Chris Del Gatto: “We provide capital to smart companies”

Chris Del Gatto, CEO & Co-Founder of DELGATTO Diamond Finance Fund L.P., a New York-based non-bank lender to the diamond and jewelry industry, started his career as a diamond cutter when he was just 17. In his early 20’s, Chris went on to co-found a...

26 october 2020

Lunhianga Project: "The forecasts for this year point to the production of about 100 thousand carats of diamonds"

Advanced information, by the coordinator of Endiama’s Lunhinga Project Management Committee, Adérito Gaspar, points to a drop in production due to the pandemic, but with good prospects in view of the potential of the kimberlites of Camatchia, in production...

19 october 2020

Crisis is the way to development

Maria Krasnova belongs to the second generation of the St. Petersburg jewellers. She is a daughter of Pavel Sokolov, the founder of ‘Samotsvety ot Sokolova’ (Gems by Sokolov), a jeweller and expert gemologist famous for his collection of unique...

12 october 2020

Gaetano Cavalieri: Diamond producers no longer insisting that clients purchase what they are offered

Dr. Gaetano Cavalieri has served for the past 19 years as president of CIBJO, the World Jewellery Confederation. Uniting national jewellery and gemstone associations from more than 40 countries, including Russia, and many of the industry’s major corporations...

05 october 2020

Worth of gold and diamonds

Initiatives in Arts and Culture and De Beers recently co-hosted a webinar on the worth of gold and diamonds. The webinar, which was moderated by Mickey Alam Khan, the founder and editor of Luxury Daily, featured Jeffrey Christian, founder and managing...

28 september 2020

‘Ekapa struggles to stay afloat’

28 august 2019

Ekapa_logo.pngEkapa Mining, the only major diamond mining firm operating in South Africa’s Kimberley region, has imposed a three-month, 12.5% salary cut across the board, in a bid to stay afloat in the face of slumping diamond prices and renewed problems with illegal miners on its property, according to local media reports.
The operation was formerly run as a joint venture with Petra Diamonds, which sold its 75.9% controlling stake in July last year to partner Ekapa for R300 million.
Kimberley Ekapa Mining (KEM) said in a statement seen by MiningMx that the current crunch in the global diamond market, which has hit small diamond prices particularly hard equates to an approximately 20% year-on-year price decrease in dollar terms for the company’s mining operations.
KEM chief executive Jahn Hohne said they had initially proposed a 25% wage reduction that was strongly rejected by the National Union of Mineworkers.
The union also rejected the 12.5% cut now imposed despite management’s commitment that the reductions will be repaid.
Meanwhile, Hohne said KEM is spending R3 million a month on security measures to keep illegal miners off mine property.
“They are using force; trespassing; conducting illegal mining; sabotaging mine infrastructure and allegedly being supported by illegal diamond traders,” said KEM.

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