Vladimir Zboykov: New times have come for jewelers

How a personal collection of minerals was thrown on the scrap-heap, who is behind the destruction of gemstone consumption culture in Russia and why jewelers will soon have to choose between business and prison – all this was told to Rough & Polished...

20 august 2018

Changing preconceptions in the diamond and financial markets

Eli Avidar is a man on the move…literally. In April, the former Israeli diplomat stepped away from the CEO’s office at the Israel Diamond Exchange, a position he had held for more than two years, and from the Israel Diamond Institute, where he had been...

13 august 2018

Chasing a dream…

Elina Chan, MD of Shenzhen Shi Qing Yu Zhubao Ltd completed her higher education from Xiamen University and Master’s degree from Hong Kong University. To achieve her dream to start a business, Elina gave up numerous job opportunities in Hong Kong and...

06 august 2018

Pangolin Diamonds using termites to find kimberlite indicators in Botswana

It is not a secret that the rate of kimberlite discovery in Botswana has dropped considerably and research has shown that termites can help diamond explorers have an understanding of the transport mechanism of kimberlite indicator minerals from the kimberlite...

30 july 2018

In another fifty years, we’ll have a different scale of valuation, and all those items of natural origin – including diamonds – will sharply increase in price

Within the framework of the Qatar-Russia 2018 Year of Culture, the World Diamond Museum hosts an exhibition of the Qatar Museums at the State Historical Museum in Moscow – "Pearls: Treasures of the Seas and the Rivers," that opened on 11 July...

24 july 2018

Diamond underpricing costs Catoca almost $500 mln over the past 6 yrs – report

14 june 2018
Catoca, which produces three quarters of all of Angola’s diamonds, has reportedly estimated that it lost $464 million over the past six years due to a government-imposed marketing system that compelled obliged it to sell stones below international prices, according to a company presentation seen by Reuters.
Russia’s Alrosa and Angola’s state diamond company Endiama each own 41 percent of Catoca, while LL International Holding B.V. owns the remaining 18 percent.
“The current marketing process, where diamonds are sold to ‘preferential buyers’, destroys the value for the producer (less revenue) and the government (less tax),” said the presentation made during a private meeting in March between the diamond industry and the minister for natural resources and oil, Diamantino Azevedo.
Diamonds from Catoca were on average sold 24 percent below market prices over the last six years.
President João Lourenço has vowed to reform Angola’s secretive diamond industry in order to increase production and improve returns as Africa’s second largest oil producer looks to diversify its economy.
Angola produced 9 million carats last year worth $1.1 billion.

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