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...

Yesterday

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...

20 september 2021

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...

06 september 2021

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

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

Botswana overreliance on diamonds remains a cause for concern

17 august 2016

A local entrepreneur David Magang has lamented Botswana’s continued overreliance on diamonds as a major source of government revenue.
Over 70 per cent of government revenue comes from mineral exports.
Speaking at a function organized by the Botswana Institute of Chartered Accountants (BICA), Magang said the country was “hooked on diamonds” and the disadvantage was that in the event of a tumble in commodity prices, the shock to the economy overall would be telling.
"That actually has been Botswana's experience. Diamond prices have fallen by 40 per cent in the last three years. In fact, the prices of metals in general have plummeted to record levels, including those of copper and nickel amid a prolonged bearish market. The result has been the closure of several mines in Botswana, with BCL teetering on the brink," he said.
Magang said Botswana should consider what the future would be like once the diamond deposits get depleted.
"We have of late been told that diamond production will continue until the year 2050. It is actually possible that Orapa and Jwaneng could still be running up to the end of the century. Indeed, the Kimberly mines of South Africa chugged for 100 years,” he said.
“But even if that were the case, diamonds would not generate the same return as they have traditionally done."
He said the operating costs and capital expenditure would rise as Debswana drills deeper to reach the ores located in the bowels of the earth.
"The cost of extracting a carat of diamonds from the dug-up ores will mount and government will simply have to resign itself to much lower returns than it has been accustomed to in the past", said Magang.

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