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

“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

Petra Diamonds chairperson survives vote of no confidence

22 march 2019

news_22032019_adonis_pouroulis.jpgPetra Diamonds said its board and nomination committee received a 22.12% vote against the re-election of Adonis Pouroulis as the company’s chairperson.
It said the appointment of a new chairperson was not considered appropriate at the moment in order to ensure continuity and stability of leadership and management.
Petra, however, said it had considered concerns raised by shareholders.  
“The Board has reaffirmed its assessment that the Chairman continues to demonstrate the independence of thought and challenge required for his role, notwithstanding the number of years he has served as a Director,” it said in a statement.
Pouroulis had been Petra’s chairperson since 2007 when he founded the company, which has diamond mines in South Africa and Tanzania.
The company recently said it would take between five and 10 years from the opening of the new section at Cullinan to clear debts related to the South African mine. 
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.

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