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Anglo lowers 2019 PGMs production guidance Platinum and palladium production both increased by 3% to 602,300 ounces and 386,600 ounces respectively, driven by an improved operational performance across the majority of the portfolio says Anglo American reports a 7% increase in total production on a copper equivalent basis for the fourth quarter of 2018, compared to the same period in 2017, excluding the effect of the stoppage at Minas-Rio (1). Mark Cutifani, Chief Executive of Anglo American, said: "Our continuing focus on efficiency and productivity improvements across the business resulted in another strong quarter, adding to our consistent track record of delivery." Own mined platinum production decreased by 12% to 307,500 ounces and palladium production decreased by 7% to 234,800 ounces due to the sale of Union mine on 1 February 2018, after which its production was purchased as concentrate. Excluding Union, platinum production from own mine operations de...

Lowered diamond sales by 8% & Sales proceeds increased by 6%   Q4 and 12M 2018 operating results were announced by Alrosa. Alrosa, a global leader in diamond production, reports diamond production volume in 2018 at 36.7 m carats and sales of 38.1 m carats (down 8%). Sales proceeds increased by 6% to $4.5 bn. In Q4 2018, diamond production decreased by 2% q-o-q remained up 2% y-o-y to 10.3 m carats driven by seasonal suspension of production at alluvial deposits, which was almost fully offset by increased output at underground mines. In 12M 2018, production declined by 7% to 36.7 m carats due to the shutdown of the Mir underground mine (UM) and the completion of open-pit mining at the Udachnaya pipe. In Q4 2018, the volume of processed ore and gravels went down 2.3 times q-o-q registered up 3% y-o-y to 7.5 m tonnes, due to seasonal suspension of production at alluvial deposits. In 12M 2018, it grew by 3% to 40.5 m tonnes mainly due to increased gravel process...

GDP Q2 a positive signs for India’s Economic prospects in the coming quarters The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the estimates of Gross Domestic Product (GDP) for the second quarter (July-September) Q2 of 2018-19. As per the CSO, growth rate estimates of GDP at Constant Prices for July-September 2018 stand at 7.1%.   These estimates represent a sizable jump from last year’s Q2 growth rate estimates of 6.3%, indicating sustained acceleration in India’s economic growth. The CSO estimates state that GDP at constant prices was Rs. 33.98 lakh crores for Q2, 2018-19, which is a marked increase from of Rs31.72 lakh crores and Rs29.79 lakh crores for the same period in 2017-18 and 2016-17, respectively. Welcoming this development, Dr Bibek Debroy, Chairman of the Economic Advisory Council to Prime Minister (EAC-PM) attributed this positive trend to government’s successful policy efforts in maintaining a stab...

Tiffany net sales rose 10% & Net earnings rose 24% in 9M Tiffany & Co reported its financial results for the three months-Q3 and nine months-year-to-date (9M), ended October 31, 2018. Management attributed sales growth in the third quarter to higher spending by local customers in all regions, partly offset by lower spending attributed to foreign tourists, primarily Chinese, in certain regions. Planned higher strategic investment spending in the quarter and year-to-date, which is intended to support long-term sustainable sales growth, negatively impacted earnings; higher gross margins and lower effective tax rates had positive effects on net earnings. Management maintained its net earnings outlook for the full year ending January 31, 2019 that is FY2018. According to the report on Q3, worldwide net sales increased 4% to $1.0 billion, reflecting growth in all regions and in most product categories; comparable sales rose 2%. On a constant-exchange-rate basis tha...

Yet recurring revenues remained under 50% of 9M revenue! Sarine announced its financial results for the third quarter and nine months ended 30 September 2018. According to the review, as in prior years, demand for capital equipment by diamond manufacturers slowed in Q3.   In addition to this cyclicality, industry sentiments in Q3 2018 were affected by a number of macroeconomic factors, including uncertainties surrounding the impact of trade tariffs on China, credit tightening by Indian banks, increased volatility in foreign exchange rates and uncertainties relating to the long-term effects of the advent of lab-grown diamonds (LGD) into the market. Incidentally, the Group's Q3 2018 results announcement released on 11 November 2018 to the Singapore Exchange discusses this issue at length. It was against this background of challenges that the Group recorded 4% increase in revenue to US$11.7 million in Q3 2018. The improvement was mainly driven by recurring revenu...

Global jewellery demand increased by 6% YoY Global gold demand was steady in Q3 2018 at 964 tonnes (t), up just 6t year-on-year according to the World Gold Council’s latest Gold Demand Trends report. Robust central bank buying and a 13% rise in consumer demand offset large outflows in gold-backed exchange-traded funds (ETFs). Lower gold prices saw retail investors take refuge in bars and coins, while jewellery purchases increased in India, China and across South-East Asia.   Bar and coin investors took advantage of the price dip, with demand up 28% y-o-y. Stock market volatility and currency weakness boosted demand in many emerging markets. China, the world’s largest bar and coin market, saw demand rise 25% to 86t y-o-y. Iranian demand hit a five-and-a-half year high at 21t. Jewellery demand in Q3 2018 saw price-led y-o-y growth of 6%. Lower gold prices during July and August encouraged bargain hunting among price-sensitive consumers. Growth in India and China, up...