Our main role is to inspire consumers to consider diamonds - Jean-Marc Lieberherr

With over 25 years of experience in a variety of leadership positions across many geographies, functions and businesses, Jean-Marc Lieberherr has more than 10 years’ experience as a diamond industry leader, which includes as a Board member of the World...

Today

Training in diamond valuation is key for artisanal miners

Ian Rowe, the Executive Director of the Diamond Development Initiative (DDI) was appointed in September 2019, having joined DDI as Deputy Executive Director a year earlier. Ian managed field operations in Sierra Leone within this role and led...

02 december 2019

Kangalassi 2.0: Raising the living standards, creating new jobs

At the V Eastern Economic Forum (EEF) held in early September in Vladivostok, the Yakut company SAYBM signed a tripartite agreement with two agencies - the Far Eastern agency and the regional one - for attracting investments and providing export...

25 november 2019

We live in a new dimension of environmental responsibility carried by business

In mid-October, Moscow hosted the VIII Ecological Forum attended by representatives from the State, large industrial companies, scientific and public organizations. The forum delegates discussed the issues related to finding a balance between the socio-economic...

18 november 2019

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

Alexkor's reliance on diamond sales risky – audit report

27 november 2019

South African state-owned diamond miner Alexkor’s reliance on its diamond sale business as a source of income is risky as it creates uncertainty for the company's future, according to an audit report seen by local media.
Independent auditor and director of Ngubane and Company, Sicelo Vilakati, said in his audit report that apart from its 51% in the Pooling and Sharing Joint Venture (PSJV), Alexkor had no income-generating operations beyond diamond sales.
"We draw attention to the financial statements, which indicate that all the public entity's revenue for continuing operations was generated through the sale of diamonds," he said.
"Alexkor is exposed to financial challenges that face the PSJV [Pooling and Sharing Joint Venture], which could pose a risk to the going concern. These events or conditions along with other matters as set forth, indicate presence of sustainability risk as reliance is placed on one major revenue source."
Meanwhile, Alexkor chairperson Tshediso Matona said that the PSJV incurred a net loss of R63 million for 2019, compared to a loss of R12 million in 2018.
The company sold 67 724 carats in 2019, realising revenue of R412 million against budgeted figures of 76 900 carats and R524 million revenue, he said.

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