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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

Diamond underpricing costs Catoca almost $500 mln over the past 6 yrs – report

14 june 2018
Catoca, which produces three quarters of all of Angola’s diamonds, has reportedly estimated that it lost $464 million over the past six years due to a government-imposed marketing system that compelled obliged it to sell stones below international prices, according to a company presentation seen by Reuters.
Russia’s Alrosa and Angola’s state diamond company Endiama each own 41 percent of Catoca, while LL International Holding B.V. owns the remaining 18 percent.
“The current marketing process, where diamonds are sold to ‘preferential buyers’, destroys the value for the producer (less revenue) and the government (less tax),” said the presentation made during a private meeting in March between the diamond industry and the minister for natural resources and oil, Diamantino Azevedo.
Diamonds from Catoca were on average sold 24 percent below market prices over the last six years.
President João Lourenço has vowed to reform Angola’s secretive diamond industry in order to increase production and improve returns as Africa’s second largest oil producer looks to diversify its economy.
Angola produced 9 million carats last year worth $1.1 billion.

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

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