Ali Pastorini: “We have to change a little the way to sell the idea that buying jewelry is just for glamour”

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 1000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

18 february 2019

Indian gem and jewellery manufacturers have the skill and capabilities to cater to any market in the world

Besides spearheading the “White Paper” last year, Colin Shah, Vice Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) has been actively involved in the initiatives of the Council like MyKYCBank and many more… A first generation...

11 february 2019

The Indian gems and jewellery industry was progressing in the past and will certainly progress in the future

Dinesh Navadiya, the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India, is also the representative of the Gujarat G&J sector at various organisations as well as government authorities...

04 february 2019

The Russian Diamond Line: We do not believe that gifted persons would win through on their own

The Russian Diamond Line, a Moscow international jewellery contest of jewellery design, has been held for a decade already. At the end of the year, the results of the jubilee RDL-2018 contest were summed up, and on December 14, the prizewinners of the...

28 january 2019

New lending will have to be fully asset-backed with true provenance and transparency in the flow of goods and monies

After handling Gem & Jewellery (G&J) industry financing as a banker for many years, Erik A Jens sees an opportunity now that numerous banks are withdrawing from the sector. He is exploring opportunities to establishing a financing firm focusing...

21 january 2019

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