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

African diamond firms on COVID-19 response, recent developments

Rough & Polished recently contacted several diamond producers and exploration companies with operations in Africa to establish how their operations were affected by the Covid-19 pandemic and what they are doing to alleviate the impact. We also sought...

01 june 2020

Karowe underground expansion: Lucara approves budget for early works

04 december 2019

lucara_news.pngLucara Diamond has approved a budget of up to $53 million for early works related to a proposed underground mine at its wholly-owned Karowe diamond mine, in Botswana.
It said an investment decision, subject to receipt of all required authorisations and the arrangement of financing, is expected in the second half of 2020.
“Anticipated cash flow from operations in 2020 should allow us to pursue early works which are critical to the underground development schedule, while at the same time allowing us to leverage our balance sheet to finance the project in a cost-effective manner," said Lucara chief executive Eira Thomas.
The company forecasts revenues of between $180 million and $210 million in 2020, as the proportion of carats recovered from the higher grade MP/KS and EM/PK(S) units increases. Lucara recently concluded a feasibility study for the underground expansion at Karowe, which is expected to double the mine life, and generate significant revenue and cashflow out to 2040. 
Pre-production capital cost of the underground project was set at $514 million. 
Karowe has produced 2.5 million carats since 2012 and generated $1.5 billion in revenue.

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