Rio Tinto has planned to invest over USD 300 million in diamond exploration in India over the next five years, a move that will surge India’s contribution to its diamond revenues from the current 65%. For full story, click here
Here at diamond investing news, we have been following how the financial crisis has been impacting the industry. For a brief summary over the past few months, it was not until the end of September that dropping revenues became an issue to diamond industry participants.
The diamond industry has been having a unique year.The top jewelry sales time is just around the corner, and not till that milestone is over and the numbers are crunched will companies be able to conclude on the successes and failures of 2008.
The Diamond industry is heading to Hong Kong with high hopes that strong Far East demand will sustain high price levels. The diamond industry concerned that economic hardships in the US will dampen holiday jewelery demand, as Christmas is when jewelers realize the majority of their annual sales.
Canada’s diamond production is on the rise. According to a report issued by the Mining Association of Canada, production rose 28 percent to 17 million carats in 2007.
The summer market lull has made its mark on July diamond sales in Asia. Japanese polish diamond imports took a marginal 0.9 percent rise to hit $73.96 million. Hong Kong reported July retail sales were flat, with jewelry among the worst performers. July diamond imports from India fell 14.7 percent to $25.56 million. Imports from Belgium rose 8.8 percent to $22.9 million.
As reported, Gem Diamonds experienced its half-year revenues increase 138 percent to $166.8 million on increasing diamond prices across all top quality goods. Earnings of the firm before interest, taxes, depreciation and amortization (EBITDA) rose 68 percent to $56.5 million. Production in the first half of the year totaled 283,000 carats For more information click [...]
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