Mar 31

Gold Price Gains in Q1 for 8th Time in 10 Years

Best Regards
24hGold

Mar 31

‘Three Wise Men’ Warn Crash Coming, Own Gold

Best Regards
24hGold

Mar 30

Rapaport TradeWire March 30, 2017


United
States: 
Polished trading stable. Optimism from Hong Kong
show, diminishing with trading expected to slow in April during Passover and
Easter spring break


Belgium:
Sentiment weaker amid reports of cautious trading
at Basel show. Buyers are selective, filling specific orders and avoiding large
inventory purchases

Israel:
Polished trading slow
after March show season. Very few dealers in the bourse, with Israeli buyers
looking for goods in India and suppliers selling in New York and Hong Kong
before the Passover break (April 11 to 18)

India: Steady trading, with US and Israeli dealers looking
for goods in Mumbai. Manufacturers holding prices firm for new RapSpec A2+
production

Hong
Kong:
The market is stable, with consistent demand for
0.30 to 1.10-carat, G-J, VVS2-SI2 diamonds.Some wholesalers still
filling orders from Hong Kong show

Click here for deeper analysis

Mar 30

De Beers, Luk Fook to Co-Brand Grading Reports

RAPAPORT…
De Beers’ polished-grading unit has partnered with Hong
Kong-based jeweler Luk Fook to produce co-branded diamond reports for the
retailer’s customers.

The arrangement with the International Institute of Diamond
Grading Research (IIDGR) will enable Luk Fook to present customers with a
magnified image of a diamond’s “light performance pattern,” giving them more
information about the jewelry on offer, De Beers said Thursday.

The program, which launched Thursday in Hong Kong and Macau,
will potentially expand to other parts of Greater China at a later stage, De
Beers added.

“As customers continue to seek ever-greater confidence in
diamonds, we are seeing increased demand from major diamond jewelry retailers
for the innovative solutions that IIDGR can provide,” said Jonathan Kendall, the
institute’s president. “This new initiative with Luk Fook highlights the rapid
international growth we are seeing in the business, and we look forward to a
long and successful partnership.”

Mar 30

De Beers Cuts Sightholder Allocations


RAPAPORT…
De Beers has reduced the supply of rough diamonds it will be offering sightholders in the coming year, as it fulfills its commitment to support diamond manufacturing in Namibia.

The company signed an agreement with the Namibian government last year, committing to allocate 15% of its Namibia production to state-owned company Namdia, which will conduct independent sales on behalf of the government. The move was part of the country’s beneficiation efforts to diversify its diamond industry. In that vein, De Beers also agreed to increase the amount of goods it provides its Namibia-based sightholders.

De Beers supplies rough on a contract basis, whereby its sightholders make what is known as an intention to offer (ITO) – an indication of how much rough they will require for the coming year. The company has about 80 core clients at its international sights, which take place 10 times a year in Botswana. As part of its beneficiation program, it also supplies rough in separate sights to 11 local sightholders in Namibia, 20 in Botswana and seven in South Africa.

With the new ITO period starting in April, sightholders are bracing for lower supply given De Beers’ new commitments to Namibia and a similar arrangement already in place in Botswana, where the government takes 15% of local production to sell via Okavango Diamond Company. De Beers allocates an additional 10% of its production to its auction business before distributing the remainder through the sight system.

As such, the company is predicting a lower available supply for sightholders in the upcoming ITO period, compared to what it forecast for the 2016-2017 ITO year, said De Beers spokesperson David Johnson.

“The impact has been biggest in the international ITOs, as our producer country beneficiation commitments have seen a greater share of our availability being allocated through these channels,” he explained.

Sightholders have estimated that allocations will be up to 20% lower under the new ITO arrangement – which begins at the next sight in April – than they were in the previous one.

De Beers declined to comment on the extent of the reduction. However, Johnson said it would vary for each sightholder, depending on the client’s location and whether it was a participant in the programs aimed at keeping manufacturing within Botswana, South Africa or Namibia.

De Beers this week held its third sight of the year – the last one in the current ITO period – and is expected to announce the sales result early next week. Sales are expected to be lower than those of the first two sights, which yielded $720 million in January and $545 million in February. 

Mar 30

Mountain Province Turns a Profit in 2016

RAPAPORT… Mountain Province Diamonds recorded a profit last year,
benefiting from the Canadian dollar’s improvement against its U.S. counterpart.

The miner’s net income stood at $3.6 million (CAD 4.8
million) compared with a net loss of $32.4 million (CAD 43.2 million) in 2015, the
company reported on Wednesday. The change was mainly due to foreign-exchange
gains of $3.6 million (CAD 4.8 million) during 2016 as the U.S. dollar weakened
3% against the Canadian coinage, the miner explained.

Mountain Province owns 49% of the Gahcho Kué diamond
mine in the Northwest Territories, where commercial production began this year on
March 1. The company expects to start recording revenue in
the second quarter of 2017.

Mar 30

De Beers Clinches Grading Deal with Luk Fook

RAPAPORT…
De Beers’ polished-grading unit has partnered with Hong
Kong-based jeweler Luk Fook to produce co-branded diamond reports for the
retailer’s customers.

The arrangement with the International Institute of Diamond
Grading Research (IIDGR) will enable Luk Fook to present customers with a
magnified image of a diamond’s “light performance pattern,” giving them more
information about the jewelry on offer, De Beers said Thursday.

The program, which launched Thursday in Hong Kong and Macau,
will potentially expand to other parts of Greater China at a later stage, De
Beers added.

“As customers continue to seek ever-greater confidence in
diamonds, we are seeing increased demand from major diamond jewelry retailers
for the innovative solutions that IIDGR can provide,” said Jonathan Kendall, the
institute’s president. “This new initiative with Luk Fook highlights the rapid
international growth we are seeing in the business, and we look forward to a
long and successful partnership.”

Mar 30

Brexit Gold Buying – UK Demand for Gold Bars Surges 39%

Best Regards
24hGold

Mar 30

Gold Price Stuck Below 200-Day MA as Merkel Snubs May, China Tries to Curb Bubbles

Best Regards
24hGold

Mar 29

Gold to soar to $1,500 as inflation makes comeback, Incrementums Stoeferle says

Best Regards
24hGold