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...

Today

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

Anglo confirms plans to “re-think, re-imagine” De Beers’ sell of diamonds to sightholders

04 february 2020

Anglo American’s 85%-owned De Beers is mulling an overhaul in the way in which it sells rough diamonds to its sightholders.
“We have to re-think and re-imagine it, but we also need to do it with the midstream, not to the mid-stream,” Anglo chief executive Mark Cutifani was quoted as saying by Miningmx at the ongoing Mining Indaba in Cape Town. 

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Image credit: De Beers Group


“I don’t know where it will land but everyone who is a partner will have to look at a different world.”
De Beers spokesperson David Johnson recently told Rough & Polished that they will be communicating directly with customers in the coming months about the new sightholder contract period, which will focus on maximising the considerable opportunities ahead in the diamond sector.
Bloomberg News reported last month that De Beers is planning to reduce the number of sightholders at the end of the current term.
The six-year sightholder contract, which governs the rules of the sights will come to an end this year.
Poor sales in the final two weeks leading up to Christmas in 2018 (due largely to US stock market volatility and US-China trade tensions), resulted in lower appetite from retailers to restock at the start of 2019. 
This led to the midstream being oversupplied with inventory and rough diamond demand subsequently reduced significantly. 
These challenges were worsened by liquidity tightness in the midstream, as well as downstream impacts including the evolution to a greater share of online sales.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished from Cape Town, South Africa