“Only do business with clients who have impeccable integrity,” suggests Davy Blommaert, banker

Davy Blommaert heads the Diamond Business at National Bank of Fujairah, which falls under the bank’s corporate and institutional banking division. With nearly 10 years of experience in the diamond industry, he was tasked to establish a unit within NBF...

18 march 2019

Russia’s export legislation is like a log on the road making it difficult to drive through

Eduard Utkin, General Manager of the Russian Jewellers Guild Association, which is a member of the Russian Federation Chamber of Commerce and Industry, answers the questions from Rough & Polished regarding the activities of the country’s professional...

11 march 2019

Botswana mum on new demands as negotiations with De Beers draw closer

Botswana said it will begin new diamond marketing and sales negotiations with De Beers in June or July this year. Mineral resources minister Eric Molale told Rough & Polished’s Mathew Nyaungwa on the sidelines of a mining conference in Cape Town, South...

04 march 2019

DLX-jewellery will focus more on colour stone designed pieces as well as diamond jewellery sets going forward - Jack Chen, General Manager, DLX-Jewellery

Graduating in International Business from an Institute in Sydney, Australia, in 2015, Jack Chen returned to China to start managing his family-owned jewellery business. Besides holding a certificate in a practical diamond course at Gemological Institute...

25 february 2019

Ali Pastorini: “We have to change a little the way to sell the idea that buying jewelry is just for glamour”

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 1000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

18 february 2019

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