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We estimate gold demand for 2016 to be in the range of 750 to 850 tonnes – Somasundaram, MD, WGC-India

Somasundaram PR joined the World Gold Council in January 2013, as Managing Director, India. Based in Mumbai, Som is responsible for leading the World Gold Council's activities across the Indian gold market. A qualified Chartered Accountant, Som has over...

26 september 2016

Actions undertaken by ALROSA are intended to support true diamond manufacturers

Recently, the EPL Alliance and Diamond and Jewelry Manufacturers Guild of the Republic of Sakha (Yakutia) backed ALROSA in the press, welcoming its position in support of Russia’s diamond-cutting businesses in view of the abolition of the 6.5% export...

19 september 2016

From France to Israel - Andre Messika Goes from Strength to Strength

A leading Israeli diamond dealer who is increasingly making a name for himself locally and globally is Andre Messika. Three years ago, he was the winner of the Israeli diamond industry’s Outstanding Exporters Award. He has also often been near the top...

12 september 2016

“Jewellery customers are totally fascinated with the ‘design’, rather than seeing jewellery as investment” says Ashish Sand, Founder & Partner of Savio Jewellery

Though armed with a Master’s degree in Commerce; a Bachelors in Business Administration from Bradford University; and a diploma in Information Technology, it was jewellery business that was Ashish Sand’s calling… Today, as the founder and partner of...

05 september 2016

Mozambique eyes commercial diamond mining

Mozambique confirmed last month the discovery of diamonds in the Massangena district of the Gaza province. The country had been working, with the help of Angola, towards the certification of its diamond mining by the Kimberley Process. The certification...

29 august 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

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