Zimbabwe’s Murowa Mine Sees Output Fall
RAPAPORT. Production of rough diamonds at the Murowa mine in Zimbabwe declined 15% in 2020 amid a move to lower-grade resources.
Output came to 579,000 carats for the full year, compared with 685,000 carats in 2019, owner RioZim said last week. The drop in production was primarily due to the processing of lower-grade ore from the K2 portion of the mine following the depletion of the site’s higher-grade K1 ore the previous year, the miner noted.
Total revenue at RioZim, which also owns gold, chrome and energy assets, rose to ZWD $3.14 billion ($8.7 million), versus ZWD 577.1 million ($1.6 million) a year earlier. The company, which separated from Rio Tinto in 2004, reported profit of ZWD 452.7 million ($1.3 million) compared with a net loss of ZWD 581.4 million ($1.6 million) in 2019.
Signet Raises Outlook After Strong Start to 2021
RAPAPORT. Signet Jewelers has predicted sales growth of up to 88% for the first fiscal quarter amid positive market conditions at the start of the year.
“Signet has seen stronger-than-expected conversion and average ticket values in the first quarter,” the jeweler explained Monday. “The company believes this top-line strength is likely due to a combination of traction from strategic initiatives, as well as tailwinds from stimulus, tax refunds and consumer enthusiasm on the heels of vaccine rollouts.”
The announcement comes during a buoyant period in the diamond and jewelry industry, with consumers shopping again following the store closures of 2020. US jewelry sales more than doubled year on year in March, and were 30% higher than in the same month of 2019, Mastercard SpendingPulse reported last week.
RAPAPORT. US polished-diamond imports fell again in February after showing signs of stabilizing in the previous month, according to recent data from the US Department of Commerce. Shipments dropped 7% to $1.35 billion as a 9% drop in the average price outweighed a slight increase in the.
Gemological Science International Opens in Jaipur
RAPAPORT. Gemological Science International (GSI) has launched a laboratory in Jaipur, aiming to tap into the Indian city’s rich heritage as a center for gemstones.
The new location will offer all of GSI’s core services, as well as a dedicated division specializing in the origins and identification of colored stones, the organization said Monday. The laboratory will feature advanced equipment and a team of professionals under the leadership of industry expert Meenu Vyas. It will also host educational programs.
“We are thrilled to continue GSI’s global expansion and open another laboratory in India,” said president and cofounder Debbie Azar. “The demand for GSI certification and origin testing for natural and lab-grown diamonds, as well as colored gemstones, continues to grow, and the Jaipur lab will help us meet that global need.”
Gemfields Holds First Ruby Sale Since 2019
RAPAPORT. Gemfields brought in $58.9 million at its first auction of rough rubies in more than a year, expressing optimism as operations at its Mozambique mine gradually resumed.
The miner held seven small sales of high-, medium- and commercial-quality goods between March 15 and April 8, noting on Thursday that its last ruby auction had been in December 2019. Viewings took place in Bangkok, Thailand, and in Jaipur, India, as well as in Dubai, followed by submissions of sealed bids through an online platform.
Some 52 companies placed offers, with Gemfields selling 89 or 95% of the 94 lots available. By carat weight, 47% of items found buyers, it said. The average price was an unusually high $171 per carat, reflecting the quality mix of the stones that sold.