The diamond business is yet bright and has a good future in the coming days

Hitesh Patel, Managing Director of Dharmanandan Diamonds Pvt. Ltd., joined the family business in 1997 to help his father Laljibhai Patel, the founder of Dharmanandan Diamonds Pvt. Ltd. Egged on by its success, Hitesh set up the overseas presence of...

Yesterday

The talk around LGDs is all hype

As a teenager, Luca Luterbacher began to design and manufacture single pieces and individual items for wealthy private family friends from Switzerland and Lichtenstein. In 2017, he finally invested in his own luxury trademark "Luterbacher."...

12 august 2019

Correct adjustment of advertising is the major challenge

At the recent Amberforum held in the Baltic city of Svetlogorsk, Andrey Yanchevsky, Head of the trade representation of the LA VIVION jewelery company shared his opinion with the correspondent of Rough&Polished on the state and prospects of the jewellery...

05 august 2019

Small-scale diamond mining is the future in Botswana – Leon Daniels

Pangolin Diamonds, which is currently the most active diamond exploration company in Botswana, has called upon authorities in the southern African country to include diamonds into the minerals permit for small scale mining operations. Pangolin chief...

29 july 2019

“There has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

22 july 2019

Lucapa seeks approval to issue equity securities under 10% placement capacity

06 may 2019

news_02072018_lucapa.pngLucapa Diamond said it will, among other things, seek an approval from its shareholders to issue equity securities equal to 10% of its issued capital when it convenes an annual general meeting in May.
The company had a current market capitalisation of $84,3 million based on the number of shares on issue and the closing price of shares on the ASX on 12 April 2019. 
ASX Listing Rule 7.1A provides that an eligible entity may issue equity securities under the 10% placement capacity as cash consideration in which case the company intends to use funds raised to further its strategy of growing as a niche producer of high-quality diamonds. 
Funds raised could also be used to expand capacity at the producing mines at Lulo in Angola and Mothae in Lesotho as well as to further the kimberlite exploration activities at Lulo, advance the exploration programmes at Brooking in Western Australia and Orapa Area F in Botswana.
Meanwhile, any issue of equity securities under the 10% placement capacity will dilute the interests of shareholders who do not receive any shares under the issue.
Lucapa previously obtained the same approval from shareholders at its annual general meeting held on 24 May 2018.

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