An alliance between a diamond producer and a diamond manufacturer in Russia is simply inevitable and necessary

What is a diamond manufacturer’s margin composed of? What is the profession of diamond processing engineer about? How much time does it take to become a diamond cutter? How does a polishing factory work? The Russian Cut, is it alive? Lightbox from De...

15 october 2018

High technologies make it possible to create a product that can be obtained in natural stones only for very big money

Andrey Zharkov, having left the position of President at diamond mining company Alrosa, has established and headed the Ultra C company, which will be engaged in the production of diamonds from the reactor. In this interview with industry news agency...

08 october 2018

The once unorganised domestic jewellery sector in India is now growing

A veteran businessman, former Chairman of Gem & Jewellery Council (GJC), Bullion Expert, a third-generation jeweller born with a silver spoon (or was it gold?) in his mouth, a perpetual optimist … yes, the list could go on. As the first...

01 october 2018

India is poised to become a major fine jewellery market in the near future - Pramod Agrawal, Chairman GJEPC

Pramod Kumar Agrawal, the current Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) of India is a successful entrepreneur in his own right. Despite belonging to a jewellery business family, with his father dealing in gemstones...

24 september 2018

Color diamonds are more valuable and desirable and a better investment

In 1993, Eyal Cohen started his career as a diamond cutter, sitting by his father’s side as an apprentice. 4 years later, he was recruited by a jewelry firm, where he learned to appreciate natural colored diamonds. In 2003, Eyal opened his own company...

17 september 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