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

Zim state-owned firms tussle over control of diamond sales

08 november 2018
State-owned Zimbabwe Consolidation Diamond Corporation (ZCDC) and the Minerals Marketing Corporation of Zimbabwe (MMCZ) are reportedly battling for the control of proceeds from the country’s diamond industry.
ZCDC was currently mining diamonds in Marange while MMCZ was an exclusive agent for marketing and selling of all the minerals produced in Zimbabwe except silver and gold.
Business Times cited unnamed sources as saying that two entities were throwing accusations and counter-accusations of meddling into the marketing of the diamonds.
They also alleged underhand dealings involving senior ZCDC officials and illegal diamond dealers identified as a Lebanese national.
“One of the senior executives at ZCDC (name withheld) met a Lebanese national who approached ZCDC and submitted his proposal to wash diamonds and that Lebanese guy has been involved in illegal buying of diamonds in the country for some time now,” said the source.
“The deal was struck and for the scandal to come to light, the same senior executive called MMCZ insulting officials after his instructions for the Lebanese to get all the diamonds he wanted at MMCZ and ZCDC sort house were frustrated.”
Meanwhile, the newspaper claimed that more than 60 houses in Mutare had been converted into illegal diamond trading centres by a syndicate of foreigners who sourcing the precious stone from illegal artisanal miners.
The diamond trading syndicates are said to have devised sophisticated methods and strategies to evade law enforcement agencies.

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