AWDC publishes 8th diamond report

The eighth annual report on the global diamond industry is prepared by the Antwerp World Diamond Centre (AWDC) and Bain & Company. This year’s edition covers industry developments in 2017 and the first half of 2018 and takes a close look at key industry trends.

The report begin with important developments along the value chain. In subsequent sections, we review factors that influenced rough diamond production and sales, midstream performance and global diamond jewelry demand in major markets.

Amid gloomy scenario the report is optimistic!

“If we are to preview our industry's future, based on the eighth annual report on the global diamond industry – see the first item below - that was prepared and published by the Antwerp World Diamond Centre (AWDC) and Bain & Company, we can be reasonably optimistic” says IDMA.

IDMA derives the related fewer takeaways from this report says, in 2018, the market continued to be volatile and the year's success will be determined by the industry's sales performance during this holiday season; 1: The supply of rough diamonds will remain rather stable in the coming decade but will be chiefly affected by the industry's financial challenges, the total make-up of the global rough production and the continuing uncertainty over the market off take of diamonds i.e. consumer interest in natural diamonds.

FIEO welcomes new RBI Governor

Welcoming the appointment of Mr Shaktikanta Das as the new RBI Governor, Mr Ganesh Gupta, President, FIEO said that his previous exposure as Revenue and Economic Affairs Secretary would come very handy in dealing with vexatious economic issues confronting the country.

Mr Gupta said that the new Governor will act as an effective bridge between the Government and the Central Bank so as to give necessary boost to the Indian economy. Mr Das would be able to address the concern of the states having worked in the Finance Commission.

Foreign investment in China falls

China saw markedly less investment from overseas last month as trade tensions with the US reached a peak, denting business confidence, the South China Morning Post reports.

Foreign direct investment (FDI) in November dropped 27.6% compared with a year earlier, according to the Ministry of Commerce, down to $13.6 billion. The slump brings total FDI for the year so far to $115.3 billion, a 1.2% annual decline.

Yaramoko to deliver 150K Oz gold in 2019

Roxgold announced that the Bagassi South Project has been completed under budget and on schedule with the successful practical completion of its process plant expansion & has achieved practical completion of the processing plant expansion. Continuing ramp-up of the Bagassi South mine during the first quarter of 2019; commercial production is expected to be achieved in the second quarter 2019;

"We have marked yet another significant milestone in providing growth and value to our shareholders with the successful completion of our internally funded Bagassi South project, which has been completed on schedule and under budget," said John Dorward, President and Chief Executive Officer of Roxgold.

Leaders in financing charitable activities announced

Alrosa was recognized as one of the leaders in financing charitable activities among Russian and international companies, based on the results of the “Corporate Charity Leaders” annual competition, a joint project of the Donors Forum grant making organizations association, the Vedomosti business newspaper and the PwC international audit and consulting network of firms.

The competition organizers carried out a study based on non-financial reporting of 47 Russian and international participating companies. The data on charitable contributions was provided by 40 respondent companies; the total amount of their contributions in 2017 exceeded RUB 50.5 billion.

Key measures revives India Exports

India’s overall exports (merchandise and services) have increased since 2016-17. During the current period 2018-19 (Apr-Sept), India’s overall exports registered a positive growth of 17.01% as compared to the corresponding period of previous year. The details of India’s overall exports for last three years and the current year are as follows:

In order to boost India’s exports, the Government has taken several measures through new Foreign Trade Policy 2015-20 launched on 1st April 2015, its mid-term review released on December 5, 2017 and other policy measures taken from time to time.

The key measures include:

1: FTP 2015-20 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in line with the Make in India, Digital India, Skill India, Start-up India and Ease of doing business initiatives.

Recommendations for SEZs

The Government had constituted a Group of eminent persons under the Chairmanship of Baba Kalyani, Chairman M/s. Bharat Forge to study the Special Economic Zone (SEZ) Policy of India on 04.06.2018.  The Group submitted its report to the Government last month. 

1109.89 lakh jobs at MSMEs

The Government emphasizes the promotion of ecosystem for development of MSMEs in the country. Various programmes and schemes have been put in place with particular focus to develop and facilitate access to finance, skill development, infrastructure support, access to market, technology up-gradation and ease of doing business.

This was stated by Minister of State (Independent Charge) for Micro, Small and Medium Enterprises, Shri Giriraj Singh while replying to a question in the Rajya Sabha. The Minister informed the House that according to Central Statistics Office (CSO), the contribution of MSME in the Total Gross Value Added (GVA) has been 31.8% during the financial year 2016-17.

Transparency to diamond market: Angola

The Angola government says, according to a source from the National Prospecting, Mining, Trading and Polishing Company of Angola (SODIAM), with the public sale of very high quality diamond stones, begins the implementation of the new diamond trade policy approved by the Cabinet Council aimed at ending the monopoly and preferable clients.

The statement arrived from Angola Government in the context of Lucapa. Earlier Lucapa Diamond Company & their partners had announced about that diamonds from the Lulo mine in Angola will feature in an historic inaugural international tender under Angola’s new diamond marketing laws just approved by the President of Angola, His Excellency Joao Lourenco, and the Council of Ministers.