Innovation and automation can conquer any challenges

Rahul Gaywala, the CEO of STPL has been with the Sahajanand Group since 1993 and in his tenure with STPL, he has proved to be a hard-core innovator and technocrat intent on helping to transform the diamond trade from a labour-intensive industry to an...

06 april 2020

Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

Gem Diamonds revenue almost halved in 2019

13 february 2020

gem_diamonds_logo.pngGem Diamonds’ revenue for the full calendar year dropped 32% to $182.1 million compared to $266.6 million, in 2018.
It recorded an average price of $1, 637 per carat in 2019, a 23% decline against $2,131 in the comparative period. 
The company said diamond prices for the smaller commercial type goods remained under last year with polished inventory levels remaining high. 
“However, improvements in demand were noted in December 2019 as the midstream started to restock,” it said.
As a result, Gem noted that diamonds sold during the quarter ended 31 December rose 41% to $51.3 million compared with $36.3 million realised in the third quarter of 2019.
Diamonds sold during the fourth quarter also jumped 17% to 29 945 carats from 25 631 carats, the previous quarter.
Meanwhile, Gem said it generated free cash flow of $1.5 million, improving its net debt position to $10.1 million during the fourth quarter compared to the previous quarter’s $11.6 million.

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