In a Q&A following the announcement of interim results, GEM Diamonds CEO Clifford Elphick said the company is not pursuing any of Petra's assets. "They are lovely assets but there is a massive debt pile and everyone looks at this in the same way … We’re near the end of all this.”, Elphick said. In the first half of 2020, GEM Diamonds reported a US$1.7 million loss, compared to a US$ 4.2 million profit in the same period last year, and the Letseng mine production forecast was adjusted to 96,000ct down from 100,000ct.
A deal that was announced between LVMH and Tiffany & C° earlier this year, in which the France-based luxury conglomerate led by Bernard Arnault would acquire the iconic jeweler for $135 per share, is potentially falling through, as LVMH is reconsidering its engagement amid the turmoil of the COVID-19 pandemic and unrest in the USA. According to Retail Dive, LVMH’s press release suggests that it is looking to lower the offer, and some sources say that move is based
There was a 35% jump in US jewelry business discontinuances in the first quarter, Rapaport reported citing Jewelers Board of Trade (JBT) figures. Of the 380 companies that exited the business, the largest number was those that “ceased-operations”, meaning firms closing down for reasons other than financial difficulty or consolidation. This category of closures jumped 34% to 323. Meanwhile, consolidations, including sales and mergers of jewelry firms, more than doubled to 53. A bright spot in the figures was a 75% fall in the number of bankruptcies to just four.
Diamond mining companies in Marange misrepresented their investment plans to the state and did not invest the amount of capital they agreed on with the government when the parties signed an agreement to create a joint venture that would be 50 percent owned by the government and the rest by the firms, according to Mines and Mining Development Minister Walter Chidhakwa.
Despite acquiring the Zale chain last year and being by far the largest retail jewelry chain in the United States with more than 3,000 stores, Signet Jewelers is looking at more “interesting avenues” for possible acquisitions, the company’s chief financial officer Michele Santana told a Goldman Sachs investment conference. She told the meeting that a “brand acquisition” was possible and also hinted at overseas opportunities, saying, “We would also look at the English-speaking countries first, before we would start even entertaining [going into] China and other international locations.”
The firm has obtained the required formal approval from the Lesotho government to complete the $8.5 million acquisition of a 75-percent interest in, and operatorship of, the Mothae kimberlite resource from Lucara Diamond Corp. Once the deal is concluded, Paragon can simultaneously develop and start production at Mothae and its 80-percent owned Lemphane project, to take advantage of economies of scale, thereby reducing costs. Paragon is targeting combined revenue of about $36 million in the first year.
International Diamond Distributors (IDD), a diamond jewelry manufacturer and loose diamond supplier, and Sandeep Diamond Corporation have announced a strategic alliance between the two accomplished market players in their respective spaces of expertise.