Consumers attracted to diamond jewelry more than ever

Ali Pastorini is the co-owner of Del Lima Jewelry 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...

21 september 2020

WDC actively supports initiatives from mine to retail; and also strives for support for the artisanal and small-scale miners - Edward Asscher, President, World Diamond Council

A member of one of the diamond industry and Amsterdam’s most well-known families, Edward Asscher was elected President of the World Diamond Council in June 2020 for a two-year term. Asscher is serving a second time as WDC President, having led the organization...

14 september 2020

Diamonds are one of the few things that have held human fascination in every nook and cranny of the world across time

Dr Usha R. Balakrishnan, a preeminent historian of Indian jewellery based in Mumbai, is Chief Curator of the World Diamond Museum. Being the author and co-author of several volumes of Diamonds Across Time, a new book and an important venture launched...

11 september 2020

Botswana Diamonds to bulk sample KX36 kimberlite, sees commercial potential

Botswana Diamonds recently acquired Petra Diamonds’ exploration assets in Botswana for $300000. The assets that were owned by Petra through its wholly-owned Sekaka Diamonds Exploration, include the KX36 project, a 3.5 hectare kimberlite that was a new...

07 september 2020

Indian diamond industry looks for recovery options

Webinars being the order of the day due to COVID-19 crisis, the Gem & Jewellery Export Promotion Council (GJEPC) of India organized a virtual meeting under its UNCUT 2020 Webinar series on 17 August 2020, inviting all stakeholders to discuss...

31 august 2020

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