“We are building a new state-of-the-art tender facility,” says Ahmed Bin Sulayem, Executive Chairman, DMCC

Ahmed Bin Sulayem certainly needs no introduction being widely popular globally as one of the leaders of modern Dubai. As the Executive Chairman of DMCC, Ahmed Bin Sulayem has played and continues to play a key role in establishing and positioning DMCC...

20 may 2019

De Beers scaling up Tracr ahead of formal launch

De Beers tracked 100 high-value diamonds along the value chain during the pilot of Tracr™, its industry blockchain platform, for the first time in May last year. A De Beers spokesperson Bianca Ruakere told Rough & Polished in an exclusive interview that...

13 may 2019

The perfect couple - platinum and diamonds

The Jewelry House of Leon Megé located in New York has long been firmly established in the jewelry market as a source of magnificent jewelry, in which platinum and diamonds often sparkle being married together and attracting everyone’s eyes, but are...

06 may 2019

The technology of growing single-crystal diamonds has now become industrial in nature

It is believed that the reserves of natural diamonds will be exhausted by the middle of the century, and therefore production of synthetic diamonds is rapidly gaining relevance. According to Business Insider India’s estimates, the global synthetic diamond...

29 april 2019

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...

22 april 2019

Gem Diamonds core earnings up 69% to $82.3 mln

14 march 2019

news_21062018_gem.pngGem Diamonds said its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 69% to $82.3 million in 2018 compared to $45 million, the previous year, mainly due to the increase in revenue generated, coupled with the ‘successful’ implementation of various business transformation initiatives and by maintaining strict cost discipline.
The group’s revenue jumped 25% to $267 million from the previous year’s $214.3 million due to a record number of large diamond recoveries at Letšeng, in Lesotho.
Gem Diamonds recovered 15 diamonds greater than 100 carats in 2018, a record for a single calendar year.
Production in 2018 also included the highest recovery of diamonds greater than 20 carats, with 80% of revenue primarily generated by diamonds greater than 10 carats.
The company produced 126, 875 carats at Letšeng in 2018 compared with 111, 811 carats in 2017.
“The mine plan for Letšeng was revised during 2018, with the aim of further reducing the waste stripping through the steepening of inter-ramp slope angles,” said Gem Diamonds chief executive Clifford Elphick.
“Mining in accordance with this plan has commenced and is expected to significantly increase the net present value of the mine.”

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