Zaveri Bazar has processed to open up all those glitters & sparkles! Zaveri Bazar, Mumbai has opened up by following all those official guide lines and safety measures. During the lockdown era, jewellers were convinced about safety & hygiene measures upon unlock through various Webinar!

Additionally, market associations have also issued their guidelines in a simple word with simple language for traders & shopkeepers & jewellery fraternity!

Fashion and lifestyle category in gold!

Identifying demand moments in

The fashion and lifestyle category!

While consumer segments help us identify who to target and how, women do not behave consistently from one purchase occasion to another-their needs will change according to the moment. We need to understand the occasions, these ‘demand moments’, as they are experienced by women, and pinpoint the underlying needs of each in order to develop products, services and communications that will effectively meet those needs.

Best and Worst Covid-19 gold scenario!

McKinsey’s Ken Hoffman also discussed a serious supply issue

Unrelated to Covid-19 that may be coming down the pipeline!

Ken Hoffman said under the subject, Best and Worst Covid-19 Scenarios for Gold by giving a keynote address from home for the World Gold Forum.