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

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Petra’s core profit down 22% to $153mln on weaker diamond market

16 september 2019
petra_diamonds_logo.pngPetra Diamonds’ adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the year ended 30 June 2019 dropped 22% to $153 million compared to $195.4 million, a year earlier, reflecting the weaker diamond market.
The group’s revenue eased 6% to $463.6 million, which resulted in adjusted EBITDA margin declining to 33% against the previous year’s 39%.
Carats sold by Petra during the period under review were 2% lower at 3,7 million carats compared with 3,8 million carats in 2018.
The group said trade tensions between the US and China, higher than normal polished inventories and the sustained tightening of liquidity in the midstream contributed to the challenging diamond market environment.
“More recent unrest in Hong Kong, escalating trade tensions between the US and China, and concerns regarding growth in some of the world's leading economies are further headwinds facing the diamond market in the short term,” it said.
Meanwhile, Petra produced 3.9 million, which was largely flat year on year, with higher than expected production at Cullinan and Williamson offset by lower than expected production at Finsch.

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