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...

Yesterday

“Only do business with clients who have impeccable integrity,” suggests Davy Blommaert, banker

Davy Blommaert heads the Diamond Business at National Bank of Fujairah, which falls under the bank’s corporate and institutional banking division. With nearly 10 years of experience in the diamond industry, he was tasked to establish a unit within NBF...

18 march 2019

Russia’s export legislation is like a log on the road making it difficult to drive through

Eduard Utkin, General Manager of the Russian Jewellers Guild Association, which is a member of the Russian Federation Chamber of Commerce and Industry, answers the questions from Rough & Polished regarding the activities of the country’s professional...

11 march 2019

Botswana mum on new demands as negotiations with De Beers draw closer

Botswana said it will begin new diamond marketing and sales negotiations with De Beers in June or July this year. Mineral resources minister Eric Molale told Rough & Polished’s Mathew Nyaungwa on the sidelines of a mining conference in Cape Town, South...

04 march 2019

DLX-jewellery will focus more on colour stone designed pieces as well as diamond jewellery sets going forward - Jack Chen, General Manager, DLX-Jewellery

Graduating in International Business from an Institute in Sydney, Australia, in 2015, Jack Chen returned to China to start managing his family-owned jewellery business. Besides holding a certificate in a practical diamond course at Gemological Institute...

25 february 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