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Investment community wants and needs more transparency

Yaniv Marcus, Managing Partner, YAD Global Advisors Ltd & Founder, Diamond Investment & Intelligence Centre (DICE) began his career in the investment community as a Certified Financial Planner (CFP) as well as a Portfolio Investment Manager (CIM)...

Yesterday

Lucara in no rush to sell 1,109 ct diamond after London setback – Lamb

Lucara Diamond said it is not in a hurry to sell the 1, 109 carat Lesedi La Rona recovered in Botswana after bidders failed to reach the reserve price at a public auction in London mid this year. The company said at the time that the failure of the diamond...

28 november 2016

Angola‘s geological survey nears completion

Angola had for the past few years been conducting a geological survey as part of the National Geology Plan (Planageo). The programme was initially slated to complete by the end of 2015, but the geological institute of Angola general director Mankenda...

21 november 2016

Normalcy has returned to Indian jewellery industry, despite remaining tax issues

G.V. Sreedhar, Chairman of the All India Gems & Jewellery Trade Federation (GJF) since 2015, was associated with the organization since its inception. He is also the Past President of the Jewellers Association, Bangalore [JAB]. Under his guidance...

14 november 2016

Diamond club eyes fair trade environment in Sierra Leone

Sierra Leone emerged from a brutal civil war – which was fuelled by illicit diamond trading – that left tens of thousands without limbs and worse still dead. The war, which lasted for 11 years ended in 2002 and the West African nation became a member...

07 november 2016

Lesotho’s proposed ownership law to affect diamond firms

02 august 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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