“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

Petra Q3 revenue down 7% to $135mln

16 april 2019

petra_diamonds_logo.pngPetra Diamonds said its third quarter revenue for the fiscal year 2019 dropped 7% to US$135.2 million compared with $145.7 million, a year earlier, mainly due to lower production from Finsch mine, in South Africa.
Finsch’s third quarter production eased 30% to 387,370 carats from 553,669 carats recorded the previous year.
This was 55,000 carats below expectations, 80% of which relates to a delay in the planned winder upgrade and a belt tear on the main underground conveyor, both of which occurred in January 2019, said Petra.
The group’s overall production during the third quarter fell 7% to 924,228 carats compared to the previous year’s 992,315 carats.
Production increased at Cullinan and Koffiefontein mines in South Africa and the Williamson mine in Tanzania, but the gains were offset by lower production at Finsch.
“I am pleased with the incremental improvement in operational performance at Cullinan, Koffiefontein and Williamson and despite a challenging January, Finsch’s performance through February and March is as expected,” said Petra new chief executive Richard Duffy.
“Our focus remains on the delivery of free cash flow to reduce our net debt and generate future options for the company.”
The group’s net debt was reduced marginally to $553.1 million from $559.3 million as at 31 December 2018, excluding $46.4 million relating to diamond debtors as at 31 March 2019.

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