“Up till now there has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

Today

Unifying role is the main objective of the National Gemological Association

Yuri Shelementiev runs the Gemological Centre (GC) at the Moscow State University and is a president of the National Gemological Association (NGA) uniting the gemologists of Russia. The head of the MSU’ GC and the NGA answered the R&P’s...

15 july 2019

“Our goal is to bring clarity to the offering of Lab Grown Diamonds”, asserts Chris Casey, President, Lab Grown Diamond Council

Chris Casey is a 15-year veteran of the diamond and jewelry industry.  Chris also has extensive experience in market research as Founding Managing Director of the NPD Diamond and Diamond Jewelry Service where his responsibility included the...

08 july 2019

Dr. Michael S. Krzemnicki: Our dedication to scientific research is an important foundation to our expertise

Dr. Michael S. Krzemnicki, PhD, Director of the Swiss Gemmological Institute SSEF, in an interview with R&P told about the activities and plans of one of the world's leading Gemological laboratories specializing in scientific research of diamonds...

01 july 2019

“Lab-Grown Diamonds is probably the biggest scam this industry has ever seen,”: Leibish Polnauer, Founder-President, Leibish & Co.

An interesting story from the Leibish & Co takes you way back to the year 1979 when young Leibish Polnauer, then a diamond polisher, was travelling to London, having just found out that the factory at which he worked had been shut down. He found an advertisement...

24 june 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