The largest diamond mining companies - ALROSA and De Beers - hit by the demonetization of India, as it has caused decrease in demand for cheaper diamonds in November and December 2016, according to the portal Times of India.
According to the newspaper, small and medium enterprises in Surat Facetting faced a liquidity crisis with the announcement of the demonetization of November 8 last year.
Representatives of the Council to promote the export of precious stones and jewelery (Gem & Jewellery Export Promotion Council, GJEPC) of India reported Times of India, that the import of rough diamonds fell by 5% in value to $ 1.4 billion in December 2016, compared to $ 1, 5 billion in December 2015. Since the beginning of fiscal year 2016 (April-December), the import of rough diamonds to India increased by 25.4% compared to the same period last year to $ 12.69 billion against $ 10.11 billion a year earlier.
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Anglo American announced that consolidates its six business units, resulting in three production units will be created, as it seeks to ensure "optimal current and ultimate efficiency."
Group CEO Mark Kyutifani (Mark Cutifani) said in a statement received by Rough & Polished by e-mail that the three units will be De Beers, industrial metals and commodities.
According to him, it will provide "an additional opportunity to reduce the burden of costs for our business."
"Our work is aimed at is to reduce costs and increase productivity, give us the resources in the amount of $ 1.6 billion at the end of 2015 after a decline in production volumes in by De Beers and Kumba», - Kyutifani said.
"By the end of 2017 we expect to receive as a result of improved productivity, lower operating costs and indirect costs in the total resources of $ 3.7 billion," - he said.
"We are taking further steps to rectify our balance and reduce borrowing. We are reducing capital expenditures in 2015 and 2016 an additional $ 1 billion and reduced capital expenditures for 2017 to $ 2.5 billion, ie by 55 percent compared to our costs in 2014 ", - said in a statement.
According to the corporation Anglo American, its office in London will be combined with De Beers company's office in 2017 in order to maintain operational discipline.
Diversified industrial group also said its net debt at the end of the year it is planned to leave unchanged and it will amount to $ 13,0-13,5 billion, despite the deterioration in prices.
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