Lab-grown diamond jewellery sales to breach the 10% mark for the first time this year – Zimnisky

The supply and demand for man-made diamonds had been on an increase in recent years, much to the discomfort of the natural diamonds industry. Some companies in the mid-stream segment of the natural diamond industry are now involved in the lab-grown business...

28 november 2022

Diamond mining and diamond synthesis: Which is more efficient?

Vladislav Zhdanov - Professor at the National Research University Higher School of Economics and former Vice President of ALROSA (2015-2018). He is a physicist by profession. Vladislav Zhdanov was educated at the Ural Federal University (General...

21 november 2022

The success of TAGS over the past 5 years has encouraged many large tender houses to establish regular and sizeable tender operations in Dubai

Mike Aggett is an experienced Private Consultant with a demonstrated history of working in the mining and metals industry. Skilled in Luxury Goods, Business Planning, Sales, Gemology, and Jewelry, Mike is a professional who graduated from Dover College...

14 november 2022

It all starts with stones - it is they that give impetus, determine the image and embodiment

Maxim Selikhov is the founder of the SelikhoV Diamonds brand launched in 2006, and the company manufactures unique handmade jewellery with rare high-quality gemstones. He is also known as a collector of unique and large-size jewellery stones who considers...

07 november 2022

‘Our technologies – CVD machines and growing technology – are game changers’, asserts Arnaud Flambeau, Executive Chairman, 2DOT4 Diamonds LLC

Arnaud Flambeau is the Executive Chairman of ‘2DOT4 Diamonds LLC’, Dubai, a fully integrated lab-grown diamonds company. The Company provides rough 'as grown' diamonds, in-house polished IGI certified loose polished diamonds and high-quality...

31 october 2022

Petra provides positive results regarding recent share price performance

01 august 2019

petra_diamonds_logo.pngPetra Diamonds announced that it delivered a solid set of operational results for FY2019 with improved safety, production of 3.87 Mcts, in line with guidance, and lower capital expenditure of US$81.7m down from US$129.6 million in FY2018.
In the second half of the year Petra generated $17 million of free cashflow, after paying the interest on the bond ($23.6 million) and repaying $20 million against the BEE loan.
«In other words, operating free cashflow for the second half of FY 2019 was over $60 million. This is a significant achievement given the current challenging market conditions in rough diamonds,» it said. 
The company also provided an update for the Project 2022, an initiative that will identify and drive efficiencies and improvements across all aspects of the business to enable the Company to deliver an initial target of $150-200 million free cashflow over a three year period. 
Richard Duffy, CEO of Petra Diamonds said "We are executing our plans and delivering to budget as we launch Project 2022. We expect that this will deliver significant incremental cashflow over the next three years, further improve our net debt position and provide us with future growth options".
Petra will concentrate on enhancing cashflow generation and reducing net debt to provide optionality to address the refinancing of the bond.
«Therefore the initial target of $150-$200 million of net free cashflow in the years 2020-2022 has potential upside in additional cash generation from improved rough diamond prices, a weakening in the Rand beyond the assumptions above and the continued recovery of exceptional diamonds from Cullinan,» the company said.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg