“We are building a new state-of-the-art tender facility,” says Ahmed Bin Sulayem, Executive Chairman, DMCC

Ahmed Bin Sulayem certainly needs no introduction being widely popular globally as one of the leaders of modern Dubai. As the Executive Chairman of DMCC, Ahmed Bin Sulayem has played and continues to play a key role in establishing and positioning DMCC...

20 may 2019

De Beers scaling up Tracr ahead of formal launch

De Beers tracked 100 high-value diamonds along the value chain during the pilot of Tracr™, its industry blockchain platform, for the first time in May last year. A De Beers spokesperson Bianca Ruakere told Rough & Polished in an exclusive interview that...

13 may 2019

The perfect couple - platinum and diamonds

The Jewelry House of Leon Megé located in New York has long been firmly established in the jewelry market as a source of magnificent jewelry, in which platinum and diamonds often sparkle being married together and attracting everyone’s eyes, but are...

06 may 2019

The technology of growing single-crystal diamonds has now become industrial in nature

It is believed that the reserves of natural diamonds will be exhausted by the middle of the century, and therefore production of synthetic diamonds is rapidly gaining relevance. According to Business Insider India’s estimates, the global synthetic diamond...

29 april 2019

De Beers only selling Elizabeth Bay Mine in Namibia, move to sustain operations beyond 2019

Namdeb Holdings, a 50/50 joint venture between the Namibian government and De Beers is not selling Daberas, Sendelingsdrift and Southern Coastal mines in the southern African country. It had been alleged that Namdeb was planning to close and offload...

22 april 2019

Petra on a roll, recovers another big stone at Cullinan

19 april 2019

Petra Diamonds has recovered a 209.9 carat D colour Type II gem quality diamond at its Cullinan diamond mine, in South Africa.
This was the third +100 carat Type II D colour gem quality diamond recovered from the mine since last month and the fourth such stone in the current financial year. 

   Image credit: Petra Diamonds

“[The] recovery again demonstrates the prevalence of these types of stones in the Cullinan orebody, with an improved incidence of large and high-value stones as the C-Cut Phase 1 block cave progresses across the footprint, and the ability of the mine’s plant to recover the full spectrum of diamonds,” said Petra.
The stone was expected to be sold during the fourth quarter ending 30 June 2019.
Meanwhile, Petra said that ‘The Legacy’, a 425 carat D colour Type II A diamond recovered from the Cullinan mine on 29 March, would be offered for sale during the course of the company’s next sales cycle in South Africa.
Petra had been desperate to recover big stones to boost its revenues and pay a swelling debt. 
Debts from the Cullinan mine were said to be around 65% of Petra’s overall $650 million in borrowing. 
The miner borrowed heavily to revamp the mine and began mining a new section of ore last July.   

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