“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

Botswana mining industry players speak on speculative exploration licences

Speculative mineral exploration licences was a recurring theme from presentations made by three players in Botswana mining industry at a conference convened in Gaborone. The country has issued thousands of exploration licences, across the mining industry...

17 june 2019

Design is the key to all markets

Besides being an astute businessman, Mumbai-born Laksh Pahuja is a designer par excellence known globally for his awe-inspiring unusual jewellery pieces. Trained at the Gemological Institute of India and Harrow College of Art England, Laksh combines...

10 june 2019

Mutual mass destruction will not serve anybody’s purposes

The recent moves by the U.S. Federal Trade Commission (FTC), including its letters urging some companies to abide to the revised edition of FTC Jewelry Guides and the explanations from FTC attorney Robert Frisby posted on the FTC website were...

03 june 2019

Pavel Sokolov: Every stone has its beauty

THE ‘GEMSTONES BY SOKOLOV’ brand has been popular for over 25 years. The aim of this company is to supply any kind of gem studs to the Russian market including the unique ones except diamonds of any cut. The product range by the SOKOLOV Company is very...

27 may 2019

Stornoway Reports First Quarter 2019 Production and Sales Results

11 april 2019

stornoway_logo.pngStornoway Diamond Corporation announced production and sales results at the Renard Diamond Mine for the quarter ended March 31, 2019.
First quarter diamond production was 444,562 carats recovered from the processing of 582,613 tonnes of ore at an average grade of 76 cpht. Carats recoveries decreased by 8% compared to the fourth quarter of 2018, principally due to mechanical issues at the front end of the process plant related to very cold weather in January and February. In March, the process plant surpassed its budgeted daily rate with an average of 7,209 tonnes processed per day.
429,506 total carats sold in two tender sales for gross proceeds of $47 million at an average price of US$83 per carat ($110 per carat). In terms of total carats sold, pricing and gross proceeds, this represents increases of 38%, 8% and 47% over the fourth quarter of 2018, respectively. First quarter diamond sales represent diamonds recovered during the fourth quarter of 2018.
Patrick Godin, President and CEO of Stornoway, commented “Sales in the first quarter were significantly higher than the previous quarter on the good production results of the last three months of 2018, which was the first full quarter with fully ramped-up underground operations. The average pricing obtained increased as well, primarily due to improvements in the quality of the goods and the mix sold. The rough diamond market, however, did not show notable improvement from the fourth quarter. Processing results were down sequentially on mechanical issues at the plant experienced in January and February, but March showed modest outperformance versus budgeted daily rate, and we are confident that this rate can be maintained looking forward and believe that the small underperformance relative to budget in the first two months will be caught up over the balance of 2019. We have taken the decision to temporarily halt production from the Renard 65 open pit, as current Renard 65 ore stockpiles are sufficient to maintain its planned contribution to the process plant’s feed into the second quarter of 2020. As such, no effect on revenue in 2019 is to be expected. Surface equipment operators were trained and have begun transitioning to our underground operations.”

Alex Shishlo, Editor of the Rough&Polished European Bureau in Brussels