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

Petra Diamonds may take 5-10 years to clear Cullinan debt – report

15 february 2019

petra_diamonds_logo.pngPetra Diamonds, which acquired the Cullinan mine from De Beers in 2008, said it will take between five and 10 years from the opening of the new section to clear the debts related to the South African mine.
This, according to Reuters, goes beyond the 2022 maturity of Petra’s bond notes.
Debts from the mine were said to be around 65 percent of its overall $650 million in borrowing, which would represent about $420 million. 
The miner borrowed heavily to revamp the facility and began mining a new section of ore last July. 
It was, however, expected to generate free cash flow this year and start reducing its debts.
Cullinan general manager Juan Kemp was quoted as saying that one thought kept him awake at night: “When will we get that next big stone?” 
A mining analyst at Liberum, Ben Davis, was also quoted as saying that Petra achieved diamond prices that were below market expectations. 
“Everyone is very much hoping, for the sake of the equity holders and debt holders, it will deliver more higher-quality stones,” he said.
The diamond industry had been recording poor demand, especially for small stones. 

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