The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.

Yesterday

Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

Johan Erikson: The industry needs to spend more on advertising and marketing

First Element is a fully independent Diamond Services Company registered in Belgium, Botswana, South Africa and Dubai. First Element is committed to providing a world class diamond service aimed at adding value to the entire supply chain, from the daily...

08 june 2020

‘Transparency is one of Botswana’s weaknesses’

07 november 2019

Transparency in the local diamond industry is one of Botswana’s weaknesses, an economist has said.
E-Consult Botswana managing director Keith Jefferis said although there are gaps, it doesn’t mean that transparency is “zero” in the country.
“Botswana government reaches these agreements with De Beers and then the agreements are secret, they are not public documents,” he told a diamond conference in Gaborone on Tuesday.
“But increasingly the global trend is for contract forms to be shared, revenue flows and payments to be explicitly identified and I think that’s where Botswana should be going.”
He said citizens are often told that Okavango Diamond Company (ODC) is owned by the government and every Motswana is a shareholder.
“However, when I as a shareholder ask them for a copy of their financial statements and [they] refused,” he said, drawing laughter from the delegates.
“It’s not just ODC, Debswana also. Debswana does not publish its financial statements, which I don’t think is acceptable for a company of that size. I do think Botswana is lacking on the transparency.” 
Debswana is a 50/50 joint venture between De Beers and Botswana government, while ODC is wholly-owned by Gaborone.
Jefferies said the diamond industry was historically a very secretive industry.
“It’s not as secretive as it once was, but … there is still a resistance to being transparent as would be desirable,” he said.

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