African diamond firms on COVID-19 response, recent developments

Rough & Polished recently contacted several diamond producers and exploration companies with operations in Africa to establish how their operations were affected by the Covid-19 pandemic and what they are doing to alleviate the impact. We also sought...

01 june 2020

“Get Diamonds” platform will soon be available in Russian, Hindi, Arabic and any other languages as per demand from any countries

A first-generation diamantaire Yoram Dvash, currently serving as the Acting President at World Federation of Diamond Bourses (WFDB) and the President of the Israel Diamond Exchange (IDE), launched his diamond manufacturing and trading...

25 may 2020

Sustainability is the only way forward - Rahul Jauhari

Rahul Jauhari, Sr Vice President of Global Sales & Marketing, Star Rays, has forged ahead professionally for more than 14 years garnering experience in Business Development, Luxury Lifestyle Consultancy, Market Analysis, Global Fashion / Luxury trend...

18 may 2020

Keeping global supply chains functioning vital – De Beers

Diamond giant, De Beers has said that it is essential to keep global supply chains functioning in view of the substantial impact of Covid-19 on the industry. Group spokesperson David Johnson told Rough & Polished’s Mathew Nyaungwa in an exclusive interview...

11 may 2020

Gabon courts foreign investors to grow fledgling diamond sector

Diamond production in Gabon, which has been a member of the Kimberley Diamond Certification Process since 2018, is currently dominated by artisanal miners. The artisanal miners are producing about 300 carats per month, according to Gabon’s director of...

05 may 2020

Stornoway reports 1Q 2019 financial results

15 may 2019

stornoway-logo.pngStornoway Diamond Corporation announced its financial and operating results for the quarter ended March 31, 2019.
For the three months ended March 31, 2019, the Corporation reported a net loss of $48.4 million ($ (0.05) per share on a basic and fully diluted basis. Adjusted net loss for the first quarter was $51.0 million ($(0.05) per share basic and fully diluted.
For the first quarter, the Corporation reported adjusted EBITDA of $13.4 million, or 25.2% of revenues, which includes an $8.9 million write-down of cash costs to bring inventory to its net realizable value. For the first quarter of 2018, adjusted EBITDA was $24.7 million, or 44.2% of revenues.
During the quarter, two tender sales totalling 429,506 carats were completed for gross proceeds of $47.3 million at an average price of US$83 per carat ($110 per carat3). Revenue recognized during the quarter was $53.3 million. In terms of total carats sold, gross proceeds and pricing, this represents increases of 38%, 47% and 8% over the fourth quarter of 2018, respectively. First quarter diamond sales represent diamonds recovered during the fourth quarter of 2018.
First quarter diamond production was 444,562 carats produced from the processing of 582,613 tonnes of ore at an average grade of 76 carats per hundred tonnes (“cpht”). Carats recoveries decreased by 8% compared to the fourth quarter of 2018, principally due to mechanical issues at the front end of the process plant related to very cold weather in January and February. In March, the process plant surpassed its budgeted daily rate with an average of 7,209 tonnes processed per day. In the month of April, an average of 7,734 tonnes per day were processed.
Q1 2019 cash operating costs per tonne processed were $57.14 per tonne ($74.88 per carat) and capital expenditures were $17.0 million.

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