International News
Angola aims to increase annual production to 17.53m carats by 2027; become the world’s third largest rough producer.
Angola aims to increase annual diamond production to 17.53m carats by 2027, and to become the world’s third largest rough producer.It is forecasting a 50 per cent increase in diamond revenue this year from $1.4bn in 2024 to $2.1bn.
Angola has vast mineral wealth – including huge, unexplored diamond reserves – but the devastating civil war (1975 to 2002) has hampered its economic development.However, De Beers and Rio Tinto are now prospecting, and in November 2023 the new Luele (formerly known as Luaxe) mine opened. It will eclipse Catoca as the country’s biggest mine, and is expected to produce 6m carats annually.
As part of its National Development Plan 2023-2027, Angola plans to channel diamond mining revenues into food security, employment generation, and poverty reduction.It recovered 9.8m carats in 2023, maintaining its position as the world’s sixth biggest rough producer and was expected to produce up to 14.6 million carats in 2024.
International News
Precious Metals See Profit-Taking On Firmer Dollar, Cooling Crude Prices
Geopolitical Optimism Triggers Risk Premium De-escalation
Precious metals are witnessing a bout of profit-taking this Thursday, with Comex gold slipping 1% to $4,507 and silver tracking lower by 1.58% to $71.49. The intraday cooling comes as investors weigh a firmer dollar against a backdrop of shifting geopolitical narratives and cooling crude prices.
The primary driver for the morning’s retreat appears to be a cautious de-escalation in risk premiums. Reports that Tehran is reviewing a U.S. proposal to end the ongoing conflict have injected a dose of optimism into the markets, softening the immediate “flight to safety” that has bolstered bullion recently. Gold briefly touched levels near $4,498 earlier in the session before finding minor support.
Analysts attribute silver’s underlying strength to a combination of industrial demand and its role as a macroeconomic hedge. Market experts suggest that the current volatility is likely intermittent. The overarching trend remains anchored by a weakening dollar and expectations that central banks may ease off aggressive interest rate hikes.
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Precious Metals See Profit-Taking On Firmer Dollar, Cooling Crude Prices
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CaratLane Appoints Yami Gautam Dhar as Its First-Ever Brand Ambassador, Marking a New Chapter in the Brand’s Evolution
Legacy Brand Jagannath Gangaram Pednekar Jewellers Receives IAGES Accreditation
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BrandBuzz6 hours agoCaratLane Appoints Yami Gautam Dhar as Its First-Ever Brand Ambassador, Marking a New Chapter in the Brand’s Evolution
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National News4 hours agoLegacy Brand Jagannath Gangaram Pednekar Jewellers Receives IAGES Accreditation
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GlamBuzz8 hours agoBhima Jewellery Expands Presence in Tamil Nadu with Grand Opening of Ramanathapuram Showroom by actress Aishwarya Lekshmi
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International News5 hours agoPrecious Metals See Profit-Taking On Firmer Dollar, Cooling Crude Prices
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