“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

Lucara Diamond’s Q2 core earnings drop 36 pct to $36 mln

13 august 2018
news_18062018_lucara.pngLucara Diamond’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) eased 35.7 percent to $36.1 million in the second quarter of 2018 compared to $51.8 million, a year earlier, according to the company’s latest financial results.
It said the decreased EBITDA reflects lower revenues attributable to a smaller volume and lower average price of exceptional stones sold, as compared to the second quarter of 2017.
The company recorded revenues of $64.5 million for its two tenders in the quarter compared to $79.6 million, in the second quarter of 2017.
It also said lower revenues show natural variability in the number and quality of exceptional diamonds recovered in any quarter and the recent decision not to inventory exceptional diamonds over multiple production periods.
Lucara produced 81,507 carats in the second quarter from its Karowe mine in Botswana.
A total of 253 specials (single diamonds larger than 10.8 carats) were recovered during the period under consideration including 11 diamonds greater than 100 carats in weight.

Mathew Nyaungwa, Rough&Polished