African diamond firms on COVID-19 response, recent developments

Rough & Polished recently contacted several diamond producers and exploration companies with operations in Africa to establish how their operations were affected by the Covid-19 pandemic and what they are doing to alleviate the impact. We also sought...

01 june 2020

“Get Diamonds” platform will soon be available in Russian, Hindi, Arabic and any other languages as per demand from any countries

A first-generation diamantaire Yoram Dvash, currently serving as the Acting President at World Federation of Diamond Bourses (WFDB) and the President of the Israel Diamond Exchange (IDE), launched his diamond manufacturing and trading...

25 may 2020

Sustainability is the only way forward - Rahul Jauhari

Rahul Jauhari, Sr Vice President of Global Sales & Marketing, Star Rays, has forged ahead professionally for more than 14 years garnering experience in Business Development, Luxury Lifestyle Consultancy, Market Analysis, Global Fashion / Luxury trend...

18 may 2020

Keeping global supply chains functioning vital – De Beers

Diamond giant, De Beers has said that it is essential to keep global supply chains functioning in view of the substantial impact of Covid-19 on the industry. Group spokesperson David Johnson told Rough & Polished’s Mathew Nyaungwa in an exclusive interview...

11 may 2020

Gabon courts foreign investors to grow fledgling diamond sector

Diamond production in Gabon, which has been a member of the Kimberley Diamond Certification Process since 2018, is currently dominated by artisanal miners. The artisanal miners are producing about 300 carats per month, according to Gabon’s director of...

05 may 2020

De Beers maintains policy of offering flexibility to diamond buyers – report

01 october 2019

de_beers_logo.pngDe Beers continued with its policy of offering flexibility to its diamond buyers in view of the current weak demand for rough, according to Bloomberg.
Unnamed people who attended the September sightholders sales last week in Gaborone, Botswana said the firm allowed buyers to reject half the stones in each parcel offered.
They were also given room to sell back some diamonds to De Beers on favorable terms.
“This year, buyers have grown increasingly frustrated with the cost of rough diamonds sold by De Beers as the prices of polished gems slumped,” said Bloomberg.
“That’s led to wafer thin margins for their buyers and in some cases losses from the stones bought from De Beers and Russian rival Alrosa PJSC.
“The industry’s problems are centred around an oversupply of polished diamonds that have led to much steeper price drops than for rough stones.”
De Beers chief executive Bruce Cleaver said last July that there are no structural problems in the industry, although he accepts it’s not an easy time for clients.
The group sold $280 million of diamonds at its August sale, 44% less than a year earlier. 
Its sales so far this year are about $1billion lower than the previous year.


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