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Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...

18 june 2018

The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 2018

Our first priority is to better understand artisanal and small-scale mining - Elodie Daguzan

The Diamond Development Initiative (DDI), the organization dealing with the traditional diamond mining, recently announced the appointment of Élodie Daguzan as its first Goodwill Ambassador. Ms. Daguzan, who currently works as head of communication...

04 june 2018

Zimnisky on De Beers’ Lightbox: It’s a strategic, bold move that will benefit the entire natural diamond industry

De Beers shocked all and sundry end of May when it announced the launch of a new company called Lightbox Jewelry, which will market a new brand of laboratory-grown diamond jewellery in September. This effectively meant that the group had departed from...

01 june 2018

Tracking the provenance and lifecycle of a product is a natural and necessary evolution in our industry

A senior executive with a demonstrated history of working globally at management and board levels, Marcus ter Haar has been the Managing Director at Okavango Diamond Company (ODC), Botswana for about 10 months now, prior to which he held the...

28 may 2018

Lucapa raises $16.5 mn to advance diamond projects

10 april 2018
Lucapa Diamond has raised $16.5 million from a new cornerstone investor and existing shareholders to advance its diamond projects and continue delivering on its growth strategy.
It said in a statement that the placement would help it to “immediately launch” an extensive follow-up exploration program, including further drilling, at the Brooking diamond discovery in Western Australia’s West Kimberley region.

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Image credit: Lucapa Diamond Company  


Lucapa also said that the funding package was positive as it positioned the company to be a first mover in Angola as the country’s new president seeks to attract foreign direct investment by addressing key investment hurdles.  
“It provides a working capital buffer for the high-value Mothae diamond mine development and early bulk sampling program in Lesotho, which remains on budget and on schedule for commercial production in H2 2018,” said Lucapa.
The funding helped remove a perceived overhang in Lucapa shares associated with project funding concerns and enabled it to launch a buy-back of unmarketable share parcels held by more than 1,300 individual shareholders.
Meanwhile, Lucapa and its local Angolan partners were formulating a growth strategy at Lulo, to build on the “successful” alluvial mining operations and kimberlite exploration venture, said the company.
Lucapa had been operating in Angola for 10 years.
It recovered a 404 carat stone at the Lulo project, the biggest diamond ever unearthed in Angola.

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

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