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Lucapa to become a niche diamond company, says Wetherall

Lucapa Diamond believes that it will become the only company in the world with multiple diamond mining operations whose average diamond value is in excess of $1,000 per carat, once the Mothae mine is commissioned this year. Company chief executive and...

19 february 2018

Zimnisky: Diamonds lack fungibility to be a major investment product

Physical diamonds will never be a viable widespread investment product simply because they inherently lack fungibility, meaning they are all unique, according to Paul Zimnisky, an independent diamond industry analyst and consultant, who is based in New...

12 february 2018

Julien-Vincent Brunie: "Being surrounded by beauty and art is a privilege!"

This last December, shortly before Christmas, the Auction House of Christie's arranged a private display of jewelry in Moscow. The correspondent of Rough & Polished, who had an opportunity to visit this event, was able to admire a luxurious collection...

05 february 2018

Ali Pastorini: We would like meeting Mujeres Brillantes 2018 to be held in Russia

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 500 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

29 january 2018

Diamond Exchanges promote healthy development of the diamond industry, besides safe and basic infrastructures for diamond trade

Prior to joining the Guangzhou Diamond Exchange, Liang Weizhang served as a civil servant of Guangdong Entry-Exit Inspection & Quarantine Bureau as the director of the Kimberley Process Office. He participated in the KP Review missions to South Africa...

22 january 2018

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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