US Holiday jewelry sales expected to skyrocket

According to Mastercard SpendingPulse, US jewelers can expect revenue from jewelry sales in the US between November 1 and December 24 will grow 59% compared to the same period last year.

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Australia becomes world’s biggest producer of gold for first time

Australia has become the world’s biggest producer of gold for the first time, having played second fiddle to China for the last decade. Australia unearthed 157 tons of gold in the first half of the year, pipping China by four tonnes.

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Nigerian minister mulls death penalty for gold smuggling – report

Nigeria’s deputy minister in charge of mines and steel development has called for the death penalty for gold smuggling in the West African country.

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Gemfields back to black

Gemfields is expected to register a net profit after tax of $23.8-million in the first half of the year compared with the net loss after tax of $56.7-million, a year earlier. Earnings per share are expected to be 2 US cents from a loss per share of 4...

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Debmarine Namibia's new diamond recovery vessel to arrive in SA next week

Debmarine Namibia’s new N$7 billion diamond recovery vessel, Additional Mining Vessel #3 (AMV3), is expected to arrive in Cape Town, South Africa next week ahead of commissioning early next year.

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De Beers Starts Outlining Plans to Help Its Struggling Buyers

02 march 2020

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Image credit: De Beers

(bloomberg.com) - After watching diamond sales plunge in 2019 as a crisis engulfed the industry, De Beers is taking action to help its struggling buyers. The middlemen who cut, polish and trade the world’s gems were at the center of a disastrous year for the diamond industry last year, after a glut of both rough and polished stones destroyed profit margins and banks tightened financing. De Beers sells its diamonds to a handpicked group of roughly 80 buyers and many have grown frustrated as the industry soured. In meetings in Botswana this week, De Beers outlined plans to assign its customers into three categories -- dealers, manufacturers and integrated retailers, according to people familiar with the matter. The move will help the diamond miner ensure that each buyer gets the stones most suited to its needs and business type, said the people, who asked not to be identified as the talks were private.