Dominion Diamond Corporation has published the results of sales in the second quarter of fiscal year 2017 (from May to July 2016) of rough diamonds from the Ekati mine (the Ekati) and Diavik (Diavik), as well as the Ekati production results for the same period.
The results of three trading rough diamonds for the quarter were $ 160.0 million compared to $ 209.7 million in the second quarter of 2016 fiscal year. In the third quarter it is planned to hold two diamond tender.
According to the report Dominion, Ekati to mine in the second quarter of 2017 fiscal year were produced 0.9 million carats of 0.6 million tonnes of ore processed. During the same period of fiscal year 2016 production was 0.9 million carats to 1.0 million tonnes of ore processed.
Commenting on the situation in the diamond market, the company said that after the favorable conditions prevailing in the first quarter, diamond prices have stabilized in the second quarter supported by solid retail demand in the United States. Positive conditions in the first half of the year reduced inventories throughout the diamond pipeline and improved the liquidity situation in the industry. However, despite the improvement in the relations of banks to the industry, they continue to be cautious.
Retail markets outside the United States, noted in the Dominion, are under the influence of a strong US dollar, making jewelry is relatively expensive in local currencies. Despite the decline in demand from wealthy clients, growth in retail demand in China focused on the wider retail sector, which contributes to the expansion of the middle class.
Also in the Far East, the demand from Japan remains high, supported by tourism from China, where people come to buy luxury items. Conversely, the demand for retail markets in Europe, Hong Kong and the Middle East remains somewhat muted, noted in the Dominion.
http://pearlgiftjewelry.blogspot.ca/
1 comment:
RioZim reported to waive pre-emption rights on the shares of the company Murowa Diamonds before its sale in June of last year due to the inability to pay for their purchase.
Rio Tinto sold its 78 percent stake in the company Murowa RZ Murowa Holdings, the investment division of Global Emerging Markets to a private company and the largest shareholder RioZim.
However, RioZim, which controls 22% Murowa, yet the company has received at their disposal.
Source agency quoted representatives RioZim, who pointed out that the Board of Directors June 10, 2015 adopted a resolution irrevocably and unconditionally renounce the right to pre-emptive company RZ Murowa Holdings purchase of shares.
"The decision was made in light of the financial problems faced by the RioZim, its inability to obtain the necessary funding and in view of the problems faced by mine Murowa (Murowa). In the mine time was closed, and was faced with serious problems that require large financial investments and other measures ", - said the source.
However, it was stated that the shareholders RioZim was not allowed to exercise their pre-emptive rights on Murowa sale in accordance with the shareholders agreement with Rio Tinto, he adds.
Zimbabwe's government has already announced an investigation in connection with the methods of selling stakes in Rio Tinto in Murowa, although RioZim and noted that the authorities were informed of all the details of the transaction.
Post a Comment