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24.11.2014
Zim mines minister speaks on the streamlining of operations in Marange
walter_chidhakwa_preview.jpgZimbabwe said recently that it had started merging diamond mining firms in Marange to streamline their operations and ensure accountability of proceeds. Rough&Polished’s Mathew Nyaungwa caught up with the country’s Mines and Mining Development Minister Walter Chidhakwa on the sidelines of a diamond conference held early this month in Harare and asked him about the latest on this development. Chidhakwa revealed that Harare would set up a company called Zimbabwe Diamond Mining Company that would house Marange Resources, as a strategic business unit. He also noted that government was still negotiating with other mining companies currently operating in Marange over the rationalisation of their operations.

17.11.2014
“Fancy colours remain a niche category for which awareness and demand is yet to be strongly created”, says Suraj Shantakumar
suraj_shantakumar_preview.jpgSuraj Shantakumar is the Director, Business Strategy, of Kirtilal Kalidas Jewellers Pvt Ltd and a key shareholder and director of various family businesses. He graduated in Business Management (Finance) from the California Polytechnic State University. This versatile 27 year old is involved in the management of the family’s many businesses starting with Kirtilal Kalidas Jewellers Pvt Ltd, Vispark Jewellery Manufacturers Pvt Ltd, Suraj Agro Infrastructure Pvt Ltd and Benchmark Softec India Pvt Ltd. Bringing ideas that are fresh and out of the box, Suraj Shantakumar has a strong desire to constantly incorporate the best from across the globe into the operations he is overseeing.

10.11.2014
Pyotr Fyodorov: "The entire world is familiar with Yakut diamonds"
pyotr_fyodorov_preview.jpgEPL Diamond, Yakutia’s diamond manufacturing flagship, has reached its 20th anniversary. It is largely due to this company the notion of "Yakut diamonds" (as it happened before to the Russian Cut) traveled around the world turning into a brand. Pyotr Fyodorov, the founder and CEO of EPL Diamond, answered the questions from Rough&Polished telling about the factors behind this success story and about the company’s further goals.





Lesotho’s proposed ownership law to affect diamond firms

02.08.2012

Lesotho is set to introduce a new law that will limit foreign mining firms’ ownership in local mines to 49 percent, while the remaining 51 percent will be reserved for natives (government included).
Diamond companies to be affected by this proposed law included Gem Diamonds, which owns 70 percent of the Letseng mine, and Namakwa Diamonds, which owns the majority of the Kao mine.
Gem’s flagship Letseng diamond mine had produced 57,116 carats during the first six months of the year ended June 2012.
It said the mine also achieved an average value of $2‚133 per carat during the first half of the year compared with $3‚052 realised a year earlier.
Namakwa on the other hand realised revenues of about $4.2 million from its third sale of Kao rough diamonds in Antwerp, with achieved prices 3.4 percent higher than initial management estimates.
However, with all the positive news coming from the diamond miners in Lesotho, the country’s new Prime Minister Tom Thabane said the gems were not being mined successfully in a manner that benefits the country, hence the move to review the ownership structure.
"We also have lots of diamonds, but are not doing so well," he said.
Thabane said that the proposed law would not affect the non-mining sector as was the case in Zimbabwe under its controversial indigenisation law.
“The localisation issues mentioned are in the mining sector — other sectors are not affected,” he was quoted by Businessday as saying.
"But it is still a debate. At the moment we do not think we will follow the status quo.”

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

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