Work hard and you will find success

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Yesterday

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

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Platinum’s rare nature gives it additional value and appeal

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13 september 2021

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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

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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