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

Namdeb eyes tax breaks to extend land-based operations in Namibia

22 november 2019

namdeb_logo.pngNamdeb, a joint venture between the Namibian government and De Beers is engaging the government over tax breaks to extend its land-based operations beyond 2023, according to media reports.
Namdeb currently pays a 55% corporate tax on its profit and 10% royalty on its sales.
Company chief executive Riaan Burger wants the corporate tax and royalty revised, arguing they are high.
“While that may be conducive or viable for new diamond operators, it might not be conducive to an aging marginal asset like Namdeb,” he was quoted as saying by Reuters to local reporters.
“I think there is an understanding of the importance of Namdeb in the economy and in particular in terms of the jobs that are affected by the current short life of mine.”
Diamond mining generates 20% of Namibia’s export earnings making it the largest taxpayer in the country.
Land-based diamond operations are projected to end in 2023 and will be no longer economical to continue under the current tax regime.
Its output decreased by 7% to 400 000 carats in the third quarter as the Elizabeth Bay land operations were placed on care and maintenance late last year.
The Elizabeth Bay Mine was recently sold to a local consortium.

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