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

SA company sues Namib Desert Diamonds

12 february 2019

A South African consulting firm, Bravo Compliance, has sued Namib Desert Diamonds for N$2,1 million ($152, 000) for terminating a contract that was meant to help improve the Namibian state-owned diamond trader improve its governance systems.
The Namibian newspaper reports that Namdia had informed Bravo on 1 June 2018 that it had cancelled the contract because it was awarded based on misinterpretation, and that the tender process should start afresh.
However, Bravo was said to have concluded that the contract was terminated after it raised red flags about how Namdia was selling its diamonds to foreign companies.
The company was previously accused of selling Namibian diamonds below value to dealers in Dubai.
It, however, denied the allegations.
Namdia offered Bravo N$400 000 ($29,000) as a settlement for cancelling the contract and the South African consulting rejected the offer.
It then approached the court seeking to get N$2.1 million.
Namdia advertised the tender in January 2018 seeking a private company to establish a system meant to evaluate and improve its risk management, control, compliance and governance processes.
It awarded the contract to Bravo on 22 March 2018.

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