Consumers attracted to diamond jewelry more than ever

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association which brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

21 september 2020

WDC actively supports initiatives from mine to retail; and also strives for support for the artisanal and small-scale miners - Edward Asscher, President, World Diamond Council

A member of one of the diamond industry and Amsterdam’s most well-known families, Edward Asscher was elected President of the World Diamond Council in June 2020 for a two-year term. Asscher is serving a second time as WDC President, having led the organization...

14 september 2020

Diamonds are one of the few things that have held human fascination in every nook and cranny of the world across time

Dr Usha R. Balakrishnan, a preeminent historian of Indian jewellery based in Mumbai, is Chief Curator of the World Diamond Museum. Being the author and co-author of several volumes of Diamonds Across Time, a new book and an important venture launched...

11 september 2020

Botswana Diamonds to bulk sample KX36 kimberlite, sees commercial potential

Botswana Diamonds recently acquired Petra Diamonds’ exploration assets in Botswana for $300000. The assets that were owned by Petra through its wholly-owned Sekaka Diamonds Exploration, include the KX36 project, a 3.5 hectare kimberlite that was a new...

07 september 2020

Indian diamond industry looks for recovery options

Webinars being the order of the day due to COVID-19 crisis, the Gem & Jewellery Export Promotion Council (GJEPC) of India organized a virtual meeting under its UNCUT 2020 Webinar series on 17 August 2020, inviting all stakeholders to discuss...

31 august 2020

Petra revenue down 6% to $463mln as diamond prices weaken

16 october 2019

petra_diamonds_logo.pngPetra Diamonds’ revenue for the fiscal year 2019 decreased by 6% to $463.6 million from $495.3 million, a year earlier, reflecting the weaker diamond market. 
Carats sold by Petra during the period under review were 2% lower at 3,73 million carats compared to 3,79 million carats in 2018.
Group chief executive Richard Duffy said their realised diamond prices were down by about 5% on a like-for-like basis in line with market movement during the period. 
“This pressure on pricing resulted in our adjusted EBITDA being down 22% to $153 million, with an adjusted EBITDA margin of 33%, compared to 39% last year,” he said. 
Meanwhile Petra’s production increased 1% to 3.9 million carats in line with guidance.
Diamonds produced at Cullinan and Williamson exceeded guidance, offset by lower than expected production at Finsch and Koffiefontein. 
Its fiscal year 2020 guidance is about 3.8 million carats, with run-of-mine (ROM) production expected to remain largely flat at 3.75 million carats. 
“Petra continues to focus on value over volume and the majority of ROM production in FY 2020 is anticipated to come from the newly established underground block and sub-level caves, as well as surface production at Williamson,” it said.
Petra said it is expecting the diamond market to remain challenging in the near term.
“The start of the FY 2020 sales season saw continued uncertainty in cutting centres given ongoing unrest in Hong Kong and escalating trade tensions between the US and China,” it said.
The group’s net debt at 30 June 2019 was $564.8 million compared to $520.7 million, a year earlier.

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