Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...


GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

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Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

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There is a significant need for smart and technological financial solutions in the diamond industry

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30 august 2021

Petra H1 revenue drops 28pc as output marginally increases

28 january 2016
Petra Diamonds said its revenue for the six months ended 31 December dropped 28 percent to $154 million compared to $214.8 million carats recorded a year earlier.
The number of carats sold (1,303,051) was lower than carats produced (1,629,403) due to the seasonal timing of Petra’s tenders.
Petra said the rough diamond market continued to be impacted by excess polished inventory in the pipeline, liquidity issues in the midstream, the strong US Dollar and a slowdown in retail demand from China.
The company, which mines in South Africa and Tanzania, said rough diamond prices were down 9 percent for the first half of the fiscal year 2016 on a like for like basis in comparison to results for the fourth quarter of the fiscal year 2015.
“However the impact on Petra’s financial results has been mitigated by the significant weakening of the South African Rand over this period," it said.
Meanwhile, Petra’s production was up 2 percent to 1,629,403 carats during the first half compared to 1,601,069 carats recorded in the comparative period.
It exceeded its production target of 1.5 million carats for the first half and remained on track to reach full year production guidance of 3.3 million carats to 3.4 million carats for the full fiscal year 2016.
The company’s capital expenditure was $151.3 million in the first half against $125.2 million, a year earlier.
The increase in capital expenditure for the period under review was mainly due to the construction of the new Cullinan plant, in South Africa.
“The construction of the new plant at Cullinan is on track, and we look forward to the significant benefits this new plant will bring to bear at the mine,” said Petra chief executive Johan Dippenaar said.

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