Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Rio Tinto sells stake in Zimbabwe diamond mine
The Murowa Diamond Mine, which is located in south central Zimbabwe, now will be locally owned and operated.
London--Rio Tinto announced that it is selling its 78 percent stake in the Murowa Diamond Mine in Zimbabwe to local entity RZ Murowa Holdings Ltd.
RioZim Limited, which already owns the remaining 22 percent of Murowa, will assume overall management of the company, as well as Rio Tinto’s 50 percent stake in Sengwa, a coal mining operation in Zimbabwe.
While certain companies and individuals, including government officials, in the Zimbabwe diamond industry remain under sanction in the U.S., the new owner of Murowa is a global equity fund that is not subject to Office of Foreign Assets Control (OFAC) sanctions.
Back in January, news reports surfaced citing a letter Rio Tinto had sent to employees in Zimbabwe, warning them that a sale likely was imminent. The mining company stated in the letter that the country’s taxes, which are used to pay government workers, are too high and were “weighing down” the business.
In announcing the sale last week, however, Rio Tinto said only that “the future of these assets can be best managed by entities with existing interests in Zimbabwe.”
Rio Tinto Diamonds and Minerals Chief Executive Alan Davies said that Rio Tinto “remains committed” to the diamond industry, and will focus on its two underground mines, the Argyle in Western Australia and Diavik in Canada, and its Bunder exploration project in India.
The Latest
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Despite the rising prices, consumers continue to seek out the precious metal.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.