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...


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

Petra H1 core earnings drop 11% to $67.2m

18 february 2020

Petra Diamonds’ earning before tax eased 11%t to $67.2 million in the six months to December compared with $75.6 million, a year earlier.
This, it said, was driven by lower revenue partially offset by decreased mining and processing costs.
The group’s revenue fell 6% to $193.9 million during the period under consideration, mainly due to weakening prices, from $207.1 million in the corresponding period. 

Image credit: kschneider2991 (Pixabay)

It recorded a $10 million loss in the first half of the year from a $57.9 million profit the previous year.
Production was up 3% to about 2,1 million from 2 million carats, a year earlier, however this did not help as a decline in diamond prices weakened the company’s revenue inflows.
Petra’s net debt increased over the period, following the payment of the coupon on the group’s $650 million loan notes of $23.6 million, the advances to the local partners in South Africa of $11.3 million to facilitate debt repayments, and the seasonal build-up of inventory which will be released during the second half.
Meanwhile, Petra said although the 2019 calendar year was very challenging for the rough diamond market, they saw growing stability in pricing as the year closed. 
“Post period end, demand continued to improve as the midstream looked to replenish inventory after healthy holiday season retail sales,” it said.
“Sales in the major US market remain robust. However, sentiment around the market has significantly weakened due to the outbreak of the coronavirus in China, which resulted in a shutdown of retail stores over the important Chinese New Year period and the subsequent postponement of the Hong Kong International Diamond, Gem and Pearl show…”

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