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

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

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

Sotheby's Approves Dividend, May Sell York Ave. Headquarters

04 february 2014

Sotheby’s approved a special dividend of $300 million, or approximately $4.34 per share, to be distributed  on March 17, following the company's review of capital allocation and financial policy, Rapaport reports. Sotheby’s board also authorized a $150 million share repurchase program, primarily as part of a new policy to offset annual employee stock dilution, with approximately $25 million of shares being repurchased by the end of 2014.
During the next 12 to 24 months, Sotheby's expects to ''unlock significant value'' for shareholders through additional debt-financing, which could result in the return of an additional $150 million to $200 million to shareholders. The board is also reviewing real estate holdings in New York and London and considering selling its York Avenue headquarters and relocating, or selling a portion of the building and remaining in reconfigured space.
“The message we are delivering is clear – we are returning meaningful capital to our shareholders now and in the future and establishing a framework that puts Sotheby’s in the strongest position to compete and win in this marketplace while delivering value to our clients,” said Sotheby's chairman, Bill Ruprecht.
Sotheby's chief financial officer, Patrick McClymont, said, “All of us at Sotheby’s are committed to growing with discipline. We are focused on running the business profitably while delivering value to our clients and shareholders, and we believe this plan strengthens our ability to accomplish these objectives. The plan was shaped after much-welcomed input and feedback from our investors and we are committed, as always, to continue that dialogue.”