News Archives

: Category: News Archives; Created: 16 December 2020; Hits: 526

December 16, 20 by IDEX Online

(IDEX Online) - De Beers reportedly increased rough prices by up to three per cent at its last Sight of the year in the firmest indication so far that demand is recovering from the pandemic.

Insiders say it's the first time since COVID-19 that De Beers has put prices up, after offering discounts and unprecedented flexibilities to Sight holders since August.

Yields from the 10th Sight of the year, last Sunday to Thursday, are expected to be broadly in line with $476m and $450m from the October and November Sights respectively.

Meanwhile De Beers has revised its production forecasts down slightly, wary of over-supplying a market after building up reserves over many months.

Next year it aims to produce 33m to 35m carats (down from 34m to 36m) and 30m to 33m carats in 2022 (down from 33m to 35m carats).

Mark Cutifani, (pictured) CEO of De Beers' parent company Anglo American, said in an investor update conference call last week: "We are being prudent in our forecasts and we are certainly not going to be a contributor to overstocking in the industry."...

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: Category: News Archives; Created: 15 December 2020; Hits: 474

The full-year 2020 was a wild year for gold. After a strong 2019, the gold price took a hit in March 2020 as global liquidity evaporated and real interest rates spiked. However, the inevitable policy response of rate cuts, massive QE, and huge fiscal deficits quickly unwound that deflationary crunch and sent many risk assets soaring, and gold was well-positioned to ride that...

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: Category: News Archives; Created: 15 December 2020; Hits: 442

Companies around the world are increasingly at risk of failure, and the size of the problem is growing.

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: Category: News Archives; Created: 15 December 2020; Hits: 435

Alongside potential obstacles such as job loss, financial insecurity, and a subsequent inability to cover many upcoming bills, many Americans are now facing potential home loss as well.

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: Category: News Archives; Created: 14 December 2020; Hits: 638

December 14, 20 by John Jeffay

(IDEX Online) - A fraudster who promised investors high returns and no risk in a rough diamond Ponzi scheme has been jailed for seven years by a US court.

Jose Angel Aman, 52, and his partners claimed the money would be used to buy colored rough, which they'd sell on at a profit after having the stones cut and polished.

Aman claimed the scheme was secured by an inventory he held worth $25m. He had no such diamonds, and simply used money from new investors (typically around $120,000 each) to pay older investors.

He used the proceeds to fund a lavish lifestyle, the District Court for the Southern District of Florida heard.

The scheme ran from May 2014 to May 2019. When it came close to collapse, Aman set up a new business, Argyle Coin, LLC, which was purportedly in the business of developing a cryptocurrency token backed by diamonds.

Aman, 51, from Washington DC, was sentenced to 84 months in federal prison and ordered to pay over $23m in victim restitution. ...

Diamond News Archives

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Fraudster Jailed for $25m Rough Diamond Ponzi Scheme