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...

Today

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

Stornoway reported 2Q 2019 financial results

16 august 2019

stornoway-logo.pngStornoway Diamond Corporation reported its financial and operating results for the quarter ended June 30, 2019.
Revenues during the three months ended June 30, 2019 (“Current Quarter”) totalled $189.4 million, compared to $56.9 million for the three months ended June 30, 2018 (“Comparative Quarter”). 
For the Current Quarter, the Corporation reported a net loss of $346.3 million (Comparative Quarter – $35.9 million). It was principally driven by decreasing prices of rough diamonds. 
For the Current Quarter, the Corporation’s Adjusted stood at $13.1 million, a significant increase versus the Comparative Quarter’s Adjusted EBITDA of $1.6 million.
As at June 30, 2019, cash and cash equivalents stood at $21.3 million. 
Two tender sales were completed in the second quarter for a total of 460,832 carats sold. The achieved pricing of US$76 per carat for all goods sold during the quarter represents a decrease of 9% compared to the first quarter of 2019, attributable to weak market conditions which management believes are driven primarily from the oversupply of rough diamonds relative to demand, the high inventory levels in the mid stream and the reduced availability of bank financing. 
During the quarter, a total of 695,934 tonnes of ore were processed with 463,136 carats recovered at an average grade of 67 cpht. Carats recovered increased 107% year over year, due to the delivery of higher-grade ore from the underground mine to the process plant. 
Patrick Godin, President and CEO, commented: “Production during the second quarter at our Renard Mine exceeded the results of the first quarter: ore processed was up 19% and at an all-time high, and carats recovered were up 4% quarter-on-quarter. This is mainly due to an increase in the utilization factor of the Renard process plant, as we had experienced challenges due to very cold weather in the course of the first quarter and have improved the efficiency of preventive maintenance shutdowns.”

Alex Shishlo, Editor of the Rough&Polished European Bureau