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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

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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