Botswana Diamonds’ Campbell on Zim jaunt: We are interested in Kaapvaal Craton

Botswana Diamonds and Vast Resources, recently signed a memorandum of understanding to prospect for diamonds in Zimbabwe. The two companies will exchange information derived from past exploration on areas prospective for diamonds in the southern African...

09 july 2018

“Every Forevermark diamond has a unique inscription number which is an assurance that the diamond is beautiful, rare and responsibly sourced,” says Sachin Jain

Sachin Jain, President-Forevermark, joined the company - a wholly owned subsidiary of the De Beers Group - as the Head of Retail in 2010. He was swiftly promoted to the Managing Director in 2011… to later become the President in year 2013. Sachin started...

02 july 2018

In a world where transparency is more and more the standard, our business must address the lab grading issue willingly

Jeweler-Designer Arnaud Flambeau started his career in the jewelry business in 1993 at European Gold Company CLAL as Key Account Manager for the Jewelry Division, where he was in charge of international brands like Cartier or VCA and their subcontractors...

25 june 2018

Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...

18 june 2018

The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 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


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