De Beers’ Namdeb offloads Elizabeth Bay Mine to local consortium

Namdeb, a joint venture between the government of Namibia and De Beers, has sold its Elizabeth Bay Mine and its associated marine assets as a going concern to Lewcor Group, a 100% Namibian-owned consortium.

13 september 2019

Angola delays public auction of mineral concessions to accommodate New York roadshow

Angola has slightly delayed the public bidding process for five minerals concessions currently underway to accommodate a new roadshow in New York, according to the country’s ministry of mineral resources and petroleum.

13 september 2019

Forevermark presents ‘Artemis Collection’ at New York Fashion Week

Forevermark presented exquisite new designs from the Forevermark Artemis Collection in collaboration with celebrated fashion designer Bibhu Mohapatra in association with PMJ Jewels.

13 september 2019

DMCC COO welcomes Angolan Minister of Mineral Resources to DMCC

Feryal Ahmed, Chief Operating Officer, DMCC, hosted HE Diamantino Azevedo, the Angolan Minister of Mineral Resources and Oil, and a senior delegation from the Angolan Government at Almas Tower.

13 september 2019

Stornoway Granted Initial CCAA Order

Stornoway Diamond Corporation (TSX-SWY; the “Corporation” or “Stornoway”) announced that the Corporation and its subsidiaries Stornoway Diamonds (Canada) Inc. (“SDCI”), Ashton Mining of Canada Inc. (“Ashton”) and FCDC...

13 september 2019

Weak update from ALROSA. The company’s diamond sales plummeted in June

11 july 2019

ALROSA published sales data for June 2019

(bcs-express.ru) - In June, ALROSA sold $ 222.4 million worth of diamond goods, which is 43% lower compared with June 2018 and 16% lower against the company’s sales last May.

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The sales of rough diamonds in value terms amounted to $ 219.3 million decreasing by the same 43% year on year and 16% quarter on quarter.

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Polished sales reached $ 3.1 million in June, down 53% versus June 2018 and 38% lower than last May.

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In total, ALROSA netted $ 1,811 million (-33%) from sales of rough and polished goods in January-June 2019. The company’s revenue from rough diamonds sold in the first six months of 2019 was $ 1,784 million (-32%) and from polished diamonds - $ 27.3 million (-45%).

Evgeny Agureev, Director of the United Selling Organization of ALROSA, Member of the Executive Committee:

“We keep implementing our balanced sales strategy amid the backdrop of persisting excess diamond stock both at the cutting and polishing (midstream) sector and at retailers, as well as challenges related to financing of Indian midstream business. The market is gradually entering the phase of seasonally low demand for rough diamonds, which also weighs on the industry sales numbers. We expect Improving demand for rough diamonds by the end of the third quarter. We also see stable jewelry demand from end consumers, which creates opportunity for the recovery of overall demand for rough diamonds on the eve of Christmas sales 2019-2020.”

Comments from Dmitry Puchkaryov, BCS Broker:

“ALROSA's weak results could have been expected against the background of recent sales announced by its main competitor, De Beers, which reflected a significant decline. The negative drivers, which were in evidence for the company throughout the first half of the year, remained, but now additional pressure is exerted by the seasonal decline in demand for rough diamonds. Sales recovery in the near future is questionable due to the ongoing “fever” in India’s diamond cutting segment.

Against the background of negative dynamics in diamond sales, the financial results of ALROSA for the second quarter are expected to suffer. In this situation, it is reasonable to expect a decrease in dividends from the mining company in the first half of 2019.”

BCS Broker