Academician Pokhilenko: The situation with rough diamonds in the Russian Federation will start changing for the worse as early as 2025

Nikolai Petrovich Pokhilenko, Academician of the Russian Academy of Sciences (RAS), Deputy Chairman of the Siberian Branch (SB) of the RAS, Scientific Director of the Institute of Geology and Mineralogy of the SB of the RAS, is a prominent...

11 january 2021

Ilgiz Fazulzyanov: For a creator, the quarantine is the time to work on future masterpieces

Ilgiz Fazulzyanov is a successful and internationally recognized jewellery designer. He received his academic art education in Kazan and moved to Moscow in the 1990s where he lives and works now. His brand, Ilgiz F., is well known among true connoisseurs...

04 january 2021

Botswana Diamonds keen to mine KX36 kimberlite if found commercial

Botswana Diamonds intends to mine the KX36 kimberlite, which it recently acquired from Petra Diamonds if found commercial. The high-grade KX36 kimberlite pipe is part of the three Prospecting Licenses in the Central Kalahari Game Reserve in Botswana...

28 december 2020

‘We expect to completely open the Bourse for business by Q1 of the Year 2022,’ assures Vallabhbhai Patel, Chairman, SDB

Vallabhbhai Patel, Chairman of the Surat Diamond Bourse, dreamed of building the world’s largest commercial building in Surat for the Indian diamond industry. He conceptualized the ‘Surat Diamond Bourse’ (SDB), which is set to redefine...

21 december 2020

An opportunity to show your products and occupy your niche

Recently, GOLDNET.MARKET, the first jewellery wholesale marketplace, appeared on the Russian jewellery market. Vladimir Pilyushin, one of the founders of GOLDNET.MARKET, editor-in-chief of the ‘Russkyi Yuvelir’ (Russian Jeweller) magazine...

14 december 2020

Firestone delists from London’s AIM, cuts size of board

28 february 2020

firestone_diamonds_logo.pngFirestone Diamonds has decided to delist from London’s AIM and reduce the size of its board following a review of the company’s costs and expenses.
It said the benefits and challenges of maintaining its listing on AIM are no longer in the best interests of the company and its shareholders.
“The need to preserve cash by all means possible to ensure the company survives the current market downturn is the overriding principle for the board and will include a review of operations, corporate structure and overheads including the composition of the board,” said Firestone.
The company said it was suffering from a lack of liquidity in trading of its ordinary shares due to the bondholders holding 65% of the issued ordinary share capital, and in addition, two minority shareholders hold about a further 18%.
This, combined with the poor diamond market and general negative sentiment towards the sector, had resulted in a material share price and consequent market capitalisation decline. 
It said although the diamond market had the potential to improve, it will now take longer than had been previously anticipated.
Meanwhile, Firestone said that it was the company's intention to rationalise the board so that its composition is more appropriate for its current activities.
“It is the company's current intention that the board will consist of no less than four directors, including an independent chair,” said Firestone.

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