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

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

Rio Tinto Group’s H1 earnings +21%; ‘Diamond & Mineral’ registers -17%

11 august 2014

The Rio Tinto Group announced a 21 per cent increase in H1 underlying earnings in its Press Release recently. However, the Group’s Diamonds & Minerals’ underlying earnings of $160 million were 17 per cent lower than 2013 first half earnings, which stood at $192 million.
The 2014 first half earnings include the impact of tax settlements in Rio Tinto Diamonds of $25 million relating largely to prior years. Excluding this, and the impact of other tax changes, earnings were nine per cent higher than 2013 first half.
In absolute terms, cash operating costs were $188 million lower than 2013 first half including a $100 million benefit from exchange rate movements. Cash flows from operations of $424 million were 27 per cent higher than 2013 first half, reflecting higher EBITDA (Earnings before Interest, taxes, depreciation and amortization) and improved working capital management.
During 2014 first half, industry diamond prices moved up by eight per cent. In the medium to long run, strong demand growth is expected, especially from India and China, as disposable incomes rise, leading to higher consumer luxury demand.
First half diamond production was two per cent higher than the same period of 2013 with a strong operational performance at Diavik offsetting marginally lower carats at Argyle, reflecting the move from open pit to underground mining and the processing of lower grade tailings in the first quarter of 2014 as underground production ramped up.
The Argyle underground mine remains on track to reach full capacity in 2015, with the second crusher commissioned in July 2014. This is designed to extend the mine life of Argyle until at least 2020.The feasibility study to develop the A21 kimberlite pipe at Diavik Diamond Mine is expected to be complete in 2014. If approved, production will commence in the fourth quarter of 2018.
In 2014, Rio Tinto’s share of production is expected to be 1.5 million tonnes of titanium dioxide feedstocks, 0.5 million tonnes of boric oxide equivalent and 16 million carats of diamonds. Incidentally, Rio Tinto's interest in Argyle is 100 per cent, in Diavik - 60 per cent and in Murowa – 77.8 per cent.

Aruna Gaitonde, Rough&Polished correspondent in India