Pavel Sokolov: Every stone has its beauty

THE ‘GEMSTONES BY SOKOLOV’ brand has been popular for over 25 years. The aim of this company is to supply any kind of gem studs to the Russian market including the unique ones except diamonds of any cut. The product range by the SOKOLOV Company is very...

Today

“We are building a new state-of-the-art tender facility,” says Ahmed Bin Sulayem, Executive Chairman, DMCC

Ahmed Bin Sulayem certainly needs no introduction being widely popular globally as one of the leaders of modern Dubai. As the Executive Chairman of DMCC, Ahmed Bin Sulayem has played and continues to play a key role in establishing and positioning DMCC...

20 may 2019

De Beers scaling up Tracr ahead of formal launch

De Beers tracked 100 high-value diamonds along the value chain during the pilot of Tracr™, its industry blockchain platform, for the first time in May last year. A De Beers spokesperson Bianca Ruakere told Rough & Polished in an exclusive interview that...

13 may 2019

The perfect couple - platinum and diamonds

The Jewelry House of Leon Megé located in New York has long been firmly established in the jewelry market as a source of magnificent jewelry, in which platinum and diamonds often sparkle being married together and attracting everyone’s eyes, but are...

06 may 2019

The technology of growing single-crystal diamonds has now become industrial in nature

It is believed that the reserves of natural diamonds will be exhausted by the middle of the century, and therefore production of synthetic diamonds is rapidly gaining relevance. According to Business Insider India’s estimates, the global synthetic diamond...

29 april 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