BHP – ANNUAL DIAMOND REVENUES
Backed by rising prices in the market, multi commodity miner BHP Billiton posted a 25.3 percent rise in annual revenues to $59.47 billion, noting higher volumes of copper, iron ore, manganese ore, energy coal and diamonds, IDEX Online reported.
Revenue from diamonds totaled $583 million, an 11.9 percent year-over-year increase, yet declining 13.45 percent to $103 million in terms of underlying earnings before interest and taxes.
In a release, BHP reported strong operating earnings at Ekati resulted from higher diamond prices and lower unit costs, mainly due to higher value per carat and higher grade underground production as well as tight cost control and improved plant recoveries.
These higher earnings were offset by an increase in exploration and development expense for diamonds in Angola, potash in Canada and titanium minerals in Mozambique. The weakening U.S. dollar took its toll too.

KRISTALL – SUPPLY – ARMENIA
Kristall of Smolensk, Russia's largest cut diamond producer, will supply 6,000-7,000 carats of rough diamonds to Armenia by the end of this year to be cut and polished, says Gagik Kocharian, Head of Trade Policy and Domestic Market Regulation at the Armenian Economics Ministry, referring to a deal signed with Diamond Company of Armenia (DCA), Tacy reported. The first consignment consists of 650 carats of diamonds. Kocharian expects the new agreement to help revive the Armenian jewelry industry.
Armenia has not received rough diamonds from Russia in recent years due to the liberalization of rough diamond prices. Armenia used to receive up to 6,000 carats under an annual quota agreed by the two countries' governments.
Kristall, whose turnover increased 13 percent to US$404 million last year, agreed at the start of this year to have diamonds which cannot be cut and polished economically in Russia processed by Armenian cutting plants.

MICHAEL HILL – PROFITS – INCREASE
New Zealand-based jeweler Michael Hill said profits grew 20 percent to NZD 25.23 million ($17.9 million) for the fiscal year ending June 30, 2008, RAPAPORT reported.
Trading revenue grew 8 percent to NZD 376.66 million ($268.2 million,) boosted by the company’s operations in Australia.
Michael Hill’s Australian retail segment revenues rose 9.4 percent to NZD 247.14 million ($175.98 million) though same store sales were basically flat. The company opened 13 stores in Australia during the year and closed three, bringing its year-end total to 136 stores. Earnings before interest and tax (EBIT) from the Australia operations grew 17.7 percent to NZD 24.4 million ($17.37 million.)
Revenue from the New Zealand retail segment decreased 0.4 percent to NZD 97.02 million ($69.07 million) as same store sales fell 2.5 percent. EBIT in New Zealand rose 8.3 percent to NZD 14.7 million ($10.46 million.) By year-end, Michael Hill operated 52 stores in New Zealand, having opened two new stores.
Operations in Canada saw revenues rise 28.6 percent to NZD 32.13 million ($22.87 million) though same store sales declined 1.8 percent. The company posted a deficit of NZD 44,000 ($31,300) for the year in Canada.
During the year, Michael Hill launched operations in Ontario, opening five stores there, which added to costs. It now operates 22 stores across Canada.

Rough&Polished