|Bid||0.00 x 230000|
|Ask||0.00 x 90000|
|Day's Range||76.70 - 77.63|
|52 Week Range||67.36 - 105.00|
|Beta (3Y Monthly)||-0.26|
|PE Ratio (TTM)||9.74|
|Earnings Date||Nov 7, 2019|
|Forward Dividend & Yield||7.95 (10.30%)|
|1y Target Est||115.34|
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.De Beers sold the most diamonds since June after the biggest price cut in years, but sales still remained lower than normal for this time of year as the industry’s cutters and traders struggle to make money.De Beers sold $390 million of rough diamonds this month compared with $297 million at its previous sale, the Anglo American Plc unit said in a statement on Wednesday. Still, it’s the first time De Beers has sold less than $400 million at its November sight since at least 2016.The industry is going through something of a crisis as De Beers’s buyers grow increasingly frustrated with the cost of rough diamonds as the price of polished gems slump. That’s led to wafer-thin margins and in some cases losses from the stones bought from De Beers and Russian rival Alrosa PJSC.De Beers sells its gems through 10 sales each year in Botswana’s capital, Gaborone, and the buyers -- known as sightholders -- generally have to accept the price and the quantities offered. The sightholders are given a black and yellow box containing plastic bags filled with stones, with the number of boxes and quality of diamonds depending on what the buyer and De Beers agreed to in an annual allocation.De Beers has responded by offering more flexibility to its customers, allowing them to reject some purchases, and this month it cut prices across the board by about 5%.“The price cut was the big story of the November sight,” said David Harari, co-founder of diamond trading platform Bluedax. The price cuts boosted trade in the so-called secondary market -- where buyers sell to gem manufacturers who don’t have direct access to De Beers, he said.After the price reduction, the cheapest diamonds were profitable for the first time in a long while, Harari said.The sale “saw an improvement in sentiment from rough-diamond buyers,” De Beers Chief Executive Officer Bruce Cleaver said in the statement. “Global consumer demand for diamond jewelry at the retail level continues to be broadly stable but, with midstream trading conditions still in the process of rebalancing, we offered sightholders further flexibility during the sight to provide support.”De Beers sales so far this year are down more than $1.2 billion from the same time in 2018.(Updates with commentary in sixth paragraph.)To contact the reporter on this story: Thomas Biesheuvel in London at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Dylan Griffiths, Stuart WallaceFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Russia plans to pay more attention to the impact climate change is having on its vast permafrost area.Thawing of once permanently frozen ground covering more than half of Russia is putting buildings, pipelines and other infrastructure at risk of damage. With the Arctic warming twice as fast as the rest of the world, that’s a big problem. The economic loss is 50 billion to 150 billion rubles ($2.3 billion) a year, said Alexander Krutikov, deputy minister for the Far East and Arctic development.“This problem needs to be addressed, because the amount of damage will grow every year,” Krutikov said in an interview. “The scale is very serious. The pipes explode, the piles collapse.”Krutikov’s comments are another sign that Russia, the world’s fourth-biggest emitter, is taking the effects of climate change more seriously. For most of his time in power, President Vladimir Putin has challenged the widely held assertion that global warming is due almost exclusively to human activity. Still, he finally decided to ratify the 2015 Paris climate accord this year and said Russia must do whatever it can to mitigate the impact of global warming.Rising temperatures are a particular worry for mining, oil and gas companies. The permafrost area accounts for 15% of Russia’s oil and 80% of its gas operations. It is also home to miners including MMC Norilsk Nickel PJSC, the biggest refined nickel and palladium producer.Russia has long built structures on piles to improve stability in the permafrost. But as the ground warms it becomes softer, and there are signs problems are increasing.“Buildings lost stability as the permafrost warmed,” Nornickel said. That prompted the Arctic city to build the first new homes in decades, with fewer floors and weighing less than traditional properties.Multiple new craters have also been found in the gas-rich Yamal region, which is a risk to pipelines, and some houses have had to be pulled down in Norilsk, the industrial town where Nornickel operates.The issue may get much worse. By 2050, warming may affect about a fifth of structures and infrastructure across the permafrost area, costing some $84 billion, according to research published in February by scientists including Dmitry Streletskiy, a professor at George Washington University. That would be equal to about 7.5% of Russia’s gross domestic product. More than half of residential real estate, worth about $53 billion, might be also damaged.Companies are already planning ahead. Gas producer Novatek PJSC is designing new infrastructure to cope with warming in the next several decades, billionaire owner Leonid Mikhelson said this month. As well as driving piles deeper, it’s using technology to help keep the ground frozen, and is also looking at keeping liquefied natural gas lines away from the permafrost via gravity-based platforms typically used in offshore production.The city of Norilsk has put about a quarter of homes on special watch over their foundation stability, according to the Taymirskiy Telegraph. Diamond miner Alrosa PJSC is carefully monitoring ground temperatures and has a special department to supervise the permafrost, a spokeswoman said.“Studying the permafrost is one of the most unfairly forgotten tasks and priorities of the state, Krutikov said. “As the ministry responsible for the development of the Arctic, we cannot ignore this topic, because it directly affects economic development.”\--With assistance from Natasha Doff, Áine Quinn and Dina Khrennikova.To contact the reporters on this story: Yuliya Fedorinova in Moscow at email@example.com;Olga Tanas in Moscow at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, Nicholas Larkin, Dylan GriffithsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Russia's Alrosa is talking to several global jewelery retailers about jointly marketing the miner's jewelery brand that uses fluorescent diamonds, as it strives to create a new niche for the natural stones. "We are completing talks with several major companies in different regions," Alrosa Chief Executive Sergei Ivanov told Reuters. Alrosa, which now sells these diamonds mixed with others in "lots", expects the retailers to start offering its fluorescent stones in a year under the brand "Luminous Diamonds", which it has recently created, in separate corners of their stores.
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Alrosa, the world's largest producer of rough diamonds in carat terms, confirmed that security services had uncovered an ongoing diamond theft ring in its sorting and grading department. Russia's Investigative Committee said in a statement that three suspects, one of whom is an Alrosa employee, have been placed in custody by a Russian court. "Alrosa completely confirms information from Russia's FSB (security service) about the interception of an extensive scheme to steal rough diamonds in the company's United Selling Organisation," Alrosa said in a statement, referring to its valuation and sales department.
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NEW YORK, NY / ACCESSWIRE / May 17, 2019 / ALROSA PJSC (MSX: ALRS ) will be discussing their earnings results in their 2019 First Quarter Earnings to be held on May 17, 2019 at 4:00 PM Eastern Time. To ...
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WASHINGTON/LONDON, April 3 (Reuters) - The U.S. Federal Trade Commission, which investigates allegations of deceptive advertising, has sent warning letters to eight companies to insist they distinguish in advertisements between diamonds from mines and those made in laboratories, it said on Tuesday. An unredacted version of one of the letters seen by Reuters identified that recipient as Diamond Foundry, a California company that makes laboratory diamonds. Diamond Foundry declined to discuss whether the letter would lead to changes in its marketing.
Russian state-controlled miner Alrosa, the world's biggest producer of rough diamonds in carat terms, raised $11.8 million in its first New York diamond auction of the year, as it seeks to increase its activity in the United States. Rebecca Foerster, president of Alrosa, North America, said sanctions against some Russian companies did not diminish the appeal of Russian high quality diamonds.