Our main role is to inspire consumers to consider diamonds - Jean-Marc Lieberherr

With over 25 years of experience in a variety of leadership positions across many geographies, functions and businesses, Jean-Marc Lieberherr has more than 10 years’ experience as a diamond industry leader, which includes as a Board member of the World...

Yesterday

Training in diamond valuation is key for artisanal miners

Ian Rowe, the Executive Director of the Diamond Development Initiative (DDI) was appointed in September 2019, having joined DDI as Deputy Executive Director a year earlier. Ian managed field operations in Sierra Leone within this role and led...

02 december 2019

Kangalassi 2.0: Raising the living standards, creating new jobs

At the V Eastern Economic Forum (EEF) held in early September in Vladivostok, the Yakut company SAYBM signed a tripartite agreement with two agencies - the Far Eastern agency and the regional one - for attracting investments and providing export...

25 november 2019

We live in a new dimension of environmental responsibility carried by business

In mid-October, Moscow hosted the VIII Ecological Forum attended by representatives from the State, large industrial companies, scientific and public organizations. The forum delegates discussed the issues related to finding a balance between the socio-economic...

18 november 2019

De Beers’ GemFair delivering ‘positive impacts’ to ASM sector in Sierra Leone – David Johnson

GemFair, a pilot project developed by De Beers to create a secure and transparent route to market ethically sourced artisanal and small-scale mined (ASM) diamonds, is already delivering “important positive impacts” in Sierra Leone. Group head...

11 november 2019

Rio Tinto’s diamond revenue down 16% in H1 2019

05 august 2019
news_06072018_riotinto.pngMining Group Rio Tinto has released its financial results indicating that its diamond business revenue has declined 16% in H1 2019 compared to the same period in 2018, through its press release.
The decline in earnings, according to Rio Tinto, came about due to weaker diamond pricing as well as the overall reduction in  production from its jointly owned diamond mines Diavik in Canada and fully owned Argyle in Australia.
During H1 2019, Rio Tinto’s gross revenue from the diamond business was $ 271 mln which is 16% lower than the $ 323 mln gross revenue for H1 2018. Rio Tinto registered a loss of $ 5 mln in H1 2019 compared to net earnings of $ 55 mln during the same period in 2018.
The net cash generated from operating activities increased 22% in H1 2019 with an underlying EBITDA of $ 10.3 bln and EBITDA margin of 47% and declared that it would return a sum of $ 3.5 bln to its shareholders with an interim dividend of $ 2.5 bln and a special dividend of $ 1 bln.
Rio Tinto said its production guidance for the full year for the diamond sector remained unchanged at between 15-17 mln carats.

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