De Beers’ GemFair delivering ‘positive impacts’ to ASM sector in Sierra Leone – David Johnson

GemFair, a pilot project developed by De Beers to create a secure and transparent route to market ethically sourced artisanal and small-scale mined (ASM) diamonds, is already delivering “important positive impacts” in Sierra Leone. Group head...

11 november 2019

Belgian-quality diamond boiling in Dubai from TRIGEM

Born in New York, David Zabinsky is CEO & Co-Founder of TRIGEM, an independent diamond service provider in Dubai. Before TRIGEM, David was Manager at Ras Al Khaimah Economic Zone, where he was responsible for securing North and South American investment...

05 november 2019

Pavel Shelkov: "Our project is an attempt to fit Russia into the global trend and create a new private company in the diamond industry"

At the end of September, Moscow hosted the Second Annual Conference, "Gold and Diamond Mining Companies of Russia and Europe." The audience showed great interest to the presentation made by diamond geologist Pavel Shelkov of Almazy Zapolyarya...

28 october 2019

The team that turns sleeping stones into beautiful polished diamonds

Maxim Zemlyakov is the Director General of ADMS OOO, a company cutting and polishing natural and synthetic diamonds in Oryol. He has been the Director General of Oryol-ALROSA since 2007. Before heading it, he worked as a grinder, cutter, instructor...

21 october 2019

Demand will pick up once the season starts

N Anantha Padmanaban took charge as the Chairman of the All India Gem & Jewellery Domestic Council (GJC) in January 2019. He has immense hopes and confidence in the Indian jewellery sector. His motto is to ‘ensure that after the day’s business...

14 october 2019

Lucara incurs Q3 loss as smaller goods impact average price per carat

08 november 2019

lucara_news.pngLucara Diamond has recorded a net loss of $4.0 million for the nine months ended September 30, resulting in a $0.01 loss per share for the quarter.  
This compares to net income of $5.1 million for Q3 2018 and earnings per share of $0.01. 
An increase in operating expenses and depletion and amortization (a non-cash expense) had the most significant impact on the current quarter's results, it said.
Its third quarter revenue totalled $45.3 million or $390 per carat from the sale of 116,200 carats compared with the previous year’s $45.7 million or $450 per carat from the sale of 101,600 carats. 
It said better recoveries in smaller, lower value diamonds resulted in a 14% increase in the number of carats sold. 
“While still profitable, the smaller goods impact the average price per carat sold,” said Lucara. 
The company’s revenue for the nine months ended September 30 was $136.5 million from three tenders and sales through Clara compared to $135.6 million, a year earlier in which three regular stone tenders and one exceptional stone tender were held. 
It said total revenue in 2019 is expected to be at the lower end of guidance, between $170 million and $180 million.
Previous guidance was between $170 million and $200 million.
Total carats recovered and sold is expected to be between 400,000 and 425,000 carats for the year.

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