Diamond News Archives

HTTP/1.1 200 OK X-Content-Type-Options: nosniff X-Download-Options: noopen X-Xss-Protection: 1; mode=block Cache-Control: max-age=0, no-cache, must-revalidate Link: /www.ft.com/__assets/hashed/product/7bb02fc8/main.css>; as="style"; rel="preload"; nopush, ; as="script"; rel="preload"; nopush, /www.ft.com/__assets/hashed/n-ui/57726619/font-loader.js>; as="script"; rel="preload"; nopush, /www.ft.com/__assets/hashed/n-ui/b9512423/o-errors.js>; as="script"; rel="preload"; nopush, /www.ft.com/__assets/hashed/n-ui/ba3a3a54/es5.js>; as="script"; rel="preload"; nopush, /www.ft.com/__assets/hashed/product/fbfe73dd/main.js>; as="script"; rel="preload"; nopush, ; as="image"; rel="preload"; nopush Content-Type: text/html; charset=utf-8 Etag: W/"32bb9-/3oFE/yE/8cr4HSPp5tmZ8yc5o8" Content-Length: 207801 Accept-Ranges: bytes Date: Mon, 25 Jun 2018 17:15:03 GMT Age: 0 Connection: keep-alive Vary: ft-flags, ft-anonymous-user, ft-edition, ft-force-opt-in-device, country-code, x-ft-auth-gate-result, ft-barrier-type, ft-corporate-id, ft-blocked-url, FT-Site, Accept-Encoding, FT-Site Set-Cookie: FTAllocation=9dc8e92f-bf53-488b-bf0d-0f6d4dec0255; Expires=Tue, 09 Mar 2021 18:00:00 GMT; Domain=.ft.com; Path=/ Set-Cookie: ft-access-decision-policy=DENY_POLICY; Max-Age=60; Domain=.ft.com; Path=/ Strict-Transport-Security: max-age=63072000; includeSubDomains; preload Subscribe to read | Financial Times

Choose the subscription that is right for you

• For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news

• MyFT – track the topics most important to you
• FT Weekend – full access to the weekend content
• Mobile & Tablet Apps – download to read on the go
• Gift Article – share up to 10 articles a month with family, friends and colleagues

(IDEX Online) – During the Intersessional Meeting of the Kimberley Process which took place from 18 to 22 June in Antwerp, the Central African Republic made substantial progress with the European Union Chair Hilde Hardeman and South Africa, Chair of the Working Group of the Monitoring Team, the CAR said in a statement.

Notably, the Monitoring Team of the Central African Republic has agreed on shorter clearance deadlines for the export of diamonds. The approval procedures in the CAR must now be concluded within 7 days while still securing compliance with the Kimberley Process.

Sipho Manese, Chair of the Working Group of the Monitoring Team, declared at the closing ceremony of the intersessional meeting: “We are happy to announce that thanks to the expertise of the CAR Monitoring Team and all of its members, we have been able to agree on procedures for the processing of shipments which will only take place over a period of 7 days. […] We were therefore successful in cutting down the clearance time from 2 weeks to 7 days.”

Manese further noted that all parties involved will have to strictly adhere to these procedures.

Leopold Mboli Fatran, CAR Minister of Mines and Geology attended the meeting as a representative of the sector for his country and said “I am very satisfied with the progress made at the intersessional meeting. The discussions were very fruitful and so were the solutions agreed upon.” The Minister added that “2018 is a crucial year for the Kimberley Process and for the Central African Republic as the country is at a deciding stage in the reform of its diamond sector.”

The CAR Delegation...

China’s yuan suffered its longest losing streak in two years, falling for an eighth straight session early on Monday to its lowest level of 2018.

Analysts expect it to slip further, down to between 6.55 and 6.6 against the US dollar in the near future, in light of the China-US trade dispute showing no signs of easing and the People’s Bank of China signalling it will let the currency weaken more.

The offshore yuan on Monday down 0.4 per cent lower than Friday’s close, and down 2.6 per cent from its level of 6.3876 on June 13, the day before the PBOC’s decision not to follow the US Federal Reserve in raising the interest rate rise sparked its decline.

Currency strategist expects China’s central bank to intervene as yuan weakens for seventh day
^[1]

By about 7pm am on Monday evening, the yuan traded at 6.5538, the lowest since December 22 last year and has bypassed this year’s intraday low at 6.5449 seen on January 10. The yuan has now wiped out the whole of its 4 per cent gain against the US dollar earlier this year.

The PBOC on Monday set the yuan midpoint rate lower for a fourth day, down 1 per cent in that period. The yuan is not yet freely traded; the PBOC announces the mid-price fix every morning, around which the currency is allowed to trade up to 2 per cent either side.

The Chinese central bank on Sunday announced it would cut the amount of cash that some banks need to hold in reserve – known as the reserve requirement ratio – by 0.5 percentage points from July 5, unlocking 700 billion yuan (US$108 billion) of liquidity, as it seeks to control leverage and support...

Please Join Greg Hunter as he goes One-on-One with Bill Holter of JSMineset.com^[1]. Bill Holter explains whats going on inside the gold market today.

Financial writer and precious metals expert Bill Holter thinks a debt reset is coming soon, and the powers that be are planning it.  Holter explains, “I think the discussion is about timing and how the system is going to come down.  There are also discussions of what is going to be the next reserve currency.  I think that’s the discussion that is going on behind the scenes for two or three years, or longer.  The problem is too much debt, and we know from the past when debt bubbles grow and grow and get too big, they pop.  This is the biggest debt bubble by many multiples of any bubble anytime in history.  When the debt bubble blows up, everything runs on credit, and that means things are not going to run.  It’s going to be somewhat dysfunctional.  We are right on the cusp of the yield curve inverting, and history shows when that happens, we have a 100% chance of going into a recession. . . . I think this year the truth that we lived above our living standards is coming out, and we are going to have to pay the piper.  I don’t know when . . . but the system is going to go down.” Holter also says gold and especially silver are “the most undervalued assets on the planet.”...

References

1. ^{^} JSMineset.com (www.jsmineset.com)