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...

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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

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. 

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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