Innovation and automation can conquer any challenges

Rahul Gaywala, the CEO of STPL has been with the Sahajanand Group since 1993 and in his tenure with STPL, he has proved to be a hard-core innovator and technocrat intent on helping to transform the diamond trade from a labour-intensive industry to an...

Today

Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

Firestone shareholders approve plans to delist from London’s AIM

13 march 2020

Firestone Diamonds shareholders have approved the company’s plans to delist from London’s AIM.
The diamond junior recently 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 company confirms that the last day of dealings in the company's ordinary shares will be 25 March 2020 and admission to trading on AIM of the company's ordinary shares will be cancelled at 7.00am on 26 March 2020,” it said. 

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                         Image credit: Firestone


Firestone said it would put in place a matched bargain facility with JP Jenkins to assist shareholders to trade in the ordinary shares from the date of cancellation. 
JP Jenkins is part of Peterhouse Capital.
The company previously said that it also wanted to reduce the size of its board following a review of the company’s costs and expenses. 
Firestone 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. 

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