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...

19 august 2019

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

Namibia’s controversial diamond valuation tender results upheld

14 august 2019

namibia_flag.pngNamibia’s Central Procurement Board (CPB) review panel has dismissed an appeal filed by Prestige Diamond and Global Diamond Valuators Namibia over the awarding of a $21 million diamond valuation tender to Gem Diamonds Namibia.
The Windhoek Observer reports that the panel found no legal merit in the appeal.
“Alternatively, the Review Panel found no evidence that the awarding of the tender is marred by irregularities as alleged by the applicants,” reads the ruling by the panel.
“In the result the Review Panel makes the following order: That the applications for review in terms of Section 59(1) of the Public Procurement Act, No.15 of 2015, lodged by Prestige Diamonds and Global Diamonds Valuators, respectively, and which were in the end consolidated into one action, are hereby dismissed in terms of Section 60(a).”
The contract, which was awarded by CPB, had been mired in controversy with concerns being raised that it was turned into a money-making scheme for a clique of well-placed individuals.  
Gem Diamonds reportedly asked for N$300 million to valuate Namdeb diamonds, while the current tender holder since 2007, Global Diamond Valuators Namibia, asked for N$220 million for the same job.   
Under the existing system, the government valuator receives and values the diamonds from Namdeb, which is jointly owned by the government and De Beers.
The diamonds are then passed to the Namibia Diamond Trading Company (NDTC) – another joint venture between the government and De Beers.
NDTC then supplies 85 percent of the diamonds to special customers called sight holders, while 15 percent is sent to Namib Desert Diamonds (Namdia).

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