Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

25 october 2021

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

Firestone boosts revenue on increased number of valuable diamonds sold

23 december 2019

firestone_diamonds_logo.pngFirestone Diamonds, which owns the Liqhobong mine, in Lesotho, has raked in about $57 million in revenue for the year from the sale of 774, 830 carats at an average value of $73 per carat. 
It said higher revenue from an increased number of valuable diamonds sold for more than 
$500 000 each was offset by a decrease in the average prices for run of mine (ROM) diamonds.
The average value of Liqhobong's larger, better quality diamonds, which includes all diamonds larger than 10.8 carats, was 48% higher than in the prior year, buoyed by the recovery of several high-value diamonds which included a 70 carat white diamond which sold for $1.6 million and a 46-carat white clivage diamond which sold for $1.2 million.
Firestone, however, said the positive impact was offset by a lower average value realised for ROM diamonds, which decreased by 23% during the year due to a combination of an over-supply of smaller goods and reduced lending in the industry.
“Revenue was also lower due to 56 807 fewer carats sold compared to the previous year as a result of the timing of sales and seven sales during the year compared to eight sales in the previous year,” it said.
“Although the average value was lower for the year, it was broadly in line with the base case assumption used for purposes of the ABSA debt restructuring which took place during the previous year.”

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