Ethical sourcing and Diamonds Standards Organization

The diamond sector is ready to embrace a new decade and overcome some of its historical challenges. Ethical sourcing has proven to be undoubtedly one of the main aspects that industry professionals need to address. Antonio Cecere, President of Geneva...

Yesterday

Ali Pastorini: Challenges make us think out of the box and be closer to customers

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

20 january 2020

Today’s customer needs an offer of something unique that others do not have

Oksana Senatorova is the publisher of the Jewelry Trade Navigator magazine and the founder of the Jewellery Business Academy.
She graduated from I. M. Sechenov Medical Academy and the Faculty of Psychology of Lomonosov Moscow State University...

09 january 2020

Inventories accumulated by De Beers, ALROSA to put ceiling on prices near-term even if demand substantially picks up – Zimnisky

As we are in the last month of 2019, it is prudent to examine what the diamond industry went through and the possible trajectory in the upcoming year. Industry expert, Paul Zimnisky spoke with Rough & Polished’s Mathew Nyaungwa to discuss this and other...

30 december 2019

Empowering customers and engaging more with our stakeholders is the new Mission

The unassuming Govindbhai Laljibhai Dholakia, Chairman, Shree Ramkrishna Exports Pvt Ltd (SRK) is not just an ace businessman but a noted philanthropist. He has contributed immensely to social welfare with special focus on education … a noteworthy...

23 december 2019

Gem pays Lesotho $24.55 mln in royalties, taxes

17 june 2019

news_21062018_gem.pngGem Diamonds, which operates the Letšeng mine, in Lesotho said it paid $24.55-million in royalties and taxes for the 2018 financial year.
It said in a report that it paid $6.16-million in taxes to the Lesotho Revenue Authority and $18.39-million in royalties to the government.
Gem Diamonds said last March that its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 69% to $82.3 million in 2018 compared to $45 million, the previous year, mainly due to the increase in revenue generated, coupled with the ‘successful’ implementation of various business transformation initiatives and by maintaining strict cost discipline. 
Its revenue also jumped 25% to $267 million from the previous year’s $214.3 million due to a record number of large diamond recoveries at Letšeng. 
Gem Diamonds recovered 15 diamonds greater than 100 carats in 2018, a record for a single calendar year. 
The company produced 126,875 carats at Letšeng in 2018 compared with 111,811 carats in 2017. 

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