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

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