UN says IPCC’s climate report “code red for humanity”

The global market for polished coloured diamonds is now dominated by Rio Tinto and Anglo American's De Beers. But state-controlled Alrosa aims to compete.

Production of copper cathodes (new metal) in the second quarter rose to 291,000 tonnes from 288,000 tonnes.

The Farnese Blue diamond, which was passed down through European royal families for about 300 years, sold Tuesday for $1.4 million more than the maximum figure experts estimated it would fetch.

The World Platinum Investment Council sees oversupply in the platinum market of 180,000 ounces in 2018.

Net profit for the first three months of the year stood at 439 million zlotys ($121.08 million), compared with the 453 million zlotys expected by analysts.

Chief executive Jean Sebastien-Jacques said the challenge for the industry is to ensure the benefits from the past frugal years are not lost against a backdrop of rising oil prices and increased political risk.

Stuart Brown has over 25 years of experience in the diamond industry and is the outgoing Firestone Diamonds chief executive officer.

By mid-morning, Lonmin shares had lost 5.6% of their value in London, while Sibanye’s were down 4.9% in Johannesburg, even though the companies announced they had received the approval of the South African Reserve Bank (SARB).

Alrosa has traditionally focused on rough-diamond mining but is gradually changing its business after Sergey Ivanov became CEO a year ago.