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In China, the industry's second-largest market, lab-grown varieties, a sluggish luxury market, and low marriage rates are causing it to lose its sparkle. Related storiesCook said one issue is a shift in perception of lab-grown diamonds in the country. The Knot's Real Weddings Study found that nearly half of engagement rings bought in the US last year featured a lab-grown diamond as a center stone. A social media analysis by Daxue Consulting found that lab-grown diamonds are also gaining traction in China, particularly among cash-strapped younger people. Even so, De Beers recently announced that it would halt its six-year experiment with selling lab-grown diamond jewelry.
Persons: , Duncan Wanblad, De Beers, Wanblad, Al Cook, Cook, Paul Zimnisky, Zimnisky Organizations: Service, Financial, Business, Financial Times, Daxue Consulting Locations: China, De Beers
Diamond prices have fallen 5.7% so far this year, according to Zimnisky's rough diamond index, declining more than 30% from their all-time high in 2022. Lab-grown diamonds, which can be up to 85% cheaper than natural diamonds, are made in a controlled environment using extreme pressure and heat. Lab-grown diamond sales have surged from just 2% of the global diamond jewelry market in 2017 to 18.4% in 2023, according to data provided by Zimnisky. An industry 'in trouble'"The diamond industry is in trouble," Daga told CNBC, adding that he believes natural diamond prices could fall another 15%-20% over the next 12 months. Similar to a natural diamond, a lab-grown diamond is graded based on the 4Cs — clarity, color, cut and carat weight.
Persons: Leon Neal, Duncan Wanblad, De, Paul Zimnisky, De Beers, Marcelo Esquivel, Ankur Daga, Daga, Anish Aggarwal, Lionel Bonaventure Organizations: Afp, Getty, De, BHP, Financial Times, De Beers, CNBC, Daxue Consulting, Bloomberg, Zimnisky Locations: Harrods, London, De Beers, American, China, U.S
But this staple of preppy American fashion has humble origins, far from Martha’s Vineyard or the hallways of Yale or Harvard, in Chennai, India, the coastal city from which it takes its name. Krishnan Nair,” a biography of the Indian textile magnate and hotelier who first sold Jacobson the madras, in a video interview with CNN. From Chennai to shores of the CaribbeanFort St. George was established in the 1630s, helping the British cement a monopoly on the highly lucrative Indian textile industry. Research by the London School of Economics estimates that Indian cotton textiles, which were often exchanged for slaves, accounted for 30% of the total export value of 18th century Anglo-African trade. A madras fabric weaving workshop in Chennai, the Indian city once known as Madras, circa 1990.
Persons: Lisa Birnbach’s “, Ralph Lauren, Brooks, William Jacobson, , Bachi Karkaria, Captain C.P, Krishnan Nair, Jacobson, Tony Cenicola, Karkaria, — Nair, , , David Ogilvy, Leonard McCombe, Nair, Ogilvy, Elihu Yale, George, Hathaway, India Madras ”, Eli Yale, King George I, Hathaway Yale, Yale, Kai Toussaint Marcel, Marcel, Tommy Hillfiger, Kimberly M, Jenkins, Patrick Horvais, madras “ Organizations: CNN, Brooks Brothers, Yale, Harvard, New York Times, Milton Academy, madras, Ivy League, East, Yale College, Yale University, Yale . Yale, East India Company, Metropolitan Museum of Art, Parsons School of, London School of, Princeton, Miss College, Sports Locations: madras, Bahamas, Chennai, India, Madras, West Africa, Milton , Massachusetts, superstardom, East India, Fort St, India Madras, Scottish, North Africa, Nigeria, America, Caribbean, St, West Indies, England, France, New Orleans, East Coast, Bermuda, madras Bermuda, Rhode Island, Newport, South Florida, Palm, Fisher
Gold prices drop as strong U.S. dollar, yields dim bullion's shine
  + stars: | 2024-05-30 | by ( ) www.cnbc.com   time to read: +2 min
An employee puts gold bullions into a safe deposit box at Degussa shop in Singapore. Gold prices slipped for a second consecutive session on Thursday as the U.S. dollar and Treasury yields edged higher ahead of key inflation data, which could offer further clarity on the Federal Reserve's interest rate plan. "I think it's a case of investors realizing that the current high interest rate environment is likely to have an extended stay. And with the focus again turning to chasing U.S. yields and dollar, some attention is taken away from gold this week," said Tim Waterer, chief market analyst at KCM Trade. While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.
