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...

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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...

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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

Dominion Diamond Corp. to Launch Contract Sales in July

03 june 2014

Dominion Diamond Corporation will soon sell its diamonds via long term contracts, company executives told Rapaport News.
“Manufacturers want the consistency of supply and now we have the volume and the mix of goods to provide that consistency,” James Pounds, president of Dominion Diamond Marketing Corporation, said in an interview at the JCK Las Vegas show this week. “We’re going to put the contracts out in the next month and open up discussions about the amounts that will be part of the contracts.”
Pounds said the company plans to shift to the contract sales fr om July and is looking to supply approximately 30 companies within that framework. Similar to the De Beers sight system, Dominion will hold 10 contract sales per year.
While pounds explained that some goods will still be sold via tender in order to assure customers and shareholders that they’re selling at fair market price, about 90 percent of Dominion’s production will be sold to global contract customers. The remaining 10 percent will be supplied to manufacturers based in Canada’s Northwestern Territories, according to the guidelines provided by the local provincial government.
Dominion bought the Ekati mine from BHP Billiton in April 2013 for $553 million. As part of the deal, Dominion owns 80 percent of the Ekati mine and 58.8 percent of the surrounding buffer zone, wh ere future expansion is expected to occur. The company also owns 40 percent of the Diavik mine.
Pounds explained that Dominion will sort the Ekati and Diavik production separately so that the Northwestern government can exercise its rights to royalties, but will then mix the goods to supply its contract customers.
Dominion expects sales to exceed $800 million in the current fiscal year compared with $751.9 million reported for the fiscal year that ended January 31, 2014. He added that growth is anticipated to be driven by higher volume rather price increases as production shifts to lower grade areas of the Ekati mine.
Pounds stressed that the combination of these pipes at Ekati and Dominion’s share of production at Diavik will allow the company to supply a wide range of rough to its customers. The company recently reported that Ekati production reached 1.324 million carats for the period April to the end of the year, while its Diavik production was flat at 2.9 million carats for the full year. Pounds did not say how many carats are expected to be mined this year.
He noted, however, that Dominion continues to look at further growth opportunities and potential acquisitions in Canada.