Indian gem and jewellery manufacturers have the skill and capabilities to cater to any market in the world

Besides spearheading the “White Paper” last year, Colin Shah, Vice Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) has been actively involved in the initiatives of the Council like MyKYCBank and many more… A first generation...

11 february 2019

The Indian gems and jewellery industry was progressing in the past and will certainly progress in the future

Dinesh Navadiya, the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India, is also the representative of the Gujarat G&J sector at various organisations as well as government authorities...

04 february 2019

The Russian Diamond Line: We do not believe that gifted persons would win through on their own

The Russian Diamond Line, a Moscow international jewellery contest of jewellery design, has been held for a decade already. At the end of the year, the results of the jubilee RDL-2018 contest were summed up, and on December 14, the prizewinners of the...

28 january 2019

New lending will have to be fully asset-backed with true provenance and transparency in the flow of goods and monies

After handling Gem & Jewellery (G&J) industry financing as a banker for many years, Erik A Jens sees an opportunity now that numerous banks are withdrawing from the sector. He is exploring opportunities to establishing a financing firm focusing...

21 january 2019

The majority of women don’t care whether their diamonds are mined or lab grown - Alex Popov, CEO of Âme

Alex Popov, President of the Moscow Diamond Bourse and former Chairman of the World Diamond Mark Foundation (WDMF) launched a new jewelry brand under the name of Âme focused on design and using lab grown diamonds to produce jewelry meant to meet...

14 january 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