The Grib Diamond Mine: Geology, Ecology and Industrial Safety

Gennady Piven, First Deputy General Manager of AGD Diamonds JSC, talks about his work at the diamond fields in Yakutia and in the Arkhangelsk Province.

10 december 2018

I have a dream to see India become a world leader in high-end jewellery manufacturing - Sanjay Kothari

An industry leader who needs no introduction to the gem and jewellery industry is Sanjay Kothari…the former chairman of the GJEPC of India has held various positions in the Council including being Convener-Exhibitions for many years before becoming Convener-Promotions...

03 december 2018

Style always reflects culture

Reena Ahluwalia is a multifaceted artist …an award-winning jewelry designer, diamond painter, professor, speaker and a community builder and more. Recognized as one of the Top Masters of Jewelry Design and art in Canada, she has been creating jewelry...

26 november 2018

Botswana Diamonds’ Campbell on Alrosa exit: no exploration JV lasts forever

Botswana Diamonds is currently in talks with a major diamond producer interested in taking over a stake in Sunland Minerals previously owned by Alrosa. The Sunland joint venture was established in 2014 to test existing Alrosa exploration technology on...

19 november 2018

If real gems are replaced by artificial stones, it is not the difference in value that sellers may cheat you out, but the very idea that you are to obtain along with a jewelry piece made from a genuine stone

Elena Titova is the Director of the All-Russian Decorative Art Museum. The museum, which she heads, was founded fairly recently (less than 40 years ago), but it is one of the most popular and stylish museums of Moscow, famous, among other things...

12 november 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