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 offloads stake in KEM JV

10 july 2018
Petra Diamonds and its black economic empowerment (BEE) partners have decided to offload their 75.9 percent interest in the in the Kimberley Epaka Mining (KEM) joint venture (KEM JV) to their joint venture partner Ekapa Mining for a cash consideration of about R300 million.
The disposal would help Petra management’s to focus on its key assets, the Finsch and Cullinan mines in South Africa.
It also owns Williamson Diamonds in Tanzania.
“The rationale for the disposal is to ensure a sustainable future for KEM JV by placing the operation under the sole stewardship of an operator best suited to maximise its value,” Petra said.
The R300 million purchase consideration would be payable in 24 monthly instalments starting next January.
The disposal would be on a going concern basis, with Ekapa Mining taking on all of the company’s financial, employee, environmental, health, safety and social obligations with regards to the KEM JV operation.
KEM JV was a joint venture between Petra and its partner Ekapa Mining and incorporated the Kimberley Underground mine, extensive tailings retreatment programmes and the high volume Central Treatment Plant – all located in or around the historic diamond mining centre of Kimberley in South Africa.

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