Ethical sourcing and Diamonds Standards Organization

The diamond sector is ready to embrace a new decade and overcome some of its historical challenges. Ethical sourcing has proven to be undoubtedly one of the main aspects that industry professionals need to address. Antonio Cecere, President of Geneva...

Yesterday

Ali Pastorini: Challenges make us think out of the box and be closer to customers

Ali Pastorini is the co-owner of DEL LIMA JEWERLY 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...

20 january 2020

Today’s customer needs an offer of something unique that others do not have

Oksana Senatorova is the publisher of the Jewelry Trade Navigator magazine and the founder of the Jewellery Business Academy.
She graduated from I. M. Sechenov Medical Academy and the Faculty of Psychology of Lomonosov Moscow State University...

09 january 2020

Inventories accumulated by De Beers, ALROSA to put ceiling on prices near-term even if demand substantially picks up – Zimnisky

As we are in the last month of 2019, it is prudent to examine what the diamond industry went through and the possible trajectory in the upcoming year. Industry expert, Paul Zimnisky spoke with Rough & Polished’s Mathew Nyaungwa to discuss this and other...

30 december 2019

Empowering customers and engaging more with our stakeholders is the new Mission

The unassuming Govindbhai Laljibhai Dholakia, Chairman, Shree Ramkrishna Exports Pvt Ltd (SRK) is not just an ace businessman but a noted philanthropist. He has contributed immensely to social welfare with special focus on education … a noteworthy...

23 december 2019

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