Login

This year, ALROSA’s geologists will continue to search for new diamond deposits in Africa

The Department for Evaluation of New Areas at the Research and Exploration Company affiliated to ALROSA is based in St. Petersburg and deals with the forecasting and prospecting of diamond deposits in the North-East European Platform and in promising...

08 february 2016

End of an era as Shmuel Schnitzer's fourth term ends

A month or so after stepping down from the presidency of the Israel Diamond Exchange (IDE) for the second time – making a total of eight years at the helm of one of the world's biggest bourses – Shmuel Schnitzer is able to provide valuable insights both...

01 february 2016

Amin Luxury: Style and Innovation

The theme of innovation has been a central one in the diamond industry. While everyone seems to agree with the fact that innovation is crucial for the business, few companies have come through with revolutionary ideas. Among them is Amin Luxury, a company...

25 january 2016

We will definitely need time to fix damages and rebuild foundations

Andre Messika was already an established diamantaire in Paris, known as a topnotch distributor of polished diamonds, when he migrated to Israel in 2003. In Israel, he opened the company’s - Andre Messika Diamonds Ltd - main office in The Israel Diamond...

18 january 2016

‘Brokers, dealers involved in Tanzania illegal mining, smuggling of gemstones, not small-scale miners’

Before Richland Resources exited Tanzania to focus on tsavorite mining in Australia, it constantly bemoaned the unabated illegal tanzanite mining that seriously disrupted operations on its Block C at Merelani. Although a joint venture agreement with...

11 january 2016

Botswana should offload its stake in De Beers – diamond analyst

17 november 2011

A well-known diamond industry analyst has urged Botswana not to consider upping its stake in De Beers but rather offload its current 15 percent shareholding or bundle it into a holding company.
Botswana government had up to 12 months to decide whether to use an option of increasing its stake in De Beers from the present 15 percent to 25 percent following the Oppenheimers’ decision to sell its 40 percent stake to Anglo-American.
Mmegi quoted Even-Zohar as saying that he had never seen any reason why Botswana should hold a stake in De Beers.
He alleged that Botswana only got the (eventual) 15 percent stake in De Beers because neither Anglo nor the Oppenheimer family wanted the other to hold a majority.
"For a country with a gradually depleting resource, it needs shareholders that respect the economic, budgetary and societal aspirations of the Botswana government," Even-Zohar said.
"For Botswana to hold 15 percent (or any percentage) in De Beers does not make much sense and spending these funds in other investments, diversifying out of diamonds, seems preferable.”
He said with the Debswana diamond resources, Botswana should concentrate on domestic mining production.
“Why would you need to have a small stake in a company that owns other mines in Canada, South Africa or Namibia?  You will never have a real say on policies and are only unnecessarily holding on to passive diamond investments, rather than putting the money to more attractive uses,” Even-Zohar said.
He urged the Botswana government to set up a holding company, which would give it a chance to participate and own shares in the diamond resources while convalescing its investments.

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

Comments

Only registered users can add comments (Register, Login)