The indelicate balance of ethics against profit

I am slightly pained to write this blog, as over the years I've made many close friends and contacts in Switzerland, not to mention worked very closely with several Swiss-based companies as part of our recently launched DMCC Crypto Centre, including...


Yakut diamonds, the symphony of permafrost

The Yakutia-based Kierge company, one of the Top 100 of the leading jewellery brands in Russia, opened its showroom in Moscow this autumn, which is gaining popularity in the capital of Russia. “Kierge” is the Yakut for a “finery, decoration” in a broad...

22 november 2021

Vladislav Zhdanov - “The use of diamonds in high technologies is the main and key target of the diamond synthesis technologies”

Vladislav Zhdanov, Professor at the Higher School of Economics, Advisor to Director General - Chairman of the Management Board of the Russian Railways company, and former Vice President of ALROSA (2015-2018). He is a physicist by background...

15 november 2021

Ali Pastorini: The white diamond is the equivalent of a white shirt for a woman

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association that brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

08 november 2021

“As a purist and old school diamantaire, I don't believe in LGD,” says Vin Lee, CEO Grand Metropolitan

Vin Lee, the King of Luxury, doesn’t need any introduction. He is a self-made billionaire CEO of Grand Metropolitan. The Beverly Hills' family office Grand Metropolitan is $7 billion AUM privately-held luxury goods holding company with a 60-brand...

01 november 2021

De Beers to further reduce output next year

09 december 2015
De Beers said it is expecting to produce between 26 million and 28 million carats next year down from this year’s target of 29 million carats.
The diamond giant dropped its full-year production target to 29 million carats last October.
It had revised the target last July to between 29 million and 31 million carats from the previous estimate of 31 million and 32 million carats.
This was again a revision to the initial production target of 34m carats for 2015.
The multiple revisions were said to be a result of the prevailing weak diamond market due to liquidity crunch, strengthening US dollar and sluggish Chinese economy.
De Beers chief executive Philippe Mellier said in Anglo American’s Investor Day report that Debswana’s production would be reduced to about 20 million carats next year and average mix would be improved by less production at Orapa and more at Jwaneng.
Orapa Plant 1 and Damtshaa Mine would be on care and maintenance, he said.
Mellier also noted that Venetia tailing treatment plant in South Africa turned down and openpit production would be curtailed in 2016.
In Namibia, the group through Namdeb, in which it controls a 50 percent stake, would see an extended in-port for its largest vessel and reduced, albeit, planned mining grade from other vessels.
De Beers had placed Snap Lake mine in Canada on care and maintenance from end 2015.
Mellier said De Beers’ cost per carat was expected to go down from $111 in 2014 to $101 in 2016 despite production cut.
He also said that project its capital expenditure (capex) was projected to drop by about $200 million to $500 million in 2017.
Total capex in 2015 was $700 million and this would fall to $650 million in 2016.

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