Unifying role is the main objective of the National Gemological Association

Yuri Shelementiev runs the Gemological Centre (GC) at the Moscow State University and is a president of the National Gemological Association (NGA) uniting the gemologists of Russia. The head of the MSU’ GC and the NGA answered the R&P’s...

15 july 2019

“Our goal is to bring clarity to the offering of Lab Grown Diamonds”, asserts Chris Casey, President, Lab Grown Diamond Council

Chris Casey is a 15-year veteran of the diamond and jewelry industry.  Chris also has extensive experience in market research as Founding Managing Director of the NPD Diamond and Diamond Jewelry Service where his responsibility included the...

08 july 2019

Dr. Michael S. Krzemnicki: Our dedication to scientific research is an important foundation to our expertise

Dr. Michael S. Krzemnicki, PhD, Director of the Swiss Gemmological Institute SSEF, in an interview with R&P told about the activities and plans of one of the world's leading Gemological laboratories specializing in scientific research of diamonds...

01 july 2019

“Lab-Grown Diamonds is probably the biggest scam this industry has ever seen,”: Leibish Polnauer, Founder-President, Leibish & Co.

An interesting story from the Leibish & Co takes you way back to the year 1979 when young Leibish Polnauer, then a diamond polisher, was travelling to London, having just found out that the factory at which he worked had been shut down. He found an advertisement...

24 june 2019

Botswana mining industry players speak on speculative exploration licences

Speculative mineral exploration licences was a recurring theme from presentations made by three players in Botswana mining industry at a conference convened in Gaborone. The country has issued thousands of exploration licences, across the mining industry...

17 june 2019

Firestone receives covenant waiver from ABSA Bank

02 july 2019

firestone_diamonds_logo.pngFirestone Diamonds, with the support of its bondholders and its 75% owned subsidiary Liqhobong Mining Development Company, has received a waiver from ABSA Bank for certain of its covenants measured as at 30 June 2019 in terms of the $82.4 million senior secured term facility agreement. 
The next measurement date will be 30 June 2020, it said.
The waiver is supported by the Export Credit Insurance Corporation of South Africa, which has provided commercial and political risk insurance to ABSA. 
"We are grateful for the strong support we have received from ABSA, the ECIC and our Bondholders in what is a tough period for the smaller stone segment of the diamond market," said company chief executive Paul Bosma.
Firestone said although the recovery of several higher value diamonds at the Liqhobong Mine during the 2019 financial year, and an average value realised for the third quarter of $80 per carat, the average value realised for the three quarters ended 31 March 2019 remained below expectation at $74 per carat. 
The lower average value was impacted mainly by lower prices realised for the smaller, lower value goods, which has also affected many other diamond mining companies and the wider diamond industry, it said.
Despite these factors, the mine continued to generate positive cash flows after finance costs and the Group continues to be in a strong liquidity position with a cash balance of $26.2 million as at 30 June 2019.

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