Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...


GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

De Beers to allow sightholders reject more diamonds at next sale

15 august 2019

de_beers_logo.pngDe Beers has told sightholders that they can reject half of the stones smaller than three-quarters of a carat ahead of a sale next week in Botswana’s capital, Gaborone, according to media reports citing people familiar with the situation.
De Beers will reportedly allow buybacks increase to 20%, meaning sightholders can remove up to a fifth of the diamonds in a box and the group will lower the price by a similar amount. 
The measure, Bloomberg reports, could allow buyers to increase profits since the rejected stones tend to offer the slimmest margins.
"De Beers is working harder to offer its customers flexibility to try to tackle short-term issues," Anish Aggarwal, a partner at specialist diamond advisory firm Gemdax, was quoted as saying. 
"But in the longer term, it’s about aligning the rough situation with polished demand."
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. 
De Beers’ underlying adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 27% to $518 million in the first half of the year. 
The group sold 15.5 million carats in the first half of 2019, which was 13% weaker compared to the previous half. 
De Beers’ production also dropped 11% on a year-to-year basis to 15.6 million carats.

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