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Ali Pastorini: Selling just the idea of glamour is no longer enough

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 1000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

21 may 2018

Diamonds are shifting from occasional to daily wear

Joy Alukkas started his first jewellery showroom in UAE in the year 1987, and today the Joyalukkas Group is a multi-billion global conglomerate with varied business interests. Beginning with a single jewellery room in Abu Dhabi, Joy Alukkas has grown...

14 may 2018

GJC has played a crucial role in the last 10 years in improving the compliance level in the industry

Coming from a renowned family of jewellers based in Akola, Maharashtra, Nitin Khandelwal heads Khandelwal Jewellers (Akola) Pvt Ltd. He has interests in the Plastic industry, Real estate, Health & Recreation and Cold storage industries as well...

07 may 2018

Johnson: ASM diamond sector a potential new source of supply for De Beers

De Beers recently said that it is planning to pilot a programme called GemFair that will create a “secure and transparent route” to market for ethically-sourced artisanal and small-scale mined (ASM) diamonds. GemFair would partner with the Diamond...

03 may 2018

Zimnisky: Hard to protect lab-diamond price as production methods, economics improve

Paul Zimnisky, an independent diamond industry analyst and consultant, said it will be very difficult for the lab-diamond manufactures to protect price as production processes and economics improve. He told Rough & Polished’s Mathew Nyaungwa in an exclusive...

23 april 2018

BSGR resumes diamond mining at Koidu, but not yet out of the woods

18 may 2018
BSG Resources, which is controlled by billionaire Beny Steinmetz’s family trust, has resumed diamond mining at the Koidu mine in Sierra Leone.

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Image credit: BSGR


Operations at the mine had been halted for about a year following the Ebola epidemic, which left it in a huge debt.
Bloomberg reports that BSGR had in the past year worked to bring the mine back to productivity as it had spent about $50 million to extend the life of the mine by converting it from an open pit to underground operation.
The site was now expected to produce about 400,000 carats a year with a potential of lifting that to 650,000 carats.
“We’ve injected additional resources. That was tough, that’s why we fell behind with creditors,” an adviser to Steinmetz, Dag Cramer, was quoted as saying.
“This is the type of mining operation where you have to take the long-term view.”
Diamonds from the mine sell for an average of about $300 a carat, according to Bloomberg.
Meanwhile, Cramer said BSGR was still “not out of the woods” as there was need to increase production by expanding the operation and also pay back its debts, which are more than $100 million.
“We’re trying to run this operation, meet all obligations, and make a return to equity holders. There is a new owner of the debt and they want to generate a profit. At the same time, they must appreciate that the equity owners also have skin in the game," he said.

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

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