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It's our responsibility to capture the imagination of future generations towards diamonds

As CEO of Beverly Hills-based Grand Metropolitan - a privately-held luxury goods holding company with a 130-brand portfolio - Vin Lee carries the burden rather lightly on his shoulders. Having migrated from Canada as a baby, it did not take long for...

Today

‘Non-diamond producing countries shouldn’t lead KP’

Non-diamond producing countries should not lead the Kimberley Process (KP) as was the case last year with the United Arab Emirates (UAE), according to the African Diamond Council and African Diamond Producers Association chairperson...

04 december 2017

Jewellers’ Guild of Russia sees its mission in creating highly developed national jewellery market

In recent years, the Jewellers’ Guild of Russia has noticeably stepped up its activities. Eduard Utkin, General Manager of this Association told Rough & Polished about what is happening in the country’s jewellery sector, the tasks facing the community...

27 november 2017

Any color diamond is a great investment

Bruno Scarselli belongs to the 3rd generation of the Scarselli family, which has for the last half-century been producing and selling some of the world’s highest quality yellow, blue and pink diamonds available on the market. Bruno heads the company...

20 november 2017

It’s crucial everybody feels confident that their suppliers use the System of Warranties - Stephane Fischler

The System of Warranties (SoW) in the diamond industry dates back to 2002, when the World Diamond Council (WDC) in team with the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association...

13 november 2017

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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