De Beers only selling Elizabeth Bay Mine in Namibia, move to sustain operations beyond 2019

Namdeb Holdings, a 50/50 joint venture between the Namibian government and De Beers is not selling Daberas, Sendelingsdrift and Southern Coastal mines in the southern African country. It had been alleged that Namdeb was planning to close and offload...

Yesterday

Colorless diamonds as an investment class are evolving beyond their traditional ability to preserve, relocate and pass on wealth

Antonio Cecere, the Founder & VP of Monaco Diamond Exchange dons many caps simultaneously. Currently, he is the President of Geneva Diamond Exchange, the President of Diamond Investment Club and the Principal of the Cecere Group. Antonio’s ability to...

15 april 2019

Jewellery with diamonds, even with small ones, sells better than without diamonds

The Yakut jewellery firm Kierge was set up 25 years ago on the basis of the jewellery workshop PKF Yakutrembyttekhnika which, in its turn, was founded way back in the 1970s. Over this period, Kierge turned into a well-established company successfully...

08 april 2019

Lucapa’s Wetherall on the past, present and the future

Lucapa Diamond chief executive Stephen Wetherall recently attended a mining conference, in Cape Town South Africa, where he met Rough & Polished’s Mathew Nyaungwa and granted him an exclusive interview. They discussed Angola’s first international diamond...

01 april 2019

India’s gem and jewellery industry expects the government will consider its demand for lower import duty on raw materials

A go-getter at heart, with an attitude to match, Pramod Kumar Agrawal, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) of India is a man in a hurry. He has not left any stone unturned to bring back the Indian gem & jewellery...

25 march 2019

De Beers rough sales slide again

17 october 2018
news_26072018_debeers.pngAnglo American said the value of rough diamonds sold by De Beers dropped to $475 million during the eighth cycle of 2018 compared to $503 million recorded in the seventh cycle.
The value of the seventh sale, which was initially set at $503 million, was also a 5.6 percent decline from the sixth sale value of $533 million.
Although the value of diamonds sold during the period under review was still provisional, it was a 26,3 percent jump when compared with $376 million realised, a year earlier.
“While the Rupee-Dollar exchange rate has impacted demand for lower value categories, we continue to see steady overall demand for De Beers Group rough diamonds, reflecting ongoing consumer demand for diamond jewellery in the US,” said group chief executive Bruce Cleaver.
De Beers, which was 85 percent-owned by Anglo American, gave diamond buyers an opportunity to re-phase the allocation of some smaller, lower value rough stones.
Bloomberg had at the time cited unnamed sources as saying that the market had been hurt by too much supply, lower profit margins in major cutting centers such as Surat in India and the depreciation of the Indian rupee.

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