Rapaport Auctions will be holding its next single stone polished diamond auction and sale in Israel during the U.S. & International Diamond Week from April 6 to 10. As the leading recycler of diamonds in the world, Rapaport expects to offer over 2,000 diamonds at the sale.
Israel is a very strong supporter of the recycled market due to the expertise of its cutters who optimize the value of recut diamonds. Rapaport is pleased to be coordinating its efforts with the Israel Diamond Exchange and expects the upcoming event to attract hundreds of international buyers. The Rapaport sale will provide unprecedented opportunities for buyers to source a large quantity and wide variety of diamonds at fair market prices.
As a result of measures taken in 2013 to improve energy efficiency, NLMK Group (LSE: NLMK) has saved more than RUB 850 million.
NLMK Group’s Strategy 2017 forecasts that its energy efficiency improvements will lead to an annual increase in EBITDA of around USD 88 million.
Forevermark, the diamond brand from the De Beers group of companies, announced a strong year of growth, driven predominantly by continued consumer demand in core markets, China, U.S., India and Japan. Stephen Lussier, Forevermark CEO commented, “The brand has performed exceptionally well in the last year. We are now fully established as a globally recognised brand with presence in over 1,300 retail outlets across 12 major markets.”
Expansion has progressed rapidly since the brand launched in 2008. In the last year alone, the number of stores selling Forevermark diamonds has increased by almost 40%. Forevermark’s licensee program also saw launches in Australia, Brunei, Kuwait and producer country, Namibia in 2013.
NLMK Group has successfully passed certification audits confirming that its production of special-size slabs from high-strength and corrosion-resistant steel grades is compliant with the requirements set forth by certifying agencies Det Norske Veritas (Norway), Lloyd’s Register (Great Britain), and the Russian Maritime Register of Shipping (Russia).
Following the audits, which were conducted in accordance with the rules of the International Association of Classification Societies (IACS), NLMK obtained new certificates extending the scope of application for slabs from F and FH high strength steels and in new sizes – 355 mm thick and 2,200 mm wide.
On 7 February 2014, the Arbitrazh Court of Moscow decided to recover from Nikolai Maximov over RUB 7.3 billion in favor of NLMK, declaring invalid the Agreement of 2007, under which NLMK bought a controlling share (50%+1) in Maxi-Group, as concluded under the influence of fraud on the part of Mr. Maximov.
Moreover, an appraisal was conducted as part of the proceedings, revealing that the cost of the controlling shares in Maxi-Group at the moment of purchase was 2 times lower than the advance payment made by NLMK in favor of Mr. Maximov when concluding the deal.
Mechel reports successful tests of the new coal export terminal at Primorye Region’s Port Posiet. Modernization of the port’s facilities will enable the company to significantly increase export to the Asia-Pacific countries. The project’s cost is estimated to total some 4.5 billion rubles.
The first stage of Port Posiet’s technical revamping provisions for a cargo turnover growth to up to 7 million tonnes a year. With the new coal export terminal, the port will be able to unload some 400 wagons a day (28,000 tonnes of coal) and load about 30,000 tonnes of coal daily onto cargo vessels.
NLMK had announced the launch of its “Strategy 2017”. “Strategy 2017” targets net gains of $1.0 billion per annum and contemplates total new investment of $1.6 billion. “Strategy 2017” is focused on unlocking significant internal potential of the Group’s businesses by boosting operational and process efficiency across the entire production chain, enhancing vertical integration into key raw materials, increasing sales of high-value added (HVA) products, and pursuing environmental, safety and human capital development programmes.
The De Beers Group of Companies has made three new appointments to its Executive Committee, adding 75 years of diamond experience. Paul Rowley, Executive Vice President of Global Sightholder Sales, Neil Ventura, Executive Vice President of Auction Sales and Balisi Bonyongo, CEO of Debswana, will join the Executive Committee with immediate effect.
Paul Rowley joined De Beers in 1983 and has filled a variety of senior positions in the organisation. He has served on both the DTC Botswana and Namibia DTC boards and was Acting CEO of DTC Botswana prior to his current role. His earlier experience also includes key account management, rough diamond purchasing in various African diamond producing countries and heading the Global Sightholder Sales Diamond Division.
Board of Directors of OJSC Magnitogorsk Iron and Steel Works (MMK) appointed Mr. Pavel Shilyaev acting CEO of the company today.
Boris Dubrovsky, former MMK CEO, was appointed acting Governor of the Chelyabinsk Region (Southern Urals) by the Decree of the Russian president Vladimir Putin dated January 15, 2014.
The Rapaport Melee Index (RMI™) for small diamonds increased by 4% to 130.54 during the fourth quarter of 2013. Year on year the index is up 3.5% from its level of 126.05 in December 2012.
The diamond market stabilized toward the end of the year after a period of weak demand and price declines in the second and third quarters. Melee diamond prices increased during the last quarter of 2013 as overall trading was boosted by holiday demand in December combined with shortages in supply. Sales during the holiday period exceeded the trade’s low expectations and despite continued consumer caution. Polished trading is expected to improve during the first quarter driven by the Chinese New Year and as U.S. retailers start to replenish sold inventory.
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