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 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