Persons: Tim Waterer, Bullion, Waterer Organizations: U.S ., KCM, Traders, Global, BHP Group Locations: Singapore, ., U.S
An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields held firm ahead of key inflation data, which could offer more clarity on the Federal Reserve's interest rate trajectory. The dollar firmed 0.1%, making gold less attractive for other currency holders, while benchmark U.S. 10-year bond yields rose to multi-week peaks. "Investors will try to position themselves in gold because overall long-term fundamentals are looking pretty strong for gold at the moment." While gold is used as a hedge against inflation, rate hikes raise the opportunity cost of holding non-yielding bullion.
Persons: Soni Kumari, Tim Waterer Organizations: Co, U.S ., Treasury, ANZ, KCM, Traders, BHP, Monetary Fund Locations: Bangkok, Thailand, U.S, China
LONDON — BHP Group on Wednesday said it believes an extension to talks with takeover target Anglo American is necessary, as the deadline for discussions looms later in the session. The offer values the company at £38.6 billion ($49.2 billion), according to previous Reuters calculations. "BHP believes a further extension of the Deadline is required to allow for further engagement on its proposal," it said in a statement. The rival miners have until 5 p.m. London time Wednesday to reach an agreement following a week-long extension of last week's deadline. Anglo rejected BHP's previous offers, saying they undervalued the company and its prospects.
Persons: BHP, Stuart Chambers Organizations: LONDON, BHP Group, London, CNBC, BHP Locations: American
Top commodity trader Pierre Andurand expects copper to reach $40,000 a ton in the next four years. AdvertisementCopper prices at records are only a taste of what's to come, says top commodities trader Pierre Andurand. Copper is already sitting near record highs, so any quadrupling from current levels would mean a prolonged series of fresh records. It's bad news for a depleting inventory; last year, global copper supply hit its lowest seasonal level since 2008. The supply-demand imbalance is the same thesis for why commodities expert Jeff Currie expects higher prices, though his projection is nowhere near Andurand's — Currie expects copper to hit $15,000 in the coming years, and has called it "the most compelling trade" he's ever seen.
Persons: Pierre Andurand, , That's, Andurand, BHP's, Jeff Currie, — Currie, I'm, Currie Organizations: Service, Financial Times, Bloomberg
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorningstar: Anglo American has been good at playing 'hard to get'Jon Mills, equity analyst at Morningstar, says BHP's last bid for Anglo American is "getting expensive" ahead of Wednesday's deadline for a formal offer.
Persons: Jon Mills, BHP's Organizations: Morningstar
(Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images)LONDON — Anglo American rejected a third takeover proposal from rival BHP Group on Wednesday, as the companies agreed to extend talks deadline by one week. The British miner confirmed the third proposal from BHP offered about £29.34 per Anglo American share, based on undisturbed share prices as of market close on April 23. Shares of Anglo American were up 0.35% shortly after the announcement, while BHP shares fell over 3.4%. The combined companies would form a behemoth in copper mining and the world's largest player in the space, supplying 10% of global output, according to a Reuters analysis. Anglo rejected both previous offers, however, saying that they "significantly undervalue the company and its future prospects."
Persons: Stuart Chambers, Chambers, Duncan Wanblad Organizations: BHP, William WEST, WILLIAM WEST, Getty, BHP Group, London Stock Exchange, Limited, Iron Ore Limited, Rio Tinto Locations: Melbourne, Australian, AFP, American, London, Australia
Copper "is the most compelling trade I have ever seen," Carlyle's Jeff Currie said on the Odd Lots podcast. He thinks the metal's massive mismatch in supply and demand could push its price up to $15,000 a ton. AdvertisementCopper supply issues are making the metal considerably more expensive, says commodities veteran Jeff Currie, who is very bullish on the opportunity. He later added: "I just quote many of our clients and other market participants say it's the highest conviction trade they've ever seen." Though not necessarily part of his acronym, artificial intelligence is also amplifying industry demand, Currie mentioned.
