Color diamonds are more valuable and desirable and a better investment

In 1993, Eyal Cohen started his career as a diamond cutter, sitting by his father’s side as an apprentice. 4 years later, he was recruited by a jewelry firm, where he learned to appreciate natural colored diamonds. In 2003, Eyal opened his own company...

17 september 2018

Debate on the main issues affecting the diamond business is absolutely critical - Ernie Blom

Having taken part in the fruitful discussions with the world leaders at the Asian Summit held recently in Vladivostok, Ernie Blom, President, World Federation of Diamond Bourses (WFDB) now looks forward to taking the worthy inputs received at...

10 september 2018

Reflecting the nature of the industry, US jewellery market is significantly seasonal with great ‘ebb and flow’ in demand, opines Vin Lee

Vin Lee, CEO of Beverly Hills-based Grand Metropolitan, a privately-held luxury goods holding company had migrated from Canada as a child. And one can see that it did not take him long to ascend the US luxury world, establishing himself as a formidable...

27 august 2018

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

Petra says 95 pct of rights issue shares subscribed

03 july 2018
Petra Diamonds said it has received valid acceptances for about 95 percent of the rights issue shares offered in a five to eight rights issue announced last May.

news_03072018_petra.png
Image credit: Petra Diamonds


The company, which has operations in South Africa and Tanzania, had issued 332.8 million shares at 40 pence per share.
It wanted to raise $178 million to settle part of its debt, which was $622 million end of March.
Petra also said subscribers had been obtained for 16.7 million rights issue shares, which represented 5 percent of the rights issue shares at a price of 56.25p per rights issue share.
The subscribers were procured through Petra’s joint bookrunners and underwriters, which comprised RBC Capital Markets, Barclays Bank and BMO Capital Markets.
The net proceeds, it said, from the placing of such rights issue shares would be paid without interest to those persons whose rights had lapsed in accordance with the terms of the rights issue, pro rata to their lapsed provisional allotment.
It said individual amounts of less than £5 would not be paid to such persons but would be paid to the company.

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