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It's our responsibility to capture the imagination of future generations towards diamonds

As CEO of Beverly Hills-based Grand Metropolitan - a privately-held luxury goods holding company with a 130-brand portfolio - Vin Lee carries the burden rather lightly on his shoulders. Having migrated from Canada as a baby, it did not take long for...

11 december 2017

‘Non-diamond producing countries shouldn’t lead KP’

Non-diamond producing countries should not lead the Kimberley Process (KP) as was the case last year with the United Arab Emirates (UAE), according to the African Diamond Council and African Diamond Producers Association chairperson...

04 december 2017

Jewellers’ Guild of Russia sees its mission in creating highly developed national jewellery market

In recent years, the Jewellers’ Guild of Russia has noticeably stepped up its activities. Eduard Utkin, General Manager of this Association told Rough & Polished about what is happening in the country’s jewellery sector, the tasks facing the community...

27 november 2017

Any color diamond is a great investment

Bruno Scarselli belongs to the 3rd generation of the Scarselli family, which has for the last half-century been producing and selling some of the world’s highest quality yellow, blue and pink diamonds available on the market. Bruno heads the company...

20 november 2017

It’s crucial everybody feels confident that their suppliers use the System of Warranties - Stephane Fischler

The System of Warranties (SoW) in the diamond industry dates back to 2002, when the World Diamond Council (WDC) in team with the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association...

13 november 2017

Lucapa secures $15 mln debt financing facility for Mothae

12 october 2017
Lucapa Diamond has secured a $15 million debt financing facility to bring its “high-value” Mothae kimberlite diamond project, in Lesotho into production in 2018.
Company managing director Stephen Wetherall said the financing facility enabled Lucapa to meet one of its key strategic objectives of growing diamond production in the large and “premium-value sector” – a segment of the global market where sales and pricing had remained strong.
“This facility is a significant result for Lucapa and its shareholders. It ensures that the Company, together with the Government of Lesotho, will bring Mothae on stream in 2018, adding a second cash producing asset and high-value producing mine to the group that will complement the top-quality diamond production from Lulo,” he said.
The three-year debt facility was arranged with a private Singaporean company, Equigold and it would be repaid in eight quarterly payments commencing December 2018 when Lucapa expects Mothae to be in steady state production under its first phase development plan.
It also carried an annual interest rate of 13 percent and other fees customary to a facility of this nature.
The facility includes a provision for Equigold, at their election, to convert the last two scheduled quarterly payments, totalling $3.75 million, into ordinary shares in Lucapa.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished

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