News of the day

Rio Tinto says diamond production up 9% in first quarter to 3.25 million carats


Mining giant Rio Tinto recorded a nine-percent rise on the year in diamond outputin the fourth quarter of 2012 to 3.248 ‎million carats.

Rio Tinto said that compared to the third quarter, however, there had been a decline of 12 percent from 3.706 million carats.

For all of 2012, production jumped 12 percent on 2011 to 13.122 million carats.

Tiffany & Co sees small increase in global Christmas sales


Tiffany & Co said its net worldwide sales during the holiday season rose a modest 4 percent to US$992 million, continuing a trend of modest gains in recent months.

Although the retailer maintained its full-year profit forecast of US$3.20-US$3.40 per share, it said that because its holiday sales growth was at the low end of its forecasts, earnings would likely be at the low end of the range.

De Beers' Mellier describes Forevermark as strategic priority

De Beers Group Chief Executive Officer Philippe Mellier said the company's Forevermark brand was a "strategic priority" at a company event in New York.

Mellier emphasized the importance of Forevermark to the De Beers Group's long-term success.

“For De Beers, Forevermark is a strategic priority. We are committed for the long term and will invest to make it the leading diamond brand on a global basis," he says.

Diamond Circle Capital directors vote to complete closure of fund

The board of directors for Diamond Circle Capital plc, a closed diamond investment fund, concluded its extraordinary general meeting on December 28 with a special resolution to finalize closing the fund.

The liquidator will distribute the company's assets to shareholders according to to their shareholdings following the settlement of the company's outstanding liabilities, the announcement said.

The board will apply to the U.K. listing authority to cancel trading of ordinary shares on December 31.

LJ International Inc. changes date of fiscal year to March 31


Jewelry designer and seller LJ International Inc. has changed its fiscal year closing date to March 31 from the previous December 31.

The main aim of the date change is to bring its reporting structure into line with other similar firms in order to improve comparability on both a quarterly and an annual basis, the board of directors said in a statement.

LJ International designs, brands, markets and distributes  a full range of jewelry and it has also established the ENZO retail chain in China. 

American auctioneer Skinner Inc. raises $3.7 million at fine jewelry sale

Skinner, Inc. said it generated close to $3.7 million in sales at a fine jewelry auction. The amount includes buyers' premiums and easily surpassed the pre-sale forecast.

The top lot was a double-strand jadeite bead necklace bought for $348,000, more than four times its pre-sale estimate of $80,000.

Meanwhile, an Art Deco platinum and diamond longchain necklace was sold for $162,000, more than double its pre-sale estimate high.

Antwerp tax officials looking into Smolensk Diamonds N.V financial reports

The Belgian tax authorities are inspecting the financial reports of Smolensk Diamonds N.V., the Antwerp-based subsidiary of Russian diamond polishing company Kristall Production Corporation of Smolensk, according to Russia's Izvestia newspaper.

The tax officers have found “problems in the financial statements", Izvestia reports.

Kristall Production Corporation produced about 40 percent of Russia’s polished output last year, and is largest diamond manufacturer in the country.

Germans turning to diamond jewelry in uncertain economic times

Germans are buying polished diamonds as gifts and financial investments for their future as economic uncertainty continues.

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