Diamond News Archives
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NEW YORK (Reuters) - The U.S. economy is in a good place but the path of inflation will be important in deciding the future path of interest rates, Chicago Federal Reserve President Charles Evans said on Wednesday.
“I definitely think the U.S. economy is in a good place right now. I think the U.S. consumer has been very strong...I think we’re in a good place, I think policy is in a good place. I think we’ve made a nice adjustment,” Evans told reporters following an event at the Council of Foreign Relations in New York.
Ahead of the Fed’s policy meeting last week, Evans said he would not mind another interest rate cut and has supported the central bank’s decision to lower borrowing costs three times this year.
The Federal Reserve voted 8-2 to cut interest rates by a quarter percentage point at its October meeting to a target range of between 1.50% and 1.75% but signaled it would only lower rates again if there is a material deterioration in the U.S. economic outlook.
Evans did, however, point out that the current level of interest rates, in his view, would not be appropriate should there be a future negative shock to the U.S. economy.
“Our adjustments have not been anywhere large enough to change the dynamics substantially. If there was a big negative shock, we’d have to respond,” he said.
Evans also made clear that he believes the central bank needs to do better explaining that its 2% inflation...
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(IDEX Online) - The Israel Diamond Exchange (IDE) has announced that the next edition of the International Diamond Week in Israel (IDWI) will be themed "I Love Natural Diamonds."
The IDE said this theme is in keeping with its video campaign produced in cooperation with the World Federation of Diamond Bourses.
As well as diamond trading, the boutique event will feature a series of TED-like talks covering topics such as marketing to millennials and the role of Instagram influencers in diamond demand.
To encourage participation in the show, eligible buyers receive three complimentary nights at a local hotel.
IDWI will be held from February 10-12, 2020. ...
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Among the many problems Christine Lagarde faces as new president of the European Central Bank, one of the most serious and pressing is Germany.
The hostility of German policy makers and public opinion, egged on by a strident media, to the loose monetary policy devised by Lagarde’s predecessor Mario Draghi poses a serious political problem for the central bank. And there is no indication that the opposition will mellow after the resumption this month of the ECB’s asset-buying program, also known as “quantitative easing.”
In her first speech [1]as ECB president on Monday night in Berlin, Lagarde deftly skirted the topic, even as the elephant was sitting squarely in the room: Wolfgang Schäuble, the intransigent former German finance minister, was being honored with an award from the association of German magazine publishers. And Lagarde, his former colleague from the days when she was France’s finance minister 10 years ago, had been asked to give the keynote laudatory speech.
Schäuble, a towering presence in German and European politics for a quarter of a century, is now the chairman of the Bundestag[2], Germany’s parliament. He played a key role in the unification of Germany, then in the creation of the euro.
But during the euro crisis, he was also the man who devised a way to kick Greece out[3] of the common currency. The plan that could have brought mayhem to the eurozone ultimately failed. And after a brutal turnaround, Greece today is borrowing from markets at negative rates.
Schäuble is also remembered as the man who imposed the rule that German budgets should always be balanced, come rain or shine. Today the so-called “black zero[4]” has become a symbol of German reluctance...
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Bridgewater's Ray Dalio: We're going to need to raise taxes- Category: News Archives
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(IDEX Online) - Lucara Diamond Corp. has announced that plans to expand its 100-percent owned Karowe diamond mine is expected to double the mine's life to 2040. The miner also said the expansion would also generate "significant revenue and cashflow."
"Lucara is highly encouraged by the results of the Karowe Underground feasibility study, which has outlined a much larger economic opportunity than first envisaged in the 2017 PEA and represents an exciting, world class growth project for our company," said Eira Thomas, Lucara president and CEO.
According to Thomas, a significant portion of the cost to expand the mine underground can be funded from cash flow, and the investment is expected to be paid back in under three years. The move underground will allow Lucara to exploit the highest value part of the orebody first and generate over $5.25 billion in gross revenue.
She also said that margins remain healthy despite conservative diamond pricing models that reflect the current difficult market environment.
"Lucara's short-term view is that the market is now stabilizing," said Thomas. "Longer term, the fundamentals are expected to strengthen in line with supply shortfalls from mature, depleting mines in Australia and Canada. It is important to note that a return to diamond prices observed in 2015 would nearly double the net present value (5 percent) of this project to $1.4 billion."
Karowe is the only diamond mine to have produced two 1,000+ carat diamonds. It has produced 2.5 million carats since 2012.
The combined open pit and underground indicated resource now stands at 54.27 million tonnes at 15.3 carats per hundred tons for a contained diamond resource of 8.3 million carats excluding stockpiles.
Lucara also announced...