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...

Today

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

De Beers lowers production guidance as Q2 output drops 14% to 7.7Mcts

19 july 2019

de_beers_logo.pngAnglo American has revised downwards the production guidance of De Beers for the year to about 31 million carats from the previous range of 31-33 million carats, in response to weaker trading conditions.
De Beers’ diamond production dropped 14% to 7.7 million carats in the second quarter as it continues to produce to market demand and as Venetia mine, in South Africa transitions from open pit to underground.
De Beers Consolidated Mines (DBCM) production in South Africa decreased by 44% to 600 000 carats due to lower mined volumes at Venetia.
It said Debswana’s production in Botswana decreased by 9% to 5.7 million carats.
This was due to a 23% drop in output at Orapa to 2.5 million carats following a planned plant shut down brought forward from the second half of the year.
Namdeb Holdings, in Namibia also eased 35% to 300 000 carats, driven by Elizabeth Bay transitioning onto care and maintenance in the fourth quarter of 2018 and planned maintenance for the Mafuta crawler vessel. 
De Beers’ output in Canada production also fell by 9% to 1.1 million carats due to planned lower grades at Gahcho Kué.
“Demand for rough diamonds remains subdued as a result of challenges in the midstream with higher polished inventories, and caution due to macro-economic uncertainty, including the US –China trade tensions,” said Anglo American, which has an 85% stake in De Beers.
De Beers sold 9 million carats from three sales cycles compared with 10 million carats from the same number of sales cycles in the second quarter of 2018.

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