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...

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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

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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

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Firestone sells diamonds at average value of $63/ct at Q1 tender

25 october 2019

firestone_diamonds_logo.pngFirestone Diamonds says it sold 168 612 carats of diamonds in the first quarter of the company's 2020 financial year from the previous quarter’s 177 521 carats, realising revenue of $10.6 million at an average value of $63 per carat compared with $71 per carat, the last quarter.
It said average diamond values were lower than the previous quarter despite the sale of several notable stones which included a 37 carat fancy pink stone and a 55 carat fancy yellow stone, due mainly to the sale of fewer high value stones and a slightly higher proportion of smaller goods.
The prices realised for the smaller goods that make up the bulk of the company’s production by volume, remain subdued, impacted by a build-up of rough and polished inventory in the midstream. 
“The company continues to engage with its debtholders to ensure it can sustain operations through the current downturn and further announcements in this regard can be expected in due course,” said Firestone chief executive Paul Bosma.
It said prices are expected to increase towards the end of 2020 as rough supply decreases as a result of continued reduced sales volumes by De Beers and Alrosa and the anticipated closure of the Argyle mine in Australia.
Meanwhile, Firestone produced 201 091 carats during the quarter compared with 208 572 carats in the fourth quarter of the financial year 2019.
“The recent power interruption is an unexpected setback for the company but we are doing our utmost to limit the negative impact on production by renting generators to get operations up and running again until the grid power is back online and stable,” said Bosma.
“We will advise on any adjustments to guidance in future quarterly updates."

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