Is the Diamond Industry Really in a Crisis?
FOLLOW THE MONEY !!! The owner of French luxury group LVMH, the maker of Louis Vuitton bags and Mot champagne, among other high-end products, could soon topple Amazon founder Jeff Bezos as the world's richest person.
On Tuesday, Bernard Arnault and his family's net worth climbed 1% to roughly $108 billion, according to Forbes, which tracks billionaires' wealth in real time. The jump comes a day after LVMH agreed to buy iconic Manhattan jeweler Tiffany's for $16 billion.
The deal boosted LVMH shares roughly 2%, lifting the value of Arnault's fortune. It also vaulted him into the No. 2 slot ahead of Microsoft founder Bill Gates, whose net worth Forbes pegs at $107.5 billion. And it puts the French mogul within striking distance of Bezos, worth roughly $112 billion.
The trio have a clear lead over other billionaires. The next three ultra-wealthy figures on Forbes's list — investor Warren Buffett, Facebook's Mark Zuckerberg and Oracle's Larry Ellison — are worth roughly $86 billion, $74 billion and $69 billion, respectively.
For LVMH, buying Tiffany adds a widely known name to its portfolio of consumer brands, which include Bulgari, Christian Dior and Rihanna's Fenty line. Arnault said the deal would strengthen the luxury house's position in high-end jewelry in the U.S. market.
Tiffany hopes the merger will curb sluggish sales and transform its brand to appeal to younger, digitally-savvy shoppers.
Warren Buffet Berkshire Hathaway reported a $128 billion cash balance and looking for a major Takeover at cheap price.
Competition among richest billionares start heating up and they are looking for a diamonds.
Rio Tinto wants to buy a 60% stake in the Star-Orion South diamond exploration site in Canada for CAD 70.5 million ($53.3 million), according to project owner Star Diamond Corp.
THE Fort la Corne massive diamond bearing kimberlites Field is located in Saskatchewan .
DEMAND FOR DIAMONDS
According to Rebecca Foerster, president for North America at Alrosa PJSC, the prices for pink diamonds have risen 300 per cent in the past decade.
“Since there are no other equitable sources of pink diamonds, we can expect that after the closure of Argyle mine over the next year, the market will face some shortage of pink diamonds supply,” she says.
Rio Tinto’s own data show that the prices for their Argyle pink diamonds have risen 500 per cent since 2000, though it won’t reveal the specific amount bidders have paid at any of its tenders.
RIO Tinto saw a double -digits increase in the numbers of bids at its 2019 Argyle Pink Diamond Tender, the company reported.
SO what can be prediction for Mountain Province Diamonds?
Major MPVD shareholders is buying! How close this percentage in Gahcho Kue Newest biggest diamond mine will bring him to the Forbes top list?
Which one in THE TOP FORBES WILL MAKE MOVE FIRST on MPVD or start buying stake, position in Mountain province Diamonds?
Early signs of takeovers in diamond industry are there already!
I will leave those questions to smart readers of this stockhouse board.
LVMH owner could soon top Jeff Bezos as world's richest perso