The diamond business is yet bright and has a good future in the coming days

Hitesh Patel, Managing Director of Dharmanandan Diamonds Pvt. Ltd., joined the family business in 1997 to help his father Laljibhai Patel, the founder of Dharmanandan Diamonds Pvt. Ltd. Egged on by its success, Hitesh set up the overseas presence of...

Yesterday

The talk around LGDs is all hype

As a teenager, Luca Luterbacher began to design and manufacture single pieces and individual items for wealthy private family friends from Switzerland and Lichtenstein. In 2017, he finally invested in his own luxury trademark "Luterbacher."...

12 august 2019

Correct adjustment of advertising is the major challenge

At the recent Amberforum held in the Baltic city of Svetlogorsk, Andrey Yanchevsky, Head of the trade representation of the LA VIVION jewelery company shared his opinion with the correspondent of Rough&Polished on the state and prospects of the jewellery...

05 august 2019

Small-scale diamond mining is the future in Botswana – Leon Daniels

Pangolin Diamonds, which is currently the most active diamond exploration company in Botswana, has called upon authorities in the southern African country to include diamonds into the minerals permit for small scale mining operations. Pangolin chief...

29 july 2019

“There has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

22 july 2019

Argyle posts decade high revenue as mine closure nears

08 may 2019

news_06072018_riotinto.pngRio Tinto's fading Argyle diamond mine, which is scheduled to close in 2020, has posted its best financial performance in years registering $370.6 mln which is 26 per cent higher than in 2017 and the highest revenue since 2008. The new filings with the Australian Securities and Exchange Commission (ASIC) reveal that Argyle’s revenue surged to their highest levels in a decade in 2018, as per media reports.
The report indicates that the improved financial performance was not constrained to revenue; the $148.4 mln of cash flow from operations was virtually double the 2017 result, almost quadruple the 2016 result and the best since 2015. Also, the big increase in revenue was driven by higher sales volumes in 2018 compared to previous years. Revenue was also boosted by a stronger US currency and improving prices for the pink diamonds Argyle produces, which are tipped to enjoy greater scarcity value as the mine's closure draws near. 
However, while Argyle's closure in 2020 appears certain, it is unclear whether Rio has built a sufficient war chest of pink diamonds to continue its annual pink diamond tender beyond the end of the mine's life.
Meanwhile, according to the report diamond production at Argyle is set to be lower again in 2019 given that production in the three months to March 31 was 22 per cent lower than in the same period of 2019, and 13 per cent lower than in the final three months of 2018.

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