Dominion Diamond Corporation announced that, as part of measures to reduce operating costs and maintain long-term stability of the board of directors and senior management of the company decided to move the corporate office from Yellowknife, Northwest Territories, in Calgary, Alberta.
The move will be completed by the middle of 2017, through which the company expects to achieve annual savings of approximately 19 million Canadian dollars.
In this case, Dominion announced its commitment to continue uninterrupted current operations Ekati mine (Ekati), including drafting Jay (Jay).
Office move will affect about one hundred employees based in the Northwest Territories. Most of the company's workforce, most of whom are residents of the North of Canada, will continue to work there. In addition to the workforce at the mine Ekati Dominion retain office in Yellowknife to provide control over key production areas.
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As noted in a statement, Martin Rapaport, head of the Rapaport Group, the company De Beers is right to reduce the price of diamonds adequately to increased sales and manufacturing sector activity grew. At the same time, he urged the diamond company to maintain a constant level of extraction of diamonds.
ReplyDeleteIn 2015, the diamond industry is faced with the problem of reducing demand and slowing growth in China and the world economy. According to Rapaport, the second half of 2015 the volume of diamond cutting has decreased by 40-50%.
Meanwhile, diamond prices remained stable due to higher prices and reduced discounts for some categories of such products. In 2015, De Beers has lowered the price of diamonds. Price decline was as a nominal (current there is a decrease in the cost of certain batches of diamonds), and was due to improved product mix in batches, add Rapaport.
It is also important, says the head of the Rapaport, to De Beers and other large diamond companies did not reduce the volume of diamond production in an effort to artificially maintain prices.
"We encourage De Beers to maintain a constant output at those price levels, which provide an acceptable and long-term profitability of diamond producers - said Martin Rapaport -. And management De Beers, and all the representatives of the diamond industry should be clear that De Beers should not control prices diamond or diamonds. "
Instead, he adds, the diamond company should focus on diamond marketing as a product category, creating demand, which will increase its profits. "Increasing the cost of marketing, De Beers increases the profitability both for ourselves and for the entire industry", - says Rapaport.
Thanks to a responsible decision De Beers diamond market may be healthier, and diamond prices will finally be in line with market realities and adds Rapaport. He also noted that the medium- and long-term outlook for the global economy and the diamond industry remains positive, and 2016 can provide the diamond industry excellent opportunities thanks to the return of profitability and responsibility in the supply chain of the diamond.