BRICS brings stability in an uncertain World

India places great importance on its engagement with BRICS as it brings stability and balance to an uncertain world said Union Minister of Commerce and Industry & Railways, Piyush Goyal, at the interventions made by him in the BRICS Trade Ministers meeting held in Brasilia, Brazil today.

The global economy is facing grave challenges due to growing protectionism and trade tensions due to unilateral measures said the Minister in his address at the session on International Economic Outlook. He further stated that in this uncertainty India continues to offer economic opportunities with reduced corporate taxes that are the most competitive in the world, liberalised rules for Foreign Direct Investment and revitalisation of sectors like real estate and the micro and small enterprises.

De Beers Cycle 9 valued US$ 390mn

De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the ninth sales cycle of 2019 that valued at US $ 390 mn.

Bruce Cleaver, CEO, De Beers Group, said: “With signs of increasing polished price stability, Cycle 9 saw an improvement in sentiment from rough diamond buyers. Global consumer demand for diamond jewellery at the retail level continues to be broadly stable but, with midstream trading conditions still in the process of rebalancing, we offered Sightholders further flexibility during the Sight to provide support.”

TAGS held a rough diamond tender

Trans Atlantic Gem Sales (TAGS) recently held a rough diamond tender in Dubai from the 5th to the 11th November 2019. With the Indian Diwali holidays now behind us, most Indian factories will reopen from 15th November 2019.  Against this backdrop we welcomed in excess of 100 companies from the international market to our event in DDE Almas Tower, Dubai.

KGK opens manufacturing facility at Angola

KGK announced the opening of its high-tech diamond cutting and polishing factory in Angola, launched by Honorable Minister of Mineral Resources and Petroleum, Diamantino.

Speaking at the Inauguration, Mr. Azevedo said, “Angola is an extremely rich country in mining. With great economic potential, the region is not only the third-largest producer of diamonds but also has one of the largest and most diversified mining resources in Africa.

Expertise added to GIA Board

GIA (Gemological Institute of America) welcomed two new members to the Institute’s Board of Governors at its regularly scheduled meeting in Carlsbad, CA. The new Governors, Dr. Jeffrey E. Post, research geologist at the Smithsonian National Museum of Natural History, and Tammy Storino, a finance and operations executive with experience in global consumer brands, will – with 15 other GIA Governors – help steer the Institute’s mission and strategic initiatives. The Board bid farewell to Governor Thomas T. Yang, managing director and partner at PrimeGenesis, who completed his term with nine years of service.

“It is an honor and a privilege to have these two dynamic leaders joins the GIA Board of Governors. Their expertise will be an invaluable asset to GIA’s consumer protection mission, helping to ensure that the Institute remains a leader in research and innovation while delivering excellence in education and laboratory services,” said Susan Jacques, GIA president and CEO.

Substantial opportunities for gold

The World Gold Council (WGC) launched its new consumer research report highlighting opportunities for gold for those working in both retail investment and jewellery markets. The significant piece of research, with an 18,000-strong sample, looks at a range of markets including China, India, North America, Germany and Russia, and highlights unique insights into attitudes towards and perceptions of gold; how and why people buy gold, and also their reasons for not buying.

The new piece of research reveals gold is a mainstream choice - the third most consistently bought investment, with 46% of global retail investors choosing gold products, which is just behind saving accounts (78%) and life insurance (54%). Looking at jewellery, the survey shows that 56% of consumers have bought fine gold jewellery, compared to 34% who have bought platinum jewellery.  

CIBJO addresses traceability standards

CIBJO President Gaetano Cavalieri has delivered the keynote address at the International Jewellery Standardisation Summit in Shanghai on November 8, 2019, which was held in parallel with the Second China International Import Expo that is taking place in the city. In his presentation, he focused on the importance of origin traceability standards for the future of the jewellery sector, focusing specifically on their significance for the growth of the business in China.

The summit was co-organized by the China Gem & Jade Exchange, which recently joined CIBJO as a national association member. It was one a number of conferences being held during the China International Import Expo, in which the Chinese government is seeking to promote the opening of the giant Chinese market to the international trade.

BMIX recovers initial diamonds

Brazil Minerals, BMIX announced that the first run of the production of diamonds from its current mining site was better than expected. Diamondiferous gravel was extracted, transported, and processed through a nearby first-stage recovery plant.

The resulting high-probability partially-processed ore was then further separated by granulometric characteristics into small, medium and of large size material, each of which needs to be further processed for final recovery of rough diamonds.

Precious metal prices to strengthen in Q4

Sibanye-Stillwater presented an operating update for the quarter ended 30 September 2019 (Q3). Financial results are only provided on a six-monthly basis. The Group adjusted EBITDA increased by 240% to R5.5 billion (US$377 million). The SA PGM operations contributed R2.9 billion (53%), the US PGM operations R1.8 billion (32%) and the SA gold operations R843 million (15%).

Outlook for precious metals prices remains constructive, prices continued to strengthen in Q4 2019 to date. Deleveraging on track - net debt: adjusted EBITDA of 1.7x at end Q3 2019, down from 2.5x at end H1 2019. Integration of Marikana operation progressing well, Operational review complete and set for implementation of revised operational plan in 2020.

Endeavour production up to 10K Oz in Q3

Endeavour Mining announces its financial and operating results for the third quarter (Q3) of 2019, with highlights that says, production increased by 10koz over Q2-2019 to 181koz of +6% and AISC remained flat at $803/oz was +2% despite the severe rainy season. FY-2019 Group guidance adjusted to 650-695koz, reflecting Ity’s stronger production performance, at an AISC of $795-845/oz.

Operating Cash Flow, before non-cash working capital, for Q3-2019 doubled to $115 million or $1.05/share compared to Q2-2019, Strong Net Free Cash Flow before debt and lease repayment of $52 million achieved for Q3-2019, following nearly four years of intensive growth-capital spend.