Persons: Carlyle's Jeff Currie, Currie, , Jeff Currie, Carlyle, Currie —, Goldman Sachs, policy's, copper's, deglobalization Organizations: Industry, Service, Bloomberg, US, BHP Locations: China, Panama
Gold prices flat as U.S. inflation data takes centre-stage
  + stars: | 2024-05-15 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices traded flat on Wednesday as investors looked forward to a critical U.S. inflation print that could offer clues on the Federal Reserve's interest rate-cut trajectory. Spot gold held its ground at $2,359.99 per ounce, as of 0704 GMT, trading in a narrow $6 range, after gaining 1% on Tuesday. According to a Reuters poll, the data is expected to show that core inflation in April rose 0.3% month-over-month, down from 0.4% the prior month. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. However, data on Tuesday showed that U.S. producer prices increased more than expected in April.
Persons: Kyle Rodda, Bullion, Jerome Powell Organizations: Fort, BHP Group Locations: Fort Knox Alaska, Kinross, Tetlin , Alaska, ., U.S, American
Copper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy. It is integral to manufacturing electric vehicles, power grids and wind turbines, especially as the global economy electrifies. The International Energy Agency is expecting power demand from data centers to more than double to over 1000 terawatt-hours (TWh) in 2026 from 460 TWh in 2022. Copper production growth forecast for 2024 has been cut to 0.5% compared with a 3.7% growth estimated by ICSG last October 2023. Anglo American, a major producer, said it would cut copper output in 2024 and 2025 as it seeks to cut costs.
Persons: ICSG Organizations: Aurubis, Bank of America, International Energy Agency, Study, Quantum Minerals, Citi, London Metals Exchange Locations: Hamburg, Germany
Diamond rings are displayed in a cabinet inside a De Beers SA store in Hong Kong, China, on Thursday, Sept. 14, 2017. Photographer: Calvin Sit/Bloomberg via Getty ImagesAnglo American plans to spin off its highly prized De Beers diamond unit as part of a sweeping restructuring of its 107-year-old business as it seeks to fend off persistent takeover bids from mining rival BHP Group . The British miner said in a statement Tuesday that De Beers could be divested or demerged to "improve strategic flexibility." CEO Duncan Wanblad said the restructure, which represents "the most radical changes to Anglo American in decades," would help streamline the business and provide greater value to shareholders. The announcement comes just a day after Anglo rejected an improved takeover proposal from BHP.
Persons: Bruce Cleaver, Calvin Sit, De Beers, Duncan Wanblad, Wanblad, Organizations: De Beers SA, Bloomberg, Getty, BHP Group, BHP Locations: Hong Kong, China, London
CNN —A county redistricting plan in Texas that a Donald Trump-appointed judge deemed “a clear violation” of the Voting Rights Act is back before a notoriously conservative appeals court. After the 2021 Census, the Republican-led county commission broke up that district, locking in four majority-white districts instead. Their opponents argue that Congress did not intend for multiple “classes” of minorities to be considered together when assessing a map’s Voting Rights Act compliance. Black and Latino voices ‘extinguished,’ judge saysThe 2021 map split up the long-established Precinct 3, spreading those minority voters across the four total commission precincts. “It would be devastating for minority voters as devastating as it was for Galveston’s Black and Latino voters.”
