Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

Today

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

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

Rio Tinto Diamond Revenues -68% in 1H

21 august 2009

Rio Tinto reported Thursday that revenues from its diamond operations fell 68 percent to $184 million in the six months ending June 30, 2009. The company noted that prices and sales volumes for diamonds were severely impacted by the economic downturn, RAPAPORT reported. “The effect on the rough diamonds market has been exacerbated by the lowering of inventory levels in the diamond pipeline, resulting from reduced global liquidity,” Rio Tinto explained.
As a result, the diamond unit posted a net loss of $56 million, compared with profits of  $108 million one year ago. Earnings before interest, tax, depreciation and amortization (EBITDA) fell to negative $6 million, from $239 million in 2008.
Production across the company’s three diamond operations fell 14 percent to 6.787 million carats during the half year. Rio Tinto has full ownership of the Argyle mine in Australia, a 60 percent stake in the Diavik mine in Canada, and 77.8 percent of the Murowa mine in Zimbabwe. It did not provide separate data for each mine in the group’s half year report.
Rio Tinto cut its capital expenditure on the diamond assets 57 percent to $157 million during the period. The assets were valued at $1.55 billion at June 30, compared with $1.34 billion at the start of the period.
Rio Tinto’s full group net earnings fell 65 percent to $2.5 billion with revenues down 35 percent to $19.5 billion. Group chairman Jan du Plessis stressed that Rio Tinto remains cautious about the recent rally in commodity prices. “The expectation that development in emerging markets will generate underlying strength in metals and minerals demand over the long term remains broadly unchanged,” he added.