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

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23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

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