Innovation and automation can conquer any challenges

Rahul Gaywala, the CEO of STPL has been with the Sahajanand Group since 1993 and in his tenure with STPL, he has proved to be a hard-core innovator and technocrat intent on helping to transform the diamond trade from a labour-intensive industry to an...

Yesterday

Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

Lucapa upbeat despite global headwinds in the diamond sector

24 october 2019

news_02072018_lucapa.pngLucapa Diamond has achieved year to date to September sales of $38.2 million, with a further $10.4 million in sales already booked post quarter-end from its 70%-owned Mothae mine, in Lesotho and 40%-owned Lulo mine, in Angola against a backdrop of challenging global diamond market conditions.
It said total sales in 2019 were achieved at an overall average price of $1,249 per carat.
Year to date to September quarter output was 35,113 carats from both mines.
Mothae recovered 7,007 carats in the third financial quarter, which was 30% ahead of plan, while Sociedade Mineira Do Lulo (SML) produced 7,603 carats during the same quarter, a 67% increase over the previous corresponding period.
This was primarily due to an 88% increase in the recovered diamond grade of 10.5 carats per 100 cubic metres as more material was processed from the new higher-grade flood plain Mining Blocks 19 and 31.
“Our continued focus on operational and productivity improvements and reductions in operating costs at Mothae and Lulo have enabled Lucapa to deliver robust results, including record production of premium-quality diamonds, in the face of global headwinds in the diamond sector,” said company managing director Stephen Wetherall.
“The decline in global rough diamond demand throughout 2019 brought about by factors including macroeconomic uncertainty, rising inventories and liquidity issues in the midstream has impacted the revenues of all diamond producers and industry sentiment.”

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