Certified polished diamond prices fell in October as trading volume did not meet expectations for this time of the year. The U.S. continues to be the dominant market for polished ahead of the Christmas season. India’s pre-Diwali demand was weak and Chinese demand soft after the National Day Golden Week (October 1). Trading is selective with steady demand for 0.30-carat to 0.50-carat goods in commercial qualities (H-K, SI-I1).
The RapNet Diamond Index (RAPI™) for 1-carat certified diamonds fell 1.7 percent in October. RAPI for 0.30-carat diamonds rose 0.4 percent during the month, while RAPI for 0.50-carat diamonds increased 0.2 percent. RAPI for 3-carat diamonds declined 0.7 percent.
On 30 September 2013 NLMK (LSE: NLMK) reported that Belgian state-owned company SOGEPA (Société Wallonne de Gestion et de Participations S.A.) had acquired a 20.5% interest in NLMK Belgium Holdings S.A. (NBH) for EUR 91.1m. NBH comprises the production and trading companies of NLMK Europe, other than NLMK Dansteel.
Following a review of the accounting treatment of the transaction, NLMK confirms that in light of the corporate governance rights afforded to SOGEPA the NLMK Group’s investment in NBH will be accounted for in the consolidated financial statements prepared in accordance with US GAAP under the equity method starting from 30 September 2013.
The De Beers Group of Companies today began construction of a new underground mine beneath its open pit Venetia Mine in Limpopo Province, South Africa. The US$2 billion (R20 billion) investment will extend the life of Venetia beyond 2040i and replace the open pit as South Africa’s largest diamond mine.
With underground production expected to commence in 2021, over its life, the Mine will treat approximately 130 million tonnes of ore, containing an estimated 96 million caratsii. The Mine will also support over 8,000 jobs directly, and a further 5,000 through the supply chain – benefitting the South African economy.
EuroChem announced today that cage shaft sinking operations at its Usolskiy Potash project in Russia’s Verkhnekamskoe potash deposit have been completed. Begun in March 2012 following the successful freezing of the ground, the sinking operations progressed to the shaft’s target depth of -473 meters at an average rate of 42 meters per month and were completed a full month ahead of schedule. Usolskiy’s cage shaft is the first shaft to be completed in the Verkhnekamskoe deposit in the last 25 years.
Certified diamond prices were stable in September with significantly reduced trading volume. Price sensitive Far East buyers are increasingly shifting to commercial qualities, while tight liquidity and weak domestic demand in India have reduced diamond trading and lowered expectations for the important Diwali holiday season. High rough diamond prices have disrupted manufacturing activity as polished suppliers focus on depleting existing high inventory.
The RapNet Diamond Index (RAPI) for 1-carat certified diamonds fell 0.3 percent in September. RAPI for 0.30-carat diamonds rose 0.4 percent while RAPI for 0.50-carat and 3-carat diamonds were both flat for the month. RAPI fell by more than 2 percent in the third quarter in all sizes.
Original of this material appeared on FT.com website.
By Courtney Weaver and Charles Clover in Moscow
After years of vicious shareholder infighting, lawsuits and mudslinging, Norilsk Nickel’s oligarch shareholders are scrambling to overhaul its investment strategy and management structure following the steep fall in metals prices.
In an interview, Vladimir Potanin, Norilsk Nickel’s single biggest shareholder with 30 per cent and chief executive, said the company had hired western consultants including McKinsey and BCG to advise the nickel, platinum and palladium producer, which has a market capitalisation of $20.6bn.
Russia continues its gold buying spree when it expanded its gold reserves to 1,015.5 tons, a 12.7 metric ton increase according to the data showed by the International Monetary Fund.
Gold has always been seen as a form of hedge against competing currencies in times of economic depression. Therefore, purchasing gold and keeping it as portion of their resources are efforts done by countries with high purchasing power. As of September 25, gold price amounted to $1,334.02 an ounce at 9 AM, Bullion Vault data showed. Gold prices are foreseen to increase around 7.5% this quarter.
Mechel announces that Vnesheconombank’s (VEB) Supervisory Board approved financing totaling 2.5 billion US dollars for the development of Elga Coal Complex (Republic of Sakha (Yakutia))’s first stage.
The terms of the financing call for Vnesheconombank’s funds to be used to complete the first phase of the Elga deposit’s development project. The first stage includes construction of a railroad and a mining and washing complex with an annual capacity of 11.7 million tonnes of run-of-mine coal by 2017. The project’s implementation will create over 5,000 new jobs.
Yuriy Bokachev has been appointed Managing Director of NLMK DanSteel A/S, a Danish plate producer and part of NLMK Europe Plate Products. In this capacity, Yuriy Bokachev will be responsible for NLMK DanSteel’s operating activities, operational health and safety, and environmental issues.
This position was previously held by Yury Tarasov, who has been appointed Commercial Director of NLMK Europe Plate Products, and will be responsible for managing the sales of the Division’s entire product range, excluding Q&T brands produced at NLMK Clabecq (new products, abrasion resistant [Quard] and high strength [Quend] steels).
Certified polished diamond prices stabilized in August while dealers remained cautious amid low-volume trading. Cutting center liquidity is being squeezed by the devaluation of the Indian rupee, high rough prices and cautious bank lending. Diamond manufacturers are holding on to relatively large inventories ahead of the fourth quarter selling season, while retail jewelers are expected to delay their buying.
The RapNet Diamond Index (RAPI™) for 1-carat certified polished diamonds fell 0.1 percent in August. RAPI for 0.30-carat diamonds rose 1.2 percent during the month, while RAPI for 0.50-carat diamonds increased 0.8 percent. RAPI for 3-carat diamonds fell 0.6 percent.
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Mechel Announces Finalization of Negotiations on 1-Billion-Dollar Syndicated Loan Agreement with International LendersFriday, Dec 6, 2013 at 9:27 am
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