2H Slump Dents De Beers Sales Volume

De Beers’ sales volume fell 4% last year due to weakened demand for lower value diamonds in the second half.

The miner sold 33.7 million carats of rough, compared with 35.1 million carats in 2017, as clients bought fewer of its cheaper stones, it reported Thursday.

De Beers’ average price for sales excluding some sales by its joint-venture partners rose 6% to $171 per carat for the year, reflecting the larger proportion of higher-value goods. As a result, rough-sales value increased 2% to $5.39 billion for 2018, according to Rapaport estimates based on De Beers’ sight reports.

The company’s average price index, which tracks its rough prices on a like-for-like basis, declined 1% in the second half, but ended 2018 up 1% versus the previous year.

Production grew 6% to 35.3 million carats, exceeding sales volume.

Sales jumped 21% to 9.9 million carats in the fourth quarter, with revenues also increasing, as the company allowed sightholders to defer purchases from the September sight to later months.

Production grew 12% to 9.1 million carats for the quarter.

Source:DCLA

2H Slump Dents De Beers Sales Volume

De Beers’ sales volume fell 4% last year due to weakened demand for lower value diamonds in the second half.

The miner sold 33.7 million carats of rough, compared with 35.1 million carats in 2017, as clients bought fewer of its cheaper stones, it reported Thursday.

De Beers’ average price for sales excluding some sales by its joint-venture partners rose 6% to $171 per carat for the year, reflecting the larger proportion of higher-value goods. As a result, rough-sales value increased 2% to $5.39 billion for 2018, according to Rapaport estimates based on De Beers’ sight reports.

The company’s average price index, which tracks its rough prices on a like-for-like basis, declined 1% in the second half, but ended 2018 up 1% versus the previous year.

Production grew 6% to 35.3 million carats, exceeding sales volume.

Sales jumped 21% to 9.9 million carats in the fourth quarter, with revenues also increasing, as the company allowed sightholders to defer purchases from the September sight to later months.

Production grew 12% to 9.1 million carats for the quarter.

Source:DCLA

STORNOWAY DIAMONDS MISSES 2018 PRODUCTION GUIDANCE

Canadian diamond miner Stornoway Diamonds has produced 1.32 million carats in the 2018 financial year, missing its guidance of “at least 1.35 million carats” for the year, Mining Weekly reports.

President and CEO Patrick Godin said that 2018 was a “challenging year” for the company, as the ramp-up of underground production of the Renard 2 underground mine was “impacted by delays in equipment deliveries, a competitive labour market and the presence of more-than-expected low-grade mineralisation on the northern margin of the Renard 2 orebody”.

 However, the company’s third and fourth quarter production results “demonstrated significant improvements in grade and carat recoveries”. For 2019, Stornoway expects to produce between 1.8 million and 2.10 million carats.

As for sales, in 2018 Stornoway sold 1.04 million carats for gross proceeds of C$141 million ($106,362,645).

In the fourth quarter, sales amounted to 253,929 carats, netting C$31 million (23,384,695).

Souce: israelidiamond

STORNOWAY DIAMONDS MISSES 2018 PRODUCTION GUIDANCE

Canadian diamond miner Stornoway Diamonds has produced 1.32 million carats in the 2018 financial year, missing its guidance of “at least 1.35 million carats” for the year, Mining Weekly reports.

President and CEO Patrick Godin said that 2018 was a “challenging year” for the company, as the ramp-up of underground production of the Renard 2 underground mine was “impacted by delays in equipment deliveries, a competitive labour market and the presence of more-than-expected low-grade mineralisation on the northern margin of the Renard 2 orebody”.

 However, the company’s third and fourth quarter production results “demonstrated significant improvements in grade and carat recoveries”. For 2019, Stornoway expects to produce between 1.8 million and 2.10 million carats.

As for sales, in 2018 Stornoway sold 1.04 million carats for gross proceeds of C$141 million ($106,362,645).

In the fourth quarter, sales amounted to 253,929 carats, netting C$31 million (23,384,695).

Souce: israelidiamond

China Troubles Dent Luk Fook Sales

Luk Fook’s same store sales dropped 10% in the third fiscal quarter amid economic weakness in greater China.

The depreciation of the Chinese yuan against the Hong Kong dollar led customers to purchase cheaper products in the three months ending December 31, the retailer said Thursday.

Luk Fook, one of Hong Kong’s largest jewelers, derives a significant proportion of its revenue from tourists visiting the municipality from the mainland.

The weakening of the yuan during 2018 reduced the purchasing power of those consumers, causing same store sales at branches open for more than a year to fall 9% year on year in Hong Kong and Macau. Same store sales in mainland China slid 14%.

“The recent market sentiment was adversely impacted by the US China trade war, the depreciation of the yuan , and the downward pressure in the stock and property markets,” the company added.

Same-store gold sales in Hong Kong and Macau dropped 9%, while gem set jewelry purchases fell 8%.

The currency effect led to a double digit decline in the average selling price of gem set products, the jeweler noted.

In China, same store sales of gold products plunged 16%, while sales of gem set jewelry decreased 5% for the period.

Luk Fook’s results are for its self operated stores, and exclude licensed shops, which form the majority of its stores on the mainland.

Source: DCLA

China Troubles Dent Luk Fook Sales

Luk Fook’s same store sales dropped 10% in the third fiscal quarter amid economic weakness in greater China.

The depreciation of the Chinese yuan against the Hong Kong dollar led customers to purchase cheaper products in the three months ending December 31, the retailer said Thursday.

Luk Fook, one of Hong Kong’s largest jewelers, derives a significant proportion of its revenue from tourists visiting the municipality from the mainland.

The weakening of the yuan during 2018 reduced the purchasing power of those consumers, causing same store sales at branches open for more than a year to fall 9% year on year in Hong Kong and Macau. Same store sales in mainland China slid 14%.

“The recent market sentiment was adversely impacted by the US China trade war, the depreciation of the yuan , and the downward pressure in the stock and property markets,” the company added.

Same-store gold sales in Hong Kong and Macau dropped 9%, while gem set jewelry purchases fell 8%.

The currency effect led to a double digit decline in the average selling price of gem set products, the jeweler noted.

In China, same store sales of gold products plunged 16%, while sales of gem set jewelry decreased 5% for the period.

Luk Fook’s results are for its self operated stores, and exclude licensed shops, which form the majority of its stores on the mainland.

Source: DCLA

Kim Kardashian shows off her new grillz

Kim Kardashian has splurged on a new accessory diamonds for her teeth.

The reality star debuted her ‘new grillz’ on Friday posing a picture to her Instagram page.

The image showed a close up of her blindingly white teeth, with the lower teeth all completely covered in tiny diamonds, and her upper teeth baring a tiny cross.

Kim Kardashian shows off her new grillz

Kim Kardashian

The grill looks to be one Kim collected in November, when she posted a photo after getting her mouth molded for the custom design by jewelry designer Dolly Cohen.

Kim’s husband Kanye West is rarely seen without a fancy grill, and the mother of three has added a few of her own to her jewelry collection.

Back in August she unveiled a Kim grill, which spelled out her name on her lower teeth in diamonds.

Source: dailymail