Persons: Donald Trump, Biden, Jeffrey Vincent Brown, , , Valencia Richardson, Christian Adams, , ” Brown, Brown, Mark Henry –, Henry, Robin Armstrong, Armstrong, Adams, Circuit “, Elena Kagan, , ” Chad Ennis –, ” Ennis, Hilary Harris Klein Organizations: CNN, Republican, 5th, Campaign, , Senate, Justice Department, Galveston Republicans, Interest Legal Foundation, Circuit, Southern Coalition for Social Justice Locations: Texas, Galveston’s County, Galveston County, White, Galveston, Louisiana, Mississippi,
BHP says Anglo American rejected $42.7 billion revised proposal
  + stars: | 2024-05-13 | by ( ) www.cnbc.com   time to read: 1 min
Sheets of copper cathode are pictured at BHP Billiton's Escondida, the world's biggest copper mine, in Antofagasta, northern Chile March 31, 2008. BHP Group said on Monday that Anglo American had rejected a revised buyout offer valuing the company at 34 billion pounds ($42.67 billion). Anglo American in April rebuffed BHP's $39 billion all-share takeover proposal, saying it was opportunistic and significantly undervalued its prospects. "BHP is disappointed that the Anglo American Board has chosen not to engage with BHP with respect to the Revised Proposal and the improved terms," it said in a statement. "BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders," it added.
Persons: BHP's, BHP Organizations: BHP Billiton's Escondida, BHP Group, Anglo American, BHP Locations: Antofagasta, Chile
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBHP takeover bid for Anglo American 'a very complicated big deal,' investment management firm saysHugh Dive, CIO of Atlas Funds Management, discusses what's involved in the bid and the outlook for the deal, saying there are "a lot of regulatory issues."
Persons: Hugh Dive, what's Organizations: BHP, Atlas Funds Management Locations: American
How Not to Be a Selfish Gardener - The New York Times
  + stars: | 2024-05-02 | by ( Olivia Laing | ) www.nytimes.com   time to read: +3 min
The idea of the garden as a place of sinister seclusion has found its way to the world of high fashion. In Ballard’s characteristically bleak tale, a desperate mob advances on an elegant garden, where Count Axel and his wife live out a civilized, secluded existence. The selfish gardener of the 21st century creates idyllic vistas that rely on fertilizers and pesticides that poison the wider ecosystem or demand water in a time of drought. In her gripping memoir of the Second World War, “War in Val d’Orcia,” she describes a similar tide of desperate humanity approaching her garden gate. Unlike Ballard’s Count Axel, she didn’t seek to repel them, retiring to the library to dust her statues.
Persons: J.G ., Count Axel, Anna Wintour, Iris Origo, Val d’Orcia, Christopher Lloyd, Fergus Garrett, Garrett Organizations: Vogue Locations: J.G . Ballard, La Foce, Tuscany, Val, England
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBHP could aim for Rio Tinto after Anglo American rejects takeover offer, analyst saysIn the wake of Anglo American's rejection of BHP Group's takeover bid, John Meyer, partner at SP Angel, said that other interested buyers, like Chinese state-owned companies, could step in with a better offer. He added that BHP could instead aim for Rio Tinto, as there is "much more at stake here" than at Anglo American.
Persons: John Meyer Organizations: Rio Tinto, BHP, SP Angel Locations: American, Rio
Elliott Management has built a roughly $1 billion stake in miner Anglo American in recent months, a person familiar with the matter told CNBC. Anglo American shares were up 5% on the news Thursday. News of the activist's position comes as the $43 billion, London-based miner faces takeover interest from BHP, a mining giant with worldwide operations. Anglo rejected BHP's $39 billion takeover offer Friday morning, saying BHP's offer "significantly undervalues Anglo American and its future prospects." Anglo American declined to comment.
Persons: Elliott, Stuart Chambers, BHP, CNBC's Karen Gilchrist Organizations: Elliott Management, CNBC, BHP, Bloomberg Locations: London, Australia
Australia-based BHP on Thursday said it had made an all-share takeover offer which valued the smaller company at £31.1 billion ($38.9 billion). "The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," he said. Anglo American Chairman Stuart Chambers said the proposed restructure was "highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders." Shares of Anglo American Platinum rose more than 2% on the announcement, while Kumba Iron Ore moved 0.9% lower. Chambers said that, in its current state, Anglo American was "well positioned" to benefit from that energy transition.
