Training in diamond valuation is key for artisanal miners

Ian Rowe, the Executive Director of the Diamond Development Initiative (DDI) was appointed in September 2019, having joined DDI as Deputy Executive Director a year earlier. Ian managed field operations in Sierra Leone within this role and led...

02 december 2019

Kangalassi 2.0: Raising the living standards, creating new jobs

At the V Eastern Economic Forum (EEF) held in early September in Vladivostok, the Yakut company SAYBM signed a tripartite agreement with two agencies - the Far Eastern agency and the regional one - for attracting investments and providing export...

25 november 2019

We live in a new dimension of environmental responsibility carried by business

In mid-October, Moscow hosted the VIII Ecological Forum attended by representatives from the State, large industrial companies, scientific and public organizations. The forum delegates discussed the issues related to finding a balance between the socio-economic...

18 november 2019

De Beers’ GemFair delivering ‘positive impacts’ to ASM sector in Sierra Leone – David Johnson

GemFair, a pilot project developed by De Beers to create a secure and transparent route to market ethically sourced artisanal and small-scale mined (ASM) diamonds, is already delivering “important positive impacts” in Sierra Leone. Group head...

11 november 2019

Belgian-quality diamond boiling in Dubai from TRIGEM

Born in New York, David Zabinsky is CEO & Co-Founder of TRIGEM, an independent diamond service provider in Dubai. Before TRIGEM, David was Manager at Ras Al Khaimah Economic Zone, where he was responsible for securing North and South American investment...

05 november 2019

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