“With technology all information is immutable and Blockchain cannot be compromised,” reassures Erik Jens, CEO, LuxuryFintech

When Erik A Jens quit ABN AMRO as global CEO of its diamond and jewellery client division, he started his movement called LuxuryFintech, which provides services such as commercial and corporate banking solutions for the art and jewelry sector, and asset-backed...


Diamonds across time

Not so long ago, the global library of professional publications on precious stones was replenished with a unique book about rare diamonds and diamond jewelry published by the World Diamond Museum. Alex Popov, the founder and director of the museum told...

18 january 2021

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

Gem Diamonds revenue slides as it recovers 100 stones greater than 100 ct

12 march 2020

Gem Diamonds’ revenue for the ending 31 December 2019 declined by 32% to $182.0 million compared with $267.3 million, a year earlier.
This, said company chief executive Clifford Elphick, translated into underlying earnings before interest, tax, depreciation and amoritisation (EBITDA) of $41 million and earnings per share of 5.1 US cents compared to versus 22.9c in 2018. 

Image credit: GEM DIAMONDS

“Although the group returned to a cash generative position in Q4 2019, cash flow from operations decreased 60% to $55.5 million during 2019, resulting in net debt at year-end of $10.2 million, compared to net cash of $17.5 million at the end of 2018,” he said.
Elphick said rough diamond prices were under severe pressure during 2019 with the over supply of most categories of rough and polished diamonds. 
Events in Hong Kong affected turnout at the major trade shows for diamonds and credit provision to diamond manufacturers tightened considerably, reducing the ability of our direct customers to finance stock purchases, leading to a surplus of diamond stocks in the manufacturing sector, he said.
Meanwhile, Gem said it delivered “positive results” despite the challenging conditions, including the recovery of 11 diamonds greater than 100 carats compared to 15 in 2018.
These recoveries also brought the total number of diamonds of greater than 100 carats each to 100, since Gem Diamonds took ownership of Letšeng in July 2006.
Diamonds produced at Letšeng decreased by 10% to 113, 974 carats in 2019 compared with 126, 875 carats in 2018, mainly due to the planned limited contribution of the higher-grade, high-value Satellite pipe material during the year. 
This, said the company, was the result of Letšeng transitioning into a new cutback within the pipe to accommodate future increases in contribution from this high-value pipe. 

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