Persons: BHP's, Stuart Chambers, Chambers, — CNBC's Jenni Reid Organizations: BHP Group, BHP, CNBC, Limited, Iron Ore Limited Locations: Australia, London, American, South Africa
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCopper is 'crown jewel' for BHP Group's bid for Anglo American, says portfolio managerTodd Warren, portfolio manager at Tribeca Investment Partners, says copper is the "crown jewel" and the main priority that BHP Group is fighting for with its takeover offer for rival Anglo American.
Persons: Todd Warren Organizations: BHP Group's, Tribeca Investment Partners, BHP Group
Mining giant BHP Group on Thursday said it had made an all-share takeover offer for rival Anglo American , valuing the smaller company at £31.1 billion ($38.9 billion). Anglo American shares leapt at the market open and were 12% higher at 9 a.m. in London. Australia-based BHP, the biggest listed miner according to Companies Market Cap, said that the deal would deliver 0.7097 BHP shares per Anglo American share to Anglo American's ordinary shareholders. Anglo American has a huge copper operation based in South America and a production target for the metal of 730,000 to 790,000 tons in 2024. This compares with a copper output aim between 1.7 million and 1.9 million for BHP over the same period.
Organizations: Mining, BHP Group, BHP Locations: London, Australia, American, South America
BHP Group, the world’s largest mining company, has proposed a takeover of its rival Anglo American, in a deal that has the potential to shake up the industry at a time when demand for copper is soaring. BHP said on Thursday that it had approached Anglo with a bid valued at 31.1 billion pounds, or $39 billion, in what would be one of the most significant deals in the industry in years. If successful, the acquisition would create the world’s largest miner of copper at a time of growing global hunger for the metal, which is essential to the green-energy transition. Anglo confirmed that it had received an “unsolicited, nonbinding and highly conditional combination proposal from BHP” and that its board was reviewing the offer with its advisers. In the United States, President Biden’s signature climate and energy law, the Inflation Reduction Act, contains hundreds of billions of dollars in tax credits to help companies switch to low-carbon energy sources.
Organizations: BHP Group, BHP, BHP ” Locations: United States
London CNN —Mining giant BHP has made a near-$40 billion bid to take over its UK rival Anglo American in what would be the largest mining deal on record. BHP said in a statement Thursday that it valued Anglo American shares at £25.08 ($31.40) apiece, or £31.1 billion ($38.9 billion) in total. The potential deal would have a higher value than the $38.3 billion acquisition of Switzerland’s Xstrata by commodities company Glencore in 2012, according to Dealogic data. It would also be the biggest merger or acquisition in the mining industry by value since Dealogic began collecting the data in 2004. Shares in Anglo American soared as much as 13.8% on the news.
Persons: BHP, Dealogic, , Mike Henry, ” Susannah Streeter, Hargreaves Lansdown, Rob North Organizations: London CNN — Mining, BHP, London Metals, Oz Minerals, United Kingdom’s, London Stock Exchange, City of, Hargreaves Locations: Australia, City, City of London
Gold and copper have been on fire, as geopolitical tensions mount, central banks buy up gold, and AI demand for copper grows. Copper, too, has done well, with copper futures hitting their highest level since 2022 last weekend. Stock picks He named Australian gold miner Northern Star and copper miner Southern Copper as stocks he's bullish on right now. He said against that backdrop, he's getting back into some gold mining stocks such as Gold Fields and K92 Mining. It said that copper demand will already "significantly exceed" supply starting this year — and that's not even accounting for demand growth from data centers.
Persons: Kingsley Jones, Jevons, CNBC's, Jones, Kamil Dimmich, Dimmich, he's, that's, Jefferies, Teck, Ian Roper, Michael Bloom Organizations: Wall Street, U.S . Federal Reserve, Stock, Northern Star, South, K92 Mining, Jefferies, JPMorgan, Teck Resources, North, Astris Advisory Japan KK, CNBC Locations: USA, Europe, South Capital, East, China, Freeport, McMoRan, Lundin, Teck, North America
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