Vladimir Zboykov: New times have come for jewelers

How a personal collection of minerals was thrown on the scrap-heap, who is behind the destruction of gemstone consumption culture in Russia and why jewelers will soon have to choose between business and prison – all this was told to Rough & Polished...

Yesterday

Changing preconceptions in the diamond and financial markets

Eli Avidar is a man on the move…literally. In April, the former Israeli diplomat stepped away from the CEO’s office at the Israel Diamond Exchange, a position he had held for more than two years, and from the Israel Diamond Institute, where he had been...

13 august 2018

Chasing a dream…

Elina Chan, MD of Shenzhen Shi Qing Yu Zhubao Ltd completed her higher education from Xiamen University and Master’s degree from Hong Kong University. To achieve her dream to start a business, Elina gave up numerous job opportunities in Hong Kong and...

06 august 2018

Pangolin Diamonds using termites to find kimberlite indicators in Botswana

It is not a secret that the rate of kimberlite discovery in Botswana has dropped considerably and research has shown that termites can help diamond explorers have an understanding of the transport mechanism of kimberlite indicator minerals from the kimberlite...

30 july 2018

In another fifty years, we’ll have a different scale of valuation, and all those items of natural origin – including diamonds – will sharply increase in price

Within the framework of the Qatar-Russia 2018 Year of Culture, the World Diamond Museum hosts an exhibition of the Qatar Museums at the State Historical Museum in Moscow – "Pearls: Treasures of the Seas and the Rivers," that opened on 11 July...

24 july 2018

Rio Tinto’s diamond net earnings up in H1 2018; revenue drops

03 august 2018
The mining major Rio Tinto has posted overall positive results for the Group for its performance in the first half of 2018. So, the total returns to shareholders amounts to $ 7.2 bn: $ 3.2 bn from operations and $4.0 bn from asset disposals.
However, the Company’s diamond revenue for Q1 2018 was marginally lower at $323 mn as compared to $340 mn for H1 2017. But EBITDA for diamonds for the period rose to $132 mn from US $97 mn for the same period in the previous year; and net earnings were substantially higher for H1 2018, standing at $55 mn as compared to $19 mn for H1 2017.
Rio Tinto’s diamond production was nine per cent higher than in H1 2017 with higher carat production at Argyle. This was due to an increase in tonnes processed, following improved plant availability which offset the marginally lower production at Diavik due to lower recovered grades.
The development of the A21 project at Diavik is ahead of schedule with first ore uncovered in March and the mine is expected to be at full production capacity during the fourth quarter of 2018. Rio Tinto’s diamond production guidance for 2018 is between 17 and 20 mn carats.
J-S Jacques, Chief Executive of Rio Tinto, said, “We have reported another strong set of results with underlying EBITDA of $9.2 bn and operating cash flow of $5.2 bn. In a favourable market environment, our Tier 1 assets and strong operational capability have achieved a 43 per cent EBITDA margin. Inflationary pressures are being experienced across the industry, but we have been able to offset these through our mine-to-market productivity programme. As a result, we continue to deliver superior shareholder returns with a record interim dividend of $2.2 bn and a $1.0 bn top-up to our existing share buy-back programme. In addition, in 2018 we have announced $5.0 bn of divestments. The board has today approved that these disposal proceeds, net of tax, will be returned to our shareholders, with the precise timing and form to be determined.”

Aruna Gaitonde, Editor-in-Chief of Asian Bureau, Rough & Polished