GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Rio Tinto’s diamond production down 15% in 2018

28 february 2019
news_06072018_riotinto.pngMining major Rio Tinto reported a 15% decrease in diamond production while releasing in its annual results. 
Revenue from diamonds too recorded and a marginal decrease of 1.56 %. However, profitability from the segment indicated a 28.2% rise. Gross revenue from the diamond business dropped from $ 706 mn in 2017 to $ 695 mn in 2018. While earnings before interest, tax depreciation and amortisation (EBITDA) rose by 4.88% in 2018 to $ 301 mn from $ 287 mn in 2017, net earnings increased by 28.2% during the past year, rising to $ 118 mn from $ 92mn in 2017.
Production at the Argyle mine in Australia, which is 100% owned by Rio Tinto, and from the Diavik mine in Canada, which is 60% owned,  dropped by 15% from 21.6 mn carats in 2017 to 18.43 mn carats in 2018. At Argyle, production was 18% less than 2017, when the company enhanced production by processing higher grade alluvial tailings. At Diavik, production was 3% lower, with lower recovered grades partially offset by higher ore processing. The company also announced that A21 at Daivik, the fourth diamond pipe was completed within budget and ahead of schedule. Following four years of construction and a $ 350 mn investment, the pit has now reached full production. 
Rio Tinto‘s inventories over the first half coincided with improved prices. But in the latter part of 2018, there was an increase in inventories, predominantly of lower quality rough diamonds, which led to a softening of prices, particularly in lower-end categories. According to Rio Tinto, the global supply of natural rough diamonds was lower than the previous year in 2018 and is expected to continue into 2019. Its production guidance for this year was between 15 - 17 mn carats.

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