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...

19 august 2019

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

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