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...

Today

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

Firestone lifts Q2 grade to 25.4 cpht, but output drops to 225k ct

04 february 2019

firestone_diamonds_logo.pngFirestone Diamonds produced 224,947 carats in the second quarter of the company's 2019 financial year compared with the first quarter’s 240,733 carats.
The latest output resulted in a year-to-date total of 465,680 carats, which was on track with the company’s guidance of between 820,000 and 870,000 carats for the financial year 2019.
A higher grade of 25.4 cpht was also achieved during the quarter compared with the first quarter’s 23.8 cpht.
However, Firestone said that the grade was expected to decrease during the second half of the financial year as mining returns to the lower grade ore blocks in the northern part of the pit during the rainy season.
The company also sold 191,735 carats during the period under review, realising revenue of $13.9 million at an average value of $72 per carat.
"We had a reasonable second quarter, barring a scrubber failure sustained in November, ending the financial half year with all our production parameters on track to meet guidance by year end,” said Firestone chief executive Paul Bosma.
“The demand for the smaller, lower value stones deteriorated further during the quarter albeit that it stabilised at the December sale and remained at the same level for the January sale.”
He said the demand for larger, better quality stones remained strong.

Mathew Nyaungwa, Editor in Chief of the African Bureau, from Cape Town, South Africa, Rough&Polished