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 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