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

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Petra Diamonds boosts FY’16 profit, output

21 september 2016
Petra Diamonds said its net profit after tax for the year ended 30 June 2016 grew 12 percent to $66.8 million compared with $59.6 million, a year earlier.
It said revenue for the period under review rose 1 percent to $430.9 million from last year’s $425.0 million.
Petra, which has operations in South Africa and Tanzania said production, grew 16 percent to 3.7 million carats, ahead of guidance compared with 3.2 million carats produced during the same period last year.
“The company delivered a strong set of results notwithstanding the number of challenges faced during FY 2016, which included managing production from heavily diluted areas at our underground mines, as well as market related pressure on prices particularly in H1,” said Petra chief executive Johan Dippenaar.
“I am particularly pleased with the continued steady progress that has been made with our expansion programmes, which have remained on target over the last seven years.”
Petra said production was expected to rise between 4.4 million carats and 4.6 million carats in the fiscal year, before reaching the company’s stated long-term target of about 5 million carats in fiscal year 2018, a year earlier than expected.
“ FY 2017 is forecast to be the first year that the Company reaps the benefit of this work as we are in line to become free cashflow positive in H2, with our cashflow profile rising strongly thereafter,” the company said.
“We now enter the final phase of our capital expansion programmes in a strong position, with a robust balance sheet, efficient cost base and the drive to succeed.”

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