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

Mountain Province announced 1Q 2019 financial Results and Revises 2019 Guidance

13 may 2019

mountainprovince_logo.pngMountain Province Diamonds Inc. announced its financial results for the quarter ended March 31, 2019.
According to the company, it sold 643,739 carats for $CAD 60.7 million (US$45.8 million) compared to $CAD66.6 million from 527,000 carats sold in Q1 2018 (US$52.4 million) at an average realised value of $CAD94 per carat (US$71) against 2018: $CAD126 per carat, (US$99).
Adjusted EBITDA amounted to $CAD19.7 million compared to $CAD33.6 million in Q1 2018, mainly due to the rough diamond market being weaker in Q1 2019 compared to Q1 2018 and the sale of a different mix of goods with fewer better-quality and special stones in Q1 2019 compared to Q1 2018. Adverse weather conditions during the quarter also affected the costs.
Earnings from mine operations went down to $CAD10.2 million compared to $CAD24.6 million in Q1 2018.
Cash costs of production, including capitalized stripping costs went to $CAD111 per tonne treated (2018: $CAD76 per tonne) and $CAD61 per carat recovered (2018: $CAD37 per carat).
The company also announced that as a result of plant enhancement modifications, it has increased its 2019 guidance from 3.1 – 3.2 million tonnes treated to 3.2 – 3.3 million tonnes.

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